State Bank of India (SBI), the country's biggest state-owned lender, has just reported a year-on-year decline of 18.54 per cent in net profit to Rs 3299.22 crore for the quarter ended March, 2013.
Net profit fell despite a 6.98 per cent increase in total income to Rs 36330.37 crore.
Analysts had projected an average decline of 8.7 per cent in quarterly net profit and a 1.4 per cent decline in net interest income.
The Finance Ministry has agreed to pay a record Rs 100,000 crore to state-run oil marketing companies towards diesel and cooking fuel subsidy in 2012-13 to help them avoid the impact of the proposed implementation of Export Parity Price (EPP) pricing formula.
The Finance Ministry wants the pricing model to be changed to EPP, but Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are opposing the proposed change as the new model would bring their profitability down to nearly zero.
Ranbaxy might have cross the hurdle of allegations of supplying poor-quality drugs but the episode will hit the Ranbaxy as well as other Indian pharmaceutical firms' businesses in the future, market analysts believe.
Ranbaxy, which is now owned by Diiachi Sankyo of Japan, pleaded guilty to criminal charges of adopting poor manufacturing practices and supplying certain adulterated drugs produced at its two Indian facilities. The company hit a settlement by agreeing to pay $500 millon in civil damages and fines.
Rajat Gupta, former board of director at Goldman Sachs Group, has sought re-trial over the insider trading case in which he was handed down a two-year prison term along with a $5 million fine.
On Tuesday, Gupta's lawyer Seth Waxman questioned the authenticity of the wiretap evidence that was accepted by US District Court Judge Jed Rakoff to penalize Gupta in October last year.
India's second largest private refiner, Essar Oil Ltd is expected to sign a Memorandum of Understanding (MoU) with officials of the China Development Bank (CDB) for up to $ 1 billion loan deal backed by supply of refined products to state-run, PetroChina.
The agreement is expected to be signed on Tuesday when the Chinese Prime Minister Li Keqiang visits Mumbai. The loan is expected to be backed by refined products from Essar's Vadinar refinery in Gujarat. The deal is a type of export advance to reduce debt by the company.
India deserved an upgrade in credit ratings and sovereign outlook as the country's macro-economic situation is much better now, Union Finance minister P Chidambaram said.
Speaking on the sidelines of an event organized by the Competition Commission of India (CCI) on Monday, there was nothing to worry about the country's current macro-economic situation.
The Finance Minister said, "We deserve a ratings and outlook upgrade. There is nothing to worry as the macro-economic situation is much better now."
NASDAQ-listed software services firm iGate has sacked its president & CEO Phaneesh Murthy following a probe into a claim of sexual harassment.
Announcing Murthy's dismissal, the company said, "The investigation, which is ongoing, has reached the finding that Mr. Murthy's failure to report this relationship violated iGate's policy, as well as Mr. Murthy's employment contract."
India deserved an upgrade in credit ratings and sovereign outlook as the country's macro-economic situation is much better now, Union Finance minister P Chidambaram said.
Speaking on the sidelines of an event organized by the Competition Commission of India (CCI) on Monday, there was nothing to worry about the country's current macro-economic situation.
The Finance Minister said, "We deserve a ratings and outlook upgrade. There is nothing to worry as the macro-economic situation is much better now."
NASDAQ-listed software services firm iGate has sacked its president & CEO Phaneesh Murthy following a probe into a claim of sexual harassment.
Announcing Murthy's dismissal, the company said, "The investigation, which is ongoing, has reached the finding that Mr. Murthy's failure to report this relationship violated iGate's policy, as well as Mr. Murthy's employment contract."
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