Cholamandalam net rises 14% to Rs 220 crore

Murugappa group company Cholamandalam Investment & Finance Company today reported profit after tax of Rs 220 crore, up 14 per cent form the same quarter last year.
For the full year, its net profit rose 26 per cent to Rs 719 crore, the company said in a statement.
It attributed the muted number to the revised NPA provisioning norms which came down to three months from four months and also increased standard asset provisioning which rose from 0.35 per cent to 0.40 per cent. Gross NPA and net NPAs (on three months overdue basis) improved to 4.7 per cent and 3.2 per cent respectively,from 4.8 and 3.1 per cent. --------------------------------------

Ceat consolidated net plunges 50%
Mumbai: Tyre-maker Ceat today reported a massive 50 per cent fall in consolidated March quarter net profit at Rs 60.9 crore despite a high other income and better sales.
In reporting quarter its revenue grew to Rs 1,627.30 from Rs 1.554.05 crore. On a standalone basis, its revenue of Rs 1,437 crore,and net of Rs 70 crore down 38 percent.

Anant Goenka, managing director attributed the poor show to a fall in margins due to note ban and spike in raw material prices. Ceat established in 1958 produces over 25 million tyres annually.
--------------------------------------- IDFC net inches up 4% to Rs 135 cr

Mumbai: IDFC, the holding company of IDFC Bank, a brokerage and an AMC, reported a 4 per cent rise in March quarter net income at Rs 135 crore on an income Rs 731 crore, which grew 5 per cent over the year-ago period.
Balance-sheet size grew 35 per cent to Rs 1.2 trillion while networth rose to Rs 10,820 crore from Rs 10,109 crore.
For full year, net stood Rs 699 crore, up 34 per cent over the previous year. In October 2015, all the financing undertaking was transferred from IDFC to IDFC Bank. --------------------------------------------- MGL opens 200the filling station

Mumbai: Mahanagar Gas that distributes compressed natural gas and piped gas to the city today said it crossed the 200th CNG station in the megapolis.
In the Mumbai metropolitan region, MGL caters to over 5 lakh vehicles plying on CNG with over 1,100 dispensing points and a compression capacity of over 28 lakh kg CNG per day. The 200th station was opened at the suburban Ambernath.
Managing director Rajeev Mathur said the average distance between two CNG stations across the megapolis region is 1.52 km in the Western suburbs, 1.47 km in the Central suburbs, 3.2 km in Navi Mumbai and 4.5 km in Kalyan-Dombivali- Ambernath-Badlapur region.

MGL is a JV between Gail India, Royal Dutch Shell India and Maharashtra and serves over 9 lakh households and over 3,000 small commercial and industrial establishments.
It supplies CNG to nearly 5.5 lakh vehicles, including over 2 lakh rickshaws and above 59,000 taxis and over 2 lakh cars in Mumbai, Thane, Mira-Bhayander, Navi Mumbai and beyond and CNG to 3,300 city buses.