2. Dr Reddy's net up 32% at Rs 287 cr
Dr Reddy's Laboratories has reported a net profit of Rs
287 crore for the second quarter, up 32% on a year-on-
During the quarter, the company launched 41 new
generic products and filed 21 new product registrations.
However, its European business slipped by 26% due to
impact of vaccine sales and unfavourable cross currency
3. India's IMF rank up 3 notches
India will improve its rank by three notches to the 8th
position in IMF, as the group of 20 nations (G-20)
decided to increase the quota of emerging markets in the
multi-lateral lending agency by over six per cent
India's rank in International Monetary Fund (IMF) will
improve to the 8th position from the current 11th in
terms of quota, he told reporters after a meeting of
Finance Ministers of G-20 nations.
it is based on various parameters like country's GDP,
openness, fore reserves etc
4. SBI may bring down credit
growth to 18 per cent
Stung by slow credit off take in the first half, State Bank
of India (SBI) may revise its loan growth and bring it
down to 18 per cent for this fiscal.
SBI is planning to place about 1.50 laky point of sale
(POS) terminals for debit and credit card payments
across the country.
RBI has already approved the setting up of a wholly
owned subsidiary for conducting merchant acquiring
business by SBI in the name of SBI Payment Services.
t plans to deploy six laky POS terminals in the first five
years of its operations.
5. Essay in talks to set up 3 L bpd
refinery in Egypt
Diversified conglomerate, the Essay Group, has expressed its
interest to set up an oil refinery in northern Egypt at an
estimated cost of about $3.4 billion and talks are on to
conduct a feasibility study soon
The Egyptian government had recently announced that the
Shahs Ruia-led Essay Group plans to set up an oil refinery in
north Egypt that would have a daily production of around 300
thousand barrels per day.
according to Egypt's investment body General Authority for
Investment (GAFI), several Indian companies such as Essay,
Mukesh Ambani-led Reliance Industries and Indian public
sector unit Gas Authority of India Ltd (GAIL) have major
investment plans in the oil and gas sector in Egypt
6. Indian ADRs shed $4.82 billion;
Wipro, HDFC Bank top losers
Indian stocks trading on American bourses collectively
witnessed the erosion of nearly $5 billion in valuation
last week, with IT major Wipro and private sector
lender HDFC Bank accounting for most of the losses.
ADRs are bought and sold on American markets just
like stocks and are issued by a bank or a brokerage firm.
Tata Motors was the biggest gainer, adding $355.44
million to take its m-cap to $12.57 billion, while pharma
giant Dr Reddy's Laboratories' valuation grew by $84.66
million to $6.22 billion
7. Will examine DoT proposal to
merge circles into one zone: TRAI
Telecom regulator Trai will examine a recent
Department of Telecom (DoT) proposal to merge all
22 telecom circles in the country into a single service
area, a move that could lead to the end of costly
roaming charges for Indian mobile phone users.
The government is considering the merger of the 22
telecom circles in the country into either a single
service area or four separate zones to enable
subscribers to move freely across states without
paying extra charges for roaming.
Operators had paid a huge premium for bagging 3G
airwaves in certain circles, so if all the circles are
merged, they stand to lose.
8. Essay to invest Rs 2K crore on
cement, ferro-alloy unit in MP
Diversified conglomerate Essay Group has firmed up
plans to invest over Rs 2,000 crore to set up a new
cement and ferro-alloy unit in Madhya Pradesh as part
of its mega-investment programme in the state.
The group, which has already committed investments
worth around Rs 8,000 crore in the state across sectors
like steel, power and telecom had last week entered into
a pact with the Madhya Pradesh government for a
cement and ferro-alloys project.
The group will set up a cement plant with an annual
production capacity of five million tonnes. The plant
will be built in two phases, with 2 million tonnes of
capacity established in the first stage.
9. ONGC's first commercial power
project to start next year
the state-owned Oil and Natural Gas Corporation's (ONGC) first
ever 726 MW commercial power project would start generating
electricity next year, officials said here on Sunday.
India would develop a jetty in the Ashuganj river port in Meghan
river in eastern Bangladesh, 31 km from Agartala and expand the
road, if necessary, across the border, to ferry the equipment for the
project. He said dispatching the heavy equipment by surface
within India (through the mountainous northeastern states) is
he state-run Power Grid Corp of India Limited (PGCIL), OTPC
and the northeastern states would set up a 660-km transmission
line at the cost of Rs.1,771 crore to hook Palatana with the
national grid at Bongaigaon in western Assam.