Triveni Engineering & Industries Ltd, engaged in the manufacture of sugar and engineered-to-order mechanical equipment, said its net profit for the fourth quarter ended 30 September 2010, declined to Rs17.25 crore from Rs68.22 crore in the corresponding quarter last year.
During the Q4 FY09-10, its net sales increased to Rs587.36 crore from Rs553.49 crore, the company said in a statement.
On Friday, Triveni declined 4.34% to Rs100.25 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.73% down at 19,585.
New Delhi: Handicrafts exports grew by a robust 58.55% year-on-year to $41.73 million in October, 2010, on the back of increasing demand from the US and European markets, reports PTI.
Handicraft exports stood at $26.32 million in October, 2009, according to data provided by the Export Promotion Council for Handicrafts (EPCH).
"There is a good demand for handicrafts products, mainly from the US and European markets," EPCH executive director Rakesh Kumar said.
Among the items that saw maximum export growth were imitation jewellery (up 37.94%), woodware (up 33.20%) and shawls and artware (up 30.13%).
The council said the industry is hopeful of achieving the export target of $2.2 billion fixed by the government for the current fiscal.
"We expect to achieve the export target as there is a good response not only from the traditional markets, but also from new markets like Latin America and Africa," Mr Kumar said.
In the first seven months of 2010-11, the sector's exports jumped by 23.91% to $1 billion.
The US and EU together account for 70% of the country's handicraft exports.
Moradabad, Jaipur, Saharanpur and Jodhpur are the major handicraft hubs in the country catering to global markets. The sector employs about 10 lakh people.
New Delhi: Cautioning that a high economic growth bereft of benefits to the poor would not achieve the national goal, government today asked banks to focus on the weaker section of the society, reports PTI.
Speaking at a function here, finance minister Pranab Mukherjee said banks should expand their reach and contribute to inclusive growth as high gross domestic product (GDP) numbers without benefiting the poor remain just a statistical number.
He said one should not be complacent at 8.5% growth expected this fiscal, and that the country must overcome the hurdles for double-digit growth.
"We cannot remain satisfied with this growth (8.5% expected this fiscal). We shall have to cross the barrier of double digit growth," Mr Mukherjee told at a Canara Bank function.
He said even though the International Monetary Fund (IMF) has projected Indian economy to grow by over 9.7% this year, he would stick to the growth projection of 8.5% this fiscal.
IMF uses a slightly different methodology for calculating GDP by including indirect taxes while Indian government measures the economic growth excluding indirect taxes.
Besides, the IMF measures the growth for the calendar year, which Indian government calculates it for the fiscal year.
Indian economic growth bounced back to 8.8% for the first quarter of this fiscal after shrinking considerably following the impact of the global economic crisis in 2008.
The finance minister asked banks to expand their reach and contribute to inclusive growth as high GDP numbers without benefiting the poor remain just a statistical number.
Mr Mukherjee said there would be an estimated gap of 30% for the $1 trillion investment pegged for infrastructure during the 12th Five Year Plan (2012-17).
"We have to breach that gap," the finance minister said.
In order to have better coordination among regulators, Mr Mukherjee said, "The ministry has decided to establish the Financial Stability and Development Council (FSDC)."
A discussion paper has been circulated in coordination with the RBI.
Referring to another set of reforms, Mr Mukherjee said, "Another important legislation which we are going to have for which we have set up a committee that is Financial Legislative Reforms Commission (FLRC)."
The objective is to update various financial sector related legislation, so that it can be in tune with prevailing condition, he said.