Bank of Baroda, India's second-biggest state-run lender by assets, second-quarter profit slumped about 89% on Friday, hit by a sharp rise in provisions as bad loans jumped.

Shares in the Mumbai-based bank, which in August became one of the first state owned lenders to appoint a private sector chairman, tumbled almost 10% at the market open. At 0400 GMT, the stock was down 5.5%.

Wizikey, a technology PR startup, on Thursday rolled out its reputation engineering platform, in association with Nasscom 10,000 Startups, an initiative to scale up the startup ecosystem in India.

Founded by sisters IIT Kharagpur and ISB alumna Aditi Bhargava, and SRCC and MICA alumna Aakriti Bhargava, the company is headquartered in Gurgaon.

TVS Emerald, associate company of TVS Motor that is one of the largest two-wheeler companies in country, is planning to set up 4-5 new housing projects in and around Chennai.

The company which delivered its maiden project said it may raise Rs 200 crore from PE and other investors to support future projects.

The construction arm of Larsen & Toubro won orders worth Rs 2,048 crore across various business verticals in October 2015.

The cumulative orders include deals bagged by its power transmission and distribution division, transportation infrastructure and buildings and factories unit.

The abandoned mines of the Coal India Limited (CIL) in Chhattisgarh would be used for storing fly ash generated from the power plants in the state.

The state government had identified such mines earlier operated by the South Eastern Coalfields Limited (SECL) — country’s largest coal producing company and the highest profit making entity of the CIL. The SECL, having registered corporate office in Chhattisgarh’s Bilaspur district, has 113 approved coal projects (80 underground projects and 33 opencast projects) for a total ultimate capacity of 149.02 million tonne per annum.

New York/Mumbai: Market regulator Securities and Exchange Board of India (Sebi) which is probing unusual movements this year in the shares of Castex Technologies Ltd, said it hasn’t yet found any signs of wrongdoing.

Some holders of Castex’s convertible bonds complained to the Sebi in September, alleging manipulation of its shares with an aim to inflate the price and trigger conditions for a mandatory conversion of the debt.

New Delhi: Swiss packaged food maker Nestlé SA’s Indian unit, Nestlé India Ltd, on Wednesday said it will bring Maggi noodles back to shop shelves by the end of the month.

Nestle India’s statement came after three laboratories certified by the National Accreditation Board for Test and Calibration Laboratories (NABL) declared the “newly manufactured” Maggi noodles safe for consumption.

Hinting at a possible consensus on land acquisition bill, Finance Minister Arun Jaitley today said the government is making efforts in that direction so that it could be taken up in the upcoming Winter Session.

“Meanwhile, the Ordinance (on land acquisition) has lapsed but the bill remains before the Joint Parliamentary Committee. They have asked some minor changes on which a consensus is possible.

Ashok Leyland has reported a 137% growth in its net profit for the quarter ended September to Rs 287 crore on a year-on-year basis, riding high on a 64% growth in medium and heavy commercial vehicle (M&HCV) sales. The auto major had clocked a profit of Rs 121 crore in the same quarter last fiscal.

The revenue during the quarter grew 53.5% to Rs 4,940 crore in the quarter under review as compared to Rs 3,218 crore in the same quarter last fiscal. EBITDA during the quarter was higher at R594 crore (12% of the total revenue), the company informed the stock exchanges.

After very strong 4QFY15 and 1QFY16, we expected 2Q to be a difficult quarter for the oil marketing companies (OMCs). Due to a sharp fall in oil prices and INR depreciation, OMCs were likely to report high inventory/forex losses. While we estimated Indian Oil Corporation (IOC) to be barely in profits, its reported loss due to high inventory/forex loss does not surprise us much.

Despite the 2Q loss, we see low risk to our full year EPS of R47/share (reported 1H EPS of 25/share is 53% of our full year EPS). We see upside to Bloomberg consensus EPS of R44/share.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.