TOP CORPORATE NEWS
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IDBI Bank Q3 profit falls 75% on
lower other income
IDBI Bank's third quarter net profit dropped 75 percent to Rs 104
crore compared to same quarter last year, dented by a steep fall in
non-interest income and slow growth in net interest income. Asset quality of the bank worsened during the quarter. Provisions and contingencies increased to Rs 1,033 crore from Rs
879 crore.
·
TVS Motor gains after decent sales
in January
TVS Motor Company rose 1.48% after the company’s total sales
rose 6% to 186,313 units in January 2014 over January 2013. TVS Motor net profit surged 31.2% to Rs 68.80 crore on 12.9%
growth in net sales to Rs 2034.71 crore in Q3 December 2013 over Q3 December
2012. Total exports surged 39% to 28,875 units in January 2014 over
January 2013.
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Tata Power exits its stake in
Arutmin Coal & retains KPC mines
Tata Power announced sale of its 30% stake in Indonesian coal
company PT Arutmin for US$500mn to cut its debt. The development comes in the
wake of the company's Mundra UMPP project facing under recovery challenges and
cash flow concerns.
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Sobha Developers Q3 PAT at Rs581mn
Sobha Developers Limited, on a consolidated basis, registered a
turnover of Rs. 5.45 bn during the 3rd Quarter of FY 2013-14. The Profit before
Tax stood at Rs. 884 million, and the Profit after Tax was Rs. 581 million on a
consolidated basis. The revenues increased by 26% and
both PBT and PAT increased by 11% and 10% respectively, YoY.
·
Bajaj Auto gains on highest ever
January export sales
Share of Bajaj Auto were up over 1% after company announced
highest ever export sales for January. Exports rose 7% to 1.37 lakh units in
January 2014 over January 2013. Total commercial vehicles sales declined 20% to
36,781 units in January 2014 over January 2013.
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