Tech Mahindra fourth-quarter profit dives 33 percent, misses estimates

Tech Mahindra Ltd  India's fifth-largest software service provider, posted a lower-than-expected fourth-quarter consolidated profit on Friday, hurt by higher taxes.

Consolidated net profit for the quarter ended March 31, fell to 5.90 billion rupees ($91.53 million), from 8.76 billion rupees a year earlier, the company said.

Analysts on average

India`s BSE index ends above 31,000, sets record

REUTERS - The benchmark BSE Sensex rallied on Friday to end above 31,000 for the first time, as higher derivatives rollover led to strong follow-up buying in index heavyweights such as Reliance Industries and ITC Ltd .

The Sensex closed up 0.9 percent at 31,028.21, after hitting a high of 31,074.07.


ITC fourth-quarter profit up marginally, misses estimates

Diversified consumer company ITC Ltd  posted a 1 percent growth in March-quarter profit as its biggest segment, cigarettes, witnessed growth in sales.

Profit rose marginally to 26.69 billion rupees ($413.93 million) in the fourth quarter ended March 31, from 26.47 billion rupees a year earlier, the conglomerate said on Friday. 

Analysts on average expected the comp

Hindustan Petroleum March-quarter profit beats estimate

 State-run oil marketing company Hindustan Petroleum Corp Ltd  reported a 31 percent jump in March-quarter net profit on Friday, beating street estimates, as income from operations grew.

Net profit rose to 18.19 billion rupees ($282.12 million) in the fourth quarter ended March, from 13.88 billion rupees a year earlier, the company said in a statement. 


Adani coal royalties back on Australia state cabinet agenda

SYDNEY  - A final investment decision by India's Adani Enterprises to develop its Carmichael coal mine project in Australia could be back on track as early as next week, pending sign-off of a government royalty arrangement.

Queensland state Premier Annastacia Palaszczuk, a proponent of the project, said on Friday that how much Adani will pay in royalties will

Sensex crosses 31,000-mark, Nifty nears 9,600 level

 Healthy buying in metal and automobile stocks, and a strong rupee took the Indian equity markets to a record high during the mid-afternoon trade session on Friday.

The 30-scrip Sensitive Index (Sensex) of the BSE crossed the 31,000 mark for the first time to touch a new high of 31,034.30 points intra-day. 

At 1.45 p.m., the Sensex traded at 31,008.24 points -- up

Glenmark Pharma up nearly 3% on US FDA nod for generic drug

Shares of Glenmark Pharmaceuticals rose nearly 3 per cent on the Bombay stock Exchange after the drug maker said that it has received final approval from US FDA for its generic version Olmesartan Medoxomil Tablets, used in treatment of high blood pressure.

Following the announcement, shares of the company gained as much as 2.73 per cent to hit intra-day high of Rs 628.70 apiece on the

Dion Global zooms over 17% on robust Q4

Shares of Dion Global Solutions rallied over 17 per cent on the Bombay stock Exchange after the financial technology company reported a consolidated net profit after minority interest of Rs 13.30 crore for the fourth quarter ended March 31, 2017, helped by decline in operating expenses.

The consolidated total income of the company rose by 31.86 per cent to Rs 80.04 crore in Q4 FY17 co

Idea says it is now a pan-India mobile broadband provider

Idea Cellular said that with the latest launch of 4G service in Mumbai, it has become pan-India provider of broadband services on mobile phones, reported PTI. "With the launch of 4G LTE services in Mumbai, Idea declares pan-India mobile broadband operations in shortest possible time," Idea said in a statement.

Idea has 4G spectrum in 20 circles except Kolkata and Delhi where

SBI set to hire six banks for up to $2.3 billion share sale - IFR

MUMBAI  - State Bank of India is set to hire Bank of America Merrill Lynch, Deutsche Bank, IIFL, JM Financial, Kotak and SBI Capital to manage a share sale of up to 150 billion rupees ($2.3 billion), IFR reported on Friday, citing two sources with knowledge of the plan.

A total 17 banks had bid to underwrite the so-called qualified institutional placement, for wh

Bosch quarter net profit dips 10% in Q4

 Automotive components maker Bosch Ltd. on Thursday reported a 10 per cent year-on-year (YoY) decline in net profit to Rs 441 crore for the fourth quarter (Q4) of fiscal 2016-17 from Rs 491 crore in same period year ago.

Sequentially, however, net profit in Q4 zoomed a whopping 102 per cent quarter on quarter (QoQ) from Rs.218 crore in the third quarter (Q3) of FY 2017.

No discriminatory tariffs among same subscriber category: TRAI

Telecom service providers should not give any discriminatory tariff to the same category of subscribers and all plans should be reported to the regulator within seven days of its launch, the Indian telecom regulator said on Thursday.

The Telecom Regulatory Authority of India (TRAI) directed "to ensure that all the tariffs offered to the consumers shall be in accordance with

IDBI Bank initiates process to sell non-core assets

Aiming at a turnaround to augment its capital base and recover from bad loans, the IDBI Bank on Thursday said it has initiated the process to sell its non-core assets over a period of time.

"The bank will look at reducing its operational cost and sell non-core assets over a period of time. The exact schedule and quantum of such sale will depend on market conditions. The bank

Sensex hits record highs; Tata Steel scales over 2-1/2 year peak

By Krishna V Kurup

 Indian shares hit record highs on Friday, with Reliance Industries  and Tata Steel Ltd leading the gains, as higher derivatives rollover led to strong follow-up buying in index heavyweights.

The broader NSE Nifty rose as much as 0.65 percent to a record high of 9,572.25,

Modi`s generics-only drugs plan worries health experts, Indian pharma sector

By Zeba Siddiqui

MUMBAI  - India's plan to bring in a law to ensure doctors prescribe medicines only by their generic names risks proliferating the sale of substandard drugs in a country where regulation is already lax, doctors and pharmaceutical executives say.

Prime Minister Narendra Modi said last month that the government was looking at such a l

Prime Focus' consolidated Q4 net profit at Rs 38.7 crore

 Global media and entertainment services firm Prime Focus on Thursday posted a consolidated net profit of Rs 38.7 crore for the quarter ended March 31, 2017.

The company had reported a loss of Rs 241.6 crore during the corresponding period of 2015-16.

The company's consolidated quarterly income during January-March 2017 quarter grew by 38 per cent to Rs 65

Cipla lowers bio drugs investment, sharpens focus on respiratory

By Zeba Siddiqui

MUMBAI  - Cipla Ltd, India's fifth-largest drugmaker by sales, plans to reduce investment in biosimilars to sharpen its focus on building a portfolio of high-margin respiratory products, the company's chief executive said on Thursday.

It has put plans to build a biotech plant in South Africa, its third-largest market, on hold, a

IDBI Bank unveils turnaround plan amid fears of debt default

MUMBAI  - IDBI Bank on Thursday set out a turnaround plan that includes raising additional capital and selling non-core assets to help the state-run lender to improve its financial position and reassure investors anxious about a possible debt default.

IDBI announced the plan, which will also include curbing its rising corporate loan book and cutting costs, on the

Sensex hits record high; banks rally

REUTERS - The Sensex hit a record high late in the session on Thursday as banks rallied on continued hopes of central bank and government action to tackle bad debt in the sector, with sentiment further boosted by gains in Asian shares.

The benchmark Sensex rose 1.48 percent to end at 30,750.03 points, after earlier climbing to a record high of 30,793.43.

Banking stocks surge

Ashok Leyland posts fourth-quarter net profit as vehicle sales grow

 Ashok Leyland  posted a net profit in the fourth quarter against a net loss in the same period last year, as the truck maker sold more medium and heavy commercial vehicles.

Net profit stood at 4.76 billion rupees ($73.72 million) in the quarter ended March 31, compared with a loss of 1.41 billion rupees, the company said on Thursday. 

Analysts on average esti

IOC March-quarter profit jumps 85 percent

 Indian Oil Corp said on Thursday net profit rose 85 percent in the fourth quarter, in line with analysts' expectations, as revenue from operations grew.

India's top refiner said profit came in at 37.21 billion rupees ($576.45 million) in the quarter ended March 31, compared with 20.06 billion rupees a year earlier.

Revenue from operations jumped 24 percent to 1

Coal India wins tax-cut boost as environmentalists fre

By Krishna N. Das

NEW DELHI  - State-run Coal India Ltd , saddled with millions of tonnes of unsold coal, is expected to be the biggest beneficiary of a controversial government decision to more than halve the sales tax on the fuel after a jump in local supplies.

The world's third-largest greenhouse gas emitting country said last Friday it would low

Sensex tracks Asian peers higher; Infosys leads

By Krishna V Kurup

 Indian shares rose on Thursday tracking Asian markets that hit two-year highs after the U.S. Federal Reserve signalled a more cautious approach to future rate hikes, but sentiment was subdued ahead of the expiry of monthly derivative contracts.

The MSCI broadest index of Asia-