Financial services firm Religare Enterprises Ltd today reported a consolidated net loss of Rs24.2 crore in the second quarter of the current fiscal, mainly on account of investments in its subsidiaries.
The company had a net profit of Rs29.7 crore during the July-September quarter of the last fiscal.
The company attributed the loss to investment in its global asset management and investment banking subsidiaries.
Religare reported a total income of Rs627.4 crore in second quarter financial year 2010-11, up 51% year-on-year basis.
In the first half of 2010-11, the company's consolidated net loss is Rs73.6 crore, compared to net profit of Rs43.1 crore during April-September period last year, Religare Enterprises, said in a statement.
On Wednesday, Religare Enterprises shares gained 2.3% to Rs474 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% down at 19,872 points.
Wind turbines major Suzlon Energy Ltd said it has awarded a five-year contract to global IT company IBM for an undisclosed amount. IBM will provide business consulting services to Suzlon and manage its application development and maintenance requirements.
The partnership is expected to help Suzlon expand its presence globally by bringing more efficiency to its worldwide operations and enhancing productivity of IT applications, IBM said in a statement.
IBM will help Suzlon optimise its costs and resources and enable the company's IT team to focus more on the transformational capabilities of IT and move beyond everyday transaction management.
On Wednesday, Suzlon shares declined 2.5% to Rs57 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% down at 19,872 points.
IT firm HCL Technologies Ltd, today reported a 3.1% growth in consolidated net profit at Rs331.1 crore for its first quarter ending 30 September 2010, despite rising wage bill.
The company said there was growth in all business verticals, and it also narrowed forex losses during first quarter financial year 2011.
However, on quarter-on-quarter basis, the net profit decreased by 1.6% mainly due to wage hike, increase in sales staff and taxes.
During the first quarter, three industry verticals including retail, healthcare and financial services registered a double-digit growth, it said.
On Wednesday, HCL Technologies shares declined 3% to Rs425 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% down at 19,872 points.