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Sterlite net up 42.5%
Sterlite Industries (India) Ltd, the country’s largest zinc producer, posted its first increase in quarterly profits in more than a year on higher zinc and aluminum prices. Consolidated net profits after exceptional items rose 42.35 per cent to Rs 731.3 crore on the back of a 49 per cent spike in gross sales for the quarter ended December 2009, the Mumbai-based company said in a statement.

Bourses' battle riles brokers
A day after the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) decided to postpone the extended trading time to January 4, brokers said they were appalled by the one-upmanship and lack of coordination between the exchange authorities.

News of the day

States meet on GST tomorrow
As the scheduled date for introduction of new tax regime GST draws closer, states will meet here tomorrow to discuss the fine contours of the proposed system.
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Sebi well within rights to act against RIL: MCA

The government has said that the Securities and Exchange Board of India (Sebi) was empowered to take action against Reliance Industries (RIL) if a probe established irregularities in share allotment by the company in 2000, and wanted to know what exactly the market regulator expected from it. - McLeod Russel buys Uganda tea company - Give updates on RIL share allotment probe: Govt to Sebi - MCA asks Sebi to provide details of RIL probe - "2009 was a good year, next will be brighter" - 19 cities identified for gas network in Andhra - "Our profits will go up with diversification" "When you have the powers, what is it exactly that you want us to look into," the Ministry of Corporate Affairs said in a letter to Sebi in response to the regulator"s suggestion for appropriate action against RIL for alleged routing of funds to dummy companies to buy its own shares in 2000. "Under section 55 of the Companies Act, Sebi also has jurisdiction to look into matters related to securities," the ministry noted. At the same time, the ministry asked the regulator for details of its own investigation to initiate appropriate action. Sebi, in its letter to the Corporate Affairs Ministry earlier, had said that the matter of "irregular issue of privately placed debenture (PPD) IV and V by RIL" are being referred for "consideration and appropriate action." The regulator had separately taken the opinion of retired Supreme Court judge Justice B N Srikrishna on its probe.


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