RBI fines 12 banks Rs 1.5 crore for Deccan Chronicle default
Reserve Bank of India has fined 12 banks Rs 1.5 crore for not following proper guidelines in advancing loans to the Deccan Chronicle group which has defaulted to the extent of Rs 4000 crore. The Reserve Bank had carried out a scrutiny of the loan and current accounts of Deccan Chronicle Holdings Ltd., in certain branches of these banks in late 2013. Based on the findings of the scrutiny, the Reserve Bank issued show cause notices to these banks in March 2014, to which the individual banks submitted written replies. " After considering the facts of each case and the individual bank's reply, as also, the personal submissions etc., by some of the banks before its Committee of Executive Directors, the Reserve Bank came to the conclusion that some of the violations were substantiated and warranted imposition of monetary penalty," said RBI in a statement. The 12 banks that have been fined are Andhra Bank (Rs 10 lakh), Axis Bank (Rs 15 lakh), Canara bank (Rs 10 lakh), Corporation Bank (Rs 10 lakh), HDFC Bank (Rs 5 lakh), ICICI Bank (Rs 40 lakh), IDBI Bank (Rs 15 lakh), IndusInd Bank (Rs 10 lakh), Kotak Mahindra Bank (Rs 10 lakh), Ratnakar Bank (Rs 5 lakh), State Bank of Hyderabad (Rs 10 lakh), and Yes Bank (Rs 10 lakh)as determined above.

ICICI Bank Q1 net up 17%
ICICI Bank has reported a net profit of Rs 2,655 crore for the quarter ended June 2014, an increase of 17% over Rs 2,274 crore in the same period last year. The bank said that its operating profit for the quarter rose 18% to Rs 4,517 crore up from Rs 3,814 crore in the first quarter of FY14.

Maruti Suzuki Q1 net up 20.7% at Rs 762.28 crore
The country's largest carmaker Maruti Suzuki India on Thursday reported 20.69 per cent increase in net profit at Rs 762.28 crore for the first quarter ended June 30, 2014-15, riding on robust sales, cost reduction and forex gains. It had posted net profit of Rs 631.60 crore in the same period last fiscal, MSI said in a statement. Net sales during Q1, 2014-15 stood at Rs 11,073.51 crore, up 10.78 per cent as against Rs 9,995.12 crore in the same quarter of last fiscal.

LIC increases stake in ITC to 14.42% despite slowdown in the FMCG sector
Life Insurance Corporation (LIC), India's biggest investor, sold private and public sector banks and bought software stocks and ITC, with the Kolkata based FMCG major accounting for a major chunk of the purchases in the past quarter. LIC, which is already the biggest institutional investor in ITC, has increased its stake to 14.42%, buying 4.39 crore shares in the three months ended June. If one considers ITC's average price in the quarter to be Rs 341, LIC would have probably paid Rs 1,498 crore for the shares.

HCL Technologies Q4 net profit up 54%, beats estimates
India's fourth largest software services firm HCL Technologies reported a 53.7% jump in its consolidated net profit to Rs 1,834 crore for the fourth quarter ended June 30, 2014. The company had posted a net profit of Rs 1,193 crore in the year-ago period, it said in a statement. Its consolidated revenues rose 20.7% to Rs 8,424 crore in the April-June quarter as against Rs. 6,980 crore in the same period last year.
Dr Reddys Laboratories Q1 net up 52.49% at Rs 550.39 crore
Pharma major Dr Reddys Laboratories on Wednesday reported 52.49 per cent jump in net profit at Rs 550.39 crore for the quarter ended June 30, 2014. It had posted a net profit of Rs 360.93 crore for the April-June quarter of the 2013-14 fiscal, Dr Reddy's said in a filing to the BSE. Net sales of the company in Q1, 2014-15, rose to Rs 3,517.54 crore, up 23.64 per cent from Rs 2,844.92 crore in the year-ago period.
Piramal, Dutch APG tie up for $1 billion infrastructure investment - Piramal Enterprises Ltd has tied up with Dutch pension fund APG Asset Management to invest $1 billion in Indian infrastructure companies over three years, in a move that would help indebted firms access funds to complete projects.
Ranbaxy cuts Q1 loss to Rs 186cr
Drug firm Ranbaxy narrowed its loss to Rs 186 crore for the first quarter ended June 30, 2014, from Rs 524 crore recorded in the corresponding period previous year. However, the company's net sales dipped by 8% to Rs 2,372 crore during the quarter.
ITC Q1 net jumps 16% to Rs 2,186cr
ITC, the tobacco-to-FMCG-to-hospitality conglomerate, has maintained a healthy bottomline in a challenging environment with a 15.6% growth in net profit in the first quarter of 2014-15. It posted a net profit of Rs 2,186 crore from Rs 1,891 crore during the same period last year largely on the back of strong performance of tobacco, paperboard and agri-based business. The new FMCG business reduced losses from Rs 18.93 crore to Rs 12.09 crore in the first quarter.
IDFC posts Rs 449cr net in June quarter
IDFC has reported a net profit of Rs 449 crore for the quarter ended June 2014 - a drop of 12.7% from the net profit of Rs 515 crore in the corresponding period last year following a sharp rise in provisions. The drop in profit came as the institution cleaned up its balance sheet in preparation to transform itself into a bank.
Vijaya Bank net profit up
State-owned Vijaya Bank on Monday reported a 21.89 percent jump in net profit at Rs 161.46 crore in the first quarter of the current financial year that ended on June 30. The bank had reported a net profit of Rs 132.46 crore during the corresponding period last year.
Bharti Airtel posts a 61% jump in profit
Top Indian mobile carrier Bharti Airtel posted a 61 per cent rise in quarterly profit, helped by less competition. Bharti raked in 11.08 billion rupees ($184.31 million) of profit, up from Rs 6.89 billion last year.
HUL Q1 net up 4% despite FMCG blues
In a quarter when the FMCG market de-grew by 2% — considered to be one of the slowest quarterly growth rates in about a decade — market leader Hindustan Unilever (HUL) beat expectations to report a 4% growth rate in net profit at Rs 1,057 crore in the June quarter. The FMCG giant had reported a net profit of Rs 1,019 crore in the corresponding quarter last fiscal. The net profit was, in fact, impacted by the higher exceptional income arising from the sale of properties and tax credits in the base quarter.


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