The Hindu Business Line : Weekly News Round-up

The HSBC group has acquired 73.21 per cent stake in the listed retail broking firm IL&FS Investsmart Ltd in an all cash deal for Rs 1,084.5 crore at Rs 200 per share.

The price also includes Rs 82 crore paid as part of a three-year non-compete agreement.

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State Bank of India has decided to resume tractor and farm equipment loans, reversing its earlier decision announced just five days ago.

Earlier last week, SBI suspended new loans for buying tractors and other farm equipment prompted by the rising bad loans. The bank's decision to suspend tractor loans was opposed by tractor manufacturers, politicians and the farm lobby.

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Wind energy major Suzlon Energy Ltd posted a 10 per cent increase in net profit for the quarter ended March 2008 at Rs 482.55 crore from Rs 437.82 crore in the year ago period.

Income from operations rose by 33 per cent to Rs 2,744.40 crore from Rs 2,055.48 crore

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Pharma major Reddy's Laboratories net profit dropped 68 per cent in the fourth quarter ended March 2008 at Rs 102 crore compared with Rs 325 crore in the corresponding quarter of previous fiscal.

The turnover was also down at Rs 1,325 crore compared with Rs 1,557 crore during the same period in 2007.

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The Centre unveiled the guidelines for the implementation of its debt relief scheme for farmers as proposed in the 2008-09 Union Budget.

The scheme, to be taken up by banks before June 30 this year, is expected to cost the exchequer a total of Rs 71,680 crore against Rs 60,000 crore projected initially in the Budget.

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Infosys Technologies has hired a consultant and is exploring options to revamp its organisational structure.

The Bangalore based company is currently in the phase of 're-banding' and hence is examining whether it should move away from the role-based organisational structure adopted in 2002.

***************************************** International crude prices breached the $135-a-barrel mark last Thursday on heavy international demand. On Friday, crude started lower at $132 a barrel. It later rose to $134 in mid session, and closed at a new high of $135.09.

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US-based Providence Equity Partners has picked up 20 per cent stake in Aditya Birla Telecom, a subsidiary of Idea Cellular, for $640 million.

Aditya Birla Telecom owns a telecom licence for the Bihar service area and it is all set to launch GSM services there in the next three-four months.

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Motorcycle maker Bajaj Auto made a profit of Rs 121 crore for the fourth quarter of 2007-2008.

The figure is not comparable with the year-ago numbers as the company was formed only last year after the demerger of Bajaj Auto Ltd.

On an annual basis, the demerged Bajaj Auto posted a net profit of Rs 756 crore and a turnover of Rs 9,169 crore.

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ITC Ltd has registered a 15.6 per cent growth in profit after tax at Rs 3,120 crore for the year ended March 31, 2008, against Rs 2,699 crore made last fiscal.

Gross turnover increased 10.7 per cent at Rs 21,356 crore, while the net turnover rose 14.7 per cent at Rs 13,948 crore.

Net profit for the quarter ended March 31, 2008 grew 14.1 per cent at Rs 736 crore against Rs 650 crore after adjusting for income tax refunds.

Compiled by M.J. Madhavan
Podcast by S. Vasudevan &
S. Narayanamurthi