After trading hours on Monday, 21 April 2008, Reliance Industries (RIL) reported 24% growth in net profit to Rs 3912 crore on 36.2 % growth in total income to Rs 37575 crore in Q4 March 2008 over Q4 March 2007. Higher refining margins offset fall in margins in the petrochemicals business. The gross refining margin stood at $15.5 a barrel compared to $13 a barrel in Q4 March 2007.
With the commercial production of gas slated to being in the next quarter, RIL expects oil & gas to account for higher share of revenues going forward.
After trading hours on Monday, 21 April 2008, TCS reported 7% growth in net profit as per US GAAP at Rs 1256 crore on 18.4% growth in revenue at Rs 6095 crore in Q4 March 2008 over Q4 March 2007. The company`s management sounded positive on growth prospects despite worries that a weak US economy would hurt outsourcing deals.
The company said the deal pipeline is encouraging and client ramp-ups have started happening
Brokerage Motilal Oswal Financial Services said on Monday, 21 April 2008, its board has approved splitting each share into five. Ahead of the news, the stock rose 1.48% up at Rs 752.55 in a firm market.
Axis Bank said on Monday, 21 April 2008, derivatives contracts it had helped structure for its corporate clients to hedge risks had caused notional losses of Rs 674 crore ($169 million) to the clients. Axis Bank further said 113 of the transactions were foreign exchange derivative deals and had notional losses of Rs 548 crore. Axis Bank said none of the transactions could be termed as non-performing assets. The private-sector bank said it had provided for mark-to-market losses of Rs 72 crore of two clients who had challenged the deals and filed lawsuits.
Engineering software services firm Geometric said on Tuesday, 22 April 2008, it has sold one of its properties located in Pune, for Rs 29.50 crore, to Digital Group Infotech.