Indias largest software services exporter by revenue TCS consolidated net profit rose 21.8% to Rs 2803 crore on 13.5% rise in revenue to Rs 13204 crore in Q3 December 2011 over Q2 September 2011.
The board of Reliance Industries will meet on 20 January 2012, to consider buyback of shares.
Aviation stocks may see action on reports that the ministry of civil aviation will move a cabinet note to allow foreign airlines to take up 49% stakes in Indian carriers to rescue the debt-laden aviation sector. The decision came following the meeting of civil aviation minister Ajit Singh with the finance minister Pranab Mukherjee on Tuesday, 17 January 2012.
Essar Oil would have to soon deposit sales tax of Rs 6300 crore to the Gujarat government, as the Supreme Court has rejected the companys contention that it was entitled to make deferred payment of tax on sales from its Vadinar refinery in the state.
Jindal Steel & Power, Tata Coffee, Bajaj Finserv, Bajaj Finance, Elgi Equipments, Mindtree, Torrent Cables, TCI Industries, Mahindra Composites, Mount Everest Mineral Water, NIIT Technologies, Raymond, Shakti Pumps (India) and Manali Petrochemicals, among others, will declare their October-December 2011 quarter results today, 18 January 2012.
On a consolidated basis, Zee News net profit rose 61.3% to Rs 9.97 crore on 5.1% increase in net sales to Rs 78.27 crore in the quarter ended December 2011 over the quarter ended December 2010.
The National Stock Exchange (NSE) said it would exclude futures and options contracts of Deccan Chronicle Holdings and Everest Kanto Cylinder after expiry of their existing contract months. The existing unexpired contracts of these securities for expiry months January 2012, February 2012 and March 2012 would continue to be available for trading till their respective expiry and new strikes would also be introduced in the existing contract months, NSE said in the statement. This circular shall be effective from 27 January 2012.
The board of Reliance Infrastructure has approved a scheme of arrangement for merger of Reliance Energy, Reliance Energy Generation, Reliance Goa and Samalkot Power, Reliance Infraventures and Reliance Property Developers with the company. The board also approved demerger of the container business undertaking of Reliance Infrastructure Engineers from the company, with the appointed date as 1 January 2012. As per the scheme, no shares are proposed to be issued as the transferor companies and the demerged company are wholly-owned subsidiaries of the company.
Separately, Reliance Infrastructure said that it has contributed Rs 267.05 crore and Rs 232.75 crore to the extent of its shareholding in its two joint venture companies in New Delhi, viz, BSES Rajdhani Power and BSES Yamuna Power respectively, as advance against share application money pending allotment of equity shares.
Usha Martin said its Thailand-based unit, Usha Siam Steel Industries Public Company, will commence partial operations from April 2012 and full operations from July / August 2012 onwards. Usha Martin had announced in October 2011 that operations at its Thailand units were disrupted due to floods. The companys latest announcement said that insurance companies were considering Usha Siams claims and it is expecting to receive disbursement of first phase of claim by February 2012.
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