NEWS CORNER
1- FMCG major Nestle India reported a 29.99 percent increase in net profit to Rs 446.11 crore for the third quarter ended September 2018, supported by broad-based volume growth. The company, which follows the January-December financial year, had posted a net profit of Rs 343.17 crore for the July-September period of the previous fiscal.
2- Country's largest private sector lender ICICI Bank's second quarter profit fell sharply by 55.84 percent to Rs 908.88 crore compared to the year-ago period. Elevated provisions and high treasury base hit the bottom line.Net interest income, the difference between interest earned and expended, grew 12.41 percent on year to Rs 6,417.6 crore with good loan growth of 12.8 percent YoY and margin improvement.
3. State-owned Indian Overseas Bank (IOB) on Friday reported narrowing of its net loss to Rs 487.26 crore in the second quarter ended September 2018 on lower provisioning. The bank had registered a net loss of Rs 1,222.50 crore in the year-ago period. Sequentially also, its net loss narrowed from Rs 919.44 crore in the first quarter ended June of the current fiscal.
4. Jindal Stainless Ltd (JSL) reported a standalone loss of Rs 36.44 crore for the quarter ended September 30, 2018. The company had posted a profit of Rs 27.30 crore in the year-ago period.
5. Retail chain Shoppers Stop reported a standalone net profit of Rs 13.20 crore for the second quarter ended September 30, 2018. The company had posted a net loss of Rs 21.80 crore in the July-September period a year ago.
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