India News

ONGC Q3 net down 64% on crude slump, impairment loss

State-owned petroleum explorer Oil and Natural Gas Corporation on Thursday posted a 64-per cent decline in net profit for the December quarter, on the crude oil price slump and provisioning for impairment of assets. Net profit was Rs 1,285 crore against Rs 3,571 crore.

“Our profit would have been Rs 3,898 crore, had it not been for the provision for impairment of Rs 2,612 crore,” ONGC Chairman and Managing Director D K Sarraf said.

Tata Motors profit marginally down

The better than expected numbers of Tata Motors in the December quarter might allay some of the investor concerns.

Consolidated revenue rose 3.7 per cent over a year, to Rs 72,256 crore. Net profit for the quarter declined two per cent over a year to Rs 3,508 crore, better than analysts had estimated.

RIL U-turn on gas row; will participate in Shah panel's proceedings

In a significant U-turn in its approach towards the ongoing gas dispute with state-run Oil and Natural Gas Corporation (ONGC), the Mukesh Ambani-controlled Reliance Industries Ltd (RIL) has decided to participate in the proceedings of the government-appointed Shah Committee that is looking into the matter.

“The second meeting of the Shah Committee was held a couple of days ago. RIL attended the meeting and (its representatives) said we would like to participate. Niko Resources also participated,” ONGC Chairman D K Sarraf told a media gathering while announcing the company’s third quarter results. He was responding to a question on the status of the controversial gas dispute.

Wipro buys US-based HealthPlan Services for $460 million

MUMBAI: Weeks after Abidali Neemuchwala took over as chief executive and internally laid out a vision to make Wipro a $15-billion company by 2020, India's third largest software exporter has executed one of its largest acquisitions in the last decade and bought US-based healthcare technology services firm HealthPlan Services for $460 million.

Wipro, which currently has a $800-million healthcare and life sciences business, said that the acquisition would strengthen its position in the healthcare payer sector. The transaction includes a purchase consideration of $460 million, including a deferred consideration of $20 million.

Ashok Leyland slaps notice on JV partner Nissan

Commercial vehicle major Ashok Leyland has slapped a notice on its joint venture partner Nissan, alleging that it is using the equipment, installed at Nissan's factory at Oragadam, to manufacture cars, while it needs to be used to produce light commercial vehicles (LCVs). Ashok Leyland and Nissan are partners in a JV to manufacture LCVs.

The development comes few days after Ashok Leyland's MD Vinod Dasari said that his was looking at 'win-win' solution for both the companies.

Siachen avalanche survivor Hanumanthappa Koppad dies

New Delhi: An Indian soldier who survived being trapped under 25 feet (8 metres) of snow for six days after being caught in an avalanche died in hospital on Thursday.

Hanumanthappa Koppad and nine colleagues were buried alive after a mass of snow collapsed on their post on the Siachen Glacier.

Stocks in bear market as Sensex crashes 807 points, Nifty below 7,000

Mumbai: Indian stocks entered bear market territory on Thursday with the benchmark equity index Sensex falling over 800 points. The biggest market decline in more than six months to close at fresh 21-month lows followed a steep slide in European shares, sliding crude oil prices and disappointing corporate earnings on the domestic front.

The market is seen falling further in the days ahead, as risk is off the table globally.