The Hindu Business Line : Weekly News Round-up

Business Daily from THE HINDU group of publications Sunday, Apr 27, 2008 ePaper \| Mobile/PDA Version \| Audio

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Weekly News Round-up

Reliance Industries' fourth quarter net profit grew 24 per cent on the back of higher refining margins, helped by higher exports.

The company's quarterly net profit was Rs 3,912 crore, against Rs 3,156 crore in the year-ago quarter.

The net turnover was up 36 per cent, at Rs 37,286 crore against Rs 27,448 crore.

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Drug maker Dabur Pharma said last Saturday that it would sell 73.27 per cent stake to Fresenius Kabi (Singapore) Pte Ltd for an undisclosed amount.

The Singapore firm would purchase the stake at Rs 76.50 an equity share from the promoters and certain other shareholders of the company.

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Tata Consultancy Services reported a muted growth of 4.15 per cent in its net profit for the fourth quarter.

The net profit rose marginally to Rs 1,245 crore from Rs 1,195 crore in the year-ago quarter.

The net profit dipped by about 6.17 per cent in comparison with the third quarter of the last fiscal.

The company posted a consolidated revenue of Rs 6,098 crore for the quarter, up by 18.13 per cent, from Rs 5,162 crore in the year-ago period.

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The first two test units of the Nano rolled out last Wednesday from a new assembly line at Tata Motors' Uttarakhand plant that is now nearly ready. It is expected that commercial production of the small car will actually begin at Pantnagar nearly a month before it begins at Singur.

************* Satyam Computer Services Ltd registered income of Rs 2,416 crore, with a net profit of Rs 467 crore for the fourth quarter ended March this year, reflecting a growth of 35.8 per cent in revenue and 18.6 per cent in net profit.

Sequentially, income and net profit were up 10 per cent and 7.66 per cent respectively.

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Soaring depreciation costs combined with currency derivatives loss have led Maruti Suzuki to post a decline in net profit for the fourth quarter ended March 2008, even as its net sales grew.

While the net profit for the fourth quarter declined to Rs 297.60 crore from Rs 448.70 crore in the year-ago quarter, sales improved to Rs 4,762.90 crore from Rs 4,413.40.

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The Anil Ambani-controlled Reliance Communications has acquired 90 per cent stake in a UK-based WiMax operator, 'eWave World'.

The telecom company intends to invest $500 million in eWave to build and acquire WiMax networks in the emerging markets of Asia, Europe, Latin America and Africa.

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Hit by high input cost, Holcim-owned cement major ACC has reported 1.70 per cent fall in net profit at Rs 357.54 crore against Rs 363.75 crore in the first quarter ended March 2008.

Sales turnover during the first quarter increased 7.2 per cent to Rs 1,796 crore against Rs 1,675 crore.

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HDFC Bank reported a 37-per cent increase in net profit at Rs 471 crore for the quarter ended March 2008, against Rs 344 core in the corresponding quarter last year, on higher income.

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Telecom major Bharti Airtel Ltd announced a 37 per cent increase in its fourth quarter net profit at Rs 1,853 crore on revenues of Rs 7,819 crore.

The company's subscriber base grew to 6.4 crore on March 31, 2008, compared to 3.9 crore in the corresponding period last year.

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The annual Wholesale Price Index-based inflation resumed its upward trend and rose 7.33 per cent during the week ended April 12, accelerating from the previous week's annual rise of 7.14 per cent, according to data from the Ministry of Commerce and Industry.

During the latest reported week, edible oils and cement have showed signs of cooling off, while vegetables, cereals, iron and steel, dairy products and mineral prices renewed their upward trend.

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Compiled by M.J. Madhavan
Podcast by N.Amarnath and Lourdes Kamalini