Reliance Capital profit jumps 86% to Rs135 cr (Live mint.com 25th Jan 2008)The Anil Dhirubhai Ambani Group firm, Reliance Capital Ltd (RCL), on Thursday reported a 86% jump in its third quarter (Q3) net profit, helped by 210% growth in total income.
The stand-alone net profit for the fiscal 2008 October-December quarter stood at Rs135 crore, compared with Rs73 crore in the year-ago quarter. Total income jumped to Rs376 crore in the latest quarter, from Rs121 crore reported in the year-ago period, the firm said.
On a consolidated basis, RCL’s net profit rose 28% to Rs118 crore for the just concluded quarter from Rs92 crore in the same period last year, while the total income witnessed a growth of 165%, to Rs1,156 crore from Rs436 crore in the corresponding quarter last year. Its mutual fund and insurance businesses contributed to the income.
RCL shares fell 6.56% to Rs1,840.90 on the Bombay Stock Exchange even as the exchange’s benchmark index, the Sensex, closed 2.12% down at 17,221.74. More
TCS wins $40-m New India Assurance deal (The Hindu Business Line 25th Jan 2008)Tata Consultancy Services has bagged an over $40 million (Rs 160 crore) transformational engagement from New India Assurance for implementing its core insurance platform across the latter’s 1,100 branch network in the country.
The turnkey engagement – which is spread over a period of eight years — is the first major engagement for TCS in the non-life insurance space, a company spokesperson told Business Line.
As part of the deal, the company will deploy and maintain its insurance suite, TCS BaNCS Insurance. More
Reliance Retail plans tie-ups with global biggies (The Economic Times 25th Jan 2008)With a high-profile marketing and distribution deal with Apple Inc in its bag, Reliance Retail is in negotiations to seal similar deals in the current year. The retail major is in talks with three to four global players for exclusive tie ups in speciality retail space. Speaking to ET on the eve of Reliance Retail’s second TimeOut store in Gurgaon, Reliance Retail president & chief executive, lifestyle, Bijou Kurien said: “The tie-ups for speciality retail will be in non-food, non-FMCG categories such as apparel, footwear, consumer electronics, home and interiors and furniture among others.” More
PNB net up 26% on bad loan recovery (Business Standard 25th Jan 2008)
Robust recovery in bad loans and higher interest income helped state-run Punjab National Bank record a 26 per cent increase in net profit at Rs 541.4 crore in the third quarter ended December 31, 2007, as compared with Rs 429.8 crore in the corresponding quarter last financial year.
Total income also rose by 26 per cent to Rs 4,120 crore over the earlier quarter. While announcing the result, PNB Chairman and Managing Director K C Chakrabarty also spoke about future subsidiaries.
“A decision will be taken in next 15 days whether to merge PNB Gilts with the bank or not,” Chakrabarty said. More
The stand-alone net profit for the fiscal 2008 October-December quarter stood at Rs135 crore, compared with Rs73 crore in the year-ago quarter. Total income jumped to Rs376 crore in the latest quarter, from Rs121 crore reported in the year-ago period, the firm said.
On a consolidated basis, RCL’s net profit rose 28% to Rs118 crore for the just concluded quarter from Rs92 crore in the same period last year, while the total income witnessed a growth of 165%, to Rs1,156 crore from Rs436 crore in the corresponding quarter last year. Its mutual fund and insurance businesses contributed to the income.
RCL shares fell 6.56% to Rs1,840.90 on the Bombay Stock Exchange even as the exchange’s benchmark index, the Sensex, closed 2.12% down at 17,221.74. More
TCS wins $40-m New India Assurance deal (The Hindu Business Line 25th Jan 2008)Tata Consultancy Services has bagged an over $40 million (Rs 160 crore) transformational engagement from New India Assurance for implementing its core insurance platform across the latter’s 1,100 branch network in the country.
The turnkey engagement – which is spread over a period of eight years — is the first major engagement for TCS in the non-life insurance space, a company spokesperson told Business Line.
As part of the deal, the company will deploy and maintain its insurance suite, TCS BaNCS Insurance. More
Reliance Retail plans tie-ups with global biggies (The Economic Times 25th Jan 2008)With a high-profile marketing and distribution deal with Apple Inc in its bag, Reliance Retail is in negotiations to seal similar deals in the current year. The retail major is in talks with three to four global players for exclusive tie ups in speciality retail space. Speaking to ET on the eve of Reliance Retail’s second TimeOut store in Gurgaon, Reliance Retail president & chief executive, lifestyle, Bijou Kurien said: “The tie-ups for speciality retail will be in non-food, non-FMCG categories such as apparel, footwear, consumer electronics, home and interiors and furniture among others.” More
PNB net up 26% on bad loan recovery (Business Standard 25th Jan 2008)
Robust recovery in bad loans and higher interest income helped state-run Punjab National Bank record a 26 per cent increase in net profit at Rs 541.4 crore in the third quarter ended December 31, 2007, as compared with Rs 429.8 crore in the corresponding quarter last financial year.
Total income also rose by 26 per cent to Rs 4,120 crore over the earlier quarter. While announcing the result, PNB Chairman and Managing Director K C Chakrabarty also spoke about future subsidiaries.
“A decision will be taken in next 15 days whether to merge PNB Gilts with the bank or not,” Chakrabarty said. More
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