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RIL Q4 profit down 1 pc 
Mumbai, April 23
Reliance Industries today announced a one per cent fall in net profit for the fourth quarter of FY09. The company's Q4 FY09 net profit amounted to Rs 3,874 crore as compared to Rs 3,912 crore in the same period last year.

Anti-dumping duty on stainless steel products 
New Delhi, April 23
The government has imposed a provisional anti-dumping duty on certain high-end stainless steel products to guard domestic industry from surges in cheap imports from China, Thailand and the US.

Importers want rollback
Stainless steel importers like utensil makers today opposed the government's move to levy an anti-dumping duty on the alloy saying the move is "unethical and unjustified" and should be immediately rolled back.

Fidelity cuts stake in Satyam to 6.47 pc
Mumbai, April 23
Foreign fund house Fidelity has offloaded 12 crore shares of the beleaguered IT firm Satyam Computer through open market transactions. In a disclosure on the National Stock Exchange, Satyam said Fidelity through its direct and indirect arms sold 12 crore shares representing 1.78 per cent stake of the company.

Pandit among worst-ever CEOs
Vikram Pandit New York, April 23
Donning the role of a commander ill-equipped to save the Titanic of banking world, Citigroup's India-born chief Vikram Pandit has found a place among the 20 worst-ever CEOs in the American history, but the top honours has gone to bankrupt Lehman Brothers' Dick Fuld.
                                                             Vikram Pandit



Bollywood actress Amrita Rao at the launch of Titan “Raga Chocolat” watch in Mumbai on Thursday.
Bollywood actress Amrita Rao at the launch of Titan “Raga Chocolat” watch in Mumbai on Thursday. — PTI

EARLIER STORIES



Picture taken through a tyre shows some of the several thousand French and German workers of the German auto parts group Continental take part in demonstration to denounce the closure of the plants of Hanover and Clairoix, France, at the German headquarters of the company in Hanover, on Thursday.
Picture taken through a tyre shows some of the several thousand French and German workers of the German auto parts group Continental take part in demonstration to denounce the closure of the plants of Hanover and Clairoix, France, at the German headquarters of the company in Hanover, on Thursday. — AFP 

M&A deals fall to four-year low
New Delhi, April 23
The merger and acquisition deals in the first three months of 2009 are hit amid the economic slump with their valuations and the number declining compared to that in the previous year.

India, China drivers of global growth: World Bank
Washington, April 23
At a time when the world is reeling under financial crisis, India and China have emerged as drivers of global economic growth, the World Bank said today.

Corporate Results
HDFC Bank Q4 profit at Rs 630 cr
Mumbai, April 23
HDFC Bank today reported a net profit of Rs 630.88 crore in the fourth quarter of the financial year ended March 31, 2009. The bank had a net profit of Rs 471.11 crore in the March quarter of FY'08, it said in a filing to the BSE.

Inflation rises to 0.26 pc 
New Delhi, April 23
Inflation rose to 0.26 per cent but remained around a three-decade low, even as essential food articles like vegetables and cereals turned costlier.

World’s smallest Bhagwad Gita 
Mumbai, April 23
Jewellery retail chain Tanishq on Wednesday launched the world's smallest Bhagwad Gita on the occasion of Akshaya Tritiya, with the entire 18 chapters of the Hindu religious scripture inscribed in pure gold. 





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RIL Q4 profit down 1 pc 
Tribune News Service

Mumbai, April 23
Reliance Industries today announced a one per cent fall in net profit for the fourth quarter of FY09. The company's Q4 FY09 net profit amounted to Rs 3,874 crore as compared to Rs 3,912 crore in the same period last year.

On the other hand, the company's Q4 turnover fell 24 per cent at Rs 2,8362 crore as against Rs 3,7286 crore in the corresponding period of the previous year.

The results were, however, better than the market expectations, as reflected in the share price surge earlier during the day when the RIL stock rose 2.7 per cent to Rs 1762.35 a share, analysts said.

“Our operating performance and earnings growth is creditable in a year of extraordinary challenges of price volatility and demand reduction,” said Mukesh Ambani, chairman & managing director of Reliance Industries.

He further added that FY09 was a transformational year for Reliance during which it commissioned the new refinery and kicked off gas development projects.

RIL further reported that its other income during Q4 was at Rs 993 crore against Rs 289 crore while its operating profit margins were at 19.17 per cent versus 16.14 per cent.

The company said its gross refining margins for the quarter was at $9.9 per barrel while for the year ended March 31, 2009, it was at $12.2.

Meanwhile Reliance Petroleum Ltd, which has merged with RIL with effect from April 1 this year, reported a net profit of Rs 84 crore for the quarter ended March 31 on a turnover of Rs 3,678 crore. The company had begun operations of its new refinery only on December 25 last year. It processed 3.6 million tonnes of crude till March 31, RPL told the exchanges.

Staff cost up Rs 239 cr

Reliance Industries on Thursday said its employee costs rose by about Rs 239 crore in the fiscal ended March 31, 2009, primarily due to payments towards its voluntary staff separation scheme.

Announcing its fourth quarter and fiscal year results for the period ended March 31, 2009, RIL said its staff cost during the year rose to Rs 2,358 crore from Rs 2,119 crore in the previous fiscal. Another group entity Reliance Petroleum reported total staff cost of Rs 16 crore, but there was no comparable figure for the previous fiscal as it was not operational then. — PTI

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Anti-dumping duty on stainless steel products 

New Delhi, April 23
The government has imposed a provisional anti-dumping duty on certain high-end stainless steel products to guard domestic industry from surges in cheap imports from China, Thailand and the US.

The Finance Ministry notified a maximum levy of $1,823 per tonne on import of cold-rolled flat stainless products, mainly used by the automotive industry, for a period of six months, as recommended by the Directorate General of Anti-dumping and Allied Duties (DGAD).

"The domestic industry had suffered material injury, the injury had been caused by the dumped imports from subject countries (like China, Thailand, the US, Spain, Korea and France)," it said.

The anti-dumping duty on the steel products ranges between $12.74 and $1,823.43 per tonne. The duty would be effective up to October 21, 2009.

JSL Ltd, the country's largest stainless steel maker, welcomed the move to check the surge in cheaper imports and said Indian manufacturers would be able to meet the domestic requirement for the alloy.

"This was required in the wake of surge in imports. We have enough capacity to meet the domestic requirement," said JSL LTD (earlier Jindal Stainless) director (corporate affairs) N C Mathur. — PTI 

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Importers want rollback

Stainless steel importers like utensil makers today opposed the government's move to levy an anti-dumping duty on the alloy saying the move is "unethical and unjustified" and should be immediately rolled back.

"Imposing anti-dumping duty (at the) behest of a single domestic manufacturer is not fair and ethical as it takes away our right to choose our vendor," the All India Stainless Steel Industries Association said in a statement today.

Seeking a rollback of the levy, the association said the move might lead to hundreds of export-oriented units getting closed, resulting in as many as three lakh job losses.

These depend on the import of stainless steel and are exporting material worth Rs 1,800 crore, it said. The DGAD had initiated the probe into the alleged dumping on a petition filed by JSL Ltd , which is said to have 80 per cent of the domestic market share. However, the association rubbished the claims on its market holding. — PTI

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Fidelity cuts stake in Satyam to 6.47 pc

Mumbai, April 23
Foreign fund house Fidelity has offloaded 12 crore shares of the beleaguered IT firm Satyam Computer through open market transactions. In a disclosure on the National Stock Exchange, Satyam said Fidelity through its direct and indirect arms sold 12 crore shares representing 1.78 per cent stake of the company.

Post sale, foreign fund Fidelity now holds 6.47 per cent stake in the company that is over 4.35 crore shares of Satyam Computer.

The transaction was worth Rs 54.24 crore as calculated on the basis of Satyam's closing market price on April 6 (the date of sale).

At the end of March quarter, Fidelity through its arms — the Fidelity Diversified International Fund and the Fid Funds (Mauritius) Ltd — held 8.71 per cent stake in the company.

Yesterday, IT firm Tech Mahindra has said its Rs 1,154.66- crore open offer for an additional 20 per cent stake at Rs 58 a share in Satyam Computer would begin on June 12 and close on July 1, 2009. — PTI

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Pandit among worst-ever CEOs

New York, April 23
Donning the role of a commander ill-equipped to save the Titanic of banking world, Citigroup's India-born chief Vikram Pandit has found a place among the 20 worst-ever CEOs in the American history, but the top honours has gone to bankrupt Lehman Brothers' Dick Fuld.

The list of America's 20 worst ever CEOs, compiled by business magazine Conde Nast Portfolio after consulting with a panel of business school professors, identifies the business "leaders who helped drive their companies into the ground." These 20 include "six men who helped make today's economy stink", the magazine said.

The list has been topped by Dick Fuld, under whose stewardship Lehman Brothers became the world's biggest ever bankruptcy candidate and marked the epitome of the current global economic crisis.

Pandit has been ranked last at 20th position in the list, which also includes troubled insurer AIG's Martin Sullivan and failed investment bank Merrill Lynch's Stan O'Neal as also computer giant HP's former chief Carly Fiorina, Enron's former chief Ken Lay and bankrupt telecom firm WorldCom's Bernie Ebbers.

About Pandit, the magazine said that he "did not create the mess Citi is in, but he is the financial services equivalent of the Titanic's Edward Smith — a commander ill-equipped to save his ship." — PTI 

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M&A deals fall to four-year low

New Delhi, April 23
The merger and acquisition deals in the first three months of 2009 are hit amid the economic slump with their valuations and the number declining compared to that in the previous year.

During the first quarter of 2009, total valuation of merger and acquisition deals, which announced their value, dipped by almost half to $4.6 billion (Rs 23,014 crore) from deals worth $8.8 billion (about Rs 44,030 crore) announced in Q1'08, a study by Venture Intelligence has said.

The total number of deals, both cross-border and domestic transactions, entered into by the Indian corporate houses declined by 60 per cent to 54 deals in the first three compared to 135 deals during the same quarter in 2008.

"M&A deals in terms of number have touched a four-year low; this is mainly because banks and financial institutions have stopped lending. Liquidity crunch has hit the M&A space even harder than private-equity sphere," Venture Intelligence CEO Arun Natarajan said.

The report states that during the quarter there were 15 inbound and outbound deals each with the rest being domestic acquisitions. The largest domestic M&A deal during the period was RIL's acquisition of group company Reliance Petroleum.

In total, there were 61 outbound M&A deals in 2008, which included Tata Motors' $2.3 billion acquisition of British luxury brands Jaguar Land Rover. — PTI 

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India, China drivers of global growth: World Bank

Washington, April 23
At a time when the world is reeling under financial crisis, India and China have emerged as drivers of global economic growth, the World Bank said today.

"China and India have emerged in recent years as drivers of global economic growth, accounting for 2.9 percentage points of the five per cent growth in global output in 2007," the World Bank said in its latest World Development Indicators (WDI) 2009.

While low and middle-income economies now contribute 43 per cent of global output, up from 36 per cent in 2000, the report said China and India account for five percentage points of that increased share. According to the report Brazil, China, India, and the Russian Federation attracted the largest shares of capital flows among developing economies. — PTI 

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Corporate Results
HDFC Bank Q4 profit at Rs 630 cr

Mumbai, April 23
HDFC Bank today reported a net profit of Rs 630.88 crore in the fourth quarter of the financial year ended March 31, 2009. The bank had a net profit of Rs 471.11 crore in the March quarter of FY'08, it said in a filing to the BSE.

The total income rose to Rs 5,385.52 crore during the March quarter, from Rs 3,505.52 crore in the year-ago period. The board has declared a 100 per cent dividend for the equity shareholders at the rate of Rs 10 a share, for the fiscal year ended March 31. For the financial year ended March 2009, HDFC Bank reported a net profit of Rs 2,244.95 crore. It had a net profit of Rs 1,590.18 crore in FY'08.

Idea Cellular

Telecom operator Idea Cellular today reported a net profit of Rs 274.3 crore for the fourth quarter ended March 31, 2009. Total revenue of the company rose to Rs 2,935.6 crore during the quarter under review, while it had Rs 1,985.3 crore during the same quarter last fiscal. The company posted a net profit of Rs 900.9 crore for 2008-09. It had a net profit of Rs 1,042.3 crore in FY'08.

NHPC net up 4.6%

State-run hydroelectric power producer NHPC today said it has recorded a 4.6 per cent rise in its profit after tax at Rs 1,050 crore for the financial year ended March 31, 2009. NHPC had profit after tax of Rs 1,004 crore in the previous financial year (2007-08).

"The company achieved a turnover of Rs 2,562 crore in FY'09 as against Rs 2,301 crore in the previous fiscal, registering an increase of 11.3 per cent," NHPC CMD SK Garg told reporters here. Besides, it incurred a capital expenditure of Rs 3,678 crore against Rs 2,568 crore in 2007-08.

RNRL profit up

Anil Ambani group firm Reliance Natural Resources Ltd (RNRL) today reported a 4.32 per cent increase in consolidated net profit at Rs 71.54 crore for the year ended March 31, 2009.

The group had a net profit of Rs 68.58 crore for the year ended March 31, 2008, the company said in a filing to the BSE.

LIC Housing Fin

LIC Housing Finance today said its net profit rose by 33.14 per cent to Rs 157.55 crore in the fourth quarter ended March 31, 2009, The company had a net profit of Rs 118.09 crore in the same quarter ended March 31, 2008, LIC Housing Finance said in a filing to the BSE.

Total income of the company surged to Rs 790.47 crore during the quarter under review, as against Rs 606.76 crore in the same quarter previous fiscal. The board of the company has recommended final dividend of Rs 13 a piece for the financial year 2008-09.

Bata India net dips

Footwear maker Bata India today said its net profit fell 6.34 per cent in the first quarter ended March 31 to Rs 10.33 crore over the corresponding period a year ago. However, net sales of the company rose to Rs 233.03 crore from Rs 218.19 crore of March quarter previous year. — PTI, TNS

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Inflation rises to 0.26 pc 
Tribune News Service

New Delhi, April 23
Inflation rose to 0.26 per cent but remained around a three-decade low, even as essential food articles like vegetables and cereals turned costlier.

Wholesale price-based inflation rose by 0.08 percentage points during the week ended April 11 from 0.18 per cent in the previous week.Even as pulses varieties were cheaper by 0.3 per cent over the previous week, they were expensive by 9.81 per cent year-on-year.

Consumer prices paid by industrial workers rose 9.63 per cent in February from a year earlier, after gaining 10.45 per cent in the previous month, according to government data. 

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World’s smallest Bhagwad Gita 

Mumbai, April 23
Jewellery retail chain Tanishq on Wednesday launched the world's smallest Bhagwad Gita on the occasion of Akshaya Tritiya, with the entire 18 chapters of the Hindu religious scripture inscribed in pure gold. 

Tanishq, riding on its design expertise, has come up with the world's smallest Bhagwad Gita in the form of a gold pendant.

"This year, on the occasion of Akshaya Tritiya, we are offering this auspicious Bhagwad Gita pendant for our valued customers," Tanishq's vice-president Sandeep Kulhalli said.

The pendant has been created by Pawan Sinha, a professor at US-based Massachusetts Institute of Technology (MIT).

The inscription on the patented chip can be viewed under a 20X microscope and can be read under a 200X lens. — PTI 

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BRIEFLY

Re stronger by 42 paise
Mumbai:
The Indian rupee gained against the dollar for the second day on Thursday on expectations of a good inflow of foreign funds after the rise in the Sensex. In fairly active trade at the Interbank Foreign Exchange (forex) market, the domestic currency resumed weak at 50.45/46 a dollar from its previous close of 50.34/35 but recovered afterwards to end at 49.92/94, showing a gain of 42 paise. — PTI

Apple Q2 net zooms to $1.21 b
New York:
Software giant Apple has reported a 15 per cent jump in net profit at $1.21 billion, bolstered by strong sales of iPhones and iPods. Apple's profit zoomed 15 per cent to $1.21 billion for the second quarter ended March 28, 2009. In the year-ago period, the entity had a profit of $1.05 billion. — PTI

BSNL, Ericsson in pact
New Delhi:
BSNL has tied up with consulting arm of Swedish telecom equipment vendor Ericsson for 3G services. "We have tied up with Ericsson Consulting under our 'Go To Market' strategy. It will perform network improvement and optimisation services for the core, radio and transmission networks installed by its parent Ericsson," a senior official of the PSU said. — PTI

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