Canara Bank Q1 net dips 49

Making a loss on its investment portfolio, Canara Bank reported a 49 per cent dip in net profit at Rs 122.68 crore in the April-June quarter compared to Rs 240.55 crore in the same period last year. The bank took the hit on its portfolio due to rising inflation and sharp increase in bond yield, the bank said. The bank8217;s net interest income increased by 14 per cent to Rs 1,019.2 crore, up from Rs 894.05 crore in the correspondening quarter last year. Total income increased 9 per cent from Rs 3,760.07 crore to Rs 4,099.05 crore in the April-June quarter. 8220;The bank8217;s global business rose to a level of Rs 2.66 lakh crore as on June 2008, recording a year-on-year growth of 12 per cent compared to Rs 2.37 lakh crore in the corresponding period of last financial year,8221; Canara Bank8217;s chairman and managing director A C Mahajan said. Mahajan said that the bank has obtained final clearance from the Chinese Banking Authority for converting its representative office at Shanghai in China into a full-fledged branch. The bank has already received approval from Reserve Bank of India to open five branches in Johannesburg, Frankfurt, Muscat, Manama and QFC Qatar, out of the 21 international centres identified for global expansion in the medium term.

Dr Reddy8217;s profit down 26

Drug maker Dr Reddy8217;s Laboratories Ltd posted a worse-than-expected 26 per cent drop in quarterly profit on Monday, on a fall in revenues from Europe. Its revenue rose by a fourth to Rs 1500 crore. But revenue from the rest of Europe fell by a fourth to Rs 34 crore. Its April-June consolidated net profit fell to Rs 135 crore from Rs 183 crore a year earlier. The company, which had previously taken a hit from Betapharm, is moving Betapharm8217;s manufacturing operations to India and other manufacturers within Europe. Revenues from Betapharm rose by 20 per cent to Rs 250 crore in the June quarter, it said.