Tata Coffee Ltd reported a second quarter net profit of Rs10.9 crore from Rs7 crore a year ago period, with better performance from its instant coffee operations.
During the quarter to end-September, Tata Coffee's total revenues increased to Rs106.9 crore from Rs87.4 crore, it said in a regulatory filing.
The instant coffee operations, which were adversely affected by the global recession in the previous years, have made significant improvement in its performance with higher volume of production and sales compared to previous period, it added.
The plantation operation of the company continues its good performance, said the company in a statement.
On Tuesday, Tata Coffee shares ended 0.5% down at Rs635 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.4% to 20,221 points.
State-run lender Dena Bank said its net profit for the second quarter ended 30 September 2010 rose 29% to Rs160 crore from Rs124 crore same quarter last year.
During the quarter to end-September, the lender's total revenues, including interest income, increased 23% to Rs1,340 crore from Rs1,088 crore.
On Tuesday, Dena Bank shares ended 8.9% up at Rs137 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.4% to 20,221 points.
New Delhi: Showing their faith on the Indian economy, overseas funds infused a whopping $6.11 billion in October, the highest amount brought in any single month by foreign institutional investors (FIIs) since they were allowed for investment in local stocks, reports PTI.
With an investment of $6.11 billion in just 25 days in October, the total inflows of FIIs so far in 2010 has crossed $24.48 billion-mark that is also a record investment came in a single calendar year.
According to the country's top fund house — Reliance Mutual Fund — this fund inflows into India is likely to go up further in the coming days, as FIIs see better growth opportunities here compared to the other markets.
"FIIs see better rate of returns in emerging markets and India is set to attract disproportionate share of inflows," Reliance Mutual Fund's head of equities Sunil Singhania said.
As per data available with the capital market regulator Securities and Exchange Board of India (SEBI), inflows came in the current month has surpassed the record monthly investment of $5.89 billion (Rs23,872 crore) made in July, 2007.
According to Mr Singhania India received over 40% of FII inflows into emerging market equities in the current year, as they have strong faith in resilient domestic economy.
"India took 60 years to get to its first $1 trillion GDP in FY'08, but the move to $2 trillion GDP would be in the next 5-6 years, similar to that of China," he said.
"Due to the huge consumption and savings/investment boom, $2 trillion gross domestic product (GDP) is not a destination, but a milestone in India's ongoing journey towards $4 trillion GDP in the subsequent 5-7 years, and so on," Mr Singhania added.
In October only, foreign investment in the Indian stock market crossed the magic Rs1 trillion-mark ($22 billion) for the first time in history.
The sharp rise in FII flows to Indian stocks has pushed up the market. The BSE benchmark Sensex has risen over 15% so far this year and last month the index re-gained the magical 20,000 level after a gap of two and half years.
"Significant FII money will flow into the BRIC (Brazil, Russia, India and China) markets and India will get its share of investments," he said.
Worth to mention, the recently concluded Rs15,000 crore mega Coal India public offer attracted a whopping inflow of about Rs1.2 lakh crore from FIIs, more than the record Rs1.11 lakh crore they have invested in Indian stocks so far this year.