Business Daily from THE HINDU group of publications
Sunday, Apr 20, 2008
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Business Daily from THE HINDU group of publications Sunday, Apr 20, 2008 ePaper | Mobile/PDA Version | Audio |
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Economy Industry & Economy - Economy Weekly News Round-up Ending days of speculation, the Reserve Bank of India hiked the cash reserve ratio by 50 basis points to eight per cent. This would be done in two stages. The first rise of 25 basis points would be from April 26, and the second from May 10. ***** Infosys Technologies reported a net profit growth of 9.2 per cent in the fourth quarter ended March 2008. The company's net profit for the March quarter was Rs 1,249 crore, compared with Rs 1,144 crore a year-ago. Income for the quarter increased 20.4 per cent to Rs 4,542 crore against Rs 3,772 crore. ***** The annual wholesale price index-based inflation rose 7.14 per cent during the week ended April 5, down from the previous week's 7.41 per cent During the latest reported week of April 5, vegetables recorded a sharp drop in year-on-year price rise to four per cent from 16 per cent a week ago. Edible oils dropped from 20 per cent to 17 per cent. ***** In an effort to control the spiralling rise in prices, the Government plans to import one million tonnes of edible oil and 15 lakh tonnes of pulses. The Union Agriculture Minister, Mr Sharad Pawar, said edible oil will be sold at a subsidised rate of Rs 15 a litre throughout the country. ***** Wipro Ltd posted a 2.8 per cent growth in net profit at Rs 880 crore for the fourth quarter, compared with Rs 856.1 crore in the same period of the previous fiscal. The growth was partly hurt by negative billing rates, and it is cautious about near-term prospects. Revenue grew 32 per cent to Rs 5,700.3 crore against Rs 4,319.1 crore. The global IT services business revenue for the period was $959.9 million, marginally higher than its estimate of $955 million. ***** Software exporter HCL Technologies posted a 3.2 per cent year-on-year rise in its third quarter net income at Rs 342.5 crore on a consolidated basis. In rupee terms, the revenue at Rs 1,944.8 crore was up 23.3 per cent year-on-year and 7.1 per cent on a sequential basis. ***** Compiled by M.J. Madhavan. Podcast by B.L. Sudarsan, S. Vasudevan More Stories on : Economy | Economy
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