Financial service provider IIFL on Tuesday reported 21% jump in consolidated net profit at R63 crore in the first quarter ended June 30, 2013. The company had posted net profit of R 52.2 crore during the same period (April-June) of 2012-13. Total income of the company grew to R676 crore in the first quarter, up 16% from a year ago. ?Our core businesses continue to exhibit healthy and steady growth. While capital market related business continued to face headwinds, consumer finance and life insurance distribution maintained steady volume growth,? Nirmal Jain, IIFL chairman, said in a statement.
McGraw Hill?s open offer for Crisil begins today
US-based credit ratings and business analytics major McGraw Hill Financial?s R1,900-crore ($318 million) voluntary open offer in its Indian arm, Crisil, kickstarts on Thursday, whereby the foreign entity aims to increase its stake to 75% from the current 52.77%. According to market players, the offer could see certain public sector companies tender a part of their holding at a time when the government is trying hard to stabilise the rupee.
SAT gives Alchemist 18 mths to refund money to public
The Securities Appellate Tribunal on Tuesday gave 18 month?s time to Alchemist Infra Realty for complying with Sebi orders that had asked the company to refund an estimated R1,000 crore collected from public through unauthorised ?collective investment schemes? (CIS). The company had collected about R1,000 crore from about 1.5 million investors.
SAT sets aside Sebi order against Zenith Infotech
Securities Appellate Tribunal (SAT) on Tuesday set aside Sebi order against Zenith Infotech?s six promoters in an asset stripping case, saying the regulator?s directions are ?not sustainable in the eyes of law?. Asking Sebi to look afresh into the matter and pass an order in six weeks, the tribunal said the regulator?s interim order was passed in ?gross violation of the principles of natural justice?.