Crisil reports flat Q1 net on high forex losses

Rating agency Crisil has reported a muted net profit at Rs 73.34 crore for the March quarter, largely due to adverse forex movement and subdued growth in the mid-corporate and MSME segments. Its March 2016 net profit stood at Rs 73.15 crore.

Net was impacted by Rs 11.9 crore due to adverse forex movement against a gain of Rs 3.31 crore in the year-ago period.

Its consolidated income grew 12 per cent to Rs 402.23 crore, the company said in a statement.

"Growth for the quarter was driven by our research segment on account of opportunities in risk & analytics such as model validation, stress testing and regulatory change management," the company said, adding the ratings business witnessed modest growth despite a continued weak investment climate and soft credit growth. PTI SSM
 

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SAP Labs opens Oswald innovation space in Bengaluru

Mumbai: Technology major SAP today opened the Gerhard Oswald Innovation Space in Bengaluru at an investment of 50 million euros which can accommodate over 2,500 people.

The facility at Whitefield had been under preparation since 2014 and it sits within the SAP Labs India campus at the the Electronic City. The SAP Labs India, set up in 1998, is the second largest R&D facility for SAP globally.

Gerhard Oswald was a former member of the SAP executive board and had played a significant role in driving SAP India's growth during his tenure at SAP. PTI BEN

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Zee enters Poland; to launch Zee.One this year

Mumbai: Media and entertainment firm Zee Entertainment Enterprises (ZEEL) today said it has expanded its operations to Poland.

The company has appointed Pawel Kolasa as Country Manager - Poland and he will report to Neeraj Dhingra, ZEE Network Europe Chief Executive Officer.

It will launch a customised version of Zee.One, a dedicated Bollywood film and entertainment channel for Polish audiences, later this year.

"After the successful launch of Zee.One in Germany last year, we want to further strengthen our presence in Central Europe and Poland is the market with the highest potential in this region," ZEEL International Broadcast Business CEO Amit Goenka said.