Bosch Q2 sales growth up 13 % at Rs 1,221 crore

Bangalore, dhns: Bosch Limited (formerly Mico Ltd) the flagship of the Bosch Group in India, has registered a sales growth of 13 per cent for the second quarter April-June,  2008, despite slower growth in sales of diesel vehicles. The company generated net sales of Rs 1,221 crore in second quarter, registering a growth of 13 per cent year on year. Other income increased to Rs 114.5 crore as compared to Rs 36.2 crore in Q2, 2007 mainly due to profit on sale of financial investments.

The increase in steel prices and other commodity prices affected input costs and operating profitability. Nevertheless, due to the increase in other income, the profit after tax stood at Rs 219.7 crore, compared to Rs 164.2 crore posted for the corresponding quarter  a year ago, a rise of 34 per cent.

HDFC Bank first quarter PAT jumps 44.55 per cent

Mumbai, dhns: HDFC Bank on Monday reported a net profit of Rs 464.35 crore for the quarter ended June 30, 2008 as compared to Rs 321.23 crore for the quarter ended June 30, 2007, a jump of 44.55 per cent. During the period under review, the Bank's total income has increased from Rs 2,641.70 crore for the quarter ended June 30, 2007 to Rs 4215.15 crore for the quarter ended June 30, 2008.

NanoArk Tech archives ‘Sarvamoola Grantha’

Bangalore, dhns: NanoArk Technologies India Pvt. Ltd, a Hyderabad-based data archival company is coming out with an innovative idea to put technology for a worthy cause. A wholly owned subsidiary of NanoArk Corporation, USA, announced that it is launching ‘Sarvamoola Grantha’ on August 8th, 2008, at a function to be held at Poorna Prajna Vidyapeetha, Bangalore. NanoArk's Waferfiche technology can preserve texts as images on silicon wafers. These are known to be highly resistant to any environmental hazards and data archived in this method can be stored almost permanently, claimed the company in a release. 

Hindalco net up 16 pc at Rs 696.76 crore

Mumbai, dhns: Aditya Birla flagship firm Hindalco Industries on Monday announced a net profit of Rs 696.76 crore for the first quarter ended June 30, 2008 a 16 per cent growth over the corresponding period a year-ago.

The company posted a net profit of Rs 598.62 crore in the first quarter of FY’08, Hindalco said in a filing to the Bombay Stock Exchange. The total income rose to Rs 4,862.19 crore in the June quarter, from Rs 4,809.76 crore in the same period previous fiscal.“A steep depreciation of the Indian rupee against the US dollar affected the copper business by about Rs 151.9 crore in the June quarter. For the corresponding quarter of the previous year this had an estimated favourable impact of Rs 14.3 crore,” the filing added.

IndusInd Bank’s quarter one net up 44.5 per  cent

Mumbai, reuters: IndusInd Bank Ltd  has posted a 44.5 per cent rise in its April-June net profit due to a surge in net interest income and fee income, a top official said. It has posted a net profit of Rs 19.1 crore for the first quarter as compared to Rs 13.22 crore during the same period of the previous fiscal.

The total income of the bank grew to Rs 583 crore as against Rs 495 crore reported for same period previous fiscal.

The net interest income has surged by 79 per cent to Rs 102 crore due to re-pricing of loans and reduction in the cost of deposits, Managing Director and Chief Executive Officer, Romesh Sobti told reporters on Friday.

The bank's average yield on advances has gone up by 124 basis points on year to 12.40 per cent, while the average cost of deposits has come down to 7.79 per cent as compared to 7.94 per cent a year earlier.

ONGC Q1 net profit rise 44 pc to Rs 6636.33 crore

Mumbai, dhns: ONGC on Monday announced the results for the quarter ended June 30, 2008. The company announced a growth of 44 per cent in the net profit to Rs 6636.33 crore for the quarter ended June 30, 2008 as compared to Rs 4,610.53 crore for the quarter ended June 30, 2007.

During the period under review, ONGC's total income has increased from Rs 14,526.51 crore for the quarter ended June 30, 2007 to Rs 21,102.22 crore for the quarter ended June 30, 2008.

During the quarter,  ONGC sold crude oil at $ 69.14  per barrel after paying Rs 56.70 crore subsidy, as crude oil prices during the quarter reached a record high. It paid Rs 9,811 crore discount to the oil marketing companies as compared with Rs 3,649 crore in the first quarter last year. The higher net profit is despite almost stagnant oil and gas production during the quarter compared with the same quarter a year ago, the company said.

Sonata Software first quarter net up 27 per cent

Bangalore, dhns: Sonata Software  announced on Monday that for the first quarter ended  June 30, 2008,  its consolidated revenues increased by 14 per cent to Rs 405.62 crore against Rs 354.63 crore in the same period last year. Its net profit in the June quarter increased by 27 per cent to Rs 17.81 crore against Rs 14 crore.

Royal Orchid Hotels posts 35% increase in revenue

Bangalore, dhns: Royal Orchid Hotels Limited (ROHL) announced on Monday that it has, on a consolidated basis, posted total income to Rs 39.22 crore for the quarter ending June 30, 2008, 35 per cent more than Rs 29.12 crore during the same period last year. Despite a quarter of hectic development and investment causing a drop in interest income by the company, there is a nine per cent rise in net profit at Rs 6.76 crore for the quarter as compared to Rs 6.22 crore in the corresponding last quarter. The consolidated financial statements include results of all the subsidiaries of Royal Orchid Hotels Limited.