BackNeed To Know | Aziz named JPMorgan chief economist
Need To Know | Aziz named JPMorgan chief economist
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Mumbai: JPMorgan Chase and Co. on Wednesday announced the appointment of Jahangir Aziz as chief economist for the firm’s Indian operations.
Aziz, a doctorate in economics from the University of Minnesota, was with the International Monetary Fund, where he spent 14 years, mostly in the Asia-Pacific department. Prior to that, he was the principal economic adviser in the ministry of finance. Aziz will formally join the firm on 31 October.
— Staff Writer
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Pantaloon not selling stake in airport project
New Delhi:Pantaloon Retail (India) Ltd has denied a news report that it has sold its stake and exited its 50:50 airport retailing joint venture with UK-based Alpha Airports Group Plc.
The company issued a statement to the Bombay Stock Exchange on Wednesday after ‘The Economic Times’, citing unnamed people, reported that Pantaloon has sold its stake in the joint venture and exited the business over “differences on several operational issues".
“The joint venture is still operative and the company is still invested in the joint venture," Pantaloon clarified in a statement to the BSE. The statement further said the news report “has not been confirmed with the company".
— Staff Writer
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Tata Steel outlook cut to negative by Moody’s
Mumbai: Tata Steel Ltd, the country’s largest producer, had its credit-rating outlook cut to “negative" by Moody’s Investors Service, which cited challenges facing the company’s UK unit Corus Group Plc.
The rating outlook was cut from “stable" to reflect “challenging operating conditions" facing Corus and the “close linkages between the credit profiles of the two entities," Moody’s said in a statement on Wednesday.
— Bloomberg
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Power Exchange India starts operations
Mumbai: Power Exchange India Ltd, or PXIL, a unit of the National Stock Exchange of India Ltd, started operations on Wednesday.
PXIL received bids for 6,300 mega watt hour (MWh) of power and cleared these between Rs7.6 per kWh and Rs9.8 per kWh, the exchange said in a statement. PXIL is the second exchange to trade power in the country after the Indian Energy Exchange (IEX) set up by the Multi Commodity Exchange of India Ltd.
— Staff Writer
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US sales push Cadila’s Sep quarter net up 18%
Mumbai:Cadila Healthcare Ltd, an Indian maker of drugs said second-quarter profit rose 18% as sales rose in the US and France.
Profit, including units, rose to Rs94.8 crore in the three months ended 30 September from Rs80 crore a year earlier. Net sales rose 21% to Rs738 crore, the Ahmedabad-based company said on Wednesday in a release to the National Stock Exchange.
— Bloomberg
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IDFC registers 17% rise in Q2 net profit
Mumbai:Infrastructure Development Finance Co. Ltd (IDFC), an Indian financier of roads, ports and utilities, reported its second quarter profit rose 17%.
Group net income rose to Rs232 crore in the three months ended 30 September from Rs198 crore a year earlier, the Mumbai-based company said in a statement to the National Stock Exchange. Sales rose 44% to Rs940 crore.
— Bloomberg
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Reliance Infrastructure Q2 profit up 16%
Mumbai:Reliance Infrastructure Ltd said profit in the second quarter climbed 16%.
Net income in the three months ended 30 September increased to Rs289 crore from Rs250 crore a year earlier, the company said in a statement to the Bombay Stock Exchange on Wednesday.
Net sales rose 59% to Rs2,000 crore.
Meanwhile, the company has plans to borrow Rs17,000-18,000 crore over the next five-six years for funding its ongoing projects, its chief executive said on Wednesday.
The debt will be taken both by the company as well as its project-specific units, Lalit Jalan told reporters.
— Bloomberg and Reuters
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Gillette India Q1 profit falls 28% on price cuts
New Delhi:Gillette India Ltd, a unit of US- based Gillette Co., said first-quarter profit fell 28% as it cut prices of some shaving products and increased spending on advertisements and sales promotions.
Net income declined to Rs20 crore in the three months ended 30 Septemebr from Rs27.8 crore, the company told the National Stock Exchange on Wednesday. Sales, however, rose 4% to Rs143 crore from Rs137 crore.
— Bloomberg
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Century Textiles profit down 57% in Sep quarter
Kolkata:Century Textiles and Industries Ltd, a BK Birla Group company, has posted a 57% decline in its net profit for the quarter ended 30 September, as compared to the same period in the last fiscal.
Its net profit for the period stood at Rs28.55crore against Rs66.37crore in the same period last year. The company’s total income, however, went up 11% for the same period and stood at Rs854.71crore.
The earning per share of the company for the same period came down 57% to Rs3.07 per share.
— Staff Writer
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Orient Paper net dips 22.5% in second quarter
Kolkata: Orient Paper and Industries Ltd, a company belonging to the GP-CK Birla Group has suffered a 22.5% dip in its net profit for the quarter ended 30 September. Its net profit stood at Rs45.15crore as against Rs58.31crore in the same period last fiscal.
However, the company’s total income went up 13% to Rs353.58 crore in the same period. The company’s earning per share also saw a 33% decline and stood at Rs2.33 a share.
— Staff Writer
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Cipla’s Q2 profit falls 21% to Rs151 crore
Mumbai:Cipla Ltd, the country’s second biggest drug maker by market value, announced on Wednesday a 21% drop in profit for the second quarter of fiscal 2009.
Net income fell to Rs151 crore in the three months ended 30 September from Rs191 crore in the same period a year ago, the Mumbai-based company said in a statement to the BSE on Wednesday. Total revenue, however, grew 25% to Rs1,300 crore from Rs1,040 crore. Income from activities such as financial investments fell 23% to Rs195 crore. The company also reported a Rs105 crore foreign-exchange loss.
— Staff Writer
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