Navratna defence PSU Bharat Electronics Ltd. (BEL) on Friday informed that its net profit for the January-March 2009 quarter grew by 10.6% to Rs 559.43 crore over the corresponding year-ago period.

The company had posted a net profit of Rs 504.83 crore in the same quarter, previous year.

Further, company's total income also rose to Rs 2783.03 crore in the quarter, up from Rs 2339.16 crore in the previous year-ago quarter.

According to the Wednesday announcement from National Thermal Power Corporation (NTPC), the company’s year-on-year net profit figures for the fiscal ending March 2009 rose 5.56 percent, after deducting Rs. 1,400 crore for the employees’ wage revision in 2008-09.

Rashtriya Chemicals and Fertilizers Limited (RCF) has informed that the company has undertaken a project to manufacture Wall panels, putty and other related products by using Gypsum.

The company officials said in a communiqué that the project is in final stage of completion and the plant is likely to start production by end of April, 2009.

In addition, the company to market these products has signed an agreement with Future Products Pvt. Ltd, to set up a Private Limited., Company (JVC).

The Bangalore-based Navratna defence PSU Bharat Electronics Limited (BEL) has reported a `provisional' turnover of Rs. 4,618 crore for the year 2008-09, indicating a 12 percent increase over the year-before turnover figures of Rs. 4,102.54 crore.

In terms of the turnover per employee, figures depicted a year-on-year increase from Rs. 33.16 lakh to Rs. 38.6 lakh. The value added per employee also depicted an increase from Rs. 16 lakh to Rs. 18 lakh, as BEL exports also went up nearly 15 percent - from $15.43 million to $17.75 million.

State-run Indian Oil Corporation (IOC) has proposed a 50:50 partnership to operate 1432 closed petrol pumps of Reliance Industries (RIL), having 15 per cent fuel market share by the closing date of March 2008.

Other firms including Royal Dutch Shell, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) have also shown interest in partnership with Reliance.

The private firm suffered huge losses in early 2008 due to difference in retail price of petrol and diesel sold by public sector oil companies and other private firms leading to closure of RIL's petrol pumps.

Housing finance firm, LIC Housing Finance (LICHF) slashed home loan interest rates by 75 basis points, covering all existing customers who have availed loans at different maturities.

LICHF Chief Executive Officer, RR Nair, said, "The incremental cost of funds has come down to around 8.25-8.75 per cent, as against over 11 per cent in October. So we have decided to pass on the benefits to existing customers."

The new home loan interest rates would be applicable from April 1 in the range between 10-10.50 per cent across various maturities as compared to earlier interest rate of 10.75-11.25 per cent.