Mumbai, Apr 21:
Improved gross refining margin – the highest in the last eight quarters – and increased profits from its petrochemical's business has led to a 14 per cent rise in Reliance Industries Ltd's (RIL) net profit for the fourth quarter of fiscal 2011.
Net profit for the quarter ended March 31, 2010 stood at Rs 5,376 crore (Rs 4,710 crore).
RIL's turnover for the quarter grew by 25 per cent to Rs 75,238 crore, from Rs 60,267 crore in the corresponding quarter last year.
“Global economic growth, emerging markets demand and tightness in the markets led to recovery in refining margins and record petrochemical earnings,” said Mr Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, in a statement from the company.
Exports during the fiscal 2011 grew by 33 per cent to Rs 1,46,667 crore (Rs 1,10,176 crore).
Refining segment
For the quarter, RIL's gross refining margin (GRM) stood at $9.2 per barrel as against $7.5 per barrel in the same quarter last year. Revenues in the refining and marketing segment for the fourth quarter stood at Rs 62,704 crore (Rs 51,250 crore), up 22 per cent.
Earnings before interest and tax from this segment grew 26 per cent to Rs 2,509 crore; EBIT for the fiscal grew 53 per cent to Rs 9,172 crore.
The company processed 16.7 million tonnes of crude oil reflecting a utilisation rate of more than 100 per cent.
GRM for the 2010-11 fiscal stood at $8.4/barrel as against $6.6/barrel in the previous year. The company processed 66.7 million tonnes of crude during the fiscal which it said is the highest in its history.
Oil and Gas E&P segment
The Oil and Gas (Exploration and Production) segment revenues dipped by 5 per cent during the quarter at Rs 4,104 crore (Rs 4,318 crore). For the full fiscal, segment revenues were up 36 per cent at Rs 17,250 crore.
Crude oil and gas production from KG-D6 in the fiscal stood at 8 million barrels and 720 billion cubic feet, a growth of 98 per cent and 42 per cent respectively. During the fiscal, RIL achieved sales of 20.2 billion cubic meters.
Crude oil produced from the block was sold to domestic refineries and achieved an average realisation of $85/barrel. RIL did not provide the quarterly gas production figures for KG-D6.
Petrochemicals
Fourth quarter revenue in the petrochemicals segment was up 18 per cent, at Rs 18,194 crore (Rs 15,448 crore). Full year revenue for the segment stood at Rs 63,155 crore (Rs 55,251 crore), a growth of 14 per cent.
“Performance of the segment reflects the strong demand across the petrochemical range during the quarter,” said the company in its statement.
The company announced a dividend of Rs 8 per fully paid up equity share of Rs 10 each, aggregating to Rs 2,772 crore. Its shares closed 1.39 per cent higher on BSE at Rs 1,039.95 on Thursday; the results were announced after the stock markets closed.
Success in my Habit
Thursday, April 21, 2011
Wednesday, April 20, 2011
Renault-Nissan Chennai plant gets new chief
Mumbai, April 20: Renault-Nissan Automotive India (RNAIPL) announced on Wednesday the appointment of Mr Kou Kimura as the new CEO & Managing Director of its manufacturing facility at Oragadam, near Chennai. With effect from April 1, Mr Kimura will replace Mr Akira Sakurai as the head of the plant. Mr Kimura has been promoted from his previous position of SVP – Plant Operations of the Oragadam facility, which he held since 2008.
Mr Kimura is a Graduate in Mechanical Engineering from Touhoku University, Japan. He started his career in Nissan's Oppama Plant in Japan in 1977. Prior coming to India, Mr Kimura has held various positions in Nissan headquarters in Japan and in the UK. Mr Marc Nassif, MD & Country General Manager for Renault in India, continues in his role as Deputy CEO of RNAIPL.
Mr Kimura is a Graduate in Mechanical Engineering from Touhoku University, Japan. He started his career in Nissan's Oppama Plant in Japan in 1977. Prior coming to India, Mr Kimura has held various positions in Nissan headquarters in Japan and in the UK. Mr Marc Nassif, MD & Country General Manager for Renault in India, continues in his role as Deputy CEO of RNAIPL.
Muthoot IPO fully subscribed
Mumbai, Apr 20: The initial public offer (IPO) of country’s largest gold financing company, Muthoot Finance, got over subscribed 7.09 times till 1500 hrs on the third day of issue on Wednesday.
The company’s IPO received bids worth 31.04 crore equity shares as against 4.3 crore shares on offer, as per a data available with the National Stock Exchange till 1500 hrs.
Muthoot Finance has entered the capital market with a price band of Rs 160—175 a share for the IPO of 5.15 crore equity shares.
At the lower end of the price band, the company will raise Rs 824 crore, while on the upper end it will mop up Rs 901.25 crore.
The bid, which opened for subscription on April 18 will close today for QIB bidders and tomorrow for retail and non-institutional investors.
The IPO proceeds will be utilised to augment the company’s capital base for meeting future capital needs, for funding of loans and for general corporate purposes.
ICICI Securities, Kotak Mahindra Capital Co are the book running lead managers to the issue, while HDFC Bank is the co-book running lead manager.
Kerala based Muthoot Finance is a non-deposit taking, non-banking finance company.
The company’s IPO received bids worth 31.04 crore equity shares as against 4.3 crore shares on offer, as per a data available with the National Stock Exchange till 1500 hrs.
Muthoot Finance has entered the capital market with a price band of Rs 160—175 a share for the IPO of 5.15 crore equity shares.
At the lower end of the price band, the company will raise Rs 824 crore, while on the upper end it will mop up Rs 901.25 crore.
The bid, which opened for subscription on April 18 will close today for QIB bidders and tomorrow for retail and non-institutional investors.
The IPO proceeds will be utilised to augment the company’s capital base for meeting future capital needs, for funding of loans and for general corporate purposes.
ICICI Securities, Kotak Mahindra Capital Co are the book running lead managers to the issue, while HDFC Bank is the co-book running lead manager.
Kerala based Muthoot Finance is a non-deposit taking, non-banking finance company.
Maruti trains 98,000 underprivileged people in 2 years
New Delhi, Apr 20: Maruti Suzuki India said on Wednesday that it has given training to 98,000 people from the underprivileged section of the society in the last two years.
Under its National Road Safety Mission, launched in December, 2008, the company has trained a total of 3.58 lakh people so far, Maruti Suzuki India (MSI) said in a statement.
“Of these, over 98,000 people are from the underprivileged section of society, who are keen to take driving as a profession,” it added.
The company had set a target to train at least five lakh drivers over a three year period under the mission, out of which over one lakh would be from economically weaker section.
MSI currently operates 4 Institute of Driving Training & Research (IDTR) and 166 Maruti Driving Schools in the country.
The company’s training initiatives have benefited about 7 lakh people so far. To promote safe driving, the company today announced a driving competition in the 18—30 years of age group.
The contest — Young Driver 2011 — will be held at 63 Maruti Driving Schools across 34 cities in the country, the statement said.
“Though we are trying to educate different sections of the society through programmes and infrastructure like IDTRs and Maruti Driving Schools, we believe that the young population of the country holds the key to road safety promotion.
“Therefore, Maruti Suzuki has chosen the youth of India to be its brand ambassadors for this cause,” MSI Chief General Manager (Marketing), Mr Shashank Srivastava, said.
The preliminary rounds of the competition will be held at different regional centres. The final is scheduled in IDTR, Delhi, and the winner will be gifted MSI’s small car A—Star.
Under its National Road Safety Mission, launched in December, 2008, the company has trained a total of 3.58 lakh people so far, Maruti Suzuki India (MSI) said in a statement.
“Of these, over 98,000 people are from the underprivileged section of society, who are keen to take driving as a profession,” it added.
The company had set a target to train at least five lakh drivers over a three year period under the mission, out of which over one lakh would be from economically weaker section.
MSI currently operates 4 Institute of Driving Training & Research (IDTR) and 166 Maruti Driving Schools in the country.
The company’s training initiatives have benefited about 7 lakh people so far. To promote safe driving, the company today announced a driving competition in the 18—30 years of age group.
The contest — Young Driver 2011 — will be held at 63 Maruti Driving Schools across 34 cities in the country, the statement said.
“Though we are trying to educate different sections of the society through programmes and infrastructure like IDTRs and Maruti Driving Schools, we believe that the young population of the country holds the key to road safety promotion.
“Therefore, Maruti Suzuki has chosen the youth of India to be its brand ambassadors for this cause,” MSI Chief General Manager (Marketing), Mr Shashank Srivastava, said.
The preliminary rounds of the competition will be held at different regional centres. The final is scheduled in IDTR, Delhi, and the winner will be gifted MSI’s small car A—Star.
RCom ties up with SBI to provide financial services
New Delhi, Apr 20: Private telecom operator, Reliance Communications, on Wednesday launched — Mobile Banking Services — in association with country’s largest public sector lender State Bank of India (SBI) to provide facilities including balance inquiry, mini statement, fund transfer and cheque book issuance.
“This mobile banking service is yet another useful service for our customers, they can now avoid those long queues at the SBI branches,” Reliance Communications President—Wireless Business, Mr Mahesh Prasad, said in a statement.
Reliance consumers can use facilities like balance inquiry, mini statement, fund transfer, cheque book issuance, mobile recharge and bill payment at any time and place through the use of their cell phones, Reliance Communications said in a statement.
Reliance Subscribers will not require any special mobile application or GPRS to use the service, but they should have an active current or savings account with SBI.
“This mobile banking service is yet another useful service for our customers, they can now avoid those long queues at the SBI branches,” Reliance Communications President—Wireless Business, Mr Mahesh Prasad, said in a statement.
Reliance consumers can use facilities like balance inquiry, mini statement, fund transfer, cheque book issuance, mobile recharge and bill payment at any time and place through the use of their cell phones, Reliance Communications said in a statement.
Reliance Subscribers will not require any special mobile application or GPRS to use the service, but they should have an active current or savings account with SBI.
Intel Q1 net up 29% on higher sales
New York, April 20:
Chip maker Intel Corp has reported a 29 per cent rise in net income to $3.16 billion in the first quarter of 2011 on higher sales across its product line coupled with robust growth across all geographies.
In the year-ago period, it had a net income of $2.44 billion, Intel said in a statement. Its total revenue rose by 25 per cent from year-ago period to $12.8 billion in the quarter ended April 2, 2011.
Chip maker Intel Corp has reported a 29 per cent rise in net income to $3.16 billion in the first quarter of 2011 on higher sales across its product line coupled with robust growth across all geographies.
In the year-ago period, it had a net income of $2.44 billion, Intel said in a statement. Its total revenue rose by 25 per cent from year-ago period to $12.8 billion in the quarter ended April 2, 2011.
Western India Shipyard bags Rs 60 cr order from Aban Offshore
MUMBAI: Western India Shipyard, a group firm of ABG Shipyard, today said it has bagged an order worth Rs 60 crore for repair of Aban-II jack-up oil rig from Aban Offshore.
In a filing to the Bombay Stock Exchange, the company said it has signed the repair order for the jack-up oil rig and the scope of work includes steel renewal, pipe renewal, paint protection, supply of various machinery and equipment.
The filing added that the repair work will be taken up after detailed inspection and assessment on arrival of the rig in the shipyard.
Yesterday, Aban had said that it has bagged firm orders worth USD 138 million (Rs 620 crore) from ONGC for the deployment of two jack-up rigs for three years period each.
Following the announcement of the news, scrips of Western India Shipyard closed 4.06 per cent up today on the Bombay Stock Exchange at Rs 13.83 apiece, while shares of Aban Offshore were down by 2.72 per cent at Rs 664.45 apiece.
In a filing to the Bombay Stock Exchange, the company said it has signed the repair order for the jack-up oil rig and the scope of work includes steel renewal, pipe renewal, paint protection, supply of various machinery and equipment.
The filing added that the repair work will be taken up after detailed inspection and assessment on arrival of the rig in the shipyard.
Yesterday, Aban had said that it has bagged firm orders worth USD 138 million (Rs 620 crore) from ONGC for the deployment of two jack-up rigs for three years period each.
Following the announcement of the news, scrips of Western India Shipyard closed 4.06 per cent up today on the Bombay Stock Exchange at Rs 13.83 apiece, while shares of Aban Offshore were down by 2.72 per cent at Rs 664.45 apiece.
Eurocopter looking to set up helicopter emergency medical services in India
NEW DELHI: Aiming at establishing helicopter emergency medical services (HEMS) in the country, Eurocopter is planning a pilot project for a pan- India network with the help of a consortium of government institutions, private hospitals and other stakeholders.
"India urgently needs dedicated HEMS to cater to large populations spread across the vast region. The need of the hour is to step up investment in building pan-India network and infrastructure to promote HEMS," Erwin Stople, co-founder of European HEMS and chief flight surgeon and medical director of Germany's ADAC Air Rescue , said.
He said that HEMS can help save many lives, permanent disabilities and long medical treatment in the case of stroke, heart attacks if appropriate action was taken in the "golden hour".
In emergency medicine, the "golden hour" refers to a time period lasting from a few minutes to several hours following traumatic injury during which there is the highest likelihood that prompt medical treatment will prevent death.
Stressing the need for a dedicated and efficient air medical services, Stople said for a billion-plus population, which is spread at places that are far away from any modern medical facilities such Helicopter Air Ambulance services could help in providing better treatment to time-critical patients.
As Eurocopter's air medical consultant , Stople will be meeting a host of government institutions, private hospitals and other stakeholders to understand the needs and requirment of air medical services.
Elaborating about the air ambulances, Michael Rudolph, head of HEMS in Eurocpoter said, "India has emerged as a mature market especially for new age medical facilities.
"Operators, helicopter manufacturer and association were looking forward to support implementation of HEMS in India by setting up pilot project together with a consortium of government institutions, private hospitals, insurance companies," he said.
He said that implementation of helicopter air ambulance services starting from Delhi, Mumbai, Bangalore and Hyderabad would become one of the most demanding projects in the coming decades.
"India urgently needs dedicated HEMS to cater to large populations spread across the vast region. The need of the hour is to step up investment in building pan-India network and infrastructure to promote HEMS," Erwin Stople, co-founder of European HEMS and chief flight surgeon and medical director of Germany's ADAC Air Rescue , said.
He said that HEMS can help save many lives, permanent disabilities and long medical treatment in the case of stroke, heart attacks if appropriate action was taken in the "golden hour".
In emergency medicine, the "golden hour" refers to a time period lasting from a few minutes to several hours following traumatic injury during which there is the highest likelihood that prompt medical treatment will prevent death.
Stressing the need for a dedicated and efficient air medical services, Stople said for a billion-plus population, which is spread at places that are far away from any modern medical facilities such Helicopter Air Ambulance services could help in providing better treatment to time-critical patients.
As Eurocopter's air medical consultant , Stople will be meeting a host of government institutions, private hospitals and other stakeholders to understand the needs and requirment of air medical services.
Elaborating about the air ambulances, Michael Rudolph, head of HEMS in Eurocpoter said, "India has emerged as a mature market especially for new age medical facilities.
"Operators, helicopter manufacturer and association were looking forward to support implementation of HEMS in India by setting up pilot project together with a consortium of government institutions, private hospitals, insurance companies," he said.
He said that implementation of helicopter air ambulance services starting from Delhi, Mumbai, Bangalore and Hyderabad would become one of the most demanding projects in the coming decades.
Delhi governmet gives approval for Rs 30,000cr Metro Phase-III
NEW DELHI: The Delhi government gave the approval for Phase III of the Delhi Metro network on Monday, paving the way for the Centre to give its sanction to the project plan.
The third phase, which covers 108km, including the extension of the Dwarka line to Najafgarh, will cost Rs 30,000 crore with taxes, said Delhi government.
The alignment of Phase III remains the same as reported earlier this month. From Mukundpur to Yamuna Vihar and Janakpuri (west) to Noida Botanical Garden , the alignment covers a large part of the city, much along the same route as the Ring Road.
This is expected to ease the traffic situation with easy connectivity between the Metro network and the surface-level Ring Road. The cabinet approval came in on Monday. The plan will now be sent to the empowered committee in the ministry of urban development for approval, to be sent thereafter to the group of ministers (GoM) for final sanction. Said CM Sheila Dikshit , "Delhi is lagging behind in terms of having an adequate coverage by Metro network. The two new lines and extension of the existing three lines will go a long way in addressing the issue ."
The two new lines commissioned are the Mukundpur-Yamuna Vihar and Janakpuri West-Noida Botanical Garden, while the three lines being extended include Badarpur-Central Secretariat line going up to Kashmere Gate, the HUDA City Centre-Jehangirpuri going till Badli and the Dwarka line getting extended up to Najafgarh. Added the official, "Incidentally, under Phase II, route length of 108km has almost been commissioned except a section of 3.32km from Kirti Nagar to Ashok Park, which is likely to be commissioned in the next two months."
The cabinet decided to get the DPR (detailed project report) prepared on a priority basis for extension of the existing Dilshad Garden-Rithala line up to Bawana.
The third phase, which covers 108km, including the extension of the Dwarka line to Najafgarh, will cost Rs 30,000 crore with taxes, said Delhi government.
The alignment of Phase III remains the same as reported earlier this month. From Mukundpur to Yamuna Vihar and Janakpuri (west) to Noida Botanical Garden , the alignment covers a large part of the city, much along the same route as the Ring Road.
This is expected to ease the traffic situation with easy connectivity between the Metro network and the surface-level Ring Road. The cabinet approval came in on Monday. The plan will now be sent to the empowered committee in the ministry of urban development for approval, to be sent thereafter to the group of ministers (GoM) for final sanction. Said CM Sheila Dikshit , "Delhi is lagging behind in terms of having an adequate coverage by Metro network. The two new lines and extension of the existing three lines will go a long way in addressing the issue ."
The two new lines commissioned are the Mukundpur-Yamuna Vihar and Janakpuri West-Noida Botanical Garden, while the three lines being extended include Badarpur-Central Secretariat line going up to Kashmere Gate, the HUDA City Centre-Jehangirpuri going till Badli and the Dwarka line getting extended up to Najafgarh. Added the official, "Incidentally, under Phase II, route length of 108km has almost been commissioned except a section of 3.32km from Kirti Nagar to Ashok Park, which is likely to be commissioned in the next two months."
The cabinet decided to get the DPR (detailed project report) prepared on a priority basis for extension of the existing Dilshad Garden-Rithala line up to Bawana.
Even after poll, Kochi Metro project may fail to roll out
NEW DELHI: Making the Kochi Metro rail project a reality is the one common promise made by all political formations in Kerala - be it the Congress-led UDF, the CPM-centric LDF and even the BJP. But the alliance that gets the people's mandate in the state polls on Wednesday would find the Metro project promise a tough one to keep.
The urban development ministry at the Centre has written to the Kerala government asking it to justify the need for a Metro rail project in Kochi.
"As per the Centre's policy for metro rail projects, attention has to be focused on cities with population of 3 million and more," a senior government official told ET. "But Census 2011 pegs Kochi's population at somewhere between 1.3 million and 1.4 million, he said.
The ministry has cited the Census data in a missive to the state administration and asked it to justify Kochi's demand for a metro rail project. "It is not that exceptions can't be made. But they have to be backed up with some logic," the official said. For instance, the Delhi metro rail network was extended to Gurgaon, though Gurgaon does not have a 3 million-plus population. But Gurgaon's proximity to the national capital and the heavy commuter traffic between Delhi and Gurgaon helped its case.
First floated in Congress-led UDF's previous reign in Kerala under former chief minister Oommen Chandy, the Kochi Metro project has been a matter of Centre-state suspense during the VS Achutanandan government's tenure from 2006 till date. "There have not been any favourable steps from the Centre," Achutanandan said in a recent interview about why the Kochi Metro project was going nowhere.
CPM general secretary Prakash Karat recently slammed defence minister A K Antony for a statement that the UPA government has offered maximum help to the LDF government.
"In that case why is the Kochi metro rail project languishing without permission from the central government, despite the state government setting aside Rs 150 crore for preparatory work on this project," Karat had countered.
According to the 2011 census data, Ernakulam district, which includes Kochi city, has a population of over 3.2 million. The rate of population growth in the city has virtually halved from 9.35% in the decade between 1991 and 2001, to about 5.6% from 2001 to 2011. The BJP, hoping to open its account in Kerala in this assembly election, has not only promised vigorous pursuit of the Kochi metro project but also promised a rail link to the Sabarimala temple.
The urban development ministry at the Centre has written to the Kerala government asking it to justify the need for a Metro rail project in Kochi.
"As per the Centre's policy for metro rail projects, attention has to be focused on cities with population of 3 million and more," a senior government official told ET. "But Census 2011 pegs Kochi's population at somewhere between 1.3 million and 1.4 million, he said.
The ministry has cited the Census data in a missive to the state administration and asked it to justify Kochi's demand for a metro rail project. "It is not that exceptions can't be made. But they have to be backed up with some logic," the official said. For instance, the Delhi metro rail network was extended to Gurgaon, though Gurgaon does not have a 3 million-plus population. But Gurgaon's proximity to the national capital and the heavy commuter traffic between Delhi and Gurgaon helped its case.
First floated in Congress-led UDF's previous reign in Kerala under former chief minister Oommen Chandy, the Kochi Metro project has been a matter of Centre-state suspense during the VS Achutanandan government's tenure from 2006 till date. "There have not been any favourable steps from the Centre," Achutanandan said in a recent interview about why the Kochi Metro project was going nowhere.
CPM general secretary Prakash Karat recently slammed defence minister A K Antony for a statement that the UPA government has offered maximum help to the LDF government.
"In that case why is the Kochi metro rail project languishing without permission from the central government, despite the state government setting aside Rs 150 crore for preparatory work on this project," Karat had countered.
According to the 2011 census data, Ernakulam district, which includes Kochi city, has a population of over 3.2 million. The rate of population growth in the city has virtually halved from 9.35% in the decade between 1991 and 2001, to about 5.6% from 2001 to 2011. The BJP, hoping to open its account in Kerala in this assembly election, has not only promised vigorous pursuit of the Kochi metro project but also promised a rail link to the Sabarimala temple.
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