Net profit of Oil & Natural Gas Corporation (ONGC) declined 16% to Rs 2206.76 crore on a 12.30% decline in sales to Rs 13703.80 crore in Q4 March 2009 over Q4 March 2008. The state-run firm's profits fell as it helped subsidise cheap retail fuel prices and as it set aside Rs 860 crore as a provision for a matter under arbitration.
State Bank of India (SBI) will cut its benchmark prime lending rate by 50 basis points to 11.75% per annum from 29 June 2009.
The Aditya Birla group is looking at consolidating its cement business, now running under Grasim Industries and UltraTech Cement, following the exit of Larsen & Toubro from UltraTech.
ACC will explore and mine four coal blocks with total reserves of about 200 million tonnes under a joint venture agreement with the Madhya Pradesh State Mining Corporation. The coal from the mines, expected to become operational in four to five years, will aid its production of cement, the country's largest cement maker said in a statement.
Jaiprakash Power Venture, a unit of construction firm of Jaiprakash Associates, is reportedly set to merge with Jaiprakash Hydro Power, as a precursor to mobilising about Rs 3000-4000 crore through qualified institutional placement.
The board of Punj Lloyd approved raising up to Rs 1500 crore through the issue of securities.
Sun TV Network has reportedly decided to allow Mauritius-based South Asia Multimedia Technologies, an investment arm of Malaysia's Astro group, to raise satke in its FM unit to 20% from 6.98% now. Financial details were not divulged.
The board of Peninsula Land approved raising up to Rs 750 crore through a qualified institutional placement, or an overseas issue. However, the firm will not issue more than 60 million shares, the real estate developer said in a statement to the Bombay Stock Exchange.
Sales of Palio, a compact car made by a joint venture of Italian car maker Fiat Auto and Tata Motors, have reportedly suffered as production has been halved at the company's sole manufacturing facility in Ranjangaon, Maharashtra.
Net profit of Wyeth rose 52.14% to Rs 18.50 crore on a 20.66% increase in sales to Rs 89.29 crore in Q4 March 2009 over Q4 March 2008.
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