Briefly Business

Eight of the ten most valued companies lost Rs 44,000 crore from their market valuation over the last 30 days in a highly volatile market.

Top firms lose Rs 44K crore in market cap

Mumbai: Eight of the ten most valued companies lost Rs 44,000 crore from their market valuation over the last 30 days in a highly volatile market. ONGC and ITC were the only two members of the elite club which saw their market capitalisation rising in the period. State-run trading firm MMTC was the biggest loser,with a loss of Rs 14,325.5 crore. Between April 28 and May 28,eight companies lost a whopping Rs 43,741.18 crore from their valuation. The BSE benchmark index Sensex lost 517 points,or 2.99 per cent,during the 30-day period. It settled at 16,863.06 points on Friday last week.

Max India Q4 net loss at Rs 2.3 crore

Mumbai: Max India today reported a net loss of Rs 2.3 crore for the quarter ended March 31,2010. The company had a net loss of Rs 6.7 crore in the same quarter ended March 2009,Max India said in a filing to the Bombay Stock Exchange. Total income rose to Rs 99 crore for the January-March quarter,from Rs 91 crore in the same period last year. For the year ended March 31,2010,the company has posted a consolidated net loss of Rs 71 crore,whereas it had a net loss of Rs 218 crore in the same period previous fiscal.

Kingfisher is best in India,Central Asia

London: The Vijay Mallya-promoted Kingfisher Airlines has been voted the best carrier in India and the whole of Central Asia by a global survey carried out by industry consultancy Skytrax. According to a report by the London-based Skytrax,Kingfisher Airlines got the honours under three categories the best airline in India and Central Asia,the best economy class seats,and excellent staff service. Skytrax announced the results after a survey among 18 million flyers from 100 different countries that was carried out between July 2009 and April 2010.

FY10 GDP data tomorrow

New Delhi: The coming week may begin on a positive note,when the growth figures for the 2010 fiscal will be released on Monday,as most economists believe that the economy would have expanded higher than the official advance estimate of 7.2 per cent. As per the official estimate made before the year came to an end,FY10 GDP growth was forecast at 7.2 per cent.

R-Infra issues LoI for power purchase

Mumbai: Anil Ambani-led Reliance Infrastructure,which supplies power to Mumbai suburbs,has issued a Letter of Intent LoI to power producers for medium-term power purchase,a top company official said. We have opened both the long-term and medium-term bids for power purchase and issued LoI a document outlining an agreement between two or more parties before the agreement is finalized for the medium term power purchases, said R-Infra CEO,Lalit Jalan.

Plea to regulate cotton yarn exports

Coimbatore: Textile exporters of Tirupur,the hub of knitwear exports,today appealed to Union Textile Minister Dayanidhi Maran to take steps to regulate cotton yarn exports,to save the knitwear garment sector. In a letter to Maran,TEA president A Shaktivel said the mills had actually brought down the yarn prices by Rs 5 per kg on May 1.