New Delhi, November 12
Showing signs of recovery, industrial production grew at three-month high of 2.5% in September, mainly on account of better mining and manufacturing output and larger offtake of capital goods.

The factory output, as measured by the Index of Industrial Production (IIP), grew at 2.7% in the same month last year.

For August, it was revised to 0.48% from the provisional estimates of 0.42% released last month, according to the data released by the Central Statistics Office today.

The industrial production expansion was 4.3% in June and 0.4% in July this year.

During the April-September period, IIP rose by 2.8%, as against 0.5% in the same period in the previous fiscal.

Manufacturing output, which constitutes over 75% of the index, grew by 2.5% in September, compared to 1.4% in the same month a year ago.

For April-September, the sector saw an output growth of 2%, compared to 0.2% in the year-ago period.

The mining sector production grew by 0.7% in September as against of 3.6% a year ago.

During April-September, the growth was by 2.1% as against a contraction of 2.5% in the same period last fiscal.

The production of capital goods, a barometer of demand, grew by 11.6% in September, against 6.6% decline in same month of last year.

During April-September period, the output of capital goods grew by 5.8% as against a dip in production by 0.6%.

Overall, 15 of the 22 industry groups in manufacturing showed positive growth in September. — PTI

London, November 12 
Global regulators today announced $3.2 billion (2.5 billion euros) in fines against five major US and European banks for attempting to manipulate foreign exchange markets.

The hefty fines centred on London, the world's biggest hub for the $5.3-trillion-per-day forex market, and the British government hailed a move to "clean up corruption" in the City as the financial centre's reputation has been badly damaged in recent years.

British banks HSBC and Royal Bank of Scotland (RBS), US peers Citigroup and JPMorgan Chase, and Swiss lender UBS have all been fined by Britain's Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission (CFTC).

The FCA hit the five banking giants with a record penalty of 1.1 billion pounds ($1.7 billion, 1.4 billion euros), while the CFTC has fined them $1.4 billion.

The Swiss Financial Market Supervisory Authority (FINMA) also announced a settlement of 134 million Swiss francs ($139 million) with UBS over the matter.

The uncertainty sent Barclays' share price sliding 2.15% to 229.55 pence in early afternoon deals on the falling FTSE 100 index. The bank had last month set aside 500 million pounds for a potential fine to settle forex allegations.

The FCA said it found "ineffective controls" at the five banks between 2008 and 2013, allowing traders "to put their banks' interests ahead of those of their clients, other market participants and the wider UK financial system".

"The traders put their own interests ahead of their customers. They attempted to manipulate the market and abused the trust of the public and us as regulators," FCA chief executive Martin Wheatley told reporters at a press conference in London.

The FCA said it had proposed new rules for the 36 banks operating in the foreign exchange market.

The investigation homed in on trading in the world's top 10 currencies, known as the "G10".

Bank of England fires chief forex dealer

London: The Bank of England has fired its chief foreign exchange dealer after an investigation criticised his handling of suspicious market practices, the BoE said on Wednesday.

The review commissioned by the oversight committee and chaired by Lord Grabiner detailed communications, including emails and telephone call transcripts, between Martin Mallett and FX market participants going as far back as 2006.

In them, Mallett expressed concern that communications between traders could be seen as collusion and possible market manipulation. — Agencies

Mumbai, November 12
Tata Steel today reported 37% rise in consolidated net profit to Rs 1,254.33 crore for the July-September quarter mainly on account of proceeds from land sale worth Rs 1,146.86 crore.

The world’s 11th biggest steelmaker had clocked Rs 916.77 crore net profit in the corresponding quarter of the last fiscal.

Tata Steel’s total income declined to Rs 35,777 crore in the second quarter of 2014-15, from Rs 36,645 crore a year earlier.

PowerGrid Q2 net profit declines

Power Grid Corporation posted a marginal decline in its net profit at Rs 1,201.27 crore for the quarter ended September 30 due to higher finance costs.

Its total income during the July-September quarter increased five per cent to Rs 4,309.26 crore from Rs 4,104.43 in the year-ago period.

Uflex Q2 profit up 43%

Uflex Ltd has reported an increase of 43.29% in consolidated net profit at Rs 64.31 crore for the quarter ended September 30, 2014.

Its consolidated net income increased 10.24% to Rs 1,671.03 crore during the quarter under review as against Rs 1,515.79 crore in the same period a year ago, the company said.

Adani Enterprises reports Rs 210 cr Q2 net profit

Adani Enterprises today reported a net profit of Rs 210.29 crore for the second quarter ended September 30, 2014, helped by increase in income from operations during the period.

Total income from operations of the company grew 3 per cent to Rs 14,067 crore as against Rs 13,602 crore in the corresponding period last year.

Total income increased from Rs 3564.49 crore for the quarter ended September 30, 2013 to Rs 3785.20 crore during the same period, last fiscal.

OVL profit rises 9.6% to ~2,068 crore

ONGC Videsh Ltd, the overseas investment arm of state-owned ONGC, today reported a 9.6% rise net profit on the back of surge in oil and gas output.

Net profit in April-September rose 9.65% to Rs 2,068 crore as compared to Rs 1,886 crore in the same period a year ago, the company said.

Crude oil production rose 1.2% to 2.74 million tonnes while gas output soared 10.43 per cent to 1.557 billion cubic meters. — PTI

New Delhi, November 12
To curb the inflow of sub-standard items in the country, the government has come out with a notification which lays down the mandatory standards for 15 electronic products, including mobile phones, power banks and LED lamps.

The Department of Electronics and Information Technology notified standards for products last week and the companies selling these products have been given six months’ time to comply with the new norms.

Apart from mobile phones, the list includes chargers for IT products, audio, video and other similar electronic products, UPS, alkaline batteries or other non-acid portable batteries, cash registers, copying machines, smart card readers, passport reader, point of sales machines etc.

New Delhi, November 12
Toyota Kirloskar Motor (TKM) is recalling 119 units of its sedan Camry, manufactured between March and July 2011 in Japan and sold in India, to rectify a defect in front suspension.

The move is part of a global recall of 1.7 lakh Camry models by Japanese parent Toyota Motor Corp, the world's biggest car manufacturer.

"The recall campaign will cover a total of 119 units sold in India and manufactured in Japan between March 2011 and July 2011," TKM said.

The recall has been announced due to a possible defect in the front suspension, it added.

The company said customers would be contacted by the authorised Toyota dealers and the vehicle repair, if necessary, will be done free of cost. — PTI