The rupee closed about 13 paise lower against the dollar due to dollar buying by oil companies and news of Iran going ahead with its nuclear programme. The rupee opened at 42.45/46 and touched a high of 42.34. However, following this, the rupee moved down continuously and closed at 42.48/49, lower from the previous close of 42.35/36.
A forex dealer with a public sector bank said that there was heavy demand from oil companies. The stock market going into negative territory for some part of the day also resulted in dollar buying, he added. The rupee’s movement will track the oil price and is unlikely to cross 42.25, the dealer said. The forward premia also moved lower with the six-month closing at 4.22 per cent (4.6 per cent) and the 12-month closing at 3.54 per cent (3.88 per cent).
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Aditya Birla Nuvo reported a 130 per cent dip in its consolidated net profit for the quarter ended June 30, 2008, mostly on account of higher losses in its life insurance business and investments in its BPO and garment retail businesses. The company reported a consolidated net loss of Rs 28.3 crore during the quarter, as against a profit of Rs 94.7 crore in the corresponding period last fiscal.
Its life insurance business reported a net loss of Rs 146.8 crore during the quarter from Rs 33.6 crore in the year-ago period, which was largely due to the growing share of new business premium. “The new business is fully profitable – however, income from it will accrue over the policy period, as is the case with the nature of this business. Higher spends on intensification of distribution network also affected profitability,” the company said.
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NTPC Ltd, Asian Development Bank (ADB), GE Energy Financial Services, Kyushu Electric Power Co and Brookfield Renewable Power will form a joint venture company to undertake renewable power generation.
The companies on Tuesday signed a Memorandum of Understanding (MoU) to form a joint venture company for generating renewable power. NTPC would hold a 40 per cent stake in the company while the remaining would be equally shared by other entities. The joi nt venture company would develop greenfield and under-utilised potential sites to establish 500 MW of renewable power generation sources in the country.
The company would seek to develop projects in the country and may consider investing abroad in the near future. Initially, the company would concentrate on wind power, mini and micro-hydro electric power. The Chairman of the joint venture entity would b e nominated by NTPC.
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