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Somany Ceramics PAT doubles at Rs 5 cr in Q1
Somany Ceramics, one of the leading ceramic manufacturer in India, the profit before tax recorded an increase of 105.5 per cent rising to Rs 5.28 crore from Rs 2.57 crore in the same period last year. The company reported an increase of 19 per cent in net sales to Rs 99.59 crore as against Rs 83.75 crore in the corresponding quarter last year.

Bond yields fall as RBI may maintain rates
As food inflation shot up to a 10-year high of 19.95 per cent, the yield on government bonds softened today on belief the Reserve Bank of India (RBI) may not take steps like raising borrowing costs to contain inflationary expectations.

News of the day

Pak media hails resumption of Indo-Pak talks
Hailing the decision of the two neighbouring countries to resume dialogue, the Pakistan media today said credit must go to both sides for "seizing the moment and breaking the impasse" and that they should build on the "breakthrough" achieved in the meeting between the two Prime Ministers.
Corporate

BofA to repay bailout funds worth $45 bn

Bank of America has said it will repay $45 billion bailout funds to the US government. - Dubai default swaps show no distress on bailout bets - DRS Logistics in Rs 450-cr warehousing expansion - JP Morgan, BofA gear up to fund Hershey"s Cadbury bid - Experts raise growth predictions for India - 1% of NSE and 6% of MCX on the block - Hindalco to raise Rs 2,900 crore in QIP The battered entity had received taxpayers money to the tune of $25 billion in October 2008 and another $20 billion during the time of Bank of America"s (BofA"s) takeover by Merrill Lynch earlier this year. The repayment of the bailout funds would help the banking entity to free itself from the government restrictions on executive compensation. BofA is also on the look out for a new Chief Executive Officer. In a statement issued on Wednesday, BofA said it is planning to repay the $45 billion in Troubled Asset Relief Programme (TARP) funds through $26.2 billion in cash and $18.8 billion from the sale of "common equivalent securities". "The repayment will be made after the completion of a securities offering," the North Carolina-based firm said. Further, BofA would convene a special meeting of its shareholders to seek approval for increasing the company"s authorised outstanding shares. "We appreciate the critical role that the US government played last fall in helping to stabilise financial markets, and we are pleased to be able to fully repay the investment, with interest," BofA President and CEO Kenneth D Lewis said. Lewis has already announced his plans to step down as CEO of the company.


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