News Capsules

• Headline inflation rate, as measured by the wholesale price index (WPI) after showing marginal increase for two
consecutive weeks fell further into the negative territory to -1.54 per cent for the week ended July 18. The decline is primarily due to the decrease in prices of fuel and manufactured products. The inflation rate was -1.17 per cent for the previous week ended July 11 and 12.54 per cent for the corresponding week in 2008.
• Mahindra & Mahindra posted an increase of 151.6 per cent in net profit for the first quarter, strongly aided by lower raw
material prices and additional tractor numbers from Punjab Tractors (PTL), which it acquired two years ago. Net profit for the period rose to Rs 400.85 crore as compared to Rs 159.3 crore in the same quarter a year earlier. While PTL was bought by M&M in 2007 it was only merged with the company last July.
• Steel Authority of India Ltd (SAIL) reported a 27.7 per cent dip in its net profit for the quarter ended June 30. Net profit for the quarter was Rs 1, 326 crore, while net sales declined 16.5 per cent to Rs 8,950.6 crore. Average net realisation on product sales dipped 18 per cent during the quarter.
• Indian Oil Corporation has seen a 787 per cent jump in its first-quarter profits, due to lower under-recoveries, and
gains on account of product inventory and foreign exchange. Net profit for the quarter ended June 30 was Rs 3,682.8 crore, while net sales slipped 22.2 per cent to Rs 57,935 crore on lower product prices. The gross refining margin during the quarter was $7.36 a barrel vis a vis $16.81 last year.
• Reliance Infrastructure (R-Infra) has posted a net profit of Rs 317 crore for the first quarter ended June 30, an increase
of 25 per cent over the Rs 253-crore net profit in the corresponding quarter of previous year.
• Parsvnath’s net crashes by 81%, Essar Shipping reports Rs 60-cr profit, Patni net up 14 per cent, PTC Q1 net up 77
per cent, UTV Q1 loss at Rs 23.33 crore, IVRCL Infra net dips 17%, Suven Life Q1 net up 37%, Educomp Solutions Q1 net jumps two fold to Rs 36 cr, Bhushan Steel Q1 net up 34% at Rs 178 cr, UCO Bank Q1 net rises 34.03 per cent, Wockhardt Q2 net loss at Rs 190 cr, Voltas Q1 net profit dips by 5% y-o-y, MMTC June qtr net dips 23% to Rs 41 cr.