Vijaya Bank Ltd said its standalone net profit for the quarter ended September 2010 increased to Rs144.3 crore from Rs108.4 crore in the same quarter last year.
During the September 2010 quarter, the bank's total revenues increased to Rs1,520.9 crore, a rise of 4.3%, from Rs1,457.6 crore.
On Friday, Vijaya Bank shares ended 0.9% up at Rs106 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.5% to 20,165 points.
Mumbai: Wipro Ltd, the country's third-largest software exporter, today announced a lower-than-expected 9.75% growth in consolidated net profit at Rs1,284.90 crore for the second quarter, sending the company's stock price down 4.5% to about Rs 448 by the end of trading. Tata Consultancy Services (TCS) shares jumped 5.75% to a record high of Rs1,040 after its quarterly profit exceeded forecasts.
In the corresponding quarter last year, Wipro had recorded a net profit of Rs1,170.70 crore, the company informed the Bombay Stock Exchange, PTI reports. The company, which develops software applications, integrates IT systems and manages call centres, expects revenues of $1,317-1,343 million from its IT services business in the third quarter ending December, a growth of 3.5-5.5% from the second quarter.
"We saw strong momentum in demand as customers tried to catch up with under-investment in IT in the previous years," Azim Premji, chairman of Wipro, said. "We continue to enhance our investments in transformational capabilities, client partners and domain solutions." Mr Premji said that while the macro-economic environment continued to be uncertain, there was a higher degree of confidence at the micro level.
Net income from sales rose to Rs7,730.50 crore for the September quarter, as against Rs6,917.70 crore in the previous corresponding quarter. The IT services business, which contributed 74% of the total revenue in the reporting quarter, added 29 new clients, Bangalore-based Wipro said.
Wipro registered a forex loss of Rs41.40 crore in the July-September 2010 period compared to a gain of Rs24 crore in the period a year ago. It had cash and cash equivalents to the tune of Rs3,784.40 crore as on September 30, 2010. The company added 2,975 employees in the quarter, taking the total headcount to 1.15 lakh.
On a standalone basis, Wipro posted a dip in net profit at Rs1,172.10 crore for the quarter under review, compared to a net profit of Rs1,232.10 crore in the corresponding period last year. Net income from sales rose to Rs6,556.90 crore in Q2.
Indian IT outsourcing companies are facing competition from some bigger global rivals. Analysts say that with clients going back to discuss contracts, macro-economic concerns are building up again. Economic uncertainty and currency volatility remain the two biggest challenges for these companies in the near-term, they say.
Experts say that John does have star power, but fans have mixed reactions towards the movie
Are you a John Abraham fan or did you love the movie Jaane Tu... Ya Jaane Na? The question sounds strange. Doesn't it?
But this query is important in the context of John Abraham's new release Jhootha Hi Sahi. Till date, John has never had a major solo hit. For stars like Salman Khan or Shah Rukh Khan, the producer is assured of a decent opening weekend collection. But John has not enjoyed such a privilege yet.
So whatever extra crowds that John will pull into theatres will be from the goodwill of Jaane Tu... Ya Jaane Na, the super-hit movie of 2008 starring newcomer Imran Khan, Aamir Khan's nephew. Jhootha Hi Sahi is promoted as a movie from the director of Jaane Tu... Ya Jaane Na.
Film analysts and trade pundits say that John Abraham does have star power and if the makers of the movie are promoting it as a film from the director of Jaane Tu... Ya Jaane Na, it's because it's the "selling point" that will definitely boost box-office collections.
Shameer Tandon, management consultant and music director, told Moneylife, "Each actor today has his or her own loyal customer base. So that particular fan base would definitely come to watch John's films. It may be not be the entire universe of filmgoers. The entire universe will go to see Aamir's or Shah Rukh's film. But John does have a very good fan base and it is pretty well-tapped by him - and that fan base would definitely go to see his film."
But what it is that makes the filmmakers of Jhootha Hi Sahi to promote it as a film from the director of Jaane Tu... Ya Jaane Na?
Mr Tandon said, "Nowadays, movie marketing is a 360-degree game. It is a game where every aspect of the movie has to be used in order to lure the public to see a film. It's a great thing to talk about the directors of the film as a lot of people do watch movies on the basis of the director's sensibilities as well."
Though Mr Tandon is confident that John's star power will draw in the crowds for the movie, Hindi-movie lovers are having mixed reactions about plans to watch the new flick this weekend.
Rajat Kumar of Thane, a 34-year-old executive, said that the motivation behind watching Jhootha Hi Sahi for him is Abbas Tyrewala, the director of the movie and not John Abraham. He said, "I would rather watch Tyrewala's movie as I enjoyed Jaane Tu... Ya Jaane Na. He seems to be a good director. After all, a director is the most important person in the film. It's his vision that is carried out on the screen. John Abraham is fine. But he is not an Amitabh Bachchan or Shah Rukh or Aamir that I have to watch his movie. John has to yet prove his credentials. I will wait for the reviews of John's movie before watching it."
Rishikesh Raul of Dadar, 27, an avid Hindi movie fan, said he will watch the movie because it is being made by Abbas Tyrewala and has his favourite Raghu Ram of 'MTV Roadies' fame.
However, it looks like John is more popular among his female fans. Priya Mehra, a 20-year-old college student, said, "This is the first time ever that John Abraham will be seen in a guy next-door image which is very different from his initial hot and hunky look. So, I'm excited to see this film because of his different look."
But statistics and records don't bode well for John and his new film. All the hits from John's factory have come under multi-starrers. The last hit from John's stable was two years ago - the Abhishek Bachchan and Priyanka Chopra co-starrer Dostana. And the last major hit before that from John is again the Abhishek co-starrer Dhoom. In the case of Jhootha Hi Sahi, John has to lead the film on his well-structured shoulders.
But the film definitely gets an impetus because it comes from the director of Jaane Tu... Ya Jaane Na. The producers make no bones in putting that in the posters. Of course, anything that can draw in the crowds is welcome.
In India, there is probably only one banner that can draw the audience to the theatres just on its name. That is none other than "Aamir Khan Productions Pvt Ltd". The recent success of Peepli Live is a live example. The film has no stars, no foreign locales, no item songs and no Aamir Khan in the cast, but in the credits it has the name, "Aamir Khan Productions Pvt Ltd". The name "Aamir" itself inspires awe as the banner has produced memorable hits such as Lagaan, Jaane Tu... Ya Jaane Na, Taare Zameen Par (among others), and has a success rate of 100%.
However, this time Abbas Tyrewala doesn't have the backing of Aamir Khan Productions Pvt Ltd. But it shouldn't panic the director as he has made a name for himself after the success of his first film. Debojyoti Baruah, 37, a resident of Vashi (Navi Mumbai) noted, "I will watch it for Tyrewala if I have to watch it. His last movie was good. John Abraham is not that good in comic roles. Among the movies of John's that I've watched, the best was Dhoom. I will watch it for Tyrewala."
Although the hype surrounding a film starring John might pale in comparison to a movie starring any of the King Khans, the combination of John and Tyrewala may work wonders at the box-office. It's too early to say now. Let's Friday decide the winner.