Essar Oilfields converted about $125 million (R750 crore) of its rupee loan to foreign denominated cheaper dollar loans in June, the company?s chief executive officer Ankur Gupta said. The company said this reduced the loans? interest cost by 7%. ?We have refinanced about $125 million of our debt by converting them into dollar denominated loans. Earlier our interest rates was 14%. We would not raise much debt now, apart from raising $50 million for working capital,? Gupta said.

Bosch Q2 net increases 2% to R252 crore

Auto components major Bosch on Tuesday reported 1.7% increase in its net profit at R251.68 crore for the second quarter ended June. The company had posted a net profit of R247.46 crore during the same period of previous year. Net sales of the company rose to R2,269.19 crore for the second quarter ended June, compared with R2,157.22 crore in the same period of previous year, Bosch said.

Bajaj Electricals Q1 profit dips 18-fold to R66 lakh

Bajaj Electricals on Tuesday reported over 18-fold decline in its net profit at R66 lakhs for the first quarter ended June, due to higher expenses. The company had a net profit of R11.98 crore in the same period of previous fiscal, Bajaj Electricals said in a filing to the BSE. However, company?s income from its operation increased to R781.64 crore in the April-June quarter, compared with R663.97 crore during the same period last year.

Puravankara Q1 net profit up 36.32% at R68.16 crore

Realty firm Puravankara on Tuesday posted 36.32% increase in consolidated net profit for the first quarter ended at R68.16 crore mainly on the back of improved sales and better price realisation. The company had posted a net profit of R50 crore in the year-ago period. Its total revenues for the quarter under review stood at R369.24 crore, against R247.94 crore in the same period of previous fiscal, registering a 48.92% growth.

Crompton Greaves net falls 29% to R60 crore

Crompton Greaves posted a fall of 29% in the company’s consolidated net profit to R60 crore for the quarter ended June. The company’s total income grew by 13% to R3,192.5 crore during the quarter. Company in a notice to stock exchanges said that the current quarter includes, results of the subsidiaries acquired during the last year i.e., ZIV Group in Spain, due to which figures are not comparable with the figures of the corresponding previous quarter.

Firstsource may eliminate non-profitable clients

Firstsource Solutions is looking at strengthening its revenues this year by eliminating non-profitable clients. It posted a rise of 41.6% in net profit to R41.04 crore for the quarter ended June. It is looking at consolidating its top-line and increasing margins. ?There are some accounts which are not profitable. There will be rationalisation of such customers,? chairman Sanjiv Goenka said.

PE firm Indiareit Fund raises R300 crore

Indiareit Fund Advisors has reached the interim closure of domestic scheme V. The fund, which has a targeted corpus of R1,000 crore, has reached a close of R300 crore. Scheme V is the sixth in the series of funds raised by Indiareit who manages/advises a total corpus of R4,343 crore across five earlier funds and two third party mandates. The scheme is targeting structured returns to take advantage of the mismatch between the availability of capital and the demand for it.

Piramal gets USFDA nod to initiate clinical trials

Piramal Enterprises has received US regulatory approval to initiate phase I clinical trials for its new drug indicated for lowering lipid and diabetes treatment. The P7435 molecule has shown significant reduction in triglycerides, blood glucose and insulin levels in pre-clinical studies, the company said in a statement. Its phase I trials will start soon in the US.

Volkswagen rolls out its 300,000th car from Pune

Volkswagen India is looking at growing exports of cars made in India. Volkswagen rolled out the 300,000th car from its Pune plant on Monday. This car was a left hand drive version of Volkswagen Vento that will be exported. Andreas Lauenroth, ED (technical), Volkswagen India said the left hand drive Vento was a proof of the international quality products being manufactured at the plant in India.

Fox Star Studios expands into Tamil film industry

Fox Star Studios has expanded its footprint into the Tamil film industry by entering into an alliance with well-known film producer CV Kumar?s Thirukumaran Entertainment for two projects ? Mundasupatti and V.Chitram. Both the films will release in 2014. Thirukumaran Entertainment has established itself as one of the major players in the Tamil film industry in recent years.