Engineers India Q3 net profit up 58%

February 1, 2007

Engineers India Ltd has announced the following Unaudited results for the quarter ended December 31, 2006:

The Company has posted a net profit of Rs 39.88 crore for the quarter ended December 31, 2006 as compared to Rs 25.30 crore for the quarter ended December 31, 2005. Total Income has decreased from Rs 201.15 crore for the quarter ended December 31, 2005 to Rs 153.90 crore for the quarter ended December 31, 2006.

Further the Company has informed that, the Board has considered the proposal and declared an Interim Dividend @ 35% on the Equity Shares of the Company for the financial year 2006-2007.

Parsvnath Developers Q3 net at Rs 53.86 cr

Parsvnath Developers Ltd has announced the following Unaudited results for the quarter ended December 31, 2006:

The Company has posted a profit after tax of Rs 53.86 crore for the quarter ended December 31, 2006. Total income is Rs 306.39 crore for the quarter ended December 31, 2006.

Mahindra & Mahindra Q3 net up 3.5%

Mahindra & Mahindra Ltd has announced the following Unaudited results for the quarter ended December 31, 2006:

The Company has posted a profit after tax of Rs 241.68 crore for the quarter ended December 31, 2006 as compared to Rs 233.45 crore for the quarter ended December 31, 2005.

Total income (net of excise) has increased from Rs 2247.45 crore for the quarter ended December 31, 2005 to Rs 2617.30 crore for the quarter ended December 31, 2006.

ITC Q3 net profit up 34%

ITC Ltd has announced the following unaudited results for the quarter ended December 31, 2006:

The company has posted a profit after tax of Rs 717.40 crore for the quarter ended December 31, 2006 as compared to Rs 536.83 crore for the quarter ended December 31, 2005. Total income has increased from Rs 2,604.92 crore for the quarter ended December 31, 2005 to Rs 3,235.36 crore for the quarter ended December 31, 2006.

Hero Honda Q3 net down 20%

Mumbai: Hero Honda Motors Ltd on Wednesday said quarterly profit fell by a fifth as higher raw-material costs and intense competition outweighed stronger sales.

New Delhi-based Hero Honda, which has less than half of India’s 6 million bikes a year market, said its net profit fell to Rs 209 crore ($47 million) in the fiscal third quarter to end-December from Rs 262 crore reported a year earlier.

The result lagged a consensus forecast for Rs 245 crore in a Reuters poll of 10 analysts.

Hero Honda, in which India’s Munjal family and Japan’s Honda Motor Co. each hold 26 per cent, sold 896,113 units in October-December, up 12.3 per cent from a year earlier.

Shares in Hero Honda, valued at $3.2 billion, fell 1.6 per cent in the December quarter.

Unity Infraprojects Q3 net at Rs 13.59 cr

Civil engineering and construction firm Unity Infraprojects Ltd. posted a net profit of Rs 13.59 crore on a net sales of Rs 156 crore for the quarter ended Dec. 31, 2006.

The comparative figures for the previous corresponding quarter were not available.

EIH Q3 net profit at Rs 62.01 cr

EIH Ltd has announced the following Unaudited results for the quarter ended December 31, 2006:

The Company has posted a net profit of Rs 62.01 crore for the quarter ended December 31, 2006 as compared to Rs 126.39 crore for the quarter ended December 31, 2005. Total Income has increased from Rs 225.53 crore for the quarter ended December 31, 2005 to Rs 278.15 crore for the quarter ended December 31, 2006.

Tata Tea Q3 net profit up 54%

Tata Tea Ltd has announced the following Audited results for the quarter ended December 31, 2006:

The Company has posted a profit after tax of Rs 94.20 crore for the quarter ended December 31, 2006 where as the same was at Rs 61.28 crore for the quarter ended December 31, 2005. Total Income is Rs 298.72 crore for the quarter ended December 31, 2006 where as the same was at Rs 281.68 crore for the quarter ended December 31, 2005.

The Unaudited Consolidated Results are as follows:

The Group has posted a Group Consolidated Net Profit of Rs 117.19 crore for the quarter ended December 31, 2006 where as the same was at Rs 60.08 crore for the quarter ended December 31, 2005. Total Income is Rs 1119.32 crore for the quarter ended December 31, 2006 where as the same was at Rs 812.02 crore for the quarter ended December 31, 2005.

Google defuses `link bombs`

US President George W. Bush is no longer Google’s top response to Internet searches for "miserable failure."

Queries for French military victories no longer take one to "defeats."

Links to web pages about Brazilian President Luiz Inacio Lula da Silva no longer pop up in searches in Portuguese for "drunken despot."

And Russian Internet users that type "enemy of the people" into Google are not directed to a biography of that nation’s leader, Vladimir Putin.

The Mountain View, California-based search colossus says it has finally defused such "Googlebombs," search term results rigged by clever outsiders to make comic or critical commentary.

"By improving our analysis of the link structure of the Web, Google has begun minimizing the impact of many Googlebombs," Ryan Moulton and Kendra Carattini of Google wrote in a company weblog.

"Now, we will typically return commentary, discussions, and articles about the Googlebombs instead."

Google described the programming change as "pretty small," saying there were fewer than 100 well-known Googlebombs, also referred to as "link bombs" because they provide links to unrelated websites under the guise of answering the query.

For example, a Google search for French military victories had prompted a replica of a search engine page and the question "Did you mean military defeats?" as though the searcher’s original quest was in vain.

Searches for "failure," "fiasco," and "miserable" in various languages resulted in links to various countries’ current or former leaders.

A search in Danish for "primitive troll" provided a link to an official page for that nation’s prime minister, while the query "mouton insignificant" (unimportant sheep) led searchers to a biography for the premier of Quebec, Canada.

"Because these pranks are normally for phrases that are well off the beaten path, they haven’t been a very high priority for us," Moulton and Carattini explained in their blog.

"But over time, we’ve seen more people assume that they are Google’s opinion, or that Google has hand-coded the results for these Googlebombed queries. That’s not true."

Rather than deactivating Googlebombs by hand, Google engineers developed a search algorithm to neutralize them.

"Computers can process lots of data very fast, and robust algorithms often work well in many different languages," Moulton and Carattini wrote.

"That’s what we did in this case, and the extra effort to find a good algorithm helps detect Googlebombs in many different languages."

Google ranks search results based on a mathematical model that factors in key words and popularity of websites.

While Google has known about link bombs for years, it had previously expressed reluctance to defuse them individually because it didn’t want to tinker with the objectivity of its Internet search model.

Google cautioned that some link bombs will slip past the algorithm net, which will be tightened based on feedback from searchers.

World’s longest beach hidden in Bangladesh

Cox’s Bazaar: Walking on the world’s longest stretch of beach on a balmy Saturday morning, one would expect to find the shimmering sands filled with sunbathing tourists and the calm blue sea with swimmers.

The best bar in town should be buzzing with the thirsty jostling for space on a Saturday evening at the peak of the tourist season.

But not in Bangladesh, one of the world’s largest Muslim nations, where traditional attitudes, ineffectual authorities and a powerful Islamic group have thrown a veil over what could be a tourism goldmine.

A few thousand local visitors flock the beach in Cox’s Bazar - by the Bay of Bengal on the country’s southern edge - but they all stand gingerly by the water, the women in saris and a few in burqas.

While some men wade in the water with their jackets on, others sit on beach chairs under umbrellas, hesitant to even roll up their trousers and feel the surf.

There is not a soul in the bar in the only five-star hotel in town, where the bartender is listening to Bollywood love songs.

"I’ve seen beaches in Brazil, Spain and Thailand but in terms of beauty, this is the best," says Syed Ahmed Khair, a merchant navy officer from Dhaka visiting with his family.

"But Bangladesh is a conservative country, people are shy, you won’t find them sunbathing here," he says, watching his children play in the water. "You won’t find foreigners here for the same reason."

FEAR OF IMMORALITY

Cox’s Bazaar owes its origins to the subcontinent’s British colonial rulers, who sent Capt. Hiram Cox to settle Buddhist immigrants from nearby Burma into the area in the late 1790s.

The 120 km (75 mile) unbroken stretch of beach here is the world’s longest, and a chain of hills that run parallel to the sea for almost the entire length, towering cliffs, colourful, ancient pagodas and Hindu temples, make it a natural attraction.

Waterfalls, a game park, coral islands and tribal villages nearby add to its charm in a country the world knows more for its poverty, floods, ferry disasters and political violence.

Bangladesh gained independence only 35 years ago, and its struggles with political instability, corruption, militant Islam, modernising its economy and feeding its poor millions have taken precedence over tourism.

The rise of a traditional Islamist party, Jamaat-e-Islami (Party of Islam), to share power in 2001 in a coalition government, in a country where 87 percent of the 140 million population are Muslim, only hardened attitudes towards tourism, industry officials say.

And Cox’s Bazaar is the perfect example of the combination of neglect and fear.

"Islam says that all of Allah’s resources should be used for the benefit of the people," said Mohammed Shah Jahan, Jamaat’s Cox’s Bazaar district chief.

"But our misgivings are that in the name of promoting tourism we should not end up encouraging any immoral or illegal activities," he said.

Sunbathing in skimpy costumes, gambling, drinking in the open are, according to Jahan, immoral, distasteful and against local culture.

POOR INFRASTRUCTURE

"A couple can do anything if they are married," he added. "But we wouldn’t allow unmarried pairs to come to the beach."

Although Jamaat does not patrol the beach enforcing the Islamist party’s moral code, local people say its mere influence was enough to ensure compliance at a time when fears of religious extremism have risen in Bangladesh.

Hardliners, however, are not Cox’s Bazaar’s only problems.

Hotel managers in a town with 4,600 mostly budget rooms complain of red tape and interference from local authorities who are suspicious of foreign tourists and want hotels to seek permission for cultural shows and parties.

Besides, chronic power shortages, lack of good water supply and garbage disposal systems, English-speaking workers and the absence of a tourism promotion plan have hampered growth.

Yet, an estimated 100,000 local tourists visit the destination during weekends between December and February - the peak tourist season.

And this has woken up district and tourism officials to the potential of Cox’s Bazaar. Plans are being made to build an international cricket stadium, a golf course, an international airport and a Web site.

Foreign investors would also be invited to develop exclusive tourism zones and resorts for international tourists - which Jamaat approves - said Mohammed Aminul Islam, the district administrator.

But with no target date to implement the plans, Cox’s Bazaar could remain an exotic destination waiting for the world to discover it.

Amara Raja Batteries Q3 net up 47%

January 31, 2007

Chennai: Amara Raja Batteries Ltd has recorded 47 per cent increase in net profit at Rs 9.70 crore for the quarter ending December 31, 2006, compared to Rs 6.86 crore in the same period in 2005.

For the nine month period ending December 31, the company recorded 117 per cent in Net profit at Rs 31.8 crore as against Rs 14.65 crore in 2005, a company release said.

Reliance Capital Q3 net rises 11.68%

Reliance Capital Ltd has announced the following unaudited results for the quarter ended December 31, 2006.

The Company has posted a net profit after tax of Rs 72.570 crore for the quarter ended December 31, 2006 where as the same was at Rs 64.980 crore for the quarter ended December 31, 2005.

Total Income is Rs 121.240 crore for the quarter ended December 31, 2006 where as the same was at Rs 82.820 crore for the quarter ended December 31, 2005.

The Consolidated results are as follows:

The Group has posted a Net Profit after Minority Interest and Share of Profit of Associates of Rs 92.170 crore for the quarter ended December 31, 2006 where as the same was at Rs 67.330 crore for the quarter ended December 31, 2005.

Total Income is Rs 436.050 crore for the quarter ended December 31, 2006 where as the same was at Rs 149.900 crore for the quarter ended December 31, 2005.

ICI India Q3 net up at Rs 225.3 cr

ICI India Ltd has announced the following unaudited results for the quarter ended December 31, 2006.

The Company has posted a net profit after taxation of Rs 225.300 crore for the quarter ended December 31, 2006 where as the same was at Rs 8.270 crore for the quarter ended December 31, 2005.

Total Income (net of excise) is Rs 231.900 crore for the quarter ended December 31, 2006 where as the same was at Rs 260.390 crore for the quarter ended December 31, 2005.

The figures for the quarter ended December 31, 2006, are not comparable with those for the corresponding period of the previous year on account of divestment of Rubber Chemicals business in December 2005, and exclusion of Unique business results from September 02, 2006. On a comparable basis, during the quarter, sales from continuing businesses were up by 12%, and the corresponding segment profit increased by 37%.

Havells India Q3 earnings surge 62.37%

January 21, 2007
Havells India, (Q, N,C,F)* a supplier of electrical equipment, said Friday it`s earnings jumped 62.37% for the quarter ended Dec 31, 2006. During the quarter, the company`s net profit increased to Rs. 258 million as compared with a profit of Rs. 158.9 million in the corresponding quarter of the previous year.

The net sales for the quarter jumped 72.04% to Rs. 3,909 million compared with Rs 2,272.1 million, a year ago.

The total income during the quarter rose marginally by 2.48% to Rs 1,516.20 million compared with Rs 1,088.19 million, a year ago.

During the quarter, the company entered into a collaboration agreement with a leading European motor manufacturing company for its electric motors project at Nimrana, Rajasthan.

Havell`s India was incorporated as Havell`s in August 1983 and converted into a public limited company in March, 1992. It has facilities for the manufacture of switchgear items like miniature circuit breakers (MCB), MCB distribution boards (DB) and HRC fuses at Samepur Badli, Delhi.

The shares of company closed up Rs 4.90, or 1.09% at Rs 456 at BSE. Total volume of shares traded was 58,270 (Friday).

Bharat Bijlee: Strong financials and expanded capacities

Strong financials and expanded capacities, combined with increased demand for transformers on the back of power reforms lend strength to the earnings prospects for Bharat Bijlee over the medium term .

At the current market price, the stock trades at 13 times its expected earnings for FY08. We reiterate a `buy’ on the stock with a medium-term perspective. Returns may, however, be moderate in contrast to the manifold gains over the past couple of years.

Bharat Bijlee manufactures power and distribution transformers and a range of electric motors. After restructuring its business portfolio, which involved divesting its elevator field operations, the company has focussed on its transformer business. This resulted in an increase in the segment revenue from 34 per cent in FY2005 to about 50 per cent in FY2006. The company expanded its transformer manufacturing capacity from 4800 MVA to 8000 MVA in March 2006. This is already reflected in the 50 per cent jump in revenues for the nine months ended December 2006 against the same period last year. This expansion appears well timed and augurs well for the company’s revenue growth given the current boom in offtake of power equipment. Until 2005, Bharat Bijlee lagged its peers in terms of operating profit margins (OPMs). It has since then improved its OPMs by moving to higher range transformers that typically yield better margins. Its OPMs for! the third quarter of FY2007 at 20 per cent are superior to most similar sized companies in the industry. The motor division, which has clients such as NTPC and Reliance Industries, accounted for about 30 per cent of the revenues over the last two years. We expect the current capital spending by various industries to aid steady growth for this division. Bharat Bijlee has a comfortable cash position, despite operating in a working capital intensive industry with long gestation periods. Internal accruals and a solid investment book is likely to take care of further expansion plans, without the need for equity dilution. Any hike in price of raw materials such as copper can impact margins. The financial health of State Electricity Boards, who are major clients for the company, still remains a cause of concern. However, fund assistance through power reform programmes has mitigated the above risk to some extent.


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Govt to tighten SEZ rules

The Government proposes to tighten Special Economic Zones (SEZ) rules to make developers of such zones submit all documentation within six months of the formal approval from the Board of Approvals (BOA).

This move is intended to expedite the development of SEZs in the country, as the process of notification of such zones would be completed in a time-bound manner and not left open-ended.

The effort is to ensure that the benefit of SEZ development goes to the units at the earliest.

Currently, no timeline has been specified for developers, who have got formal approvals, to get their zones notified by the Central Government.

In case the six-month time schedule is not adhered to, the Government would even cancel the approvals, Special Secretary in the Commerce Ministry, Mr G.K. Pillai, said.

Addressing a gathering of SEZ developers and other stakeholders, at a meet organised by the Export Promotion Council of EOUs and SEZs (EPCES), Mr Pillai said there were about 70-80 cases where over six months had passed from the date of formal approval and the developers had not, so far, got their zones notified.

He pointed out that the BOA had, at its first two meetings (May and June last year), given formal approval to over 80 proposals.

Till date, only about 62 SEZs have been notified.

In all, formal approvals have been given for more than 230 SEZs.

The Commerce Secretary later told reporters that "almost all the points raised by the political parties" including issues of land acquisition and capping the number of SEZs would be referred to the empowered group of ministers (e-GoM), which is to meet on January 22.

He, however, indicated that the changes, if any, would only be prospective and for fresh cases.

The EPCES Director-General, Mr L.B. Singhal, told Business Line that there should be no sectoral caps and it should be left to the market forces.

The e-GoM had, in its last meeting, decided that the issue of caps would be reviewed in six months time or 75 SEZs getting operationalised, whichever was earlier. The six-month period gets completed on January 22.

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Bharat Forge PAT up at Rs 77 cr

Bharat Forge Ltd has announced strong third quarter results with a combined PAT at Rs 77 crore, witnessing 23 per cent growth over the corresponding period last fiscal. The combined revenue reached Rs 1,037.1 crore while the combined EBIDTA margin grew to 18 per cent from 16.1 per cent. The company’s stand-alone revenues and PAT stood at Rs 493.3 crore and Rs 63 crore, showing a respective growth of 18.7 per cent and 18.2 per cent, respectively. Exports grew 23.2 per cent to touch Rs 195.8 crore. According to a statement released here on Saturday, the company has concluded a long-term contract with a global OEM for the supply of a range of parts in the automotive sector. Commenting on the results, the Chairman and Managing Director, Mr B.N. Kalyani, said, "We have, over the past several years, consciously developed a global business model. We have seen our key customer relationships graduating from being "supply partnerships'’ to "engineering based development partnerships'’.'’

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Shringar Cinemas net at Rs 3.6 cr

Shringar Cinemas Ltd has posted a net profit of Rs 3.64 crore for the quarter ended December 31 compared with a loss of Rs 1.99 crore posted during the same period of the previous year. While total revenues grew 124.6 per cent to Rs 179.7 crore (Rs 80 crore), revenues from operations rose 98 per cent to Rs 14.95 crore. According to a statement issued by the company, the increase in revenues was due to better content and solid performance by Shringar’s new multiplexes. The company opened three new properties — FAME Nakshatra (Dadar), and Thakur FAME (Kandivali) in Mumbai, and FAME Aurangabad — during the third quarter. The company currently operates 10 properties with 36 screens.

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Aftek profit rises to Rs 25.05 cr

Aftek Ltd has reported a 22.9 per cent rise in net profit to Rs 25.05 crore for the quarter ended December 2006, compared with Rs 20.37 crore recorded in the same year-ago quarter. Net sales for the quarter stood at Rs 82.47 crore against Rs 63.85 crore, registering a rise of 29.1 per cent. For the nine months ended December 31, 2006, net sales were Rs 237.19 crore and net profit was Rs 72.03 crore. Aftek is a player in the infrastructure, information and process enterprise business management solutions space.

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Sonata net up at Rs 15.7 cr

Sonata Software Ltd’s consolidated net for the quarter ended December 31, 2006 grew 84 per cent, while its revenues increased 123 per cent over the corresponding quarter last year. The company reported a third quarter consolidated net of Rs 15.7 crore on revenues of Rs 284 crore compared with a net of Rs 8.51 crore on revenues of Rs 115.45 crore in the corresponding last quarter. On a stand-alone basis, it reported a net of Rs 9.86 crore on revenues of Rs 45.5 crore compared with a net of Rs 7.11 crore on revenues of Rs 42.3 crore. Sonata added seven new clients during the quarter. The company had a total employee strength of 2181 as on December 31, 2006.

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ICICI Bank Q3 net up 42%

Mumbai Jan. 20 Higher interest income, coupled with a significant rise in fee-based revenue, enabled ICICI Bank to report a 42 per cent growth in net profit in the third quarter.

The largest private sector bank in the country earned an after tax profit of Rs 910 crore for the quarter ended December 31, 2006, against Rs 640 crore in the year-ago period.

The bank appears to be well ahead of its peers in the third quarter performance considering 32 per cent and 40 per cent increase in net profit reported by HDFC Bank and UTI Bank, respectively.

According to Ms Vishakha Mulye, Chief Financial Officer, rise in net interest income (32 per cent) and fee-based revenue (53 per cent ) largely contributed to the profit.

Total income increased to Rs 7,805.24 crore from Rs 4,891.65 crore.

"The bank has posted better than expected results due to a rise in fee income and investment gains. The bank’s net interest margin has also gone up to 2.6 per cent due to an improved mix of deposits and assets," said Mr Vishal Goyal, Banking Analyst, Edelweiss Research.

Although the cost of funds has gone up in the last quarter, the bank could pass it on to the customers, Ms Mulye said.

Treasury income has shown a sharp growth of 131 per cent to Rs 310 crore (Rs 134 crore) and a large portion of it has come from selling investments in the BPO company, First Source.

The total deposits registered an increase of 47 per cent while savings deposits alone show an increase of 53 per cent.

Advances have grown by 41 per cent and retail assets increased by 50 per cent to Rs 1,17,914 crore and constituted 68 per cent of advances and 65 per cent of customer assets.

"On the home loans front, investment demand has shown a slowdown (unlike the consumption demand) due to rising real estate prices," she said. In the nine-month period ended December 31, 2006, home loan disbursements were about Rs 21,300 crore.

Provisions and contingencies increased to Rs 890.95 crore (Rs 395.07 crore) which includes provisions of Rs 85.05 crore for potential losses from frauds pertaining to warehouse receipt-based financing product for agricultural credit, the bank said in a press release.

The bank’s rural portfolio grew by about 43 per cent on a year-on-year basis.

The net profit rose by 31 per cent to Rs 2,285 crore for the nine-month period ended December 31, 2006, against Rs 1,750 crore a year ago. Its capital adequacy is at 13.37 per cent as on December 31, 2006.

The total assets of the bank’s international branches increased to about Rs 40,300 crore (Rs 25,180 crore). It has whollyowned subsidiaries, branches and representative offices in 16 countries, and an offshore banking unit in Mumbai.

The bank added 35 branches and 345 ATMs during the quarter, taking the number of branches and extension counters to 667 and ATMs to 2,681.

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Hind Zinc declares 25 pc interim

Hindustan Zinc Ltd has informed the BSE that the board meeting on Saturday declared 25 per cent interim dividend, out of the company’s profit for 2006-07.

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Akruti Nirman Ltd IPO Oversubscribed by 81 times

Akruti Nirman Ltd IPO Oversubscribed by 81 times as closed today.
Total Issue Size 6700000
Total Bids Received 543033288
Total Bids Received at Cut-off Price 27062580
No. of times issue is subscribed 81.05
Out of which retail portion is subscribed by 12.3955 times

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Indian Bank IPO Coming out on Feb 5th 2007

M Sundararajan, Bank’s Executive Director, told reporters here today that it would sell 8.59 crore equity shares of Rs 10 each at a premium to be decided through a 100 per cent book building process.The price band of the issue has been fixed between Rs 77 and Rs 91 per share, he said hoping that it could net between Rs 661.08 crore at the bottom end and Rs 782.1 crore in the top end.
The issue, which has been listed on both the NSE and BSE, would open on February 5 and close on February 9, he said.The Centre’s equity stake in the bank would be diluted by 20 per cent in the post issue scenario, he said.The bank was tapping the market to augment its capital base to meet future requirements arising out of the implementation of Basel II standards and also for its future expansion programme.The bank has been registering profit for the past three years, he said.

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Indian Bank IPO Coming out on Feb 5th 2007

M Sundararajan, Bank’s Executive Director, told reporters here today that it would sell 8.59 crore equity shares of Rs 10 each at a premium to be decided through a 100 per cent book building process.The price band of the issue has been fixed between Rs 77 and Rs 91 per share, he said hoping that it could net between Rs 661.08 crore at the bottom end and Rs 782.1 crore in the top end. The issue, which has been listed on both the NSE and BSE, would open on February 5 and close on February 9, he said.The Centre’s equity stake in the bank would be diluted by 20 per cent in the post issue scenario, he said.The bank was tapping the market to augment its capital base to meet future requirements arising out of the implementation of Basel II standards and also for its future expansion programme.The bank has been registering profit for the past three years, he said.

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Pfizer Q4 net up at Rs 106.33 cr

Pfizer has declared its fourth quarter results. Its fourth quarter net profit stood at Rs 106.33 crore (Rs 1.06 billion)versus Rs 70.73 crore (Rs 707 million) in corresponding quarter previous year.

Its Q4 total income was up at Rs 726.26 crore (Rs 7.26 billion) as compared with Rs 644.09 crore (Rs 6.44 billion), YoY.

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