Date:20/07/2008 URL: http://www.thehindubusinessline.com/2008/07/20/stories/2008072050250400.htm

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Wipro Ltd has reported revenue in IT services in rupee terms at Rs 4,405 crore for the first quarter, a growth of 39 per cent, compared with the year-ago quarter.

IT product revenue grew 44 per cent to Rs 746 crore.

Profit after tax grew 25 per cent for the quarter to Rs 908 crore from 726 crore.

It forecast a muted growth for the second quarter saying it remains cautious in the near-term given the business environment.

Reliance Communication Ltd and the South African telecom major MTN Group on Friday mutually decided to call off their talks for a business deal.

In a release issued by Reliance Communications, it said "owing to certain legal and regulatory issues, the parties are presently unable to conclude a transaction. Accordingly, it has been mutually decided to allow the Exclusivity Agreement to lapse".

Satyam Computer Services registered 43.20-per cent growth in software revenues and 44.77-per cent growth in net profit for the first quarter ended June 30, 2008 in comparison to the same period last fiscal.

Sequentially, the revenue was up 8.48 per cent at Rs 2620.83 crore against Rs 2,416 crore in Q4 of 2008.

Net profit was up 17.32 per cent at Rs 547.70 crore against Rs 466.85 crore in Q4 last fiscal.

The annual Wholesale Price Index-based inflation moved up to 11.91 per cent for the week ended July 5, with a slowdown in the primary articles inflation ensuring that the rise was only marginally higher than the 11.89 per cent reported for the previous week.

During the latest week, inflation in manufactured products rose 10.79 per cent on a year-on-year basis, up from 10.64 per cent during the previous reported week, with dairy products up 11 per cent, edible oils rising 18 per cent, fertilisers up 10 per cent and iron and steel surging 35 per cent.

The phase-I of the Krishnapatnam Port in Nellore district of Andhra Pradesh was inaugurated by the UPA Chairperson, Ms Sonia Gandhi, last Thursday.

The Rs 10,000-crore port would have a container terminal.

The promoters, CVR group, said work would begin soon to make it a container hub. Major industries including power are to come up near the port area. Its geographical advantage is expected to make the port a major hub for coal imports and iron ore exports.

Software company Tata Consultancy Services delivered a second consecutive quarter of muted growth, which it attributed to the general global economic slowdown and foreign exchange fluctuations.

The company's consolidated net profit rose 7 per cent to Rs 1,290.61 crore against Rs 1,202.93 crore in the year-ago period.

Total income rose 25 per cent to Rs 6,530.34 crore from Rs 5,211.54 crore.

HDFC Ltd posted a net profit of Rs 468 crore for the quarter ended June 30, 2008, up 25 per cent from Rs 373 crore in the corresponding quarter last year.

The growth in net profit is on account of higher interest income and healthy growth in disbursements of loans.

Interest income increased to Rs 2,220 crore against Rs 1,724 crore and other income increased to Rs 5.14 crore from Rs 3.44 crore.

International rating agency Fitch Ratings last Tuesday, downgraded India's local currency outlook from `stable' to `negative', mainly on account of the deteriorating fiscal position of the Union Government.

However, the agency has reaffirmed the long-term foreign currency outlook at `stable'.

What may be a pointer to manufacturing slowdown, the Centre's excise duty collections grew 2.8 per cent in the first quarter of the current fiscal, lower than the 6.9 per cent growth recorded in the first quarter of 2007.

Official data released here last Monday showed that excise collections in April-June 2008 stood at Rs 25,882 crore, reflecting a 2.8 per cent increase over excise collections of Rs 25,183 crore in the same period last year.

Compiled by MJ Madhavan
Podcast by S. Vasudevan