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NIIT profit rises marginallyNEW DELHI: Software major NIIT Ltd today reported a 32 per cent increase in net profit at Rs 143 crore for th...

NIIT profit rises marginally

NEW DELHI: Software major NIIT Ltd today reported a 32 per cent increase in net profit at Rs 143 crore for the year ended September 30, from last year’s figure of Rs 108 crore. NIIT’s sales grew by a modest 27 per cent to Rs 581 crore during the period from the previous year’s figure of Rs 458 crore. The company paid a dividend of Rs 4 per share (40 per cent). NIIT’s board, which met here today, said the other income rose to Rs 2.23 crore from last year’s income of Rs 99 lakh.

During the last quarter ended September 30, the company reported a 14 per cent increase in net profit to Rs 53.32 crore from Rs 46.54 crore during the last quarter of previous year, NIIT said in a statement here. The interest obligations of the company came down drastically during the period to Rs 80 lakh from last year’s Rs 10.65 crore. Reflecting the average performance for the 12 month period, NIIT’s share prices declined by seven per cent on the Bombay Stock Exchange (BSE) to Rs2,800.

CDSL, NSDL told to get interconnected

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MUMBAI: The Securities and Exchange Board of India (SEBI) has asked the two depositories, Central Depository Services Ltd (CDSL) and National Securities Depository Ltd (NSDL), to open accounts with each other so as to effect inter-depository transfers in a speedy and efficient manner.

The model, suggested by CDSL, envisages on-market inter-depository transfer resulting from settlement at the clearing house level, a SEBI statement here today said. Based on the net inter-depository transfer instructions from the clearing house or clearing corporation, a depository’s account would be credit or debited.

At a meeting of the regulator with the CDSL, NSDL, National Securities Clearing Corportion Ltd (NSCCL), the National Stock Exchange (NSE), Bombay Stock Exchange (BSE) and Bank of India shareholding today, it was decided that both depositories would introduce this model for effecting transfer in addition with the existing model. The clearing house andclearing corporation would have the option to adopt the model suitable to them, it said adding that the depositories had been asked to make necessary software changes for adoption of the new model.