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Core sectors grow 5.1 pc in April
Himachal to get Rs
300 cr for 2 steel units
StanChart IDR issue subscribed 2.2 times
Food inflation eases
to 16.23 pc
RIL makes fifth oil discovery in Gujarat
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Rupee surges by 94 paise
Corporate Results
Monsanto to focus on hybrid seeds biz
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Core sectors grow 5.1 pc in April
New Delhi, May 28 The six key sectors - crude, coal, petroleum refinery products, electricity, cement and finished steel - had grown 3.7 per cent in April 2009. The infrastructure industries, which have a combined weight of 26.7 per cent on the overall industrial production index, had expanded by 7.2 per cent in March, 2010. "It is a reasonable rate of growth. It will translate into industrial production of 12-13 per cent in April," Crisil principal economist DK Joshi said. Expressing similar views, Rajiv Kumar, the director of think tank ICRIER said: "In the coming months we can expect similar level of expansion." The overall industrial output in March grew by 13.5 per cent. The data for April is likely to be released on June 14. Finished steel production expanded by 4.7 per cent, reversing a negative 1.3 per cent in April last year, according to the official data. Crude oil and petroleum refinery products production went up by 5.2 per cent and 5.3 per cent in the month against a contraction of 3.1 per cent and 4.5 per cent, respectively in April 2009. Coal production, however, contracted by 2.3 per cent in April against 14.2 per cent expansion in the year-ago period. The growth in electricity generation and cement output was lower at 6 per cent and 8.7 per cent in April this year compared to 6.7 per cent and 11.9 per cent April 2009. For the financial year 2009-10, the core sector posted a growth 5.5 per cent in April-March 2009-10 against 3 per cent in the same period last year. — PTI
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Himachal to get Rs 300 cr for
2 steel units
Chandigarh, May 28 Having failed to move the Centre over extension of excise concessions beyond the stipulated sunset clause of March 31, 2010, Union Steel Minister Virbhadra Singh today announced an investment of Rs 300 crore for setting up two steel processing units at Kandrori (Kangra) and Mandi. The units are being set up by Steel Authority of India (SAIL), and will require an investment of Rs 150 crore each. Both plants will have a capacity of one million tonnes per annum. While the land for the steel processing unit has been identified at Kandrori, the Government of India has asked the Himachal government to identify land at Mandi. Virbhadra Singh, who was here to preside over a function organised by Steel Traders Association of Chandigarh and Punjab Association for Medium and Large Industry, said a high powered committee of the Ministry of Steel was in advance stages of talks for starting work on the two projects at the earliest. “We are working to ensure that the basic infrastructure is provided for within six months, so that the plants can be commissioned at the earliest. We have also asked the Himachal government to guarantee assured power supply for these two plants, as such huge investment would go waste without an assurance of power supply,” he said, adding that they were examining the possibility of forming a joint venture for these two plants. The minister also said the Union government was also keen on reviving the Nahan foundry, which had been lying closed for the past two decades. “The state government has been asked to work out a strategy for its revival. In case, this cannot be revived, we will set up a third steel processing unit at Sirmour,” he said. The minister said they were working towards doubling the steel production capacity by 2012. “India has a capacity to produce 60 million tonnes of steel, thus, being the third largest steel producer in the country. We propose to up this production capacity to 124 million tonnes per annum in the next two years. For this, we have drawn a Rs 70,000 crore capacity expansion and modernization package f or SAIL and a Rs 13,000 crore package for modernisation of Rashtiya Ispat Nigam Limited,” he said.
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StanChart IDR issue subscribed 2.2 times
New Delhi, May 28 The offer, which is the country's first-ever IDR issue, received total demand for 44.68 crore receipts against 20.4 crore units on offer, thereby getting subscribed 2.19 times, according to the data available with the NSE till 1700 hrs. While the final category-wise break-up of subscription is yet to be updated, banking sources said among the portion reserved for the QIBs, the issue got subscribed a whopping 4.15 times. Sources also said in the high networth individual (HNI) category, the issue was subscribed 1.9 times. Counting for the bids in the retail category is still on, banking sources added. The British lending major has come out with a public offer of 24 crore IDRs, which include 3.6 crore receipts reserved for anchor investors. The banking major has already raised Rs 374 crore through anchor investors. Opened on May 25, the IDR is priced in the range of Rs 100-115 apiece. At the upper price band, the country's oldest foreign bank would be able to mop up Rs 2,760 crore. — PTI
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Food inflation eases to 16.23 pc
New Delhi, May 28
While food grain prices eased with arrival of rabi (winter) crops in the market, economists said they expect a substantial fall only after September when the monsoon plays out. "Food inflation will remain at this level for some time. Unless monsoon scenario becomes clear, nothing can be said. However, we can expect a substantial decline in food prices in the second half," Crisil's chief economist DK Joshi said. Wholesale prices-based inflation shot above 10 per cent in February, although they are provisionally lower at 9.59 per cent in April. Foodgrain prices, which was up 21.15 per cent at the start of the year, cooled to 9.77 per cent in the first week of May. However, inflation in fruits and vegetables have not changed much. It was 9.20 per cent in the first week of January and was 8.82 per cent in the first week of May. Over the week ending May 15, non-food articles also saw a decline in prices. Cotton seed prices fell 2 per cent and raw rubber and mustard seed by 1 per cent each. However, prices of tea rose by 9 per cent, that of mutton by 5 per cent, and urad and spices by 1 per cent each. — PTI
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RIL makes fifth oil discovery in Gujarat
New Delhi, May 28 The discovery was made in exploration block CB-ONN-2003/1, which is located in the Cambay Basin at a distance of about 130 km from Ahmedabad, the company said in a statement here. Reliance had won the block in the fifth round of auction under the New Exploration Licensing Policy (NELP). Well CB10A-J1 was drilled to a total depth of 1,957 metres in Part A of the block. "Hydrocarbon-bearing zone was identified at a depth of 1,376-1,385.5 metres," it said. "The well flowed at a rate of 255 barrels of oil per day" during conventional testing of the discovery, the company said. "The discovery is significant, as this play fairway is expected to open more oil pool areas, leading to better hydrocarbon potential within the block," Reliance said. The block covers an area of 635 sq km in two parts, dubbed Part A and Part B. Reliance is the operator of the block with a 100 per cent participating interest.
— PTI |
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Rupee surges by 94 paise
Mumbai, May 28 Dealers said exporters frantically sold dollar after its recent smart rise which boosted the rupee sentiment. The dollar was weak against its major rivals abroad, they added. A smart recovery in equities might brought back capital inflows to the domestic market, according to dealers. The rupee today resumed remarkably higher at 46.71/72 after a day's break yesterday at the Interbank Foreign Exchange (Forex) market. It moved in a range of 46.78 to 46.30 before settling at 46.35/36, a steep rise of 1.99 per cent over its last close. Rally in local equities too helped the rupee to surge for the second straight session.
— PTI |
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Corporate Results
New Delhi, May 28 Net profit stood at Rs 10,220.55 crore in 2009-10 fiscal against Rs 2,949.55 crore in the previous year, IOC chairman BM Bansal told reporters here. "We are in a better position now and so we are re-examining projects in hand and prioritising them," he said. Sales, however, dipped 5.1 per cent to Rs 2,49,271.35 crore in 2009-10. IOC reported a net profit of Rs 5,556.77 crore for the January-March quarter. Bansal said the company plans to spend Rs 13,000 crore in Plan and Rs 2,000 crore in non-Plan expenditure in 2010-11. IOC Board proposed Rs 13 per share dividend for 2009-10 fiscal. ONGC net up 71 pc
Oil and Natural Gas Corporation today reported a 71 per cent rise in net profit for the quarter ended March 31 as it realised more on crude oil it produces. Net profit in January-March stood at Rs 3,776 crore as opposed to Rs 2,207 crore a year ago, ONGC CMD RS Sharma said here. Sales rose 7 per cent to Rs 14,792 crore in January-March quarter but fell six per cent to Rs 60,205 crore in 2009-10 full fiscal. PNB profit Rs 3,973 cr
Punjab National Bank today reported a 24.26 per cent growth in consolidated net profit at Rs 3,972.67 crore for the fiscal ended March 31, 2010, on the back of higher interest income. Total income of the country's second largest public sector lender rose to Rs 26,436.74 crore during FY'10, from Rs 22,636.79 crore in the year ago period, PNB said in a filing to the Bombay Stock Exchange. SAIL profit up 40 pc Steel major SAIL today reported a jump of over 40 per cent in net profit to Rs 2,084.9 crore for the fourth quarter ended March, 2010, against Rs 1,485.20 crore in the corresponding period a year ago. Total income of the company rose to Rs 12,672.69 crore in the January-March period of FY'10 from Rs 12,519.33 crore in the same quarter of the previous year, SAIL said. The company has declared a final dividend of Rs 1.70 per share, in addition to an already paid interim dividend of Rs 1.60 a share, for the 2009-10 financial year. Glenmark back in black
Glenmark Pharmaceuticals today reported a consolidated net profit of Rs 102.61 crore for the fourth quarter ended March 31 on account of robust performance by all segments of its business across all regions. The company had posted a net loss of Rs 120.69 crore in the corresponding period of the 2008-09 fiscal. Total income of the company stood at Rs 712.50 crore in the fourth quarter, compared to Rs 515.76 crore in the same period of the corresponding fiscal, it added. The company also announced a dividend of 40 per cent, or Rs 0.40, per share for the financial year ended March, 2010.
— PTI |
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Monsanto to focus on hybrid seeds biz
Chandigarh, May 28 Since Bt cotton is the only genetically engineered crop that is allowed for cultivation in India, Monsanto is now focusing on developing area-specific varieties, based on the soil health, temperature and other ecological environment. In this regard, the company is in process of developing Bt cotton variety, Maxcot, which is specific to conditions in India. Besides, the company is also focused on developing hybrid seeds for cotton, corn and vegetables with a higher productivity. An amazing 45 per cent of the total seeds used in India are now hybrid seeds, thus ensuring a good growth for the hybrid seed producers. It may be noted that Monsanto, through its JV with Mahyco India, is responsible for bringing Bt cotton in the country. The technology has been developed by the company and passed on to 28 exclusive vendors, who are developing and marketing Bt cotton seeds. The company has a 80 per cent share in supplying technology for Bt cotton seeds, though the market share for Bt cotton seeds by the company is just five per cent. Talking to TNS here today, Christopher Samuel, director, public affairs, Monsanto, said since the major share of revenue for the company was coming from hybrid seeds and technology business, these two areas would continue to be the growth drivers for the company. “We have already repositioned our agrochemical business to address the fundamental market changes. Focussing our glyphosate products on supporting the core seeds-and-traits business, we have decided to narrow down our agrochemical business so as to offer farmers a simple quality product that meets their needs at a price closer to generics,” he said. “With the focus shifting to our seeds business, our research and breeding centres will now work on developing new technologies in these crops,” said Samuel. He informed that the net sales of the company in the last fiscal stood at Rs 410 crore, as compared to Rs 387 crore over the corresponding period last year.
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In the week ended May 8, food inflation was 16.49 per cent and has been hovering this level since the start of the year. It had shot past 20 per cent in December last year.
