Markets Nosedive

A broker works while sitting in front of a screen displaying live stock quotes on the floor of a trading firm in Mumbai May 23, 2013. REUTERS/Vivek Prakash

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India's Reliance Power Q2 net beats forecast on higher generation

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Mon Nov 5, 2012 2:24pm IST

Nov 5 (Reuters) - Indian utility Reliance Power Ltd reported a 2.1 percent rise in quarterly net profit, beating expectations helped by higher generation capacity.

The company, controlled by billionaire Anil Ambani, reported a net profit of 2.4 billion rupees ($44.65 million) for the second quarter ended Sept. 30, compared with 2.35 billion rupees a year ago. Net sales more than doubled to 10.79 billion rupees, it said.

Analysts on average had expected a net profit of 2.1 billion rupees according to ThomsonReuters I/B/E/S.

($1 = 53.75 rupees) (Reporting by Kaustubh Kulkarni and Aradhana Aravindan in MUMBAI; Editing by Matt Driskill)
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