Hexaware reports net profit of Rs53.83 crore for March quarter

Hexaware Technologies reported a consolidated net profit of Rs53.83 crore for the quarter ended 31 March 2011, vis-a-vis the same period last year

Software services firm Hexaware Technologies today reported a consolidated net profit of Rs53.83 crore for the quarter ended 31 March 2011, vis-a-vis the same period last year.

The company had registered a net profit of Rs11.55 crore in the same period a year earlier, Hexaware Technologies said in a filing to BSE.

Income from operations of the company rose to Rs318.5 crore in the January-March quarter from Rs221.9 crore in the same period last year, it added.

In a separate filing to the stock exchange, Hexaware said that a meeting of the board of directors of the company will be held on 6th May for declaration of an interim dividend.

On Thursday, Hexaware ended 1.55% down at Rs69.95 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.81% to 19,292.02.

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LIC Housing Finance Q4 net profit increases to Rs314.77 crore

LIC Housing Finance reported fourth-quarter stand-alone net profit of Rs314.77 crore, up from Rs213.51 crore for the quarter ended 31 March last year

LIC Housing Finance Ltd reported fourth-quarter stand-alone net profit of Rs314.77 crore, up from Rs213.51 crore for the quarter ended 31 March last year. Total revenue increased to Rs1,391.92 crore from the Rs967.74 crore in the corresponding quarter of the preceding year.

The company said its board recommended a dividend of Rs3.50 per equity share of Rs2 each for the fiscal year 2011.

On Thursday, LIC Housing ended 1.14% down at Rs225.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.81% to 19,292.02.

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Mafatlal stock jumps 8% on report of land sale; Piramal Realty, Sunteck Realty deny news report

On 14th April, The Mint published a report, titled 'Piramal, Sunteck close to purchasing Mafatlal land'. Quoting unnamed sources, the newspaper said Piramal Realty and Sunteck Realty are close to signing a deal to buy a seven-acre plot from Mafatlal Industries for Rs750 crore.

Reacting to the news report, the stock price of Mafatlal Industries shot up by more than 8% to Rs217.65 on 15th April. But the Sunteck Reality stock price was down by 1% to Rs344.30 from Rs347.20 on 13th April.

The Mint quoted a Sunteck official as saying, "We're not the only one and we have a partner who is leading it," while a senior official of Piramal Realty said, "We look at a lot of deals and it will be 'speculative' to comment on it until it is closed."

However, in response to a query from the bourses, both Sunteck and Piramal have said that they are not buying land from Mafatlal. On the other hand, Mafatlal said it was at an advanced stage of negotiations with some prospective purchasers. However, 'no deal has been signed as yet.'

Despite both reported buyers denying any participation in the land deal, the bourse appears to be satisfied with the clarifications, rather than investigate and dig out the real reasons for the dissemination of speculative information.

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