Crompton Greaves posts net profit of Rs 36.81 cr in Q3

Crompton Greaves on Friday reported a net profit of Rs 36.81 crore in the quarter ended December 31, 2016, as compared to a net loss of Rs 95.73 crore in the corresponding period last financial year.

The company's gross sales for the quarter under review were at Rs 1,244.09 crore as against Rs 1,124.85 crore in the year-ago period.

It also reported that revenue from its

Suzlon Energy posts Q3 net profit of Rs 274 cr

Renewable energy player Suzlon Energy on Friday posted a consolidated net profit of Rs 274.34 crore for the third quarter ended December 2016.

"The group has posted a net profit of Rs 274.34 crore for the quarter ended December 31, 2016, as compared to net loss of Rs 121.84 crore for the quarter ended December 31, 2015," Suzlon Energy said in a stock exchange filing.

M&M to invest Rs 1,500 crore in Maharashtra plants

 Automobile major Mahindra & Mahindra (M&M) on Friday said that it plans to invest Rs 1,500 crore at its Nasik and Igatpuri plants in Maharashtra.

According to the company, the project constitutes development and manufacture of its new product codenamed -- U321-- covering joint investment at its Nasik and Igatpuri plants. 

"The investment in the Nasik

Reliance Capital posts Rs 209 crore net for Q3

 Financial services player Reliance Capital Ltd on Friday said it closed the third quarter of current fiscal with a consolidated net profit of Rs 209 crore.

In statement issued the company said its consoldiated net profit for the third quarter was Rs 209 crore on a total income of Rs 3,964 crore.

According to the company, the net profit was after strengthening of the re

CESC to focus more on power distribution business

The RP-Sanjiv Goenka Group's flagship company CESC Ltd will be focusing on winning more distribution franchise, a top company official said on Friday.

Recently, the power firm won a power distribution franchisee for supply of electricity to Bikaner in Rajasthan in a very fiercely fought bid. Bikaner became the fifth city for power distribution for the company.

"Dist

Tata Power Q3 net soars 38%; Chandrasekaran named Chairman

Tata Power on Friday posted a 38 per cent rise in consolidated net profit at Rs 599.2 crore for the third quarter ended December 2016, mainly due to improved performance and a tax credit. On the day, the company's board also approved the appointment of N. Chandrasekaran as its new chairman.

"The group has posted a net profit after tax, minority interest and share of profit of

Saab pitches modern combat jet plant in India in two-horse race with Lockheed

NEW DELHI - Sweden's Saab has offered to build the world's most modern fighter aircraft factory in India, it said on Friday, as it goes head-to-head with U.S. rival Lockheed Martin to supply hundreds of locally produced planes to India's military.

Saab's pitch for its Gripen E aircraft comes a day after Lockheed said it is pushing ahead with its p

India's industrial output contracts 0.4 percent y/y in December

NEW DELHI  - India's industrial output fell 0.4 percent in December from a year earlier, driven down by a contraction in consumer and capital goods production, government data showed on Friday.

Economists surveyed by Reuters had forecast a 1.1 percent growth in output compared with a 5.7 percent year-on-year growth in November.

(Reporting by Manoj K

M&M's Q3 standalone net profit accelerates by 33%

Automobile manufacturer Mahindra and Mahindra (M&M) on Friday reported an exponential rise of 33.29 per cent in its standalone net profit for the third quarter of the 2016-17 fiscal.

According to the company, its Q3 standalone net profit grew to Rs 1,112.27 crore from Rs 834.47 crore for the quarter ended December 31, 2015.

The company informed the BSE in a regulatory fi

SBI Q3 cons net surges 71% at Rs 2,152 cr on rise in other income

Country’s biggest lender by assets State Bank of India on Friday reported a substantial growth of 70.88 per cent in its consolidated net profit for the third quarter ended December 31, 2016 at Rs 2,152.23 crore, helped by spurt in other income.

The bank had posted consolidated net profit of Rs 1,259.49 crore in the corresponding quarter of previous fiscal, said State Bank of Ind

India's fuel demand fell 4.5 percent y/y in January

NEW DELHI, - India's fuel demand fell 4.5 percent in January compared with the same month last year.

Consumption of fuel, a proxy for oil demand, totalled 15.52 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.

Sales of gasoline, or petrol, were 0.6 percent lower from a year earlier at 1.81 million tonn

Uber drivers stage protest in Taiwan

 Dozens of Uber drivers on Friday staged a protest in Taiwan calling for the legalisation of the global ride-hailing app.

A protest organiser said that, at first, about 100 cars with Uber labels circled round the Transportation Ministry here, then some drivers parked their cars and gathered in front of the government building where they shouted slogans and carried placards, Efe n

ONGC to boost sports in northeast India

State-owned Oil and Natural Gas Corp (ONGC) will help northeastern states to boost sports and sporting talent, a company official said on Friday.

Calling this a part of its corporate social responsibility, ONGC Executive Director S.C. Soni told reporters that the company had decided to help the sports sector financially and otherwise.

He said ONGC had allocated Rs 24 crore t

SBI net profit up 134% in Q3 on stake sale in subsidiary

 India's largest public sector lender State Bank of India (SBI) on Friday reported a 134.01 per cent increase in its standalone net profit to Rs 2,610 crore in the 2016-17 fiscal's third quarter ended December 31, on low provisioning for bad loans and stake sale in SBI Life Insurance.

The net profit for October-December 2015 stood at Rs 1,115 crore.

Other income

Aurobindo plans second U.S. plant as Trump calls for local production

MUMBAI - Indian drugmaker Aurobindo Pharma plans to set up a factory in the United States for injectable products, it said on Friday, days after U.S. President Donald Trump called on pharmaceutical companies to make more drugs locally.

Trump urged U.S. drug industry executives at a meeting last month to increase local manufacturing and to bring down medicine prices. H

Sensex ends higher, tracking Asian markets

India's NSE index edged higher on Friday, rising for a third consecutive session, as Asian markets hit an 18-month peak and banking stocks recovered from recent losses.

The broader NSE Nifty rose 0.17 percent to 8,793.55, while the benchmark BSE Sensex closed up 0.02 percent at 28,334.25.

The Sensex gained 0.56 percent for the week, while the Nifty added 0.60 percent. Bo

Symphony Q3 net jumps 17.5% at Rs 56 cr

Air cooler manufacturer Symphony has reported a growth of 17.5 per cent in its standalone net profit at Rs 56.06 crore for the October-December quarter of 2016, helped by increase in other income and decline in operating cost.

The Ahmedabad-based company had posted the standalone net profit of Rs 47.73 crore in the corresponding quarter of previous fiscal, said Symphony in a filing to

Alkem Laboratories Q3 cons net up 25% at Rs 233.40 cr

Drug maker Alkem Laboratories has reported a growth of 24.9 per cent in its consolidated net profit at Rs 233.40 crore for the October-December quarter of 2016, helped by healthy growth in key markets of India and US amidst tough business environment.

The pharmaceutical company had posted the consolidated net profit of Rs 186.90 crore in the corresponding quarter of previous fiscal, s

Ipca Lab Q3 net surges 57% at Rs 41.38 cr

Ipca Laboratories has reported a growth of 57.21 per cent in its net profit at Rs 41.38 crore for the October-December quarter of 2016. The pharmaceutical company had posted the net profit of Rs 26.32 crore in the corresponding quarter of previous fiscal, said Ipca Laboratories in a filing to BSE on Friday.

The total revenue of company rose by 8.22 per cent to Rs 756.66 crore in Q3 FY

Hemant Bhargava appointed as LIC's MD

Hemant Bhargava was today appointed as Managing Director of State-owned Life Insurance Corporation (LIC) of India. He is at present LIC's Zonal Manager, Delhi. The Appointments Committee of Cabinet has approved Bhargava's appointment to the post till his superannuation, i.E., July 31, 2019, an order issued by Personnel Ministry said. The top LIC management consists of the Chairman and t

Tata Chemicals to invest Rs595cr to set up units in Andhra Pradesh ,Gujarat

Tata Chemicals will invest Rs 595 crore to set up two facilities in Andhra Pradesh and Gujarat to manufacture soluble dietary fibres and silica. The board had yesterday approved the investments. "The Board of Directors approved an investment in the nutritional solutions business of Rs 270 crore for setting up of a state-of-the-art, biotechnology unit in Nellore district, Andhra Pradesh for

Infosys Chairman must quit for lapses: Former CFO

The Infosys Chairman must quit taking responsibility for the lapses in corporate governance and an interim chairman should address the concerns of shareholders, the software company's former chief financial officer (CFO) said on Friday.

"I think Chairman (R. Seshasayee) should step down taking responsibility for all the lapses in the past. The Board should have an interim cha

Top Indian lender SBI sees credit growth accelerating

MUMBAI - State Bank of India predicted its credit growth will accelerate in the next financial year driven by funding for new government projects, as the nation's top lender by assets reported its first rise in quarterly profit in more than a year.

The bank, which accounts for more than a fifth of India's banking assets, also expects to keep incremental bad lo

Boeing eyes more Indian orders with new business unit

NEW DELHI  - Boeing's new Indian unit will help the company win more business from local customers and mean more employment in the South Asian country, the head of the U.S. defence firm's Indian business said on Friday.

The new legal entity, announced this week, is the fourth separate country-specific business Boeing has established after setting up simil

Vedanta says in talks with Indian government over clean coal

CAPE TOWN  - Indian mining company Vedanta Resources  has held talks with the Indian government on developing clean coal, as coal is "a core part" of the energy mix despite its high level of carbon emissions, the firm's CEO said.

Just over a year after the December 2015 Paris agreement on lowering global carbon emissions, mining bosses meeting