24th Jan - Sunny Side up for Breakfast News!!
Bharti beats TCS, Infy in m-cap
Bharti Airtel, India’s top mobile operator, has outperformed market expectations with a 123% jump in net profit to Rs 1,215 crore for the third quarter ended December, 2006 from Rs 545 crore in the corresponding period of the previous year. Total revenues in the same quarter rose 62% to touch Rs 4,913 crore from Rs 3,026 crore in December ’05. The growth in net profits, the highest in the last eight quarters, resulted in the company’s shares touching an all-time high of Rs 700.80, before finishing the day at Rs 689.15, up 1.89% from Monday’s close. This has also seen Bharti move ahead of TCS and Infosys and became India’s third most-valued firm on the stock exchanges.
Bharti chairman Sunil Mittal attributed the company’s performance to the strong demand for telecom services in India. “In particular, the wireless segment has seen record additions and we believe that this trend is likely to continue.” The Bharti Airtel board on Tuesday authorised the acquisition of i2i submarine network cable system (a 50:50 JV between Singtel and a Bharti Group company) for $110 million. It will pay $55 m each to both Singtel as well as to its group company. The company also said that it would transfer all its telecom towers and related passive infrastructure into a 100% subsidiary, Bharti Infratel for enhanced operational efficiencies. It has also decided to launch DTH services by the year-end.
Bharti chairman Sunil Mittal attributed the company’s performance to the strong demand for telecom services in India. “In particular, the wireless segment has seen record additions and we believe that this trend is likely to continue.” The Bharti Airtel board on Tuesday authorised the acquisition of i2i submarine network cable system (a 50:50 JV between Singtel and a Bharti Group company) for $110 million. It will pay $55 m each to both Singtel as well as to its group company. The company also said that it would transfer all its telecom towers and related passive infrastructure into a 100% subsidiary, Bharti Infratel for enhanced operational efficiencies. It has also decided to launch DTH services by the year-end.
Govt clears SEZing doubts
The commerce & industry ministry has allayed apprehensions of SEZ developers over the government’s decision to freeze new approvals and notification of SEZs. On Monday, the empowered group of ministers (eGoM) on SEZs had decided to keep approvals on hold till further orders.
In a statement issued on Tuesday, the ministry of commerce & industry said new approvals and notifications have been temporarily held in abeyance and final decisions would be taken on all pending issues when the eGoM meets again shortly. The statement took note of the concern among developers over the future of their investments.
In a statement issued on Tuesday, the ministry of commerce & industry said new approvals and notifications have been temporarily held in abeyance and final decisions would be taken on all pending issues when the eGoM meets again shortly. The statement took note of the concern among developers over the future of their investments.
Grasim Q3 net up 184% to Rs 555cr
Grasim Industries today reported a 184% increase in consolidated net profit at Rs 555.39 crore for the third quarter ended December 31, 2006 when compared with Rs 195.34 crore in Q3FY06.
According to a release issued to the BSE today, total income increased to Rs 3,752.83 crore from Rs 2,550.04 crore in Q3FY06.
The company, on a stand-alone basis, posted a net profit of Rs 411.58 crore for the quarter ended December 31, 2006 as against Rs 161.87 crore for the quarter ended December 31, 2005. Total Income increased to Rs 2,323.78 crore from Rs 1,675.33 crore in for the quarter ended December 31, 2005.
According to a release issued to the BSE today, total income increased to Rs 3,752.83 crore from Rs 2,550.04 crore in Q3FY06.
The company, on a stand-alone basis, posted a net profit of Rs 411.58 crore for the quarter ended December 31, 2006 as against Rs 161.87 crore for the quarter ended December 31, 2005. Total Income increased to Rs 2,323.78 crore from Rs 1,675.33 crore in for the quarter ended December 31, 2005.
Global environment fund gives money to dirty fuel
The world's biggest fund for environmental projects is investing for the first time in a non-renewable, polluting fuel -- coal -- in what it says is a new pragmatic approach to the energy needs of the developing world. The Global Environment Facility, managed by the World Bank and United Nations agencies, said on Tuesday it was putting $45.5 million towards an overhaul of some of power-hungry India's ageing coal-fired plants to make them more efficient and less polluting. Monique Barbut, the facility's CEO, said there had been long debates about whether it should be funding a "polluting" coal project, in what would seem to be a departure from its aim of weaning the world off carbon as a fuel supply. In the end, she said, the pragmatic approach won out. "We cannot cover the planet with wind turbines," she told reporters at a New Delhi press conference. "We do argue that renewable energy is the best ... but at the same time India is clearly not going to develop for the next 20 years without coal. We have to cooperate with that."
The Indian space programme today entered a new league with the Indian Space and Research Organisation (ISRO) demonstrating its ability to recover an orbiting satellite and bringing it back to earth successfully for the first time in its history.
The Indian space programme today entered a new league with the Indian Space and Research Organisation (ISRO) demonstrating its ability to recover an orbiting satellite and bringing it back to earth successfully for the first time in its history.
posted by IMERT Pune | 6:32 PM
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