Trades between FIIs generated a volume of Rs 111 crore on the BSE Friday-an increase of 68.12% from Rs 66 crore clocked on Thursday. As many as 7 stocks witnessed trades of 12 lakh shares on Friday.
Oriental Bank of Commerce was traded at highest premium of 3.48% on BSE with 62,900 shares changing hands at Rs 163.50 as against the spot price of Rs 158. Grasim Industries was traded at second highest premium of 3.10% on the BSE with 60,729 shares changing hands at Rs 1,900 as against the spot price of Rs 1,842.95.
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IDBI Bank today reported a 4 per cent rise in net profit to Rs 160 crore for the first quarter this year as against Rs 153 crore during the previous comparable period. The total income for the reporting quarter rose 24.94 per cent to Rs 2,740 crore from Rs 2,193 crore in the first quarter of 2007-08. Interest income grew 34.85 per cent to Rs 2,418 crore during the quarter ended June 2008, compared to Rs 1,793 crore the first quarter last year.
Interest expenses too grew at around the same pace, rising 34.45 per cent to Rs 2,326 crore. The bank's net interest income was up by 31 per cent at Rs 92 crore. While other banks are reporting a steep rise in provisions mainly for mark-to-market losses on their investment portfolio, IDBI Bank said that provisions and contingencies fell 76.81 per cent to Rs 19.88 crore during the first quarter of the current financial year, compared to Rs 85.73 crore during the corresponding period last year. It, however, reported a loss of Rs 34 crore on treasury operations, compared to a profit of Rs 85.73 crore.
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Reliance Industries Ltd (RIL) has reported a 13 per cent increase in net profit for the first quarter ended June 2008, as it was able to sell its products at higher prices and also because of doubling of export sales.
The Mukesh Ambani-owned flagship firm has reported a net profit of Rs 4,110 crore or earnings per share (EPS) of Rs 28.3 for the quarter ended June 2008, against Rs 3,630 crore, or EPS of Rs 25, in the year-ago period. Turnover in the first quarter of fiscal 2009 increased 41 per cent to touch Rs 41,805 crore against Rs 29,721 crore in April-June 2007.
Nearly 95 per cent of the increase in turnover was due to increase in prices, with volume increases accounting for the rest, said a press release from the company. One of the primary reasons it was able to export more was due to the company's decision to shut down 1,432 petrol pumps it owned in India after it could not compete with state-owned oil marketing companies supported by government subsidy.
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