ITC profit rises

New Delhi, Jan. 22: ITC's December-quarter standalone net profit rose marginally to Rs 2,652.8 crore from Rs 2,635 crore a year ago, as its cigarette business continued to be under pressure, coupled with a demand slowdown in the FMCG segment. The company said lack of trading opportunities in agri-commodities also impacted its performance. Net sales were up 3.43 per cent to Rs 9,102.7 crore from Rs 8,800.2 crore a year ago.

Cairn net falls

New Delhi, Jan. 22: Cairn India's third-quarter consolidated net profit plunged 99.3 per cent to Rs 8.69 crore from Rs 1,349.64 crore a year ago, on account of a sharp fall in crude prices combined with lower production and high taxes. "Net revenue fell mainly because of a sharp 13 per cent decline in crude prices and increase in the discount to Brent for Rajasthan crude to $9.2 per barrel," an official statement said.

FIPB move

New Delhi, Jan. 22: Telecom tower company Viom Networks' Rs 5,900-crore FDI proposal was among the 13 projects, worth Rs 6,500 crore, that the foreign investment promotion board cleared today. Alstom Manufacturing India's proposal worth Rs 400 crore and Cipla's proposal of Rs 150 crore were also cleared.

Sun approval

New Delhi, Jan. 22: Sun Pharma has received an approval from the competition watchdog CCI to sell the erstwhile Ranbaxy Laboratories' two divisions in the central nervous system segment in India to Strides Shasun for Rs 165 crore.