Business

MUMBAI: Brokerage firm India Infoline today said its consolidated net profit after tax and minority interests grew 12.70 per cent to Rs 67.06 crore for the third quarter ended December 31, 2010, over the corresponding period a year ago. The group had a consolidated net profit from ordinary activities after tax and minority interests at Rs 10.77 crore for the same quarter last fiscal, India Infoline Limited said in a filing with the National Stock Exchange. Total income of the group increased to Rs 459.58 crore for the quarter under review from Rs 289.58 crore for the same period previous fiscal. For the nine-month period ended December 31, 2010, consolidated net profit from ordinary activities after tax and minority interests declined to Rs 164.34 crore from Rs 169.21 crore in the same period previous year. Consolidated total income ros

MUMBAI: Bhushan Steel today reported a 23.26 per cent increase in net profit at Rs 280.35 crore for the third quarter ended December 31, 2010. The company had a net profit of Rs 227.43 crore in the October-December quarter last year, Bhushan Steel said in a filing to the Bombay Stock Exchange . Net sales of the company also grew to Rs 1,942.74 crore in the December quarter of 2010 from Rs 1,429 crore in the same period last fiscal, it added. For the nine-month period ended December 31, 2010 the net profit of the company rose to Rs 745.11 crore from Rs 588.46 crore in the corresponding period a year-ago.

WASHINGTON: China did not manipulate its currency to gain an unfair advantage in international trade in 2010, the US Treasury said Friday in a long-delayed report to Congress. The Treasury said that China, eight other countries and the eurozone were all cleared of accusations that they manipulated exchange rates to their own benefit. "Based on the resumption of exchange rate flexibility last June and the acceleration of the pace of real bilateral appreciation over the past few months," China's behavior did not qualify under the official definition of manipulation, it said. "Treasury's view, however, is that progress thus far is insufficient and that more rapid progress is needed," it added in the report.

LONDON: Brent crude surged above $100 this week, while copper and tin futures struck record highs as a cocktail of violent unrest in Egypt and strong Chinese demand for raw materials fuelled investor appetite . Commodities were also bolstered by upbeat manufacturing data from Germany and the United States that sparked hope of a strengthening global economic recovery. Sugar futures soared as cyclone Yasi bore down on Australia. OIL: Prices stood above the key $100 mark in London on Monday for the first time in more than two years and went on to surpass $103 a barrel as the market was hit by concerns over the impact of Egypt unrest on global energy supplies. Brent oil blazed a trail to $103.37 on Thursday -- reaching the highest level since September 26, 2008. However, the market remains far below record highs of above $147 that we

NEW DELHI: World's third largest maker of wind turbines, Suzlon Energy, has reported a net loss of Rs 252.31 crore in the third quarter ending December 2010 due to foreign exchange fluctuation and interest burden. The group had reported a net profit of 22.70 crore in the same quarter of last fiscal. Suzlon Energy chief financial officer Robin Banerjee said: "Notional forex losses have impacted our reported bottom line due to the significant volatility in the euro-rupee exchange rates. We are very clearly headed in the right direction." Suzlon's total income during the quarter slipped 19.86% during the third quarter of the present financial year to 4,454.83 crore from 5,501.06 crore in the corresponding three-month period last fiscal. The company's interest burden grew to 294.41 crore compared with Rs 289.51 crore in the same period last year. However, the group said its order book

LONDON: Crude oil futures rose on Friday as Egypts volatile situation kept markets on edge, and ahead of US employment data due later in the day. US crude was 16 cents up at $90.70 a barrel by 1109 GMT. Brent crude for March rose by 20 cents to $101.95 a barrel. Brent touched $103.37 on Thursday, the highest intraday price since Sept. 26, 2008. Everybody is watching what is happening in Egypt, it seems to be a crucial day, Credit Agricole CIB analyst Christophe Barret said. Analysts said prices were likely to remain strong while the protests continue. Egyptians fighting to oust president Hosni Mubarak hoped to rally a million people on Friday while the United States worked to convince the 82-year-old leader to begin handing over power. The OPEC president has said that oil above $100 is not desirable, but while Middle-East unrest continues prices will probably hold around here,

NEW DELHI: Hit by notional forex losses, Wind power equipment maker Suzlon today reported a loss of Rs 253.57 for the quarter ended on December 31, 2010. The company had a profit of Rs 14.10 crore in the same quarter last year, a statement said. "... notional forex losses have impacted our reported bottomline due to the significant volatility in the euro- rupee exchange rates," Suzlon Energy Chief Financial Officer Robin Banerjee said. The company's total income came down to Rs 4,494.37 crore for the December quarter compared to Rs 5,608.41 crore in the same period a year ago. Suzlon, for nine months to December, 2010, reported a loss of Rs 1,535.02 crore against a loss of Rs 794.25 crore in the same period last year. Banerjee added, "There has been progress on all financial parameters and we have delivered s