Reliance Energy  Q2 net Rs 250 cr
Anil Ambani Group firm Reliance Energy Ltd on Wednesday in Mumbai notched a 34.17 per cent rise in net profit at Rs 250.08 crore for the second quarter ended September 30, against Rs 186.39 crore for the same period last year. Total income rose 13.65 per cent to Rs 1,799.92 crore for the quarter from Rs 1,583.70 crore last year, the company said in a statement. The net profit for the half-year ended September 30 grew 30 per cent at Rs 472 crore against Rs 363 crore in the corresponding period last year. Reliance Power, the company’s 51 per cent subsidiary, has filed draft prospectus with marker regulator SEBI for IPO of 130 crore equity shares of Rs 2 each. The company expects to raise nearly $3 billion (Rs 12,000 crore) through the offering.

Allbank to start its insurance JV 
Allahabad Bank which has floated a joint venture in non-life insurance business, registered a 30 per cent growth in net at Rs 440.18 crores in first six months of 2007-08 fiscal with total business touching Rs 1,08,458 crores, reports DHNS  from Kolkata. The Bank CMD A C Mahajan said “The non-life insurance JV will roll out its first policy in December this year,” after declaring the half-yearly results. The JV christened as Universal Sompo General Insurance Co has five partners; while Allahabad Bank,Indian Overseas Bank and Karnataka Bank hold 30, 19 and 15 per cent stake holding respectively, Sompo of Japan has 26 per cent and Dabur India the rest. To start with, the JV will have an equity capital of Rs 150 crore. 

ACREX meet      in Bangalore
Indian Society of Heating, Refrigerating and Airconditioning Engineers (ISHRAE) is organising its bi-annual international exposition ACREX India 2008 on February 15 to 17, ’08 at the KTPO trade centre in City, reports DHNS  from Bangalore. The fair’s focus is on heating, ventilation, air-condition refrigeration and allied industries. The theme is on ‘Sustainability’ and participating exhibitors include companies from countries like China and Germany. More than 250 companies are expected to participate in the exposition which will even have seminars. Over 30,000 visitors, including builders, industrialists, manufacturers, students and service providers are expected at the three-day event. For details: call 32915523 / 22245523.

Geojit launches MFs online
Geojit on Tueday announced the launch of online investing in mutual funds. The company has  entered into an agreement with SBI and Franklin Templeton MFs, A P Kurian, Chairman, Geojit Financial Services and Chairman of the Association of Mutual Funds in India told mediapersons in Kochi. The service will be available to all online customers of Geojit, except NRIs, in the first stage. In another ten months NRIs will also get the facility, the company said. Customers can purchase, redeem and switch mutual fund schemes through Geojit’s trading portal. The new features also enable them to do non-financial transactions.