Need To Know | ING Vysya Bank net up 44% at Rs156.6 cr

Need To Know | ING Vysya Bank net up 44% at Rs156.6 cr

Bangalore: Bangalore-based ING Vysya Bank Ltd posted an increase of about 2% in its net profit in the second quarter at Rs47 crore, compared with Rs46 crore, a year ago.

The bank’s total income grew to Rs655.20 crore from Rs505.78 crore, while the operating profit increased by 47% to Rs91.60 crores.

Its net interest income (NII) increased by 44% to Rs156.6 crores from Rs109.1 crores, in the same period a year ago. The bank’s fee other income rose by 26% to Rs123.6 crores from Rs98.1 crores.

Total Deposits grew by 22.7% to Rs20,897 crores , while current and savings deposits (CASA) increased by 22.9% to Rs6,080 crores.

Advances grew by 26.3% to Rs15,866 from Rs12,565 crores. Shares of the bank closed at Rs140.35, up Rs3.35 or 2.45% on the Bombay Stock Exchange (BSE).

— Deepti Chaudhary


Syndicate Bank net up 15% at Rs262 cr

Bangalore: Bangalore-based Syndicate Bank’s second quarter net profit rose 15% on increase in its interest and fee based income. The bank posted net profit of Rs262 crore, compared with Rs228 crore in the year ago period. Its interest income rose 22% to Rs2370 crore, while fee based income went up by 20% to Rs180 crore.

For the second quarter, the bank had a total income of Rs2527 crore, compared with Rs2154 crore a year ago. Its net interest income rose 53% to Rs747 crore from Rs489 crore, while the net interest margin increased to 2.74 from 2.72 a year ago.

Shares of the bank closed at Rs49.70, down by 0.90%, on the Bombay Stock Exchange (BSE).

— Deepti Chaudhary


WB transport department to restrict route permits of Tata’s Magic and Winger

New Delhi: Smarting under the insult of losing out Tata Motors Limited’s prestigious one-lakh car--Nano to Sanand, the West Bengal transport department has decided to restrict movement of Tata Magic and Tata Wringer, which had opted to operate in the state as commercial maxi-cabs and trekkers. These cars (Tata Magic and Tata Wringer) have seating capacity between 8 and 13.

Announcing his decision state transport minister Subhas Chakrabarty said that his department would restrict route permits of these vehicles and would not allow them to ply commercially within Kolkata Municipal Corporation, Howrah Municipal Corporation and Salt Lake municipality.

“I won’t allow Kolkata to be another Mungher and Darbhanga. We won’t allow commercial vehicles with less than 31 seating capacity to move in the city," Chakrabarty added today at Writers’ Buildings.

The transport minister earlier had earlier expressed strong dissatisfaction over Tata Motors Limited’s pull-out and had initiated talks with several automobile spare parts

company over investing in Singur in the same plot of 997 acres, where Tata Motors Limited was supposed to set up its car factory. The Tata Motors Limited approached the department for granting stage carriage permit for its Tata Magic and Tata Wringer in 2007. The state government agreed but had restricted movement in Kolkata, Howrah and Salt Lake.

— Romita Datta


Educomp Solutions bags Rs50.27 crore deal

New Delhi: Delhi-based, education technology company, Educomp Solutions Ltd has bagged a 50.27 crore deal from the commissioner of public Instruction, Government of Karnataka for implementation of computer aided education in 708 PU colleges in Karnataka. The project is to be executed over a five year period. The company has also bagged an order to implement computer aided education across 347 government hostels from the commissioner tribal welfare, Government of Chattisgarh.

Following these orders , Educomp has rolled out the same in a total of 9,970 schools serving some 6 million students in India.

— Poornima Mohandas


Essar Oil Q2 net at Rs26 cr

Mumbai: Ruias-owned Essar Oil today said it has posted a net profit of 26 crore for the second quarter ended September 30.

The company had a net loss of 14 crore in the same quarter of FY’08, Essar Oil said in a filing to the Bombay Stock Exchange.

Total income rose to 13,717 crore in the quarter under review from 178 crore in the same period last fiscal.

For six months ended September 30, Essar Oil reported a net profit of 56 crore, while it had registered a net loss of 20 crore in the same period last year.

The company’s total income rose 22,496 crore in the first half of current fiscal, from 374 crore in the year-ago period.

Shares of the company closed at 83.60, up 11.10 per cent on the BSE.



PGCIL Q2 PAT up 7 pc at 396 cr

Mumbai: Power Grid Corporation of India Ltd (PGCIL) said that its profit after tax (PAT) grew by 6.79% at Rs396.43 crore for the second quarter ended 30 September over the corresponding period year ago.

The firm had a PAT of Rs371.22 crore in the second quarter of FY’08, Power Grid said in a filing to the Bombay Stock Exchange (BSE).

Total income rose to Rs1,672.97 crore in the quarter under review from Rs1,112.60 crore in the same period last year.

For six-month ended 30 September, PGCIL reported a PAT of 702.12 crore, a 14.72% decline over the corresponding year-ago period. The company had a net profit of 23.40 crore in the previous fiscal.

Total revenue from operations rose to Rs2948.52 crore in the first half of current fiscal, from Rs2044.35 crore in the year-ago period.

Shares of the company were trading at Rs67.40, up 2.28% on the BSE.



Gail, IOC in pact to set up Rs10,000 cr petrochemical plant

New Delhi: After teaming-up with Reliance Industries, state-run gas utility GAIL India signed an agreement with refiner Indian Oil Corp (IOC) to explore possibility of setting up a Rs10,000-crore petrochemical plant at Barauni in Bihar.

The proposed chemical plant will use 2,50,000 tons of naphtha produced by IOC’s Barauni refinery and the natural gas that GAIL plans to bring from eastern offshore and imported LNG through the planned Jagdishpur-Haldia pipeline.

“We (GAIL and IOC) have signed a memorandum of understanding (MoU) for exploring the possibility of setting up of cracker complex including downstream derivatives at Barauni," GAIL Chairman and Managing Director U D Choubey said after inking the agreement here.

The two firms by the fiscal year would prepare a techno- economic feasibility study for the unit that would take up to five years for construction.

“Naphtha prices in India and world-over are on a downturn. It is selling below fuel oil (price) as demand is not there. We are forced to export naphtha and the proposed unit will enable us to extract value from the fuel," IOC Chairman Sarthak Behuria said.

Project structure and equity participation has not yet been decided. “It could be a 50:50 joint venture (JV) between GAIL and IOC, it may also be a public-private partnership (PPP)," Choubey said indicating that the alliance had room to induct a strategic partner.



TAPI pipeline:Turk fails to submit certificate of gas reserves

Islamabad: The much-delayed Turkmenistan- Afghanistan-Pakistan-India (TAPI) gas pipeline project has hit a fresh snag as the central Asian nation has failed to submit a certification of its gas reserves.

“Turkmenistan was to submit a certificate about availability of gas at its Daulatabad field by 1 October but it had failed to do so," a senior official in the petroleum ministry said.

The inordinate delay in submitting the gas availability certificate has marred progress on the project and swelled its cost by 130 per cent to USD 7.6 billion as against the projected cost of $3.3 billion in 2004.

“In the days to come, the cost of the project may further increase in view of the projected escalation in the prices of cement, steel and other things required to build the pipeline," the official told The News daily.



Suzlon Energy Q2 dips 95% at Rs17 cr

Mumbai: Wind turbine manufacturer Suzlon Energy said its net profit declined by 95.22% to Rs16.98 crore for the second quarter ended 30 September, over the corresponding period a year ago.

The company had a net profit of Rs355.56 crore in the second quarter last fiscal, Suzlon Energy said in a filing to the Bombay Stock Exchange (BSE).

Total income rose to Rs2,234.47 crore for the quarter under review, from Rs1,594.57 crore for the same quarter last year.

For the half-year ended 30 September, Suzlon Energy posted a net profit of Rs105.02 crore, a 76.39% decline against the same period a year ago.

Total income increased to Rs3,707.71 crore for the six- month ended 30 September, from Rs2,534.89 crore for the same period a year ago.



Deccan Chronicle Q2 net almost halves as costs rise

Mumbai: Deccan Chronicle Holdings Ltd on Friday said that its July-September quarter profit nearly halved as the newspaper publisher battled higher costs.

Profit fell 45% to Rs452.7 million even as sales grew 20.6% to Rs2.26 billion. Revenue growth matched a Reuters poll estimate of 19.6% to Rs2.25 billion, profit fell short of the poll’s Rs743 million estimate.

The company showed raw material consumption costs and staff costs more than doubling. While raw material costs grew to Rs1.17 billion from Rs559 million a year ago, staff costs expanded to Rs133.6 million from Rs61.7 million.

Newsprint prices rose 23% to $756 a tonne during the quarter and rupee depreciation added to the woes, brokerage Motilal Oswal had said in its pre-earnings report.

The company raised advertising tariff by 50% across its editions on 1 October. It is also looking to sell its Indian Premier League Cricket team, Deccan Chargers, and earlier this week said it has mandated KPMG Corporate Finance to find a buyer.

Deccan Chronicle had paid $107.01 million for the Hyderabad team of the Indian cricket board’s Twenty20 series for 10 years.

The company’s shares extended gains to 13% after the results in a Mumbai market that’s up 7%.

— Soumya Sarkar


Suzuki cuts forecast on slow India sales

Tokyo: Car maker Suzuki Motor Corp. cut its full-year profit forecast due to slowing sales in India, a strong yen and higher materials costs.

Net income will fall 25% to 60 billion yen ($612 million, Rs3,017.16 crore) in the year ending in March from 80.3 billion yen a year earlier, the company said in a statement on Friday. The company previously forecast profit of 80 billion yen.

— Bloomberg


PNB cuts lending rate by 50 basis points to 13.5%

New Delhi: Punjab National Bank (PNB) on Friday announced that it would cut its benchmark prime lending rate (PLR) by 50 basis points to 13.5% effective 1 November. PNB is the first large bank to cut PLR in the wake of the Reserve Bank of India’s decision to cut repo rate recently. PNB recorded a net profit of Rs707.09 crore in the July-September quarter, an increase on-year by 31.3% on account of the combined impact of a sharp rise in credit growth and a 1.5 percentage points rise in PLR.

— Staff Writer


Thomas Cook’s Q3 profit after tax increases 26%

New Delhi: Travel and financial services firm Thomas Cook India Ltd on Friday reported a profit before tax of Rs17.5 crore for the third quarter ended 30 September, up 26% against the year-ago period despite the economic slowdown, by improving productivity and cost management. Earnings per share grew 18% to Rs2 from the previous year’s Rs1.7.

— Staff Writer