Tata Steel posted a net loss of Rs 687 crore on a consolidated basis for the third quarter ended December 31, as against a profit of Rs 949 crore in the same period last year.

Tata Steel posts Rs 687 cr loss in Q3

Business Standard

Glenmark reported strong sales growth of 34.5 per cent YoY, ahead of analysts and street estimates driven by US, EU and RoW formulation segments. The disappointment came in from the high-margin domestic segment, which grew by mere 11.3 per cent YoY, impacted by inventory rationalisation. The company also incurred higher R&amp;D cost during the quarter. In spite of strong rupee depreciation, Glenmark reported recurring operating margin of 18.0 per cent, well below estimates. Pinc Research has cut its FY13 earning estimates by three per cent to factor in higher R&amp;D expenses which are offset by lower tax rate. Downgrade to Accumulate.

Analysts' corner

Signalling consolidation in the Indian online retail space, leading e-commerce company Flipkart has acquired Letsbuy, a strong cyber player in the consumer electronics category. While the industry referred to the deal as an Amazon-Junglee effect, co-founder and CEO of Flipkart Sachin Bansal told Business Standard, &ldquo;the discussions have been on for some time. So it would be incorrect to say that it&rsquo;s a fallout of Junglee.

Flipkart buys Letsbuy in a cash-equity deal

The Essar and Loop group of companies, chargesheeted with its promotors on a matter related to the telecom spectrum scam, on Thursday petitioned the Supreme Court in a challenge to the proceedings in this regard before the trial court in the main 2G case.

SC to hear Essar, Loop plea for separate trial next week

Exports in January rose 10.1 per cent to $25.4 billion after dismal, single-digit growth in November and December. The growth in January was primarily due to depreciation in the rate of the rupee during October and November, the impact coming with a lag.

Exports rise 10% to $25.4 bn in Jan imports up 20%

British telecom company Vodafone Plc&rsquo;s service revenue from India grew 6.3 per cent to &pound;1,024 million (Rs 7,987 crore) in the third quarter, compared to &pound;963 million (Rs 7,511 crore) in the same quarter last year.

Vodafone India Q3 service revenue up 6.3% 

Adani Enterprises Ltd (AEL) is exiting the real estate business, the flagship company of diversified conglomerate Adani Group revealed on Thursday. Its board of directors has already approved a proposal to divest holding in Adani Infrastructure Development Ltd, (AIDL), a step-down subsidiary of AEL. The offloading of its holding is expected to create more liquidity for Adani Group&rsquo;s core business such as coal, power and ports.

Adani to exit real estate

Apollo Tyres&rsquo; third qua-rter net stood at Rs 98 cr, as against Rs 120 cr in the same quarter last year. However, the net sales increased by Rs 859 cr.

Apollo Tyres net dips

A day after Bahrain Telecommunications said it was exiting its Indian joint venture (JV), Emirates Telecommunications (Etisalat) announced today it was writing off Rs 4,048 crore ($827 million) as part-losses incurred from its India operations. This came in the wake of the recent Supreme Court order which cancelled 21 licences of its Indian JV.

Etisalat takes Rs 4,000-cr charge against Indian operations

Beating the Street's estimates and supported by government subsidy, Hindustan Petroleum Corporation Ltd (HPCL) reported 12-fold increase in net profit for the quarter ended December 31. Net profit stood at Rs 2,725 crore against Rs 211 crore during the corresponding quarter last year.

Govt subsidy boosts HPCL net profit

Maharashtra Chief Minister Prithviraj Chavan on Thursday said a hung house was a possibility after the crucial elections to the BrihanMumbai Municipal Corporation (BMC) slated for February 16. While the statement surprised everyone, he clarified in such a situation Congress would not seek support from Raj Thackeray's Maharashtra Navnirman Sena.

Hung house  possible: Chavan

In what may be touted as one of the largest real estate deals in Chennai, Radiance Realty Developers India Limited has acquired around four acre near the city for around Rs 80 crore.

Radiance buys 4 acre for Rs 80 cr

Sahara Prime City, realty development arm of the Sahara India group, has joined hands with the US-based Turner Construction Company. The joint venture, named Sahara Turner Construction Ltd, is to undertake building work in India, for the Sahara group and elsewhere.

Sahara, US firm in construction JV

Hindalco Industries will issue up to 150 million preferential warrants to the promoters and raise Rs 2,000 crore, the company that is part of the Aditya Birla Group said on Thursday.

Hindalco to raise Rs 2,000 cr via preferential issue

After using Christmas and the year-end for spamming, cyber criminals are now busy targeting upcoming events like Valentine&rsquo;s Day, UEFA Euro 2012 and Summer Olympics 2012.
By relating their mails with widely-celebrated holidays and current events of global interest, spammers and malware authors can make their messages seem interesting, thus increasing the chances of recipients falling for these, said the Symantec Intelligence Report, January 2012.
&ldquo;We are already seeing references

Spammers ride high on upcoming events

Deutsche Bank has logged a major gain before it exited a four-year-old investment in a Lodha group firm for Rs 2,542 crore, by making a neat profit of 55 per cent or Rs 902 crore ($180 million).

Deutsche Bank exits Lodha investment

Mortality rate among cancer patients has not changed compared to other diseases. The reason for this is that cancer is more a genomic disorder than a disease. As it mainly depends on genetics, dependency and pharmacological vulnerability, it is necessary to target genetic alterations like gene and its expression pathways involved, said Partha P Majumder, Director, National Institute of Biomedical Genomics.

'Translating cancer genomics to medicine is need of the hour'

Hyderabad-based vaccine manufacturer Indian Immunologicals Limited (IIL), a wholly-owned subsidiary of National Dairy Development Board, is developing a vaccine for Chikungunya.

IIL developing vaccine for Chikungunya

A slew of recommendations for major changes in the country&rsquo;s tax administration system, made by eminent economist Parthasarathi Shome in his latest book, evoked divergent views from experts and policy makers who took part in a panel discussion held here on Thursday.

Mixed views on Shome's tax proposals

The Rajiv Gandhi International Airport (RGIA) at Shamshabad here on Thursday inaugurated its second runway successfully.

Second runway at Hyderabad airport

The Manappuram group of companies, already in the news because of Reserve Bank of India strictures, got more unwanted attention after the wife of a director of Manappuram Finance sold a little over 80 per cent of her holdings in the company. This was after the RBI warned the gold loan firm for having accepted public deposits.

BS Reporter