IN SHORT:
Bengaluru/Mumbai: India's third-biggest software services exporter, Wipro reported a 7.2 percent rise in quarterly profits on Wednesday but forecast a tepid quarter ahead due to fewer working days for its Western clients and smaller deals.
For the current quarter Wipro expects its IT services unit to see revenue between $1.84 billion to $1.9 billion, which is at the lower end of analysts' estimates.
Chief Executive TK Kurien said the quarter would be affected by the holiday season in Europe and the United States and a slower ramp-up in deals closed.
"Deal sizes are getting smaller and the number of multi billion-dollar deals have reduced in the market space," CEO Kurien said.
Mumbai: JSW Steel Ltd reported an 84 percent fall in net profit for the July-September quarter as the steel sector continues to struggle with weak demand and high debts, but was able to avoid an expected loss after lowering expenses.
JSW Steel, which counts itself among the lowest cost steel producers in the world, reported a consolidated net profit of Rs 1.17 billion ($17.96 million) for the second quarter ended Sept 30 versus 7.49 billion rupees a year ago.
Analysts had expected a loss of Rs 1.65 billion, according to data compiled by Thomson Reuters.
Net sales fell 21.5 percent to Rs 107.43 billion.
Mumbai: Idea Cellular Ltd, India's third-biggest mobile operator, posted quarterly net profit slightly below analysts' expectations, hit by a drop in call rates and intense competition on mobile data charges.
Net profit tax for the quarter ended September 30 after was Rs 8.09 billion ($124.2 million) in the quarter ended Sept. 30, compared with Rs 7.56 billion a year earlier.
Analysts, on average, expected a profit of Rs 8.26 billion, according to Thomson Reuters data.
Idea posted consolidated revenue of Rs 86.89 billion, 1.2 percent lower than a year earlier.
Mumbai: India's second-largest private sector lender by assets HDFC Bank, grew loans faster than expected in the second quarter as more people borrowed to buy cars and homes, making up for a slower pickup in big-ticket corporate credit.
The Mumbai-based bank said its loans grew about 28 percent from a year earlier, compared with less than 10 percent for the sector. Retail loans grew 29.3 percent.
Net profit for the three months to Sept. 30 rose to Rs 28.69 billion ($440 million), in line with analysts' average estimate of Rs 28.81 billion. Gross non-performing assets (NPAs) as a percentage of the total fell to 0.91 percent from 0.95 percent in the June quarter. Cuts in minimum lending rates to pass on policy rate reductions by RBI weighed on the net interest margin, that fell to 4.2 percent in the September quarter from 4.3 percent in the previous three months.
Mumbai: Cairn India Ltd, India's largest private sector crude oil producer, reported a smaller-than-expected 70 percent fall in quarterly net profit on Wednesday after foreign exchange gains and lower taxes helped offset slumping oil prices.
Consolidated net profit for the July-September quarter fell to Rs 6.73 billion ($103.28 million) from Rs 22.78 billion a year earlier.
But that handily beat consensus estimates for a profit of Rs 5.88 billion, according to data compiled by Thomson Reuters.
Cairn said it booked forex gains of Rs 3.81 billion while its tax expenses fell from the April-June quarter.
Revenue fell 44 percent from a year earlier to Rs 22.42 billion in the second quarter.
