The countrys foreign exchange reserves grew $1.037 billion to $282.9 billion for the week ended July 23, from $281.9 billion in the previous week, supported by a strong rise in the foreign currency assets. Foreign currency assets, which is a major component of the reserves, grew $1.037 billion to $256.714 billion, from $255.677 billion a week ago, the RBI said.
Reliance Infra net up 6% to Rs 375.29 crore
Anil Dirubhai Ambani company, Reliance Infrastructure, on Friday reported 6% increase in consolidated net profit at Rs 375.29 crore in the first quarter of current financial year, compared with Rs 355.66 crore in the same quarter last fiscal. The total operating income for the same period grew by 4% at Rs 3823.69 crore as against Rs 3670.59 crore in the year-ago period. The operating income of the company excludes the additional net sales of electrical energy of Rs 104 crore during the quarter because of a new tariff order into play. The final determination of the standby charges to Tata Power is pending before the Supreme Court for hearing. The total liability amounts to Rs 515.6 crore as determined by the Maharashtra Electricity Regulatory Commission (MERC).
NTPC commissions second Dadri unit
In a major boost to power availability in Delhi, NTPC has commissioned the entire capacity of its 980 mw Dadri expansion power project. Power minister Sushilkumar Shinde inaugurated the 490 mw second unit of the project on Friday morning. Bhel was contractor for implementing the project. With the commissioning of the unit, NTPCs installed has reached 32,194 mw.
EIL follow-on offer subscribed 13 times
The Rs 977-crore follow-on public offering of Engineers India (EIL), which closed Friday, received 13.26 time subscription. The qualified institutional buyers (QIBs) portion was subscribed 23.43 times; non-institutional investors category got subscribed 5.85 times, while retail was subscribed 2.71 times. The company had put on block about 33.69 million shares of Rs 5 each at a price band of Rs 270 to Rs 290 a share.
Motilal Oswals first fund gets listed
Motilal Oswal Mutual Funds first scheme MOSt Shares M50 got listed on the NSE on Friday. The fund is a fundamentally weighted exchange traded fund (ETF) based on the NSEs Nifty index. The new fund offer, which closed on July 19, raised about Rs 235 crore. The ETF closed at Rs 78.25, up 0.19% on a day when the Nifty declined 0.76%
Torrent first quarter net at Rs 74 crore
Ahmedabad-based pharma firm Torrent Pharmaceuticals on Friday reported a net profit of Rs 74 crore in the first quarter ended June 30. The company said its profit in the same period a year ago was at Rs 15 crore, but it had written off Rs 53 crore related to earlier periods on account of review of realisability of minimum alternative tax credit entitlement in the 3-month period.
Glenmark to launch pain killer in US mkt
Glenmark Generics on Friday commenced marketing and distribution of Cyclobenzaprine Hydrochloride tablets in the US market. Cyclobenzaprine Hydrochloride tablets are a generic version of McNeil Pediatrics' Flexeril tablets, used for treatment of muscle spasms. Glenmark has launched the drug in collaboration with InvaGen Pharmaceuticals.
Shriram Citu Union to float home fin firm
Chennai-based Shriram City Union Finance will be setting up a wholly-owned subsidiary to venture into housing finance, mortgage finance, and other related finances, the company said. This has put to rest speculation about it buying the home portfolio of a foreing bank.