State Bank of India (SBI) on Friday reported a net profit of Rs 3,879 crore for the three months to September, up 25% from a year earlier, on the back of higher other income, which rose 35.5% year-on-year (y-o-y) to Rs 6,197 crore.

The lender saw an improvement in asset quality with slippages falling 20% sequentially even as chairman Arundhati Bhattacharya was cautiously optimism about a pick-up in the economy saying more projects were beginning to take off.

Reliance Communications on Friday recorded an increase of 1.9 per cent in its net profit at Rs 156 crore for the September quarter, as voice business continued to remain under pressure. The revenue and net profit of the Anil Ambani-led company were below Street expectations for the period as its voice call operations slowed down compared with April-June period.

It reported a net profit of Rs 156 crore on a revenue of Rs 5,355 crore during the quarter. The net income was two per cent higher than Rs 153 crore posted in the same period a year ago, but lower than Rs 177 crore net profit seen in previous quarter.

Oil and Natural Gas Corporation (ONGC) on Friday said its standalone net profit for the September quarter dipped 11 per cent on the back of crude price slump.

It reported a net profit of Rs 4,842 crore, against Rs 5,444 crore in the same quarter in 2014-15. However, the profit was ahead of Bloomberg consensus estimate of Rs 4,601 crore. The company also gave subsidy to oil marketing companies (OMCs).

The capital markets regulator, Securities and Exchange Board of India (Sebi), has directed Essar Oil to match its delisting price with that being paid by Russian oil giant Rosneft for a 49 per cent stake in the company.

The regulator has also agreed to certain relaxations sought by the company for its delisting bid.

Sunil Hitech Engineers Limited (SHEL) has received contract worth Rs 183.03 crores from NTPC Limited for ash dyke package for its Kudgi Super Thermal Power Project, Stage-I (3 x 800MW), in Karnataka. The project is scheduled to be completed within 30 months from the date of letter of award.

Commenting on the order, Sunil Gutte, managing director of Sunil Hitech Engineers Limited, said, “We are happy to receive the contract for ash dyke package at Kudgi Super Thermal Power Project as we are already executing another order at the same site for erection, testing and commissioning of boiler unit III worth Rs 83.71 crores for one of our other client. Another order at same site will lead to better utilisation of resources.”

Shares of the country's largest bank SBI have gained over 2% to Rs 239 on the BSE after reporting 25% rise in stand-alone net profit at Rs 3,879.07 crore for the second quarter ended September.

Total income increased to Rs 46,854.81 crore during the quarter as against Rs 41,833.36 crore a year earlier. Total income has jumped to Rs 66,585.85 crore for the second quarter, from Rs 61,098.67 crore in the same period last year.

The government has allowed Coal India to produce natural gas (CBM) from coal seams in mining leases it already holds.

Until now, Coal India was allowed to mine only coal from its mines or leases.

Air India will report an operating profit in the current fiscal, primarily benefiting from low crude prices and improved operational efficiency, the government said today.

The loss-making national carrier, surviving on a Rs 30,000 crore bailout package, is implementing a turnaround plan.

Homegrown auto major Mahindra & Mahindra today reported 2.43% decline in standalone net profit at Rs 923.56 crore for the second quarter ended September 30, 2015-16.

It had posted net profit of Rs 946.63 crore in the July- September period of the 2014-15 fiscal, Mahindra & Mahindra said in a filing to BSE.

PM Narendra Modi on Thursday launched two schemes on gold as well as a sovereign gold coin, as the government aims to broaden the investment choices for individuals as well as households, and also discourage imports of the precious metal. Although Modi has described the schemes on gold monetisation and sovereign gold bond as an example of “sone pe suhaaga” (icing on the cake), analysts believe these may not achieve runaway success instantly, despite having the potential to establish the metal as a viable investment instrument, as certain issues have not been adequately addressed.

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