Hinduja flagship firm Ashok Leyland today reported a standalone net profit of Rs 111.23 crore for the first quarter ended June 30, 2017. The commercial vehicles maker had reported a net profit at Rs 290.78 crore in the April-June quarter of the previous fiscal, Ashok Leyland said in a BSE filing. The company said the results of the quarter are not comparable as it includes the financials of Hinduja Foundries Ltd, which was merged with it effective October 1, 2016. Ashok Leyland said the profitability of the quarter was lower primarily because of a richer mix and exchange gain on swap contracts in the first quarter of last year.

Bank of Baroda has entered into an agreement with Directorate General of Supplies & Disposal (DGS&D) for extending various banking services to Government e-Marketplace (GeM). DGS&D has been mandated to set up GeM, an initiative intended to bring greater transparency and efficiency in public procurements, BoB said in a statement today. The relationship of the bank with GeM will immensely benefit all stakeholders and ensure a support system including a dedicated team for seamless functioning of the portal, it said.

Shares of telecom companies dived on Friday after Mukesh Ambani launched the JioPhone at the Reliance Industries Annual General Meeting 2017. Following the possible threat from the mobile business disruptor Reliance Jio, investors sentiment soured as there may be possibilities that the new JioPhone may dent the businesses of the existing telecom and cable TV operators. The most valuable telecom company as of now, Bharti Airtel slipped nearly 4% just after the announcement to the day’s low of Rs 403 while Idea Cellular fell as much as 7.01% to Rs 88.2 on BSE.

The benchmark Sensex rallied over 131 points above the 32,000-mark on Friday as Reliance Industries reported its highest quarterly earnings.

The numbers came in after market hours on Thursday.

Besides, better-than-estimated results by Wipro gave investors more confidence.

Microsoft Corp reported a quarterly profit that more than doubled, helped by a tax benefit and strong growth in its cloud business.

The company's net income rose to $6.51 billion, or 83 cents per share, in the fourth quarter ended June 30 from $3.12 billion, or 39 cents per share, a year earlier.

The organised retail business of Reliance Industries (RIL) posted Rs 398-crore profit before depreciation, interest and taxes (PBDIT) at Rs 398 crore in the quarter ended June, a 66 per cent annual jump at the back of record sales growth of 73.6 per cent to Rs 11,571 crore in the period.

The company said the increase in revenue was led by growth across all consumption baskets. The company included its fuel retail outlet to retail operations in the June quarter last year and numbers are comparable year to year.

With companies in the information technology (IT) realigning and reskilling their workforce to address a changing requirement, Nasscom, the apex association of companies here, has said it would look at bringing norms related to human resource (HR) issues, if needed.

Speaking to reporters on the sidelines of an HR meet organised by Nasscom here, R Chandrashekhar, president, said: "We would not want that anyone should lose their job at all. But, given the circumstances, some of these cases will come up. We believe that companies have to handle this issue with sensitivity, transparency and with agility."

Largest private sector lender ICICI Bank will be selling personal loans of up to Rs 15 lakh through its ATMs that can be availed of by select salaried customers even if they haven't previously applied for one.

Using data from credit information companies, the lender will pre-qualify select customers for personal loans.

Mumbai: Kotak Mahindra Bank Ltd on Thursday said its net profit for the June quarter rose 23% from a year ago due to higher net interest and other income.

Net profit for the quarter was Rs912.73 crore, up from Rs741.97 crore a year ago. Six analysts polled by Bloomberg had forecast a net profit of Rs963.40 crore.

Telecom operators added 1.98 million subscribers in June, which is not only a decline for the third consecutive month, but also the lowest in the first half of the current calendar year. The additions fell by 13% compared to May 2017 during which the telecom operators collectively added 2.27 million subscribers, latest data by industry body COAI show.

An analysis of the data shows that additions during last month are the lowest so far in the 2017 calendar year. In January this year, telcos added 5.15 million subscribers, 2.27 million (February), 5.68 million (March), 2.8 million (April) and 2.27 during May.

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