XL Telecom secures European orders worth Rs65 crore

XL Telecom and Energy, a Hyderabad-based company engaged in non-conventional energy power generation, has bagged two export orders aggregating to about Rs65.7 crore for supply of solar panels to the European market.

The company has secured one order from a large EPC company in Italy and a second order from a company in the Czech Republic. Both companies are existing customers of XL Telecom and the orders are repeat ones.

Earlier, in the month of June, the company had bagged two export orders worth Rs52.5 crore for supply of solar photovoltaic panels to European companies. The company's scrip was up 1.9% on the BSE at Rs32.40 per share. The Sensex closed down 120 points at 17,957.

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Corporation Bank clocks 28% rise in net profit in Q1

State-run lender Corporation Bank today reported a 28% rise in net profit at Rs333.78 crore for the first quarter ended June 30. The bank's net profit during the corresponding quarter last year stood at Rs261.25 crore.

The total income of the bank saw an increase of 9% at Rs2,294 crore in the April-June quarter, up from Rs2,102 crore in the year-ago quarter, Corporation Bank said in a filing to the Bombay Stock Exchange.

The percentage of net non-performing assets (NPAs) increased to 0.43 in the first quarter this fiscal, from 0.32 last year, the bank said in the statement. The company's scrip was down 0.15% at Rs565.10 per share. The Sensex closed down 120 points at 17,957.

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Deposit rates set to inch up from August-September: O P Bhatt

Mumbai; A day after the Reserve Bank of India (RBI) hiked policy rates, the country's largest lender State Bank of India (SBI) said deposit rates are likely to climb up as early as next month, reports PTI.

"There is an upward bias on the deposit rates. (Rates should move up) by August-September by at least 0.25%," SBI chairman O P Bhatt told reporters here on the sidelines of an event.

Yesterday, the RBI hiked the reverse repo rate - at which it absorbs excess liquidity from the system - by a larger-than-expected 0.5% to 4.5% and repo rate - lending rate to banks - by 0.25% to 5.75%.

Mr Bhatt, however, ruled out any impact on SBI's margins owing to the likely jump in the deposit rates, as loan growth is also likely to pick up in the days ahead on the back of recovery in the economy, which would help the lender maintain its margins.

SBI has seen an increase in non-performing assets, especially from loans given to farmers, Mr Bhatt said.

 Yesterday, talking to reporters after the credit policy announcement, Mr Bhatt had said that 'by and large' interest rates are unlikely to go up in the second quarter.

Asked about the efforts to bail-out the debt-ridden aviation industry, he said the bank is considering ways to give assistance to the airlines. "Banks have been helping troubled industries from time to time," Mr Bhatt said, without detailing further.

Earlier, speaking at the event, Mr Bhatt said that SBI plans to open five more branches in UK over the next five months, as part of its efforts to make UK as the hub for European operations.

Last week, amid market turbulence and volatility, SBI had raised $1 billion (about Rs4,700 crore) through bonds from the US market, paving the way for others to tap the market.

Mr Bhatt said the bank would use this amount for foreign currency loans to corporate clients abroad. 

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