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Bank meet on June 10
US economy contracts
gton, May 29: The American economy contracted at a pace of 5.7 per cent in the first quarter of 2009. The latest figure is a revision from the earlier estimate of 6.1 per cent. “Real gross domestic product decreased at an annual rate of 5.7 per cent in the first quarter of 2009,” the US Bureau of Economic Analysis said.
GM Opel hope
kfurt/Berlin, May 29: Canadian auto parts group Magna has reached a preliminary deal with General Motors Corp to invest in Opel, boosting hopes of a deal with the US and German governments to save the car maker. Sources said Magna and GM were working out the final details of an agreement before a meeting with Chancellor Angela Merkel and senior ministers in the evening.
GMR acquisition
frastructure has acquired Singapore-based power utility Island Power for an undisclosed amount. “GMR Group has signed an agreement with InterGen to acquire its 100 per cent stake in Island Power,” GMR Infra said.
Mikati backs Bharti
on’s Mikati family, one of the largest shareholders in MTN, today backed the proposed $23 billion deal between Bharti Airtel and the South African telecom player. It expressed hopes of a full merger of the two entities in the future.
Ambuja Realty plan
s to invest around Rs 1,000 crore this fiscal to develop malls, residential townships and IT parks in Calcutta, chairman Harshavardhan Neotia said.
Life insurance bonus
surers can declare bonus even when their insurance fund runs into deficit for 10 years of their operations, against the existing cap of seven years, the Insurance Regulatory Development Authority said.
CORPORATE BRIEFS
Texmaco posts profit
t increase in turnover for the year ended March 31, 2009 at Rs 1,091.25 crore against Rs 943.52 crore a year ago. Net profit rose 10 per cent to Rs 75.84 crore from Rs 69.09 crore a year earlier. Gross profit grew 12 per cent to Rs 122.73 crore from Rs 109.58 crore, while profit before tax grew 11 per cent to Rs 110.92 crore from Rs 100.08 crore.
Jindal Steel
dal Steel and Power has posted a 141 per cent increase in consolidated net profit after tax at Rs 3,007.15 crore for the year ended March 31, 2009 against Rs 1,249.59 crore a year ago. Net sales was up 98 per cent to Rs 10,844.28 crore against Rs 5,488.98 crore a year ago.
TIL growth
t increase in income at Rs 876 crore for 2008-09 against Rs 755 crore a year ago. Profit before tax stood at Rs 50.57 crore compared with Rs 50.25 crore a year ago. On a consolidated basis, profit before tax stood at Rs 65.30 crore against Rs 65.69 crore a year earlier.
Inox Ltd
ox Leisure Ltd’s total revenues for the year ended March 31, 2009 has increased to Rs 225.61 crore from Rs 206.24 crore a year ago. Operating profits stood at Rs 34.75 crore against Rs 40.18 crore a year earlier. Profit after tax has dipped to Rs 24.34 crore from Rs 26.39 crore.
Harrisons
s Malayalam, has posted a 42 per cent rise in income for the year ended March 31, 2009 at Rs 291.09 crore against Rs 204.92 crore a year ago. Profit before interest, tax and exceptional items stood at Rs 19.38 crore, a growth of 23 per cent over a year ago.
Tata Com
ications Ltd’s consolidated revenues for the year ended March 31, 2009 has increased to Rs 9,963 crore from Rs 8,297 crore a year ago. Operating profit rose 53 per cent to Rs 1,350 crore from Rs 880 crore a year earlier. Net profit was up at Rs 316 crore against Rs 10 crore.
Somany net
y Ceramics Ltd’s profit after tax for 2008-09 has increased 114.7 per cent to Rs 8.74 crore from Rs 4.07 crore a year ago. Profit before tax grew 80 per cent to Rs 13.47 crore from Rs 7.48 crore last year. Net sales rose 34.2 per cent to Rs 442.09 crore from Rs 329.36 crore last year.
Neuland Lab
d Laboratories has posted a 4 per cent rise in net profit for the year ended March 31, 2009 at Rs 11.79 crore against Rs 11.35 crore a year ago. Operating profit grew 35 per cent to Rs 22.71 crore from Rs 16.80 crore.
EEPC awards
product group for 2006-07. Rohit Ferro-Tech Ltd has received the top exporter award from eastern region for the same year.
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