IOC March-quarter profit jumps 85 percent
Indian Oil Corp said on Thursday net profit rose 85 percent in the fourth quarter, in line with analysts' expectations, as revenue from operations grew.
India's IDFC Bank Ltd reported a 7 percent rise in fourth-quarter net profit on Tuesday, helped by an increase in interest income and a drop in provisions for bad loans.
Profit rose to 1.76 billion rupees ($27.36 million) from 1.65 billion rupees in the year ago period, while net interest income grew 22.4 percent to 22.23 billion rupees, the company said. (bit.ly/2oHOEC0)
Gross bad loans as a percentage of total loans fell to 2.99 percent in the March quarter, from 7.03 percent in the December quarter.
($1 = 64.3200 rupees)
(Reporting By Arnab Paul in Bengaluru; Editing by Biju Dwarakanath)
VIENNA OPEC decided on Thursday to extend cuts in oil output by nine months to March 2018, OPEC delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.