India

Infosys reports better-than-expected Q4 results

Infosys reports better-than-expected Q4 results

Software services exporter Infosys on Monday reported better-than-expected rise in margins and profit for the quarter ended March 31, 2014.

The second largest software services exporter of India announced that its net profit of Rs 2,992 crore for the January to March quarter of FY2014, up 25 per cent from the corresponding quarter of the previous year. Quarter-on-quarter growth in net profit stood at 4 per cent.

Analysts had projected a net profit of Rs 2,835 crore for the company's fourth fiscal quarter.

Diageo announces tender offer for up to 26% stake in USL

Diageo announces tender offer for up to 26% stake in USL

Advancing with its plan to gain majority control over United Spirits Ltd (USL), Diageo Plc on Tuesday announced its plans to launch a tender offer to buy up to 26 per cent more stake in the Indian distiller.

Diageo already holds 28.8 per cent stake in USL and if the just launched open offer is successful, its stake in the Indian firm will soar to more than 54 per cent.

DGCA grounds Orbit Aviation’s aircraft

DGCA grounds Orbit Aviation’s aircraft

India's civil aviation regulator, the Directorate General of Civil Aviation (DGCA) has grounded an aircraft belonging to Orbit Aviation Private Limited after noticing "serious" safety violations.

The regulator is conducting a safety audit to ensure safety of flights during this election season. The aircraft with the registration VT-PSB is owned by Orbit Aviation, which is partially owned by Punjab Sukhbir Singh Badal. Officials have said that the aircraft will only be allowed to fly after the operator meets all safety requirements.

India’s industrial output shrinks 1.9% in February

India’s industrial output shrinks 1.9% in February

India's industrial sector suffered a contraction of around 2 per cent in February, dampening down hopes of economic revival and underlining the need for the more government measures to boost the economic activity.

The Index of Industrial Production (IIP), a measure of industrial output, slipped 1.9 per cent year-on-year in the month of February, against a growth of 0.8 per cent in January this year.

Sun Pharma may acquire Zenotech Laboratories Ltd

Sun Pharma may acquire Zenotech Laboratories Ltd

Sun Pharma, which recently proposed a $4-billion deal to merge Ranbaxy Labs with itself, will also make an open offer to acquire around 28 per cent stake in Zenotech Laboratories Ltd.

In a regulatory filing, Sun Pharma said it could buy nearly 96 lakh shares of Hyderabad-based Zenotech, amounting to 28.1 per cent stake, for Rs 18.42 crore or Rs 19 per share. Ranbaxy owns 46.79 per cent stake in Zenotech.

The pharma giant added that the merger of Ranbaxy into it would result in Sun Pharma's indirectly acquiring Ranbaxy's 46.79 per cent voting rights over Zenotech.

Piramal sells 11% stake in Vodafone India to its British parent

Piramal sells 11% stake in Vodafone India to its British parent

Piramal Enterprises Ltd's sale of 11 per cent stake in Vodafone India to its British parent Vodafone Group plc is consistent with the company's objective of making investments that generate attractive long-term returns, Ajay Piramal said.

U.K.-based telecom services provider Group plc has agreed to buy Piramal's 11 per cent stake in its India subsidiary for Rs 8,900 crore. Following the transaction, the British telecom giant will gain full control of the Indian unit.

iGate suffers over 9% fall in quarterly net profit

iGate suffers over 9% fall in quarterly net profit

NASDAQ-listed IT services provider iGate on Thursday reported a decline of more than 9 per cent in net profit for quarter ended March 31, 2014.

The New Jersey-based provider of integrated technology and operation solutions announced that its net profit slipped 9.19 per cent year-on-year to $31.6 million in the January-March quarter of 2014, from $34.8 million in the corresponding quarter of the previous year.

In the previous quarter, October-December quarter of 2013, the company's net profit stood at $33.1 million.

Ruchi Soya Industries launches ‘Sunrich’ sunflower oil

Ruchi Soya Industries launches ‘Sunrich’ sunflower oil

India's largest fast moving consumer goods (FMCG) and edible oil manufacturers, Ruchi Soya Industries Ltd has announced that launch of a premium refined sunflower oil under the brand, 'Sunrich' on Wednesday.

EMA to inspect Ranbaxy's India unit

EMA to inspect Ranbaxy's India unit

Europe's drug regulator, the European Medicines Agency (EMA) has indicated that it is planning to inspect the Indian plants of generic drug maker Ranbaxy Laboratories.

RCom agrees to lease out intra-city fibre network to Reliance Jio

RCom agrees to lease out intra-city fibre network to Reliance Jio

Reliance Communication Ltd (RCom) has agreed to lease out its intra-city fibre network to Reliance Jio Infocomm Ltd for the roll out of its 4G services.

Anil Ambani-led RCom will earn an estimated amount of Rs 5,000 crore from leasing out its fibre optic network to the telecom arm of Mukesh Ambani-led Reliance Industries Ltd (RIL).

The two companies said in a statement that they had signed a master services agreement based on arm's length pricing at prevailing market prices.