Shares of realty firm DLF today surged over 9 per cent after the company saw an increase in total income in the April-June quarter of 2015-16.
The stock rallied 9.42 per cent to Rs 124.80 on BSE.
On NSE, it jumped 9.27 per cent to Rs 124.85.
DLF on Thursday reported a 5 per cent decline in consolidated net profit at Rs 121.55 crore for the quarter ended June because of  higher finance costs and rise in operational expenses.
Its profit stood at Rs 127.77 crore (Rs 1.27 billion) in the year-ago period.
Total income increased to Rs 2,345.62 crore (Rs 23.45 billion) in the June quarter of 2015-16, from Rs 1,851.6 crore (Rs 18.51 billion) a year earlier, DLF had said in a filing to BSE.
Net profit fell during the June quarter as finance costs increased to Rs 604.32 crore (Rs 6.04 billion), from Rs 558.10 crore (Rs 5.58 billion) earlier, while total expenses rose 37 per cent to Rs 1,539.96 crore (Rs 15.39 billion), from Rs 1,122.70 crore (Rs 11.22 billion) in the year-ago period.      

Tata Sons will hike its stake to 41.06 per cent in low cost carrier AirAsia India.
The airline, which is facing stiff competition, is also set for top management reshuffle with CEO Mittu Chandilya expected to be elevated as Managing Director in addition to his current responsibility.
"We are in the process of subscribing to the capital of AirAsia India which will take up our stake to 41.06 per cent from the current 30 per cent," a Tata Sons spokesperson said.
The no-frills carrier is a three-way joint venture in which Malaysia's AirAsia Berhard owns 49 per cent.

 

 

 

Eco-friendly saris appear to have become the new fashion statement of women, thanks to the Tamil Nadu Handloom Weaver's Co-operativeSociety Limited.
The cotton used for weaving the saris was cultivated without using fertilizers or pesticides.
This type of cotton is dubbed 'organic' and when dyed with chemical free natural or vegetable colours, the fabric becomes non-toxic, non-allergic and environment-friendly.
"These cotton saris are woven by traditional weavers of Negammam area in Coimbatore. These were first introduced in Tamil Nadu followed by Andhra Pradesh," said Senior Regional Manager of Co-optex, K Yuvraj.

Gold futures prices today fell 0.27 per cent to Rs 25,825 per 10 grams as speculators reduced their bets amid a weak global trend.
In futures trading at Multi Commodity Exchange, gold prices for delivery in October fell Rs 70, or 0.27 per cent, to Rs 25,825 per 10 grams in a business turnover of 289 lots.
Similarly, metal prices for delivery in far-month December declined Rs 59, or 0.23 per cent, to Rs 26,036 per 10 grams in five lots.
Market analysts said the fall in gold futures is mostly attributed to trimming of positions by speculators, tracking a weak trend overseas as investors turned their attention back to the timing of US interest rate hike after China signalled support for its currency. 

The government has appointed senior lawyer Arun P Sathe -- elder brother of Lok Sabha Speaker Sumitra Mahajan -- on the board of markets regulator Sebi, raising eyebrows about political nominations to key positions.
Sathe, who is also said to have been an RSS full-timer in the past and had unsuccessfully fought Lok Sabha elections as a Bharatiya Janata Party candidate in 1989 from Mumbai North-West against Congress' Sunil Dutt, has been appointed a 'Part-Time Member of the Securities and Exchange Board of India for a period of three years', the Finance Ministry said in a notification.

 

China's central bank on Friday raised the value of the yuan against the US dollar by 0.05 per cent, the national foreign exchange market said, ending three days of falls after a surprise devaluation.
The daily reference rate was set at 6.3975 yuan to $1.0, from 6.4010 the previous day, the China Foreign Exchange Trade System said. That was also slightly stronger than Thursday's close of 6.3982 yuan.
The higher fixing for the yuan came after the People's Bank of China reassured financial markets by pledging to seek a stable currency after a shock devaluation of nearly two per cent on Tuesday.

An Indian-origin investment advisor in the US has pleaded guilty to perpetrating a $9 million investment fraud scheme involving Facebook stock.
Gignesh Movalia, 40, a registered investment advisor in Florida, pleaded guilty before US Magistrate Judge Anthony Porcelli of the Middle District of Florida to one count of investment advisor fraud.
Movalia, who was the founder and manager of OM Global Investment Fund, will be sentenced at a later date, Assistant Attorney General Leslie Caldwell of the Justice Department's Criminal Division said.