State-run oil marketing companies (PSU OMCs) have cut petrol price by Re 1 per litre, excluding value added tax (VAT), with effective from midnight Monday due to fall in international oil prices. The latest cut in petrol price comes on the back of 85 paise a litre reduction in rates on 2 April 2013 and Rs 2 a litre decrease effected on 16 March 2013. There was no change in price of diesel.
Shares of two-wheeler makers and small-car maker Maruti Suzuki will be in focus after reduction in petrol price.
CMC, a subsidiary of TCS, after trading hours on Monday, 15 April 2013, said its consolidated profit after tax (PAT) jumped 52% to Rs 230 crore on 31% growth in operating revenue to Rs 1926 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). The company added 80 clients during the year.
Commenting on the FY 2013 results, R Ramanan, CEO and MD, CMD said: "We are pleased with all round growth in the company performance in spite of challenging market conditions. The growth has been broad based with all business segments contributing to growth", said R Ramanan, CEO and MD. The company's software solutions found increased acceptance in new geographies, particularly Middle East and Africa, he added. Improved business mix and operating cost efficiencies enabled the company to expand its operating margin by 124 basis points in FY 2013, said JK Gupta, CFO, CMC.
CMC said that the company's operating revenue rose 6% to Rs 523 crore in Q4 March 2013 over Q2 December 2012. The company said operating profit stood at Rs 81 crore and profit after tax stood at Rs 61 crore in Q4 March 2013.
Wipro has informed stock exchanges that the Securities & Exchange Board of India (Sebi) has accepted the company's request and permitted the promoter and promoter group (including the entities that carried out the inter-se transfer) to divest through the offer for sale (OFS) route during the twelve weeks cool off period. Earlier, Wipro had on 25 March 2013 applied to SEBI seeking a specific relaxation exemption from the twelve week cooling off period for carrying out OFS through the stock exchange mechanism following the inter-se transfer amongst the promoter and promoter group entities on 15 March 2013.
Polaris Software said that the Andhra Pradesh State Cooperative Bank has gone live with Polaris' state-of-the-art Intellect Core Banking Solution (CBS) in all its 22 affiliated District Central Cooperative Banks spread across the state.
Sayaji Hotels said that its subsidiary Barbeque-Nation Hospitality (BNHL) has allotted 14.94 lakh equity shares on private placement basis. Further, Sayaji Hotels has also sold 4.15 lakh equity shares of BNHL held in its name. Pursuant to this the overall stake of the company in BNHL has been reduced from 67.59% to 54.70%.
Reliance Industries (RIL) announces its Q4 results today, 16 April 2013.
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