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IFCI Q3 net up 30.50% at Rs 1,363.5 million
The country’s oldest financial institution IFCI, on standalone basis announced a considerable rise for the quarter ended December 2009.
During the quarter, the profit of the company increased 30.50% to Rs 1,363.50 million from Rs 1,044.80 million in the same quarter last year.

Net sales for the quarter rose 9.01% to Rs 3,850.70 million, while other income for the quarter increased 15.90% to Rs 75.8 million, when compared with the prior year period.

It posted earnings of Rs 1.84 a share during the quarter, registering 36.29% rise over prior year period.

RIL increases Lyondell offer by 13% to USD 13.5 billion

Reliance Industries (RIL) has raised its offer for the bankrupt petrochemical maker LyondellBasell by 13% to USD 13.5 billion to win over the Gang of Five behind RIL`s LyondellBasell bid. RIL has proposed to buy new shares for USD 2.25 billion and support another USD 2.8-billion stock sale to get Lyondell out of bankruptcy.

Telenor ups stake in Unitech

Norway-based telecom company Telenor has raised its stake in its Indian joint venture with Unitech Wireless to 60.1% from 49% at an investment of Rs 14.93 billion.

This is the third tranche of fresh equity investment from the Telenor Group, Unitech Wireless said. Telenor plans to eventually increase its stake to 67.25% in Unitech Wireless.

Hindustan Copper to invest Rs 35 billion to up the production to 11 MTPA

The government today said Hindustan Copper would ramp up production to 11 million tons per annum by 2017 with an investment of Rs 35 billion. Currently, it produces 3.15 million tons per annum (MTPA).

The company has also sent a proposal for 20% share sale to the ministry of disinvestment, including 10% for meeting its expansion needs.