UBI expects growth in 2011

City-based United Bank of India (UBI) expects credit growth of 20 percent and deposits growth not crossing 22 percent during 2010-11, a senior official said here Saturday.

UBI would keep its advances growth under control till September by staying away from low-yielding loans.

“We are deliberately avoiding low-return loans but hope to seize the opportunity of attaining higher credit growth after September,” bank’s chairman and managing director Bhaskar Sen told reporters at a press meet.

The bank posted a net profit of Rs.107.86 crore for the first quarter (April-June) of the current fiscal (2010-11), up by 53.5 percent.

Maruti Suzuki’s Q1 net profit declines 20.23 percent

India’s largest car manufacturer Maruti Suzuki India Limited Saturday registered a 20.23 percent decline in its net profit in the first quarter to Rs.465.4 crore as compared to Rs.583.5 crore in 2009-10.

“The drop in net profit is due to higher commodity prices, increase in royalty and lower ‘other income’. In addition, income from exports to Europe fell due to weakening of the Euro,” the company said in a statement.

The auto giant’s net sales for the first quarter increased by 27 percent to Rs.8,050.7 crore as against Rs.6,340.2 crore in the corresponding period of the previous year.

Sensex ends 129 points down

A benchmark index for Indian equities slipped further amid heavy selling in the last session of trade to close 129 points lower.

Heavyweights State Bank of India and Maruti Suzuki dragged the index down.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,056.24 points, closed at 18,001.9 points, 129.07 points or 0.71 percent down from its previous close at 18,130.98 points.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,413.7 points, down 0.65 percent from its previous close at 5,449.1 points.

Broader markets indices also closed in the red, with the BSE midcap index ending 1.04 percent lower and the BSE smallcap index 0.86 percent down.

Auto, realty and banking stocks saw bulk of the selling.

Sensex trades lower, Asian markets positive

A benchmark index for Indian equities was trading lower Monday afternoon despite positive Asian markets.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,056.24 points, was ruling at 18,071.5 points, 59.48 points or 0.33 percent down from its previous close at 18,130.98 points.

At the National Stock Exchange(NSE), the broader 50-share S&P CNX Nifty was trading at 5,430.8 points, down 0.34 percent from its previous close at 5,449.1 points.

Jet Airways Q1 net profit at Rs.3.52 crore

India’s largest airline group by domestic market share, Jet Airways, logged a net profit of Rs.3.52 crore in the first quarter of this fiscal due to higher seat sales and growth in passenger traffic as against a loss of Rs.22.53 crore in the like period of 2009-10.

The private-sector group, which operates premium international and domestic airline Jet Airways, low-fare domestic airline Jet Airways Konnect and budget carrier Jetlite, came out with the consolidated results for the first quarter Friday.

Sensex ends flat, gains 0.98 percent during week

A benchmark index for Indian equities closed flat in lacklustre trade while the world eagerly waited for the results of the stress test of 91 European banks due later in the day.

The 30-scrip sensitive index (Sensex) of the Bombay stock Exchange (BSE), which opened at 18,132.29 points Friday, closed at 18,130.98 points, 17.83 points or 0.1 percent up from its previous close at 18,113.15 points.

The Sensex gained 0.98 percent during the week. It had closed last week at 17,955.82 points

India set to grow at 9 percent next fiscal: PM’s panel

The Indian economy is set to grow at 8.5 percent this fiscal and 9 percent the next year, even though the recovery globally after the financial crisis will be anaemic, the Prime Minister’s Economic Advisory Council said Thursday.

The council also predicted the annual inflation rate based on wholesale prices, which was estimated at 10.5 percent for June, to fall to around 7-8 percent by December and and further to 6.5 percent by March next year.

“We predict the agriculture sector to grow at 4.5 percent, industrial production at 9.7 percent and services by 8.9 percent this fiscal, for an overall growth of 8.5 percent,” C. Rangarajan, chairman of the council, said.

Sensex ends choppy day 46 points up, TCS shines

A benchmark index for Indian equities Friday closed 46 points up in volatile but range-bound trading, with IT firm TCS leading the gainers pack after it announced better than expected results.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,911.13 points, ended at 17,955.82 points, 46.36 points or 0.26 percent up from its previous close at 17,909.46 points.

The TCS scrip closed 6.16 percent higher at Rs.832.40 following the company’s announcement Thursday that net profit had increased 24 percent to Rs.1,906 crore for the quarter ended June 30.