SBI net profit grows only 3% as NPA provisions rise 72%State Bank of India has has posted a net profit of Rs 3,349 crore for the quarter ended June 30, 2014 — an increase of 3.3% compared to Rs 3,241 crore for the quarter ended June 30, 2013. Total Income increased 12.5% from Rs 36,192.6 crore for the quarter ended June 30, 2013 to Rs 40,739. crore for the quarter ended June 30, 2014. Profits remained flat after provisions for bad loans soared 72% to Rs 3903 crore from Rs 2265 crore in the corresponding quarterlast year. The bank's share price was down Rs 24 at Rs 2,413 in BSE in afternoon trade.City Union Bank seeks to raise FII limit to 40%The board of City Union bank has sought to enhance the limit of foreign institutional investors (FIIs) from 35% to 40% subject to statutory approvals. The move comes in the backdrop of a successful qualified institutional placement (QIP) of Rs 350 crore in equity for which the shareholder's approval was received at their annual meeting last year.Biocon Foundation receives Asia Best CSR Practices Award 2014' for cancer careBiocon Foundation has won the 'Asia Best CSR Practices Award 2014' at the World CSR Congress held in Singapore, for its community cervical cancer screening program. The Asia Best CSR Practices Awards recognize corporates in Asia that have had a significant and positive impact on people, communities and the environment.Apollo Tyres plans Rs 4,099 cr investment in Eastern EuropeApollo Tyres is planning to set up a green-field production facility in Eastern Europe at a cost of 500 million euros (Rs 4,099 crore). The facility, which willl be up and running during 2017 - 2018, will have an annual output of 5.5 million passenger car tyres and 6.75 lakh heavy commercial vehicle tyres. The company, which generated revenues of Rs 13,310 crore during the fiscal 2014, fetched 27.9% of the revenue from Europe, 62.6% from India and 9.5% from South Africa.RBI holds rates, injects Rs 40,000 croreReserve Bank of India governor Raghuram Rajan on Tuesday added nearly Rs 40,000 crore to the banking sector's lendable resources by reducing the statutory liquidity ratio (SLR) by 50 basis points to 22% even as it kept other key policy rates unchanged. SLR is the percentage of deposits banks must maintain in government securities.Hero MotoCorp Q1 net up 2.58 per cent at Rs 562.76 croreCountry's largest two-wheeler maker Hero MotoCorp on Tuesday reported 2.58 per cent increase in its net profit at Rs 562.76 crore for the first quarter ended June 30, 2014. The company had posted a net profit of Rs 548.58 crore during the same period of previous fiscal.Market turns volatile as RBI keeps policy rate unchangedThe stock market showed some volatility after the RBI decided to keep most of the key policy rates unchanged but cut statutory liquidity ratio by half a percentage point to 22%. The decision is estimated to free about Rs 40,000 crore for commercial banks for onward lending and ease the liquidity situation, the later was one of the expectations of the market in the run up to the policy. BSNL suffered Rs 14,979 crore loss in 2013-14 in landline businessState-run BSNL suffered a loss of Rs 14,979 crore in landline services during 2013-14 whereas its net loss for the period stood at Rs 7,085 crore. In a written reply to the Rajya Sabha, minister of communications and IT Ravi Shankar Prasad said loss for landline business of BSNL for 2013-14 stood at Rs 14,979 crore and net loss at Rs 7085 crore. The figures for the period are provisional and unaudited. CBI arrests Syndicate Bank CMD SK Jain for taking bribeThe CBI arrested six people including chairman and managing director of Syndicate Bank Sudhir Kumar Jain on Saturday for allegedly taking bribe of Rs 50 lakh for increasing credit limit of some companies in violation of banking rules. After keeping a watch on the activities of Jain for last six months on the directive of CBI director Ranjit Sinha, CBI sleuths finally swooped on his relative and a Madhya Pradesh-based chartered accountant and arrested them while allegedly receiving cash from representatives of companies which have been involved in coal scam. The CBI has filed two cases against Jain accusing him of receiving a bribe of Rs 50 lakh through conduits and abusing his official position to enhance the credit limits of some companies in violation of laid down procedures, official sources said.Khandelwal set to head SAP Labs IndiaSAP has appointed Dilipkumar Khandelwal as managing director of SAP Labs India. He succeeds Anirban Dey, the 15-year-old SAP veteran who quit the company in June under controversial circumstances.RCom receives Rs 650 cr from promoter groupReliance Communications today said that it has received the first instalment of Rs. 650 crore from the promoter group for preferential allotment of 8.67 crore warrants aggregating Rs. 1,300 crore. The remaining Rs. 650 crore will be received by the firm before March 31, 2015, RCom said in a statement.Texmaco Rail gets time to acquire Kalindee sharesMarket regulator SEBI has granted time to Texmaco Rail & Engineering to acquire shares of Kalindee Rail Nirman (Engineers) that were entagled with legal and operational problems. Texmaco Rail, which had completed the open offer on December 11, 2013 - the date of completion of payment of consideration - was required to complete the acquisition by June 4, 2014.M&M Q1 net drops 6% to Rs 882 crAutomobile manufacturer Mahindra & Mahindra (M&M) reported a 6% drop in net profit at Rs 882 crore for the quarter ended June 2014. It was Rs 938 crore in the same period a year ago. However, the total income increased 2.5% to Rs 10,451 crore as compared to Rs 10,187 crore in June 2013.Private telcos owe BSNL Rs 1,207 crState-owned telecom firm BSNL has Rs 1,206.65 crore dues against private operators, of which Rs 1,053.84 crore is under dispute, the government said today. "BSNL has informed that their outstanding dues against private operators as on March 31, 2014 is Rs 1,206.65 crore. Out of this an amount of Rs 1,053.84 crore outstanding against private operators is under dispute," Communications and IT Minister Ravi Shankar Prasad said in a written reply to the Rajya Sabha.IDBI Bank Q1 net falls 65% on stagnant interest incomeHit by stagnant interest income, public sector lender IDBI Bank’s net profit dropped sharply by 65 per cent to Rs 106 crore for the first quarter ended June 30. The Mumbai-based commercial bank had posted a net profit of Rs 307 crore in April-June 2013. The stock was down by seven per cent at Rs 85 a share at close of trading on BSE. The net interest income declined to Rs 1,251 crore from Rs 1,475 crore in Q1 of FY14. The net interest margin (NIM) also declined to 1.7 per cent from 2.1 per cent in Q1 of FY14.Chennai Petro reports Rs 510.11 cr Q1 net profitIndian Oil Group company Chennai Petroleum Corporation Ltd (CPCL) has reported a net profit of Rs 510.11 crore for the first quarter ending June 30, 2014. The Chennai-based company had registered a net loss of Rs 377.19 crore during the corresponding period last year, CPCL said in a BSE filing.Jubilant FoodWorks net down 18% to Rs 28 crJubilant FoodWorks that runs food chains, including Domino's Pizza and Dunkin' Donuts in India, on Thursday reported 18 per cent decline in its stand-alone net profit to Rs 28 crore for the first quarter ended June, hurt by higher expenses. The company had posted net profit of Rs 34 crore in the same period of 2013-14, Jubilant said in a filing to BSE. Net sales during the first quarter were Rs 477 crore against Rs 396 crore in the year-ago period. Total expenses in the first quarter were Rs 440 crore against Rs 348 crore a year ago.India Cements slips into net loss of Rs 2.96 crore in Q1India Cements Ltd has posted a net loss of Rs 2.96 crore during the quarter ended June 30, 2014, as against a net profit of Rs 16.82 crore during the same period of previous year. The total income from operations has come down to Rs 1,228.41 crore for the quarter as compared to Rs 1,240.87 crore posted during the same period of previous year.Birla Corporation nears lifetime high as Q1 profit doublesBirla Corporation has moved higher by 6% to Rs 445, bouncing back 12% from intra-day low on National Stock Exchange (NSE), after its net profit more-than-doubled to Rs 100 crore during the quarter ended June 30, 2014 (Q1), on back of strong operational performance. The cement and cement products maker had registered a profit of Rs 46 crore in the same quarter year ago.DBS Bank enters into bancassurance tie-up with Royal SundaramDBS Bank India has joined hands with Royal Sundaram Alliance Insurance Company for distributing general insurance policies to the customers of the bank. DBS would introduce the products of Royal Sundaram in all its branches.

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