Idea Q2 profit dives 88% to Rs 91.46 crore

New Delhi
Idea Cellular, country’s third largest telecom company, on Monday posted an 88% plunge in its consolidated net profit at Rs 91.46 crore in the September quarter due to higher expenses. The company had reported a net profit of Rs 762.27 crore in the corresponding three months a year ago. The revenue of Idea Cellular, however, increased by 7.2% to Rs 9,300.23 crore in the reported quarter from Rs 8,675.37 crore in the year-ago period.

Chandigarh
SBoP’s OTS scheme for small borrowers

To provide relief to the distressed sections of society, specially the small and medium-sized borrowers, with debt up to Rs 5 crore, State Bank of Patiala has introduced a one-time settlement (OTS) scheme. The scheme is valid from October 1 to November 30. It provides for concessions in interest and even principal in eligible cases. TNS

Chandigarh
Max Fashion launches 5th store in Punjab

Max Fashion, India’s largest value fast fashion brand, launched its first store in Amritsar on Monday — its 5th store in Punjab. Max Fashion has over 150 stores across the country with over 5 million loyal customers. TNS

New Delhi
SoftBank may invest up to Rs 2,000 cr in Ola

Japan’s SoftBank Corp is likely to invest up to Rs 2,000 crore in Ola, a funding that will help India’s largest taxi-hailing service compete with US-based rival Uber. According to sources close to the deal, ANI Technologies Pvt’s Ola may raise $250-300 million in a new round of funding led by the Japanese telecom and Internet major, and other existing investors may also participate. PTI

New Delhi
Mahindra’s new platform for vehicle auction

Mahindra First Choice Wheels Ltd on Monday announced the launch of a platform that allows buyers to participate in traditional ‘on the ground’ used-car auctions via internet in real-time. The platform, True Time Bids (www.truetimebids.com) will significantly improve efficiency of how vehicle auctions are conducted in India today, the company said. PTI