Food inflation at 8.76%

    India's food price index rose 8.76% and the fuel price index climbed 13.53% in the year to April 16.In the previous week, annual food and fuel inflation stood at 8.74% and 13.05%, respectively.

The primary articles price index was up 12.08%, compared with an annual rise of 11.96% a week earlier.The wholesale price index-based inflation , the most widely watched gauge of prices in India, rose 8.98% in March from a year earlier, higher than February's 8.31% rise.

Coal India faces demand supply mismatch

Coal India is facing demand supply gap of 450 million tonne as per Letters of Assurance (LoA) issued so far and its production plan for the next 10 years for consumers with whom it has already signed supply agreements.

The mismatch has widened as CIL failed to expand existing mines and take up new projects due to restrictions imposed by the Ministry of Environment and Forests (MoF). Adding to this, the LoA for supply is linked to certain milestones to be achieved by the respective companies. Even on achievement of 50% as per LoA the company will face a supply shortage of 200-250 million tonnes. To full fill this demand supply gap the company is looking another option of importing coal from global suppliers.

ICICI Bank Q4 net profit Rs 1452 cr

Country's second largest lender ICICI Bank has reported fourth quarter net profit of Rs 1,452 crore, a 44.5% growth as compared to Rs 1,005 crore in quarter ended March 2010.

Net interest income for the January-March quarter was Rs 2,510 crore, which grew by 23.3% as compared to Rs 2,035 crore in same quarter the previous year.

Net non-performing assets (NPAs) declined to 0.94% as against 1.87% on year-on-year basis. Net NPA was down by 37% at Rs 2,459 crore versus Rs 3,901 crore.

The bank made provision of Rs 384 crore in the quarter ended March 2011, which was down by 61% as compared to Rs 990 crore in same quarter of 2010.

Current and savings account (CASA) deposit ratio increased to 45.1% from 41.7% on year-on-year basis.

As on March 31, 2011, the bank had 2,529 branches and 6,104 ATMs, the largest branch network among private sector banks in the country.

20% drop in HCL Infosystems Q3 net profit

    HCL Infosystems has announced results for the third quarter ended March 31, 2011.The company has reported a drop of 19.17% in its net profit of Rs 53.96 crore for the quarter ended March 31, 2011 as compared to Rs 66.76 crore for the quarter ended March 31, 2010. Net sales of the company has decreased marginally by 7.39% to Rs 2587.39 crore for the quarter ended March 31, 2011 where as the same was at Rs 2793.83 crore for the quarter ended March 31, 2010.

    On the consolidated basis, the group has reported a fall of 11.33% in its net profit of Rs 53.28 crore for the quarter ended March 31, 2011 as compared to Rs 60.09 crore for the quarter ended March 31, 2010. Net sales of the company has decreased marginally by 3.92% to Rs 2730.01 crore for the quarter ended March 31, 2011 where as the same was at Rs 2814.50 crore for the quarter ended March 31, 2010.

BOB reports 42.82% jump in net profit

    Bank of Baroda has announced results for the quarter and year ended March 31, 2011.The company has reported a jump of 42.82% in its net profit of Rs 1294.35 crore for the quarter ended March 31, 2011 as compared to Rs 906.28 crore for the quarter ended March 31, 2010. Total income has surged by 39.99% to Rs 7168.65 crore for the quarter ended March 31, 2011 where as the same was at Rs 5120.73 crore for the quarter ended March 31, 2010.

For the year ended March 31, 2011, the company’s net profit increased by 38.69% to Rs 4241.68 crore as compared to Rs 3058.33 crore for the year ended March 31, 2010. Total income of the company has jumped by 27.14% to Rs 24695.10 crore for the year ended March 31, 2011 from Rs 19423.25 crore for the year ended March 31, 2010.

Cox & Kings to raise Rs 1,500 crore

    Travel operator Cox & Kings has approved a proposal to raise up to Rs 1,500 crore through issue of fresh shares/convertible instruments or any other instruments. As per the Companies Act, 1956, the board has also approved increasing borrowing limit to Rs 1,500 crore from the current Rs 1,000 crore.

ONGC makes two new oil and gas discoveries

    Oil and Natural Gas Corp (ONGC) has made two oil and gas discoveries in Gujarat taking the number of oil and gas strikes to 24 in the 2010-11 financial year. The first of the two latest discoveries was made at block CB-ONN-2004/2 in Gujarat.

The company has 50% interest in the block that it had won along with Gujarat State Petroleum Corp (40%) and Sunterra (10%) in the seventh round of bidding under New Exploration Licensing Policy (NELP). Exploratory well Vadtal-3 produced oil at a rate of 22.5 cubic meter per day and gas at a rate of 3758 cubic meter per day on testing. The oil produced is of very good quality with a gravity of 41.10 API.

In the western offshore, ONGC has made an oil discovery in a nomination block Linch Extn-1. Development well North Kadi-461 in Linch Extn-I PML, Western Onshore Basin, was drilled to a depth of 1600 meters. The oil is heavy oil with 25.390 API gravity.

Biocon’s Q4 net profit up 21%

    Biocon has announced the results for the quarter and year ended March 31, 2011.The company has posted a net profit of Rs 88.03 crore for the quarter ended March 31, 2011 as compared to Rs 72.64 crore for the quarter ended March 31, 2010, up 21%. Total income of the company has increased from Rs 341.79 crore for the quarter ended March 31, 2010 to Rs 387.24 crore for the quarter ended March 31, 2011.

    For the year ended March 31, 2011, the company’s net profit surged 85% to Rs 459.25 crore as compared to Rs 248.36 crore for the year ended March 31, 2010. Its total income has increased from Rs 1228.92 crore for the year ended March 31, 2010 to Rs 1592.13 crore for the year ended March 31, 2011.