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FTIL Q1 net profit up 58% at Rs 128 cr

FTIL Q1 net profit up 58% at Rs 128 crNew Delhi - Financial Technologies (India) Ltd on Wednesday posted 58 percent jump in standalone net profit at Rs 128.24 crore for the first quarter ended June 30, 2014-15, on account of higher income.

The Jignesh Shah-led company had reported net profit of Rs 81.2 crore in the year-ago.

In a filing to the BSE, the FTIL said that total income increased to Rs 216 crore Q1, 2014-15 from Rs 169.54 crore in the same quarter of last fiscal, 2013-14.

The company has also declared first interim dividend of Rs 2 per share to be paid on September 5, the filing added.

MCX seeks exemption from divesting stake in MCX-SX

MCXNew Delhi : Commodity bourse MCX on Wednesday said it has written to Sebi seeking exemption from divesting its entire stake in stock exchange MCX-SX saying the company is no longer acting in concert with erstwhile promoter Financial Technologies.

In the wake of Rs 5,600 crore payment crisis at National Spot Exchange Ltd (NSEL), promoted by Jignesh Shah-led Financial Technologies (India) Ltd, Sebi had directed MCX to divest its stake in MCX-SX as well as MCX-SX Clearing Corporation Ltd.

ONGC net profit up 19% at over Rs 4,000 crore

ONGCNew Delhi: State-owned Oil and Natural Gas Corp on Wednesday reported 19 percent rise in net profit for the April-June quarter on realising higher crude oil prices.

Net profit of Rs 4,782 crore was 19.07 percent higher in the first quarter of 2014-15 than Rs 4,016 crore logged in the year-ago period, ONGC said in a statement here.

ONGC, which had almost flat crude oil production in Q1, had a net realisation of USD 47.51 per barrel as compared to USD 40.33 a barrel in Q1, 2013-14.

This was despite the subsidy outgo rising 4 percent to Rs 13,200 crore.

Petrol prices to be slashed

PetrolNew Delhi, Aug 13 : Petrol prices will be slashed in the country from Rs 1.89 to Rs 2.38 per litre, as per the state.

Petroleum Minister Dharmendra Pradhan has confirmed that for the second time in August, petrol prices will be reduced in the country. The change will take effect on 14 August midnight.

Petrol prices will reduce in Delhi by Rs 2.18 to stand at Rs 70.33 per litre. (ANI)

Tata Power to double generation capacity 18,000 MW by 2022

Tata-PowerNew Delhi: Electricity producer Tata Power aims to double its generation capacity to 18,000 MW from all sources of energy by 2022.

The company generates power from different fuel sources -- thermal (coal, gas and oil), hydroelectric power, renewable energy (wind and solar Photo-Voltaic).

Its current generation capacity is 8,613 MW.

Tata Power generated 11,866 million units from its thermal stations during the quarter ended June 30, 2014.

Its two projects -- Coastal Gujarat Power Ltd (CGPL) and Maithon Power Ltd (MPL)-- were the top contributors to increased generation.

Tata Steel's consolidated profit plunges 70% to Rs 337 cr in Q1

Tata-SteelNew Delhi: Global steel giant Tata Steel's consolidated net profit plunged by 70.38 percent to Rs 337.33 crore in the April-June quarter, mainly due to Rs 1,577 crore write-down in a project.

Tata Steel group had reported a net profit of Rs 1,139.01 crore during the corresponding quarter in 2013-14 .

Net profit for the quarter came in at Rs 337 crores, affected by exceptional charges despite improved operating performances across all geographies, the company said in a statement.

Case against Google for collecting classified data: Govt

Case-against-GoogleNew Delhi: A case has been registered against search giant Google for collecting classified data in violation of the National Map Policy 2005, the government said Wednesday.

"M/s Google India Pvt Ltd, without any approval of Ministry of Defence or any other agency of Government, conducted the Mapathon 2013 competition during February 12, 2013 to March 25, 2013 and collected data, including classified data, in violation of the National Map Policy-2005.

Shashi Tharoor supports Modi's "proxy war" statement

Shashi-TharoorNew Delhi, Aug 13  : Former Minister of State for External Affairs Shashi Tharoor, supporting Prime Minister Narendra Modi's "proxy war" statement, said that India always believes in working towards peace.

He said that if Pakistan shows any signs of working against terrorism then the two countries would like to walk in the same path.

Top 5 richest Indians have half of nation's billionaire wealth

Mukesh-AmbaniNew Delhi: The top five Indian billionaires led by Reliance Industries Chairman Mukesh Ambani collectively control USD 85.5 billion (about Rs 5,23,897 crore) in personal wealth, accounting for nearly half of the country's total billionaire wealth, a new study said Wednesday.

According to the analysis by wealth research firm Wealth-X of India's richest individuals, Mukesh Ambani remains the richest man in the country with an estimated net worth of USD 24.4 billion (about Rs 1,49,474 crore).

New natural gas pricing formula by Sept 30: Govt

Gas pipde lineNew Delhi: Government on Wednesday said it will come out with a new natural gas pricing formula by September 30 keeping in mind the interest of investors and public.

Replying to questions in Rajya Sabha, Oil Minister Dharmendra Pradhan said the NDA government decided to review the pricing formula keeping in mind public interest and recommendations of the Parliamentary Standing Committee.

The Minister did not share details, but said the decision will be taken keeping in mind interest of investors and public and the formula will be announced by September 30.

Gold futures down on weak global cues

goldNew Delhi: Gold prices fell 0.11 percent to Rs 28,699 per 10 gram in futures trade on Wednesday as participants reduced their positions largely with a weak trend overseas amidst subdued demand at domestic spot markets.

At the Multi Commodity Exchange, gold for delivery in October contracts eased by Rs 50, or 0.11 percent, to Rs 28,699 per 10 gram in business turnover of 549 lots.

Likewise, the metal for delivery in far-month December shed Rs 28 or 0.10 percent, to Rs 28,721 per 10 gram in 54 lots.

Industrial output growth slows to 3.4% in June; inflation worrisome

Industrial output growth slows to 3.4% in June; inflation worrisomeNew Delhi - Industrial output slowed down in June to 3.4 percent though it remained in the positive territory for third month in a row, while retail inflation inched up marginally in July on account of costly vegetables.

Not worried over the moderation of IIP, India Inc expects that the steps taken by the government to revive growth will yield results.

Insurance Bill likely to be soon referred to Select Committee

Insurance Bill likely to be soon referred to Select CommitteeNew Delhi : The controversial Insurance Bill is likely to be referred to the Select Committee of Parliament in a day or two amid receding hopes in the government over convincing the Opposition on supporting its first major economic reform initiative.

The bill, which proposes hike in FDI in insurance sector to 49 per cent, has been caught in a logjam with Congress-led Opposition insisting on referring it to a Select Committee.

Sun Pharma posts profit of Rs 1,390 cr in Q1

Sun PharmaceuticalNew Delhi : Sun Pharma Tuesday posted a consolidated net profit of Rs 1,390.51 crore for the first quarter ended June 30.

The company had posted a net loss of Rs 1,276.10 crore for the same period of previous fiscal.

Net sales of the company rose to Rs 3,926.85 crore for the first quarter, as compared to Rs 3,482.18 crore in the same period of previous fiscal, Sun Pharmaceutical Industries Ltd said in statement.

Industrial output growth slows to 3.4% in June

Industrial-outputNew Delhi: Showing signs of sluggishness in the economy, growth rate of industrial production slowed to 3.4 percent in June, as against 5 percent in May, mainly due to lower output of consumer goods.

However, the factory output number has remained in the positive territory for the third month in a row mainly due to a better show by manufacturing, mining and power sectors and higher output of capital goods.

The output, as measured by the Index of Industrial Production, had contracted by 1.8 percent in June, 2013.

Lavazza exits coffee shop biz in India; sells Barista brand

LavazzaNew Delhi: Italian coffee brand Lavazza Tuesday announced exit from coffee shop business in India by selling its Barista brand to Carnation Hospitality.

The company, however, will continue to supply coffee to Barista through a long-term supply agreement.

Lavazza in a statement said it has decided to lay greater focus on its core business, which is coffee.

Commenting on the announcement, Lavazza CEO Antonio Baravalle said: "The decision to move out of Barista has been taken accordingly with the global business guidelines of the group to no longer manage directly the coffee shop business."

Ericsson wins Vodafone India's contract for payment solutions

Ericsson-VodafoneNew Delhi: Network solutions major Ericsson Tuesday said it has won a contract from Vodafone India to deploy its payment solutions in seven circles for the country's second largest telecom operator.

Financial details of the deal were not revealed.

The five-year contract covers new circles of Uttar Pradesh (W), Uttar Pradesh (E), Punjab, Haryana and Himachal Pradesh, besides Mumbai and Maharashtra.

"Ericsson Charging platform to be launched across 7 Vodafone circles, enabling new revenue-generating features and potential payment convergence across prepaid and postpaid segments," it said in a statement.

IOC posts Rs 2,523 crore profit in June quarter

IOC posts Rs 2,523 crore profit in June quarterNew Delhi: Indian Oil Corporation (IOC), the nation's biggest oil firm, Tuesday reported a net profit of Rs 2,523 crore in the June quarter after government and upstream firms made good most of its losses on fuel sales.

It had reported a net loss of Rs 3,093.23 crore in April- June of last year on delays in payment of government subsidy.

"The net profit was mainly because of a foreign exchange gain of Rs 128 crore in Q1 as compared to a foreign exchange loss of Rs 4,024 crore," IOC Chairman B Ashok told reporters here.

Gold price recovers marginally to Rs 28,750 per 10 grams

Gold-priceNew Delhi: After two days of losses, gold prices recovered by Rs 25 to Rs 28,750 per 10 grams in the national capital on Tuesday on the back of buying by jewellers for the festive season amidst a firming global trend.

Silver also rebounded by Rs 275 to Rs 44,275 per kg on increased offtake by industrial units and coin makers.

Traders attributed the recovery in gold prices to fresh buying by jewellers to meet festive season demand and a firming global trend as investors weighed tension over Ukraine.

'Singham Returns' is bigger, better, more real film, says Ajay Devgn

Ajay-DevgnNew Delhi, August 12 : Ajay Devgn has revealed that his upcoming film, 'Singham Returns' is a bigger, better and a more real film than its prequel 'Singham'.

Speaking exclusively to ANI, Devgn, who was in New Delhi to promote the film along with his co-star Kareena Kapoor Khan, said, "Singham Returns is a more real, bigger, better, more drama, more romance, more humor, and what I like about it is, that it is with the times today and we have kept it more real than the previous one."

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