RIL Q4 net profit jumps 16 per cent to Rs 7,398 crore

RIL Q4 results: Total income from operation (net) declined 10.70 per cent yoy to Rs 60,252 crore for the quarter ended March 2016.

RIL Q4 results: Total income from operation (net) of RIL declined 10.70 per cent yoy to Rs 60,252 crore for the quarter ended March 2016. (Photo: Reuters)

Reliance Industries (RIL) announced its financial results for the quarter ended March 2016 on Friday post market hours. Consolidated net profit of the oil & gas major surged 16 per cent year-on-year (yoy) to Rs 7,398 crore in the quarter under review on higher refining and petrochemical margins. RIL has posted net profit of Rs 6381 crore in the corresponding quarter last year.

Total income from operation (net) of RIL declined 10.70 per cent yoy to Rs 60,252 crore for the quarter ended March 2016.

Earnings per share of RIL jumped to Rs 25.10 for the quarter ended March 2016 from Rs 21.70 crore in the same quarter last year.

During Jan-March period, consolidated total expenditure of the company declined by 14.19 per cent yoy to Rs 51,815 crore.

RIL has also declared dividend of Rs 10.50 per equity share of Rs 10 each, aggregating Rs 3717 crore, including dividend distribution for the financial year 2015-16. Debt-to-equity ratio of RIL remained same at 0.74.

For the financial year 2015-16, the company reported net profit of Rs 27,630 crore, up 17.25 per cent, against Rs 23,566 crore in the previous fiscal.

RIL earned $10.8 on turning every barrel of crude oil into fuel compared with a gross refining margin of $10.1 in the fourth quarter of 2014-15.

Mukesh D Ambani, chairman and managing director, Reliance Industries in a release said: “FY 2015-16 has been a year of outstanding achievement for our downstream hydrocarbon businesses, notwithstanding persisting global economic uncertainty. Refining and petrochemicals delivered record operating and financial performances. Our refineries sustained double-digit GRMs and record levels of utilisation through the year. Reliance Retail continued its path of profitable expansion while maintaining a robust revenue growth of 23 per cent during the year. Looking ahead, we are focused on ensuring a flawless start- up and stabilisation of the new growth.”

Market breaks 6-day winning run, but logs second weekly gain

Mumbai, Apr 22 (PTI) The Sensex on Friday recorded its first drop in seven sessions, edging down by over 42 points, and the Nifty broke below 7,900 following profit-booking amid mixed global leads, but both indices scored gains for the second straight week.

For the week, the BSE Sensex rose 211.39 points, or 0.82 per cent, and the NSE Nifty 48.85 points, or 0.62 per cent.

Overnight losses in the US, lacklustre corporate earnings by top US companies and the rupee, at 66.48, giving up some ground against the dollar soured mood.

ECB's expected policy stance failed to cheer the European market due to the underlying fear of deflation.

Investors held themselves back ahead of quarterly numbers from blue-chips, including Reliance Industries, due post trading hours. RIL shares shed 0.21 per cent to Rs 1,038.75.

The 30-share barometer opened a shade higher and settled lower by 42.24 points, or 0.16 per cent, at 25,838.14.

The index had risen about 1,207 points in the past six sessions -- its longest winning streak since March.

The 50-share NSE Nifty broke below the psychological 7,900-level and closed at 7,899.30, down 12.75 points, or 0.16 per cent.

Intra-day, it shuttled between 7,923.35 and 7,873.35.

"US equities' negative close on the backdrop of disappointing Q1 results obviously cast a shadow on Asian stocks," said Anand James, Chief Market Strategist, Geojit BNP Paribas.

The uptrend in the previous six sessions came on the back of continuous foreign inflows amid positive macro numbers, IMD's forecast of an above-normal monsoon and Infosys' strong revenue guidance.

Hindustan Unilever took the biggest blow, plunging 2.04 per cent to Rs 884.30, followed by Asian Paints (1.84 per cent) at Rs 871.60.

HDFC, Sun Pharma, ITC, Bharti Airtel, BHEL, Infosys, GAIL, ICICI Bank, Wipro, TCS and Tata Steel lost too.

Of the 30-pack Sensex, 16 ended with losses, but 14 ended in the green, thus limiting the fall.

It was a mixed closing in Asia, with Hong Kong's Hang Seng falling 0.72 per cent and Japan's Nikkei gaining 1.20 per cent. A lower opening in Europe made sentiment turn weak.

In terms of sectoral show, the BSE FMCG index got much hammering, down 0.78 per cent, followed by IT 0.57 per cent, technology 0.47 per cent and consumer durables 0.46 per cent.

Broader markets gave some reasons to cheer, with the mid-cap index firming up 0.08 per cent and small-cap 0.02 per cent.

Foreign portfolio investors (FPIs) net purchased shares to the tune of Rs 805.42 crore on Thursday, as per provisional data.

SC stays HC order on President's rule in U'khand till Apr 27

New Delhi, Apr 22 (PTI) The Supreme Court today stayed till April 27 the judgement of the Uttarakhand High Court quashing the imposition of President's rule, giving a new turn to the continuing political drama in the state by restoring the Central rule there.

Before passing a brief order, a bench comprising Justices Dipak Misra and Shiva Kirti Singh recorded an undertaking given by Attorney General Mukul Rohatgi that the "Union of India shall not revoke the Presidential proclamation till the next date of hearing".

The apex court clarified that it was keeping in abeyance the judgement of the High Court till the next date of hearing on April 27 as a measure of balance for both the parties as the copy of the verdict was not made available to the parties.

The High Court judgement had also directed Rawat to prove his majority in the Assembly on April 29.

While listing the matter for hearing on April 27, the bench said that the High Court shall provide the judgement passed yesterday to the parties by April 26 and on the same date the copy of the verdict shall also be placed before the apex court.

The Supreme Court's stay has the effect of undoing the revival of the Congress government led by Harish Rawat by the High Court judgement yesterday.

During the hearing, the bench also observed that as a matter of propriety the High Court should have signed the verdict so that it would be appropriate for it to go into the appeal.

The apex court issued notice to Harish Rawat and Chief Seceretary of the state on the petition by Centre challenging the quashing of Presidential proclamation under Article 356 of the Constitution in the state.

Mother Earth Day Coincides with the Signing of the Paris Agreement

PM Modi expresses reverence and gratitude towards our planet, on the occasion of Earth Day

The Prime Minister, Shri Narendra Modi has expressed reverence and gratitude towards our planet, on the occasion of Earth Day. 

"On Earth Day, reverence and gratitude to our planet that has given us everything", the Prime Minister said.

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On #EarthDay, reverence and gratitude to our planet that has given us everything.

8:06 AM - 22 Apr 2016

We are in a race against time,' says Ban, as leaders sign landmark Paris climate accord

This year, Earth Day coincides with the signing ceremony for the Paris Agreement on Climate Change, which will take place at UN Headquarters in New York. The Agreement was adopted by all 196 Parties to the United Nations Framework Convention on Climate Change at COP21 in Paris on 12 December 2015. In the agreement, all countries agreed to work to limit global temperature rise to well below 2 degrees Celsius, and given the grave risks, to strive for 1.5 degrees Celsius. The signing ceremony takes place on the first day that the Agreement will be open for signatures, marking the first step toward ensuring that the Agreement enters into legal force as quickly as possible.

The UN General Assembly, recognizing that Mother Earth is a common expression for the planet earth in a number of countries and regions, which reflects the interdependence that exists among human beings, other living species and the planet we all inhabit, and noting that Earth Day is observed each year in many countries, decided to designate 22 April as International Mother Earth Day in 2009.

As world leaders gathered at United Nations Headquarters in New York this morning to officially sign the Paris Agreement on climate change – the landmark accord that sets outs a global action plan to put the world on track to avoid dangerous global warming – Secretary-General Ban Ki-moon called on Member States to move quickly to join the accord at the national level so that it can enter into force as early as possible.

Dr. Harsh Vardhan celebrates Earth Day by inaugurating India’s first Cellulosic Alcohol Technology Demonstration Plant at Kashipur, Uttarakhand 

Union Minister for Science & Technology and Earth Sciences, Dr. Harsh Vardhan, inaugurated India’s 1^st Second-Generation (2G) Ethanol plant today at Kashipur in Uttarakhand. Taking pride in the indigenously-developed technology and its evolution into a demonstration plant, he said that more such examples are needed, for the initiatives like Make in India and Swachh Bharat Abhiyan to be truly successful. Such technological breakthroughs can make India stand out as a leader in the world’s struggle to save the earth from challenges of global warming, he noted.

The Minister said that it is a novel technology suited to both Indian & Global Needs and is projected to be capable of converting all types of agricultural residues like Bagasse, Rice Straw, Wheat Straw, Bamboo, Cotton Stalk, Corn Stover, Wood chips etc. to ethanol in less than 24 hours, with optimum product yields. If successfully operated and scaled-up, it will establish India as a major global technology provider in the arena of renewables and reduction in carbon-emissions, besides effecting considerable savings in import of crude-oil.

The Technology Demonstration plant, with a capacity to consume 10 tons of biomass per day, is based on the globally-competitive indigenous technology of converting lingo-cellulosic biomass to Ethanol. It is a Feedstock-independent technology developed by DBT-ICT Centre for Energy Biosciences at the Institute of Chemical Technology (ICT)Mumbai, supported by Department of Biotechnology, Ministry of Science and Technology and the Biotechnology Industry Research Assistance Council (BIRAC).

Ministry of Commerce & Industry Launches Twitter Seva

The Minister of State for Commerce & Industry (Independent Charge), Smt. Nirmala Sitharaman addressing at the launch of the Twitter Sewa for redressal of queries/grievances/suggestions etc., in New Delhi on April 21, 2016. The Secretary, DIPP, Shri Ramesh Abhishek holding is also seen.

New Delhi : In a major initiative to get administration of the Ministry of Commerce & Industry closer to people and changing the paradigm of Governance, the Minister of State for Commerce & Industry (I/C) Smt. Nirmala Sitharaman launched the “Twitter Seva” here today. 

Through this Twitter Seva, queries on matters relating to Department of Commerce(DoC) and Department of Industrial Policy & Promotion(DIPP) will be answered. Queries regarding DGFT, DGS&D, SEZs, Tea, Coffee, Rubber & Spices Boards, APEDA, MPEDA and any other matter relating to Department of Commerce will be addressed by DoC while queries regarding Manufacturing Policy, Industrial Corridors, Investment Promotion, Make in India, Start-up India, Foreign Investment Promotion Board (FIPB), FDI, Intellectual Property Rights, Patents, Trade Marks, Designs, Geographical Indicators, Copyrights, Paper, Light Engineering Industry, Cement, Linoleum and Rubber Industry will be addressed by DIPP. 

Under this Seva, anyone who is desirous of assistance from the Ministry of Commerce & Industry can use the hashtag #mociseva . An institutionalized mechanism with a special Twitter cell has been created in the Ministry manned by a set of dedicated officers who will monitor and direct all the tweets to the concerned officers of the Department. All officers have been sensitized to respond to the tweets within a short time frame. This Seva is open to all the services provided by the Department of Commerce and Department of Industrial Policy & Promotion. 

This is an initiative of the Minister of Commerce & Industry keeping in line the dictum “Minimum Government, Maximum Governance” of the Prime Minister. 

TERI governing council asks Pachauri to leave

Though his contract runs till 2017, he was sacked immediately

In a meeting earlier this week, the Governing Council of TERI decided to sever association with its disgraced former Director-General R.K. Pachauri. Even though his employment contract with TERI expires only in 2017, the Council decided to pay all the dues for the remainder of the tenure and bring an immediate end to it.

It has been decided not to renew his term on the Council which ended on March 31. As a consequence, he will cease to be Executive Vice-Chairman, a post the Council had created for him in February this year.

When contacted by The Hindu, at least two sources who had attended the meeting confirmed that these decisions had been taken.

TERI’s spokesperson confirmed that the Governing Council meeting had taken place and added in an email that “...Dr. Pachauri’s term as a Member of the Governing Council of TERI ended on March 31, 2016. As the post of Executive Vice Chairman (EVC) is co-terminus with this membership, his role as EVC also ended along with his membership of the Council.” Dr. Pachauri headed TERI, which works in sustainable development and climate change, for the past 35 years.

IndusInd Bank Q4 net rises 25 per cent to Rs 620 crore

Private sector IndusInd Bank today posted a rise of 25.25 per cent in net profit at Rs 620.35 crore for the last quarter of 2015-16 fiscal.

Private sector IndusInd Bank today posted a rise of 25.25 per cent in net profit at Rs 620.35 crore for the last quarter of 2015-16 fiscal.

Bank’s net profit in the corresponding January-March quarter of the previous fiscal stood at Rs 495.27 crore.
Total income of the bank increased to Rs 4,044.49 crore in the concluding quarter of the last fiscal from Rs 3,278.06 crore in the same period a year ago, IndusInd Bank said in a regulatory filing.

For the entire 2015-16 fiscal, the bank’s net profit rose 27.5 per cent to Rs 2,286.45 crore as against Rs 1,793.72 crore a year ago.

Total income for the fiscal 2015-16 was at Rs 14,877.61 crore, up from Rs 12,239.97 crore in 2014-15.

On the asset quality front, the bank’s gross Non-Performing Assets (NPAs) were 0.87 per cent of gross advances as of March 31, 2016, a tad higher than 0.81 per cent in the same period a year ago.

Net NPAs or bad loans were 0.36 per cent of net advances as of March 31, slightly up from 0.31 per cent.

“For the year ended March 31, 2016, the Board of Directors has recommended a dividend of Rs 4.50 per share (45 per cent) (previous year Rs 4 per share or 40 per cent), subject to the approval of the members at the ensuing Annual General Meeting”, it said in the filing.

Shares of IndusInd Bank closed 1.26 per cent lower at Rs 972.50 apiece on BSE.

Imposition of Prez rule in U'Khand quashed by High Court

Nainital, April 21 (PTI) Dealing a major blow to Modi government, the Uttarakhand High Court today quashed the imposition of President' rule in the state and revived the Congress government headed by Harish Rawat, who has been asked to prove his majority on April 29.

Coming down heavily on the Centre for the March 27 proclamation under Art 356, a division bench of the high court headed by Chief Justice K M Joseph said the imposition of the President's rule was contrary to the law laid down by the Supreme Court.

Celebrations mark Queen's 90th birthday

Celebrations are taking place around the country on the day the Queen turns 90.


Crowds lined the streets in Windsor as the monarch took part in a walkabout, and royal gun salutes have been fired from each of the UK's capital cities.

The Prince of Wales recorded a special radio broadcast for the day, in which he read an edited passage from William Shakespeare's Henry VIII.

On Twitter, the Queen thanked senders of "#HappyBirthdayYourMajesty" tweets.

Follow the day's live events as Queen turns 90

In another tweet, the Queen said: "I send my best wishes to those who are celebrating their 90th birthday...on this shared occasion, I send my warm congratulations to you."

The Queen, who was accompanied by the Duke of Edinburgh during her walkabout in Windsor, was presented with a birthday cake at the Guildhall by the Great British Bake Off champion Nadiya Hussain, who had created an orange drizzle cake with a butter cream and marmalade filling.

The monarch unveiled a plaque marking The Queen's Walkway - a 6.3km trail that links 63 significant points in Windsor.

The trail was designed to recognise the moment the monarch broke the record on 9 September 2015 held by her great-great-grandmother Queen Victoria by being on the throne for 63 years and seven months.

The Queen will light symbolic beacons in Windsor later.

Most of the gun salutes were due to be 21 shots - the standard royal gun salute - at locations including Hillsborough Castle, Cardiff Castle, and Edinburgh Castle.

In London, the King's Troop Royal Horse Artillery staged a 41-gun salute at midday in Hyde Park. And the Honourable Artillery Company will fire a 62-gun salute across the Thames from the Tower of London at 13:00 BST.

The Queen had been "a rock of strength for our nation" and the Commonwealth, Prime Minister David Cameron said, as he and fellow politicians paid tribute in the House of Commons.

Mr Cameron said: "Her Majesty The Queen has lived through some extraordinary times in our world.

"From the Second World War... to the rations with which she bought the material for her wedding dress.

"From presenting the World Cup to England at Wembley in 1966 to man landing on the moon three years later.

"From the end of the Cold War to peace in Northern Ireland.

"Throughout it all, as the sands of culture shift and the tides of politics ebb and flow, Her Majesty has been steadfast - a rock of strength for our nation, for our Commonwealth and on many occasions for the whole world."

The reading by Prince Charles, which has been broadcast by the BBC, is an extract from a speech by Archbishop Thomas Cranmer to King Henry VIII after the birth of the future Queen Elizabeth I.

Wipro Q4 net profit up 0.04% qoq at Rs 2,235 cr, buyback approved at Rs 625 per equity share

Wipro board has also approved a proposal to buyback up to 4 crore equity shares of the company for an aggregate amount not exceeding Rs 2,500 crore at Rs 625 per equity share.

Wipro board also approved a proposal to buyback up to 4 crore equity shares of the company for an aggregate amount not exceeding Rs 2,500 crore at Rs 625 per equity share. (Photo: Reuters)

Wipro reported 0.04 per cent quarter-on-quarter rise in its consolidated net profit figures at Rs 2235 crore for the quarter ended March 2016.

The company reported net profit of Rs 2,234.10 crore in the sequential quarter ended December 2015. Consolidated net profit of the IT major fell 1.63 per cent on year-on-year basis.

Net sales of Wipro jumped 6.1 per cent yoy to Rs 13741.70 crore.

The Wipro board also approved a proposal to buyback up to 4 crore equity shares of the company for an aggregate amount not exceeding Rs 2,500 crore at Rs 625 per equity share.

The board has determined that the record date for the proposed buyback is May 6, 2016.

Wipro also declared final dividend of Rs 1 ($0.02) per equity share and ADR (50 per cent on an equity share of par value of Rs 2).

For the financial year ended March 2016, Wipro reported a consolidated net profit of Rs 8,892.20 crore, up 2.76 per cent, against Rs 8,652.80 crore a year ago.

Jatin Dalal, chief financial officer, Wipro, in a release said, “We have maintained our margins in the quarter, with benefits from utilisation and operational efficiencies largely off-setting the margin impact from our inorganic investments. We continue to generate robust cash flows during the year. The move to buyback equity shares is part of the company’s policy to provide regular, stable and consistent return to investors while striving to enhance long-term value for all stakeholders.”

The company expects revenues from its IT Services business to be in the range of $1,901 million to $1,939 million in the first quarter of 2016-17.

The IT Services segment had a headcount of 1,72,912 as of March 31, 2016. It added 119 new customers during the quarter under review including the customers of cellent and HealthPlan Services.

The share price of Wipro closed 2.07 per cent up at Rs 601.35 on Wednesday.