Good Morning! News 17.1.2015 1. Weighed down by a steep decline in global crude oil prices, which hurt the profitability of its core refining business, Reliance Industries Ltd (RIL) on Friday reported a 4.5 per cent drop in its consolidated net profit for the quarter ended December 2014.In line with market expectations, net profit for the quarter was Rs 5,256 crore, compared with Rs 5,502 crore in the year-ago period. The company’s standalone net profit stood at Rs 5,085 crore, down 7.72 per cent and the first such drop in the past nine quarters. 2. The government on Friday announced a rise of Rs 2 a litre each in the excise duties on petrol and diesel. Even so, oil marketing companies (OMCs) cut the prices of the two fuels by a little over Rs 2 a litre, effective midnight on Friday. 3.Following the surprise rate cut by the Reserve Bank of India on Thursday, India Inc is set to benefit from the lower cost of raising funds. According to estimates, the cost of borrowing through private placement of bonds fell about 30 basis points on Thursday. And, with expectations of further rate cuts, fund-raising will only turn cheaper. 4. Prime Minister Narendra Modi dared India to dream big as he laid out details of his grand economic and development vision for the country for the first time. Heralding the dawn of a New Age India, he said the country was making the transition from a winter of subdued achievement to a new spring. India is a $2-trillion economy today. Can we not dream of an India with a $20-trillion economy? the prime minister asked at the ET Global Business Summit on Friday in an address that detailed the Narendra Modi doctrine of development in a comprehensive manner, each element segueing into the next. The government must nurture an ecosystem where the economy is primed for growth; and growth promotes all-round development. 5. Wipro Ltd, India’s third largest software services exporter, reported a fiscal third-quarter (Q3) profit that was marginally ahead of analyst expectations, helped by client additions and an increase in spending by customers in a seasonally weak quarter for information technology (IT) firms. Net profit in the three months ended 31 December rose 8.8% to Rs.2,192.8 crore from Rs.2,014.7 crore in the year-ago quarter, the company said on Friday. Revenue rose 6.7% to Rs.12,085 crore from Rs.11,327 crore a year earlier.
Posted on: Sat, 17 Jan 2015 04:26:57 +0000
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