Business News

Aurobindo Pharma reports over four-fold rise in Q3 consolidated net; shares jump

Aurobindo Pharma reports over four-fold rise in Q3 consolidated net; shares jump

Aurobindo Pharma jumped nearly 6 per cent in morning trade on Friday after the drug-maker announced an over four-fold jump in its quarterly consolidated net profit.

The company announced that its consolidated net profit jumped more than 400 per cent to Rs 417 crore in the three months ended December 31, 2013. In the corresponding period of the previous year, the company had pocketed a consolidated net profit of Rs 92 crore.

Vodafone gains govt. permission to fully own Indian unit

Vodafone gains govt. permission to fully own Indian unit

British telecommunications giant Vodafone Group Plc has finally gained Indian government's approval to buy out minority stake in its Indian arm to gain full control of the company.

The British telecom operator has plans to buy out remaining minority stake Vodafone India for around Rs 10,141 crore. Currently, the foreign company owns 64.38 per cent stake in the Indian venture.

Satya Nadella’s school in India celebrates his appointment as new Microsoft CEO

Satya Nadella’s school in India celebrates his appointment as new Microsoft CEO

The recent announcement of Satya Nadella as the new Chief Executive Officer of US software giant Microsoft has brought laurels to Hyderabad Public School (HPS) in India. Nadella is an old HPS student; and it is matter of great pride and honor for the school that he has been appointed to the top-notch post at Microsoft.

Nadella is one of Microsoft's veteran executives who previously served as the company's head of the Cloud and Enterprise Group, before being named the new CEO to replace Steve Ballmer.

Tech Mahindra rallies as Q3 results beat estimates

Tech Mahindra rallies as Q3 results beat estimates

Shares of Tech Mahindra gained nearly 3 per cent in early morning trade on Wednesday after the company reported a sharp rise in its quarterly net profit.

After market hours on Tuesday, February 4, Tech Mahindra announced that its consolidated profit after tax climbed 40.6 per cent to Rs 1010 crore in the October-December quarter of 2013 over the previous quarter; while revenue jumped 2.7 per cent to Rs 4899 crore.

South Korea using Microsoft’s Kinect technology to protect its border

South Korea using Microsoft’s Kinect technology to protect its border

South Korea is using Microsoft's motion-control technology Kinect to monitor its border with North Korea, according to a fresh report from South Korean newspaper Hankooki.

The report, translated by Kotaku, South Korean software engineer Jae Kwan Ko created a Kinect-based software system that is now in use by South Korean border forces to scan the demilitarized zone (DMZ) that separates the two countries.

Gasoline prices soar above $3-per-gallon mark in all U.S. states

Gasoline prices soar above $3-per-gallon mark in all U.S. states

Gasoline prices have broken above the $3-per-gallon barrier in all U. S. states; even those that usually enjoy comparatively low rates due to their proximity to refineries and large oil fields.

Motorists in Ohio are now paying 5 cents more at pump pumps than last week. However, the statewide average of gas price is now at $3.31, a penny less than what motorists were paying at this time in January.

SBI raises Rs 8,032 crore through share sale

SBI raises Rs 8,032 crore through share sale

State Bank of India (SBI), the country's largest state-run lender, has confirmed that it has raised Rs 8,032 crore through a sale of shares to institutional investors.

The money was raised by way of qualified institutional placement (QIP) to boost the bank's capital requirements. The share offering was launched on Tuesday in the indicative price band of Rs 1,565 to Rs 1,596 a share.

RBI hikes key interest rates to reign in stubbornly high prices

RBI hikes key interest rates to reign in stubbornly high prices

The Reserve Bank of India (RBI) on Tuesday unexpectedly hiked benchmark repo rate, as part of its efforts to rein in stubbornly high consumer prices.

The central bank announced an increase of 0.25 per cent in its benchmark repo rate, from 7.75 per cent to 8 per cent. It may be noted here that the repo rate is the rate at which the central bank lends money to commercial banks.

The move surprised analysts and economists as most of them had expected no change in key interest rates for the next few months.

India lifts landing ban on Airbus A380s

India lifts landing ban on Airbus A380s

India on Monday lifted a landing ban on super jumbo aircraft Airbus A380s, saying the operation of the super jumbos would help airports in generating more revenue and give passengers more comfortable and luxurious travel.

Airbus A380s will now be able to land at India's four international airports, in New Delhi, Mumbai, Bangalore and Hyderabad, which can handle the jumbo planes.

Hind Zinc shares jump on govt.’s stake sale decision

Hind Zinc shares jump on govt.’s stake sale decision

Stock in Hindustan Zinc Ltd gained as much as 5 per cent in early morning trade on Tuesday, a day after the government approved a stake sale in the company.

The government owns a 29.5 per cent stake in the Hindustan Zinc, which is controlled by billionaire Anil Agarwal Vedanta Resources.

London-listed Vedanta gained the support of its shareholders in October last year to acquire the government's minority stakes in Hindustan Zinc as well as Bharat Aluminium Co for up to $3.48 billion.