L&T Q2 net profit up 31% at Rs 765 cr

L&T posted a better-than-expected result for the second quarter after its net profit rose 32 per cent. The company said that its net profit rose to Rs. 764.98 crore in quarter ended September 30, beating the average estimate Rs. 663 crore

The engineering and construction major’s net sales rose 17.66 per cent to Rs. 9,260 crore during the second quarter, topping the estimates of analysts who saw it at Rs. 8,644 crore in an NDTV poll.

HDFC Q2 net profit up 22% at Rs 808 cr

Leading mortgage firm Housing Development Finance Corporation (HDFC) today reported a 21.63 per cent rise in net profit to Rs. 807.54 crore for the second quarter ended September 30, led by higher loan disbursal.

The firm had posted a net profit of Rs. 663.94 crore during the corresponding quarter of last fiscal, HDFC said in
a filing to the Bombay Stock Exchange.

It also reported an increase of 4.21 per cent in its total income during the second quarter to Rs. 2,970.22 crore,
as against Rs. 2,850.23 crore in the year-ago period.

HDFC reported a 18.73 per cent increase in its loan book at Rs. 1,06,287 crore at the end of September, compared to Rs.
89,519 crore in the corresponding period of 2009-10. During the quarter ended September 30, HDFC has allotted
53.73 lakh equity shares of Rs. 2 each pursuant to conversion of foreign currency convertible bonds and exercise of stock
options by its employees and directors.

During the quarter under review, the mortgage firm sub-divided shares of face value of Rs. 10 to Rs. 2 each with
effect from August 21, 2010. The share split was in the ratio of 1:5.

Meanwhile, the housing finance firm also announced the appointment of Keki M Mistry as Vice Chairman for a period of
five years effective November 14, subject to shareholders approval.

India, China not playing for '2nd place': Obama

Insisting that the US cannot afford to cut its education budget, President Barack Obama has said it has to compete with countries like India and China which are "not playing for a second place" and voiced opposition to tax breaks to the American firms shipping jobs overseas.

Obama, who was here for an election rally ahead of the November polls in support of Governor Deval Patrick, said the Republicans want to cut education spending by 20 percent to help pay for a 700-billion-dollar tax break that only the wealthiest 2 percent Americans will ever see.

The Republicans may think that a cut in education spending is a "good idea" but countries like India and China don't, he said.

"We see an America where every citizen has the skills and training to compete with any worker in the world. The other side might think it's a good idea to cut education by 20 percent, but you don't think it's a good idea. You know who else doesn't think it's a good idea -- China, and South Korea, and Germany, and India," Obama told an audience of about 8000 Saturday.

He said these countries are boosting education spending, not cutting back. "They understand that whoever is able to train their young people will be able to out-compete any other country in the world. Those countries are not playing for second place. And the United States doesn't play for second place. We play for first."

Obama said it was for this reason that tens of billions of dollars in taxpayer subsidies that used to go to big banks are now going where they should -- to students and families.

"That's why we want to make our new college tax credit permanent, which will be worth 10,000 dollars in tuition relief for every student in America," he said.

Stressing that taxpayers should never again pay a bailout for Wall Street's mistakes, Obama said he will "fight the efforts of some in the other party to privatise Social Security, because as long as I'm President, nobody is going to take the retirement savings of a generation and hand it over to Wall Street.

"That's why we won't go back to the days when insurance companies and Wall Street banks had free rein to run roughshod over the middle class."

Obama further said the country's future must be "driven by American innovation and American ingenuity."

He said tax breaks should be given to small businesses, US manufacturers and clean energy companies that are creating jobs in the US "because I don't want to see all the solar panels and wind turbines and electric cars built in Europe or in Asia."

"We don't want to keep giving tax breaks to corporations that ship our jobs overseas," he said.

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