HCC Q1 net profit jumps to Rs28.3 crore vs Rs18.2 crore

Hindustan Construction Company Ltd (HCC) registered a net profit of Rs28.3 crore for the quarter that ended on 30 June 2010 as compared to Rs18.2 crore for the same quarter a year ago.

During the April-June quarter, the Mumbai-based developer’s total revenues rose to Rs998.4 crore from Rs 877.9 crore last year.
 
On Friday, HCC shares gained 3.8% to Rs133 on the Bombay Stock Exchange, while the Sensex closed 0.7% lower to 17,868 points.

 

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Aditya Birla Nuvo swings to net profit in first quarter

Aditya Birla Nuvo Ltd said its net profit rose to Rs149 crore in the first quarter ended 30 June 2010 as against the net loss of Rs35 crore during the same quarter last year. The company’s total revenues increased to Rs3,810 crore in the June 2010 quarter from Rs3,214 crore same quarter a year ago.

On Friday, Aditya Birla Nuvo shares declined 0.4% to Rs772 on the Bombay Stock Exchange, while the Sensex closed 0.7% lower to 17,868 points.

 

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IRDA to issue IPO norms for general insurance in two months

New Delhi: The Insurance Regulatory and Development Authority (IRDA) today said it would finalise guidelines for initial public offer (IPO) by general insurance companies in a couple of months, reports PTI.

As for life insurance, the guidelines are almost ready and would be out shortly, it added.

"As regards the non-life companies, a lot of work has to be done on valuation and (guidelines) should be ready in a couple of months," IRDA chairman J Hari Narayan told reporters on the sidelines of a Federation of Indian Chambers of Commerce and Industry (Ficci) conference here.

He said the proposed IPO guidelines for life insurance firms are currently being examined by a SEBI body and will be issued shortly.

"As far as the life industry IPO guidelines are concerned, the matter is very advanced and is currently with a body of SEBI. So, it would be coming out shortly," he said.

When asked whether the proposed guidelines would have a provision that insurance companies will have to be in operation to float IPO, he said, "Yes, this is the government norm".

As per the Insurance Act, promoters having 26% stake can offload equity after 10 years of operation. The legislation also empowers the government to reduce the mandatory period.

IRDA had already notified the disclosure norms, necessary for providing details about the operations and balance sheets on quarterly and yearly basis. The IPO guidelines will deal with minimum norms that a company must fulfill before hitting the capital markets.

Besides, the state-owned Life Insurance Corporation, 22 private companies are offering life insurance policies. The general insurance sector has 21 players which include four state-owned companies.

Several private sector insurers, including Reliance Life and HDFC Standard Life, have shown interest in tapping the capital market to augment their resource base.

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