Hindustan Petroleum Corporation Limited (HPCL)'s performance for the quarter ended March, like that of Bharat Petroleum Corporation Limited (BPCL), was impressive and much ahead of estimates.

HPCL' profit at Rs 1,553 crore declined 28.2 per cent year-on-year (y-o-y), but beat Bloomberg consensus estimate of Rs 1,087 crore by 43 per cent. The topping of the estimate was led by better-than-expected operating performance. Ebitda at Rs 2,643 crore was substantially higher than Rs 2,378-crore Bloomberg consensus estimate.

The slowdown in the capital goods industry has pushed Union government-controlled Bhel (Bharat Heavy Electricals Ltd) into its first-ever annual loss of Rs 896 crore for the year ended March. It had recorded a profit of Rs 1,452 crore in 2014-15.

On stand-alone basis, its net profit declined 60 per cent to Rs 359.6 crore for the quarter ended March, against Rs 888 crore in 2014-15, on lower income from operations. Total income from operations fell 21.5 per cent to Rs 10,005 crore during January-March 2016 compared to Rs 12,745 crore a year ago. Total expenses decreased to Rs 9,884 crore, over Rs 11,345 crore a year ago.

Indian Oil Corporation reported an 80 per cent fall in profits in the March quarter, the final one for 2015-16, to Rs 1,236 crore, from Rs 6,285 crore during the corresponding period a year before. Income from operations declined 14.2 per cent to Rs 80,450 crore.

The company also took an impairment charge in the exploration and production business.

Mumbai: The Indian rupee on Friday closed stronger against the US dollar for the third consecutive session, as the local equity market gained for the fourth session. Traders were cautious ahead of the gross domestic product (GDP) data which is due next week.

The home currency closed at 67.04, up 0.21% from its previous close of 67.18. The rupee opened at 67.05 per US dollar and touched a high of 66.95, a level last seen on 18 May.

Franfurt: Daimler said it will spend €3 billion ($3.35 billion) to curtail diesel exhaust pollution levels by modifying its engines and exhaust treatment systems including through a software update for some Mercedes-Benz passenger cars.

The €3 billion includes a €2.6 billion ($2.91 billion) investment announced in February.

Mortgage lender HDFC Ltd has been ranked among the world’s ten biggest and most powerful companies in the consumer financial services sector on a Forbes list topped by global major American Express.

Ranked 7th, HDFC is the only Indian company in top-ten in this category, where others include Capital One, Visa and MasterCard.

The S&P BSE Sensex and the Nifty 50 have gained 5% each in week ended May 27,2016 and reported their biggest weekly gain in the past three months, on the back of slew positive news and strong earnings from index companies.

The Sensex was up 287 points at 26,654 on Friday, gaining 1,352 points in the past five sessions, while the Nifty 50 index - up 87 points - at 8,157, has surged 407 points during the week.

Mumbai: Market regulator Sebi on Thursday notified rules aimed at banning wilful defaulters from raising money from the markets. The rules will impact companies and individuals categorized as 'wilful defaulter' by the RBI. The entities who could be banned include promoters and directors of a company, as well as the company.

State Bank of India (SBI) will announce its financial results for the fourth quarter ended March 31, 2016 on Friday. According to market experts, State Bank of India (SBI) may report around 50 per cent year-on-year fall in net profit figures for the quarter ended March 2016.

With a couple of big mall developers unlikely to put in financial bids, GMR Infrastructure’s auction to monetise 2 million sq ft of space at Delhi’s Indira Gandhi International Airport could turn out to be a damp squib, people familiar with the development told FE. Both the mall builders had qualified at the request for qualification stage.

What appears to have given players cold feet is the fairly large investment needed, an estimated amount of nearly Rs 2,000 crore.

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