Opto Circuits (India) Ltd (OCIL), a manufacturer of patient-monitoring systems, has said that its consolidated net profit for the September quarter rose to Rs77.5 crore as against Rs66.9 crore in the same period last year. Its net sales increased to Rs331.4 crore from Rs255.7 crore in the same period last year, the company said in a statement.
On Wednesday, OCIL ended 0.5% down at Rs305 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.3% down at 20,875 points.
Aluminium producer Hindalco Industries Ltd has said that its net profit for the September quarter rose 26% to Rs434 crore on a standalone basis, from Rs344 crore last year, on higher demand and increase in metal prices.
The company's revenues increased 19% to Rs5,860 crore on higher domestic demand for two of its main products - copper and aluminium - in sectors such as auto, construction and power.
Increasing base metal prices on the London Metal Exchange (LME) also added to Hindalco's sales growth. These factors helped the company overcome a disruption in production at a copper smelter and a rise in the prices of its inputs. The revenue of its copper division increased by 21% at Rs3,951 crore, while sales of the aluminium division rose 16% to Rs1,911 crore.
On Wednesday, Hindalco Industries declined 1.6% to Rs228 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.3% down at 20,875 points.
New Delhi: The government today informed Parliament that further liberalisation of foreign direct investment (FDI) policy in multi-brand retail is under consideration, reports PTI.
“The further liberalisation of this policy has been under consideration of the government,” minister of state for commerce and industry Jyotiraditya Scindia said in a written reply in the Rajya Sabha.
He was asked whether the government has decided to introduce a new policy on FDI in the multi-brand retail sector.
The existing policy allows 51% FDI in single brand retail and 100% in cash-and-carry stores, which cater only to bulk buyers and traders.
He said an inter-ministerial committee is examining the comments received on a discussion paper by the Department of Industrial Policy and Promotion (DIPP), the nodal agency for FDI related matters.
“The committee will examine and analyse the responses and provide necessary inputs for proposed policy action.
Government has yet to take a final view,” he added.
He said the possible strategy to protect interests of small traders in the unorganised sector and the likely impact on the capacity building of storage of foodgrains, fruits and vegetables would be taken into account.
Global giants like Wal-Mart and Carrefour have shown keen interest to enter in the sector.
French major Carrefour has called for allowing 100% FDI in multi-brand stores and said the move would ease inflationary pressures.
However, local traders’ body like Navi Mumbai Merchant's Chamber have said that there should be a blanket ban on the entry of multinational companies (MNCs) and domestic corporate houses into retail trade in India.
In another reply, Mr Scindia said the government is not making changes in FDI norms in the realty sector.