Mahindra Satyam may end up paying a huge fee for restatement of its book of accounts that were allegedly fudged by its former Chairman Mr B. Ramalinga Raju. Indications are that the Hyderabad-based company will shell out close to Rs 60 crore by September when the accounts are expected to be restated. “If you include [...]

Punjab National Bank informed BSE on Saturday that the bank has decided to revise its BPLR (benchmark prime lending rate) from 11 per cent to 11.75 per cent with effect from August 1. However, the base rate will remain intact at 8 per cent.

HDIL  said it plans to raise around Rs 3,000 crore from the capital market to meet its long-term capital requirement. “We plan to raise USD 650 million to meet our future need for capital, which may be deployed for buying land, develop existing and future properties and others,” HDIL Vice President (Finance) H P Pandey [...]

Hydro power generator NHPC’s net profit rose seven per cent to Rs 537.42 crore for the June quarter compared to the same period last year. NHPC had a profit of Rs 502.10 crore in June quarter last year. Net sales were at Rs 1,019.71 crore compared to Rs 1,060.26 crore in the same quarter last [...]

Oil India Ltd has set aside $2 billion for overseas acquisitions, Chairman N M Borah told reporters on Thursday. “We are currently doing due diligence for 2-3 assets,” Borah said. He said in May that the company was looking at acquiring stakes in fields in Myanmar and Bangladesh. The company has acquired stakes in exploration [...]

Tyre major Apollo Tyres Ltd would invest Rs 1,100 crore this year in its nine plants in India and abroad, besides expanding its operations in Asia, a top company official said here today. In the current fiscal, total capacity of the Indian plants would touch 1,450 tonnes, while 200 tonnes each would be added to [...]

State-run Oil & Natural Gas Corporation (ONGC) today reported a decline of 24 per cent in net profit to Rs 3,661.14 crore for the first quarter ended June 30, 2010, over the same period last year, on higher subsidy payout.

British defence group BAE Systems will supply 57 Hawk training jets to India’s air force and navy, a senior defence ministry official said on Wednesday, a contract which is potentially worth $775 million. BAE will supply 40 trainer jets to the air force and the remainder to the navy, a senior air force official said.

Unitech  said it has offered to acquire London-listed Unitech Corporate Parks through an all cash deal worth nearly Rs 700 crore, which is 22 per cent more than the current market valuation. UCP, which was formed in late 2006 by Unitech, among others, to invest in Indian commercial real estate, had raised 360 million pounds [...]

Auto major Mahindra & Mahindra today reported 40.30 per cent jump in net profit at Rs 562.39 crore for the quarter ended June 30. The company had posted a net profit of Rs 400.85 crore in the corresponding quarter of the last fiscal, Mahindra & Mahindra (M&M) said in a statement. The total income during [...]

Buoyed by a robust 40.30 per cent jump in its net profit for the last quarter, auto major Mahindra & Mahindra today said it will invest about Rs 8,600 crore in the next five years for various purposes. The company today reported a net profit of Rs 562.39 crore for the quarter ended June 30 [...]

Tyre maker MRF  posted a 51 per cent decline in its net profit at Rs 61.59 crore for the quarter ended June 30, 2010 over the same period last fiscal. The company had a net profit of Rs 125.70 crore in the corresponding quarter previous fiscal, MRF said in a filing to the Bombay Stock [...]