JP Morgan reports $4.4bn third-quarter profit

JP Morgan has reported a 23% rise in profit in the third quarter, as the bank was able to set aside less money to cover loan losses. The company reported a net profit of $4.4bn (£2.8bn), compared with a profit of $3.6bn a year ago. The bank set aside $1.55bn for retail credit losses during the quarter, less than half the $3.99bn it set aside during the third quarter of 2009. JP Morgan's card services unit posted a profit of $735m, compared with a loss of $700m a year ago, while income at its retail unit rose from $7m to $907m. But despite setting aside less money for loan losses, profits at its mortgage banking and other consumer lending business fell 50% to $207m. And, in what could be a bad sign for rivals Goldman Sachs and Morgan Stanley, investment banking profits fell by a third to $1.2bn.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Intel's results beat market expectations

Intel's latest results have beaten market expectations, thanks to "solid demand" for its microchips. The firm's net profits in the three months to 25 September totalled $2.96bn (£1.9bn), a 59% increase on the same period a year ago. The first major technology company to report its third quarter figures, its revenues advanced 18% to $11.1bn. Intel said: "Looking forward, we continue to see healthy worldwide demand for computing products. The company warned at the end of August that sales of microchips were weak, but they appear to have recovered since then. Intel's processors run 80% of the world's computers.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Pfizer buys King Pharmaceuticals for $3.6bn

Drugmaker Pfizer has agreed to buy smaller rival King Pharmaceuticals for $3.6bn (£2.3bn) in cash. Pfizer is paying $14.25 per share for King, a premium of 40% to King's closing share price on Monday. King has struggled in recent years as patents on several of its key drugs have expired or been thrown out. Pfizer said the deal would add about two cents a share to its profit in 2011 and 2012, and three to four cents per share in each of the next three years. The boards of both companies approved the deal. King's shares ended Tuesday trading up $3.99 or 39% to $14.14. Pfizer advanced 0.5%.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

When Hero and Honda part ways

Desh ki dhadkan Hero Honda could be in serious need of an electrocardiography. Over the last month, it has been issuing denials or ‘no comments’ in response reports of a stake sale by Japanese partner Honda Motors. Facing the ultimate test—the country’s largest

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Hyundai Motor ties up with ING Vysya Bank for car loans

The country's second largest car maker Hyundai Motor India today said it has tied up with the private sector lender ING Vysya Bank to provide retail financing facilities to customers. With this association, we will be able to reach out to a wider consumer base with better and easier finance options. Also, the competitive rates and easily accessible locations of the bank will surely benefit our customers, Hyundai Motor India Ltd (HMIL) Director (Marketing and Sales) Arvind Saxena said in a statement. Under the agreement, both the firms will work together to provide car loans using HMIL's customer database. The tie-up will cover financing options by all the branches of the bank in India. Both the partners will utilise and leverage each other's strengths to cross sell Hyundai vehicles along with the bank's car loans and schemes, the statement said

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Mercedes-Benz to set up body-building unit at Pune

Mercedes-Benz India today said it will start bus body-building by the second half of next year, for which it will set up a new unit at its Pune plant. Already we are building a bus chassis at our Pune plant. Now, we are setting up a bus body-building unit at the facility. It is expected to be operational  by the second half of next year," Mercedes-Benz India CEO and Managing Director Wilfried Aulbur told PTI. Asked about the proposed investment on the new unit, he declined to give a specific figure, but said, Overall, we have invested Rs 300 crore on the Pune plant. Aulbur sai

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

HSBC hikes stake in Maruti to 7.03 pct

The country's largest carmaker Maruti Suzuki India today said global financial firm HSBC has increased its stake in the company marginally to 7.03 per cent through an open market transaction for about Rs 58 crore. According to a communique to the Bombay Stock Exchange, Maruti Suzuki India (MSI) said HSBC Global Investment Funds had picked up 0.15 per cent stake, comprising 4.38 lakh shares, through the open market on September 14. Although the company did not share the financials involved, based on the closing share price of MSI at Rs 1,346.10 a piece on the day of the transaction, HSBC is estimated to have paid Rs 58.96 crore.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).