MUMBAI: ICICI Bank, India's No.2 lender, posted a small but unexpected rise in quarterly profit, helped by trading gains and lower provisions,
ICICI said July-September net profit rose to 10.40 billion rupees ($221 million) from 10.14 billion rupees a year earlier. A Reuters poll of analysts had forecast net profit of 9.5 billion rupees.
ICICI has slowed lending as it tackles increasing bad loans in its mainstay retail market. Top lender State Bank of India is expected to say its July-September profit rose nearly 9 percent, helped by bond trading income, when it reports on Saturday, the poll found.
Shares of ICICI, valued at more than $21.3 billion, rose by a quarter in July-September, beating a 20 percent rise in the sector and an 18 percent gain on the benchmark index
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Bharti Airtel Q2 net up 13%, lags forecast
NEW DELHI: Bharti Airtel Ltd, India's top mobile operator, on Friday reported a 13 percent rise in quarterly profit that lagged analysts'
New Delhi-based Bharti, in which Southeast Asia's top phone firm SingTel owns more than 30 percent, said net profit rose to 23.21 billion rupees ($495 million) under U.S. accounting rules in its fiscal second-quarter ended September from 20.46 billion reported a year earlier. Revenue rose 9 percent to 98.46 billion rupees from 90.20 billion.
A Reuters poll of 11 brokerages had forecast a net profit of 24.41 billion rupees on revenue of 103.55 billion for Bharti, which added 8.1 million mobile users in the quarter to take its customer base to 110.5 million.
India's mobile industry, the world's fastest-growing major market, is becoming increasingly competitive, with existing players cutting rates to attract subscribers before four new firms start operation this year.
Bharti shares have lost nearly a quarter in October, while second-ranked Reliance Communications is down by almost a third in the face of the price war. Bharti shares gained 4.4 percent in the September quarter, underperforming the broader market.
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30 Oct 2009, 1353 hrs IST
Integrated textile company Alok Industries on Friday said its operating profit after tax rose 26.18 per cent at Rs 57.11 crore in Q2 FY'10 against Rs 45.26 crore in the year-ago period.
Src: EconomicTimes.INdiatimes.com, Moneycontrol.com
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