Financial Technologies Q1 net profit doubles to Rs45.6 crore

Financial Technologies India Ltd (FinTech) registered net profit of Rs45.6 crore for the first quarter, a growth of more than two fold, as compared to Rs20.5 crore for the corresponding quarter last year.

Its total revenues for the June 2010 quarter increased to Rs73.6 crore from Rs58.5 crore, FinTech said in a regulatory filing.

On Thursday, Financial Technologies shares gained 2.7% to Rs1,294 on the Bombay Stock Exchange, while the benchmark Sensex closed flat at 18,073 points

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SBI sanctions Rs1,300 crore to SSTL

Telecom operator Sistema Shyam TeleServices Ltd (SSTL) said state-run lender State Bank of India has sanctioned it a loan of Rs1,300 crore and its parent Russia-based JFSC Sistema is the corporate guarantor for the same.

SSTL said it plans to use the loan to fund expansion plans of its brand MTS and to introduce new products and services in India.

JFSC Sistema holds 74% stake in SSTL, which operates MTS brand of telecom service in India. SBI has already approved Rs4,500 crore fund and non fund based limit to SSTL.

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