During FY’11, Educomp picked up majority stake in Gateforum Education Services
Education solutions provider Educomp said its net profit more than doubled to Rs145.66 crore in the quarter ended on 31 March 2011.
The company had posted Rs64.92 crore profit after minority tax for the same period in last financial year.
Total revenue of the company for the reported quarter was up by 47.18% at Rs488.71 crore compared to Rs332.04 crore posted in the fourth quarter of 2009-10.
For year ended 31 March 2011, Educomp registered 22% growth in its net profit at Rs336.67 crore compared to Rs275.86 crore reported in FY10.
The company showed close to 30% increase in its revenue at Rs1,350.89 crore for FY'11 compared to Rs1,039.49 crore posted at the end of FY'10.
School learning solution segment contributed the highest revenue at Rs378.61 crore followed by K-12 school segment solutions at Rs42.75 crore in the reported FY'11 quarter.
Online supplemental and global segment contributed Rs39.21 crore while higher learning solutions Rs28.14 crore to the total revenue.
During FY'11, Educomp picked up majority stake in Gateforum Education Services which provides preparatory tools for Graduate Aptitude Test in Engineering (GATE).
Subsidiary of Educomp Solutions entered an agreement with Universal Learn Today, promoted of The Vasant Valley School to set up 30 Vasant Valley School across India. Educomp also announced to set up a joint venture with the US-based Zeebo to launch wireless education platform for children in India.
On Tuesday, Educomp ended 2.60% down at Rs462.95 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.49% to 18,503.28.
Bank chief explains that stress will come from smaller accounts that are not able to bear the increased cost of funds
Mumbai: Central Bank of India's chairman and managing director S Sridhar has said that non-performing assets (NPAs) for the banking industry are likely to increase, as some smaller companies which had borrowed at lower rates find it difficult to service their loans on account of the hike in rates.
"Some increase in NPAs cannot be ruled out, in my view, across the industry," Mr Sridhar said today. He pointed out that different banks would adopt different strategies to deal with this problem.
The stress will emanate from smaller accounts, which "are not able to bear the increased cost of funding" and are constrained because of a "lower access" to money as compared to the past, he said.
Mr Sridhar, who retires from Central Bank today, pointed out that the stress could be traced back to the years of the global slowdown, after 2008 September, when the government announced a stimulus that resulted in high liquidity and low rates, PTI reports.
"Somebody down the chain will have to bear the stress," he Sridhar said. "The stress is inevitable."
The Reserve Bank of India (RBI) had adopted a stance of softening in policy to fuel growth in the slowdown years and then started to tighten rates, as tackling spiralling inflation gained precedence.
RBI has raised its key rates a record eight times in the last 12 months in order to control inflation. The last hike, on 3rd May, was a bigger-than-expected 50 bps, and the bank hinted that it could continue to attack inflation, even if it hurt growth in the short term.
Mr Sridhar said the Central Bank of India is installing software that would identify stress in assets at an early stage, so that action to contain this could be taken swiftly. "The idea is to be proactive, rather than reactive," he said.
Central Bank of India today announced a tie-up with brokerage firm Angel Broking, which will allow its account holders to trade in different asset classes like equities, derivatives and F&O.
Court suspends life imprisonment sentence; asks Mr Guha to furnish bail bond, sureties
New Delhi: The Supreme Court on Tuesday granted bail to Piyush Guha, who was convicted and sentenced to life imprisonment in a sedition case, along with civil rights activist Binayak Sen.
The vacation bench of judges GS Singhvi and CK Prasad suspended the sentence of life imprisonment and directed Mr Guha's release on bail. The judges also directed Mr Guha to furnish a bail bond of Rs2 lakh and two sureties of Rs1 lakh each.
Mr Guha, a Kolkata-based businessman, was convicted along with Mr Sen and Naxal ideologue Narayan Sanyal, on charges of colluding with Maoists to establish a network to fight the state and they were punished with life imprisonment, PTI reports.
Mr Guha had challenged his conviction in the Chhattisgarh High Court, which refused to grant him bail. When the matter came up before the Supreme Court on 24th May 24, the Court issued notice to the state government and asked it to file its response by 31st May.
Challenging the order of the Chhattisgarh High Court, advocate Prashant Bhushan, who appeared on behalf of Mr Guha, pleaded with the court to grant bail and said that he has already spent four years in jail. He also pointed out that the apex court had recently granted bail to Mr Sen.
The Supreme Court had granted bail to 61-year-old Mr Sen on 15th April, questioning his conviction and life sentence for sedition, and saying that he could be called a sympathiser of the Naxalites and nothing beyond that. "No case of sedition is made out," the Court had said. "He may be a sympathiser (of Naxalites) but it did not make him guilty of sedition."
"The worst can be said that he was found in possession of general documents (relating to Naxal activities), but how can it be said that such possession would attract the charge of sedition? How can you level the charge of sedition?" the bench asked.
The conviction and life imprisonment of Mr Sen, along with Mr Guha and Mr Sanyal, had led to outrage among sections of citizens. Some international human rights bodies had even sought the government's permission to observe the court proceedings in this case.