Mumbai, July 22 :     The BSES board today approved the transfer of 11.8 per cent equity in favour of Reliance Power Ventures Ltd, the power generation and distribution arm of Reliance Industries Ltd (RIL). Reliance Power Ventures and Reliance Industries had secured these shares through an open offer made recently to BSES shareholders. Speaking to The Telegraph, BSES chief R V Shahi confirmed that the shares were lodged before the board for approval. BSES today reported a net profit of Rs 86.38 crore for the first quarter of this fiscal compared with Rs 87.61 crore recorded in the corresponding period of the previous year. Total income stood at Rs 614 crore as against Rs 689 crore last year. According to BSES officials, 1.67 crore shares in the dematerialised form and 1.82 lakh shares in the physical form were sent for transfer by the Reliance subsidiary Century in black Century Textiles and Industries Ltd has posted a net profit of Rs 6.68 crore in first quarter ended June 30 against a loss of Rs 13.97 crore recorded during the same period of previous year. Income from operations for the reported quarter stood at Rs 553.29 crore as against Rs 528.92 of last year. AllBank net dips The net profit of Allahabad Bank has dipped by almost 50 per cent at Rs 70 crore for the financial year 1999-2000 compared with Rs 135 crore in the previous year. During 1999-2000, net non performing assets fell to 12.24 per cent from 12.54 per cent in the previous year. The bank's capital adequacy ratio increased to 11.51 per cent from 10.83 per cent in 1998-99.