IFCI Q4 net profit declines to Rs219.2 crore

IFCI’s net profit declined marginally despite an increase in its total revenues during the fourth quarter

New Delhi: IFCI posted a net profit of Rs219.2 crore for the fourth quarter ended 31 March 2012, down marginally by 6%, reports PTI.

The financial institution had recorded a net profit of Rs233 crore in the corresponding quarter last fiscal, IFCI said in a filing to the BSE.

However, the total income of the firm rose by 12% to Rs801.4 crore for January-March quarter from Rs715.3 crore in the corresponding period last year.

For the year ended 31 March 2012, the company had posted a net profit of Rs663.6 crore against Rs706.2 crore in the previous year.

Total income also improved from Rs2,480.1 crore for the year ended March 2011 to Rs2,850.2 crore for the year ended March 2012.

IFCI shares closed marginally lower at Rs41 per share on the Bombay Stock Exchange, while the Sensex ended marginally higher at 17,392.

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HCL Tech Q3 net profit up 28% to Rs602.5 crore

HCL feels that a key strategic shift in the global IT industry has been the levelling of the playing field between the Indian origin service providers and the global MNCs

Mumbai: IT services company HCL Tech reported 28.7% jump in its third quarter net profit at Rs602.5 crore, reports PTI.

The company's Q3 revenues were up 26% at Rs5,215.6 crore, from Rs4,138.2 crore in Q3 of the 2010-11 fiscal.

“A key strategic shift in the global IT industry has been the levelling of the playing field between the Indian origin service providers and the global MNCs. It is encouraging to note that HCL has continued its growth trajectory even in this environment,” HCL Technologies chairman and chief strategy officer Shiv Nadar said.

The company also announced an interim dividend of Rs2 per equity share of the face value of Rs2 each.

HCL Tech shares closed 3.1% higher at Rs495 per share on the Bombay Stock Exchange, while the Sensex ended marginally higher at 17,392.

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SC upholds EC criteria on symbol issue

Permanent symbol would be granted only to political parties which have garnered at least 5% votes in assembly elections or have managed to win two assembly seats or one seat in the parliamentary elections from the state

New Delhi: In a majority verdict, the Supreme Court on Wednesday upheld the criteria of the Election Commission (EC) for granting symbols to unrecognised registered political parties, reports PTI.

A three-judge bench comprising Justice Altamas Kabir, S S Nijjar and Jasti Chelameswar upheld the panel's symbol order by a two to one majority. Justice Chelameswar wrote the dissenting order against EC's symbol criteria.

The court passed the order on a batch of petitions filed by state political parties, challenging the symbol order of the EC.

According to the EC's order, permanent symbol is granted to those political parties which have garnered atleast five per cent votes in assembly elections or have managed to win two assembly seats or one seat in the parliamentary elections from the state.

Several parties including, the then Praja Rajyam Party, Bahujan Vikas Aghadi and Desiya Murpokku Dravida Kazhagam had approached the apex court in 2008 against the EC's decision to change their symbol from what was allotted to them previously.

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