Industrial Development Bank of India (IDBI) reported a flat net profit of Rs 156 crore in Q2 as against Rs 139 crore in the corresponding period of last year.

Similarly for H1 2008, the bank has posted a flat net profit of Rs 309 crore against Rs 290 crore, recorded in the corresponding period last year. During the H1 2008, IDBI’s total business (deposits and advances) stood at Rs 1,12,355 crore as against Rs 85,262 crore as of September 30, 2006, registering a growth of 32%. Bank?s Deposits increased by a robust 61% y-o-y to Rs 50,002 crore from Rs 30,953 crore obtaining as of September 30, 2006. Low-cost current account and savings account (CASA) deposits now account for 21% of total deposits. Advances increased by 15% to Rs 62,353 crore as compared to Rs 54,309 crore as at end-September 2006.

During the H1 2008, the aggregate assets stood at Rs 1,08,640 crore as against Rs 90,235 crore same time last year, registering a growth of 20%.

HCL net up 23%

Led by huge outsourcing deals, addition of new clients and reduced dependence of the US, India’s fifth largest software services exporter, HCL Technologies, on Tuesday recorded 23.9% y-o-y rise in its revenue for the quarter ending September. The sales grew from Rs 1, 379.5 crore in July-September period last fiscal to Rs 1,709.2 crore in the last quarter.

Net profit went up to Rs 308.4 crore in the quarter, against Rs 250.2 crore in the corresponding period in the previous fiscal – a growth of 23.2%. Net profit, however, fell -36.6% sequentially as foreign exchange gains boosted earnings in the previous quarter.

RPL shows progress in Q2

In its second quarter, Reliance Petroleum Ltd (RPL) has completed over 70% in overall progress in implementation of its large and complex refinery, coming up in a special economic zone at Jamnagar. During the quarter, project implementation gained further momentum and led to achievement of several significant milestones, including the following: Engineering efforts reached a close-out phase with over 97% cumulative progress so far. Overall procurement progress exceeded 92% during Q2. Over 2,500 equipments, including several critical, long lead equipments and over dimensional consignments have already been delivered at site.