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TUESDAY AUG 31 2010

 

 

 

 

Thesynergyonline Corporate Bureau

NEW DELHI, AUG 30 :
THE
Environment Ministry has restored the Terms of Reference for Jindal Power project in Chhattisgarh, paving way for the firm to go-ahead with development activities at the site. JPL is a subsidiary of Jindal Steel and Power Limited (JSPL). 

The expert committee recommended that the project may be appraised, based on its review of the matter, by following the original TORs, an Environment Ministry announcement said. 

After giving the initial clearance or ToR to the proposed Rs 13,000 crore 2400mw project in Tamnar in the state last year, the Union Environment and Forest Ministry had revoked it in June. 
Jindal Power officials made a presentation before the committee at its meeting held on August 10, 2010. They said that the project would come up at 456 hectares of land and also maintained that there is no change in the location of the power plant. 

According to the presentation, for the 1000mw plant, 614 Ha was approved out of which 360 Ha is for the main plant but the company has managed to accommodate all the 4x250MW units commissioned in 2008 in 245 ha only and the balance 115 Ha is available. The main plant will be set up in this 115 ha land. This will be possible because it will now be sharing most of the facilities with the existing plant. 

The JPL management team further pointed out that there is no change in the location of the proposed 4x600 MW plant. Only land use optimization was carried out due to scarcity of availability of land and which is also a requirement of the TOR issued on 31.03.2009. 

The land use for the entire expansion project has been optimized from 1041 Ha to 456 Ha (and not 62 ha as was mentioned by MoEF while withdrawing the ToR). 

The proposed project is to involve an investment of Rs 13,410 crore, of which over Rs 10,000 crore debt has been tied up. The proposed plant is apart from the 1000MW plant already functional at Tamnar in the same area with an investment of Rs 4,338 crore and a plant load factor (PLF) of 93.1 percent. 

The company had said had already placed order with BHEL for equipment worth Rs 765 crore. Coal linkages has been approved for the first two units of the 2400 mw plant. The company is targeting to commission two units of 600 MW each out of the proposed 2400 MW before March 2012. 

The company aims to establish a presence in other forms of power generation such as gas, hydro, wind, nuclear and solar power, with a focus on hydro and other forms of environment friendly renewable energy sources. (editor@thesynergyonline.com)


Thesynergyonline Corporate Bureau

NEW DELHI, AUG 27 :
THE
Minister for Corporate Affairs & Minority Affairs (I/C), Mr Salman Khurshid , on Friday categorically stated that there is no corporate governance issue involved in Vedanta as yet and that his job is to ensure that companies grow in India but not at the cost of environment and issues relating to common people.

In his keynote address at ASSOCHAM organized Judicial Conference on Intellectual Property Protection here on Friday, Mr. Khurshid came forward to support his colleagues like Jairam Ramesh and Industry and Commerce Minister, Mr. Anand Sharma for doing a lovely job in protecting interests of Indian people to ensure that industrial and economic development happen India in equitable and fair manner.

However, the minister indicated that in case corporate governance issue surfaces in Vedanta, the government would swing to take suitable action but as of now no such issue seems to have irrupted in Vedanta.

Referring to bail off former Satyam chief Mr. Ramalingam Raju, Mr. Khurshid said that he has started appearing in courts and at least things will move and concerned courts will proceed to take appropriate decisions.

The minister expressed serious concern for increased tribunalization of justice on matters relating to commerce, trade and industry in which superior knowledge of judges will be of little use and common lawyers may play a decisive role in dispensing and administration of justice. He said that there should be special courts to handle matters relating to commercial disputes within Supreme Court and even High Court.

Mr. Khurshid also demanded that there should be sufficient protection for intellectual properties even within framework of WTO (World Trade Organisation) and sought faster exchange of judicial processes between India, China and Brazil since these are nationalities which are happening.

Among others who participated on the occasion included: Mr. Anil K. Agarwal, Past-President, ASSOCHAM & Chairman, ASSOCHAM Committee on International Affairs; Mr. Jack Chang, Senior IP Counsel, Asia - GE & Chairman of Quality Brands, Protection Committee, China; Mr. Sumanjyoti Khaitan, Chairman, Legal Affairs Committee, ASSOCHAM; Mr. A.K. Sikri, Judge, Delhi High Court and Dr. M.K. Sharma, Judge, Supreme Court. (editor@thesynergyonline.com)

Thesynergyonline Corporate Bureau

NEW DELHI, AUG 26 :
THE
board of directors of Oil and Natural Gas Corporation (ONGC) at a meeting approved an investment of Rs.372.11 crore for development of BHE and BH-35 area, east of Mumbai High South Field. BHE was first discovered in 1976 and was again taken up for delineation in 1983 but was not deemed economically viable at the then prevailing prices of oil and gas.

Based on integrated study of recently acquired Q-Marine Data, it is estimated that the cumulative production of Oil & Gas from BHE & BH-35 is 0.422 Million Metric Tonnes and 0.529 Billion Cubic Metres respectively over a period of 8 years, with peak production rates of 2500 barrels per day of oil and 2,50,000 cubic metres of gas. 

After studying various options, ONGC decided on suitably locating a well platform with minimum facilities between BHE and BH-35 fields and drilling directional wells to produce Oil & Gas from the two fields and evacuate the Oil & Gas to SH Complex which is located only 10 kms from BHE. Various optimisation studies, coupled with improved price realisation for Oil as well as Gas has ensured a healthy IRR of 1.4: 5.4 for the project.)

The board also noted new prospect discovery of Well Vadatal-1 in NELP Block CB-ONN-2004/2, Western Onshore Basin . The exploratory well Vadatal-1 in NELP Block CB-ONN-2004/2, Western Onshore Basin, drilled to a depth of 1,784m was found to be oil bearing in the interval 1,148 to 1,137m in EP-IV Formation of Mid. Eocene age. On conventional testing the interval flowed oil @ 37 m3/d through 6 mm bean (278 bbls/day)

This discovery pertains to a NELP-VI Block (earlier relinquished part of GSPCL acreage CB-ON/2) in the Tarapur area of the Western Onshore Basin. The discovery has opened up a large area for exploration and is under further assessment of its extent and potential.(editor@thesynergyonline.com)


Thesynergyonline Corporate Bureau

Mr B P Rao, CMD, BHEl, receiving IOD citation of Distinguished Fellow from Mr Virbhadra Singh, Union Minister for Steel in New Delhi.

NEW DELHI, AUG 21 :
HARAT
Heavy Electricals Limited (BHEL) has been awarded the ‘Distinguished Fellow Award 2010’ by the Institute of Directors (IOD). The  award  was  presented  by  Mr Virbhadra  Singh,  Union  Minister  for  Steel to Mr. B. Prasada Rao, Chairman and Managing Director, BHEL at a function in New Delhi.

The award is given annually to corporate leaders and top Government officials for their outstanding contribution in the field of Corporate Governance and Corporate Social Responsibility.
 
Mr Rao, a Masters degree holder in Industrial Engineering from NITIE, Mumbai and a Mechanical Engineering Graduate from Jawaharlal Nehru Technological University, Andhra Pradesh, joined BHEL in 1978. In his over 32 years of professional experience, Mr. Rao has handled a variety of assignments and has diversified, versatile and varied experience through working in Strategic as well as operational areas in all major segments of BHEL. He was elevated to the Board of BHEL in September 2007 as Director (Industrial Systems & Products).
 
As a strong believer in transforming BHEL into a ‘world class engineering enterprise’, Mr. Rao successfully led two Corporate Plan exercises ‘Strategic Plan 2007’ and ‘Strategic Plan 2012’ at the Corporate Headquarters of BHEL with the aim of guiding the company’s turnover to US$ 20 billion by 2016-17. The latest plan resulted in the company pursuing a growth strategy of building both capacity and capability.

With an investment strategy aimed at taking the company’s manufacturing capacity from 15,000 mw p.a to 20,000 mw p.a. and introduction of new technologies in the field of coal and gas based power plants like Supercritical thermal sets of 660 MW & 800 MW ratings, Advance class Gas Turbines, Large size CFBC Boilers, Large size Nuclear sets, Extra High Voltage Transmission Systyems, etc., BHEL is strategically poised to meet India's needs .(editor@thesynergyonline.com)

Coal India CMD , Mr Partha S Bhattacharyya receiving fellowship of Institute of Director from Steel Minister Mr Virbhadra Singh at a function in New Delhi for his outstanding contribution to Society and Business.

 

Thesynergyonline Corporate Bureau

NEW DELHI, AUG 15 :
ACCORDING
to the GFK Nielsen Urban India Panel TV (LCD + Plasma TV) Report of MBOs, April -June 2010 period, Sony Bravia emerged as the market leader in Flat Panel Display sales in the Q1FY10 capturing a market share of 32 percent (by value) and 29.5 percent ( by units). The company is reported to have sold more than 1 lakh units during this quarter which are more than no. of units sold by any other brand. For the month of June alone, the company captured 33 percent market share (by value) and 29.5 percent market share (by units).

Mr. Masaru Tamagawa, Managing Director, Sony India, said, “Indian consumers have immense faith in the quality of our products and after-sales customer service. We look forward to honor this position by delivering the best products and unparalleled services to the Indian consumer in the field of Consumer Electronics. Sony India aims at offering new age technology and digital concepts to produce and sell excellence.

The report showcased comprehensive leadership of Sony in the Flat Panel TV category. Sony Bravia is the most sold LCD brand in the 22-inch, 32-inch and “40/42-inch” segment, indicating its strong appeal across different customer segments. These three segments together contribute more than 75 percent of all LCD TV units sold in India. The company expects to attain leadership in other screen size segments as well. The company reported maximum sales from the states of Maharashtra, Delhi and Tamil Nadu and West Bengal during this quarter. (editor@thesynergyonline.com)

 

Thesynergyonline Corporate Bureau


NEW DELHI, AUG 14 :
KOUTONS
Retail India , India's retail major , reported profit after tax (PAT) of Rs 5.53 crore in the first quarter ended June 30, 2010 as compared to Rs.11.50 crore in Q1 FY10. EBITDA margins was at 21.95 percent for Q1FY11 as compared to 23.99 percent in Q1FY10.

The company's net sales of Rs 160.65 crore, for the quarter ended June 30 , 2010 (Q1FY2010-11) as compared to Rs 201.31 crore in corresponding first quarter of last fiscal year.

Mr. DPS Kohli, Chairman, Koutons Retail India , said, “Although there is a 20 percent decline in our y-o-y growth but the same has been largely on account of major consolidation that we have undertaken”. During the quarter we have taken aggressive steps to consolidate our business so as to remove the unviable projects from the system."

"This has marginally affected our revenues, but will bear favourable results in the long run. Going forward, we are confident of improving our bottom line given our experience in the past that a large part of our revenues accrue in the 3rd and 4th quarter of the financial year,” he added. (editor@thesynergyonline.com)

Thesynergyonline Corporate Bureau


NEW DELHI, AUG 13 :
CONSILIDATED
sales revenues of Pharmaceutical and biotechnology major, Wockhardt stood at Rs 922 crore and operating profit (EBIDTA) was Rs 180 crore for the first quarter ending June 30 of the financial year 2011 . Due to exceptional items the net loss was Rs 116 crore.

Wockhardt USA grew by 17 percent and Morton Grove Pharmaceuticals has shown a 13 percent growth in April -June 2010 over the corresponding period of 2009.
Wockhardt UK has shown growth of 35 percent as compared to the industry growth of only 5.5 percent in April-June 2010. Growth drivers were hospital products that grew by 16 percent and exports by 24 percent.

During the said period, it also received 3 product approvals from the UK MHRA and executed a multi-million pound DOH special tender. Pinewood Healthcare's domestic business has shown encouraging results with a 6 percent growth as compared to the industry growth rate of 3 percent in April -June 2010. The company launched three new products in the quarter and exports were up by 12 percent. Negma Laboratories' beta blocking brand, Nebilox grew by 19 percent during the same period. (editor@thesynergyonline.com)

Thesynergyonline Corporate Bureau

NEW DELHI, AUG 10 :
tate-owned Bharat Heavy and Electrricals L:imited ( BHEL) said it has bagged a contract worth Rs 2,525 crore from Abhijeet Infra for setting up a 1,080mw thermal power plant (4x270 mw in Jharkhand.

"Valued at Rs 2,525 crore, the contract envisages supplying and installing the main plant package for Abhijeet Infra upcoming coal-based power plant in Ranchi Jharkhand," it said.

The contract envisages supplying and installing the main plant package for Phase-I (2x270 mw) and Phase-II (2x270 mw) of the thermal power project.

The company's scope of work in the contract includes design, engineering, manufacture, supply, erection, testing and commissioning of Boilers, Steam Turbines and Turbo-Generators and other associated auxiliaries. The company has established the capability to deliver 15,000 mw per annum and further augmentation to 20,000 MW per annum is underway, it added. (editor@thesynergyonline.com)

 

Thesynergyonline Corporate Bureau

NEW DELHI, AUGUST 09 :
ELDER
Healthcare, the FMCG arm of Rs 800-crore pharma major Elder Group, known for brands like Shelcal, is soon going to expand into the oral and skin care segment with it's own brands.

The company has upgraded its three existing units Robale, Patalganga and Poanta Sahib to produce high quality health care consumer products . Company plans to extend its AMPM mouthwash brand in the oral segment and is developing a range of products for the skincare segment to be rolled under a new brand.

This is the first time Elder Healthcare will roll out its own brands, as till now, the company's main thrust area has been on marketing and distributing brands of other companies under exclusive licensing arrangement.

With this, the company expects to to achieve a turnover of Rs 300 crore by the Financial year 2013 from current Rs 80 crore "After growing our distribution network, we are now looking at a balanced portfolio of own and licensed products," said Elder Healthcare MD Anuj Saxena.

"We expect around 50 percent of our revenue will come from own brands in three years. These products will be rolled out in phases from the fourth quarter of this fiscal year," he said.

At present, Elder Healthcare's sole own brand AMPM mouthwash contributes a meagre 4 percent to its turnover. It plans to extend the brand into toothbrush, toothpaste and teeth whitener. In the skincare segment, Elder Healthcare plans to launch 14 SKUs in areas like moisturiser, sun screen, anti-ageing and under-eye gel. The company has given the mandate for these product developments to an Italian firm.

The skin care market in India is estimated to be Rs 4,000 crore, "This year has seen the launch of several new fairness products -- the latest being Fair One Man by pharmaceutical company Elder Healthcare. "There is a huge growing awareness among Indian men to look good. Being an actor who wants to look good, I felt there was a need for this cream," said Elder Healthcare managing director Anuj Saxena, who is also a cine actor.

At present, Elder's largest selling FMCG brand is Tiger Balm which alone, has revenue of Rs 30 crore. The product is exclusively licensed to Elder by its owner Haw Par of Singapore. Other key licensed products include Shahnaz Hussain's Fairone Fairness Cream, VLCC's Fuel for Men deodorant, Australia-based Rye Pharma's Burn Aid anti-burn gel, US-based Blistex's lip care product and US-based Combe's Just for Men hair colour. These brands enjoy market share ranging between 3% to 20% in their respective segments.

The company also plans to expand its present distribution network of about three lakh outlets by adding another five lakh outlets, primarily in the semi-urban and rural markets. (editor@thesynergyonline.com)

Thesynergyonline Corporate Bureau


NEW DELHI, AUG 05 :
OCHAR
& Co, corporate law major , has made foray into the Middle East by executing collaboration agreements with the leading and prestigious firms of Law Firm of Dr Khalid Alnowaiser in Kingdom Of Saudi Arabia with offices in Jeddah and Riyadh and MIO Lawyers & Legal Consultants in United Arab Emirates located in Abu Dhabi and Dubai.

"Trade and business between India and the Middle East has grown exponentially and we have witnessed the consummation of enormous business transactions between the regions which are becoming ever more complex in nature and transcend the simple and traditional trade and commerce ,". said Mr. Rohit Kochhar, Chairman & Managing Partner, Kochhar & Co.

"Increasingly, clients now demand and require comprehensive and sophisticated legal representation on intricate commercial and financial transactions including but not limited to the oil and gas and infrastructure sectors. Indian and foreign clients alike will now have access to top quality international standards of legal support through the consortium of Kochhar & Co. and its highly reputed partners being the Alnowaiser and the MIO firms," he added.

The partnership between the Middle East and India has also embraced the legal services domain. With the support of its strong legal partners, the company will now be in a position to assist and represent Indian as well as foreign clients on all aspects of corporate as well as contentious matters. The consortium comprising Kochhar & Co. and its Middle East partners will cover legal representations in areas like commercial transactions, banking and finance, arbitration, Islamic finance and infrastructure projects.

"The establishment of collaboration between Kochhar & Co. and the highly reputed Alnowaiser firm would provide support to Indian investors in all aspects of their operations in the Kingdom of Saudi Arabia (KSA) - from a legal as well as practical perspective," he added.

" In addition to providing a full service legal assistance to Indian clients investing in new projects and establishing a business presence in the KSA, the Kochhar-Alnowaiser consortium would also represent Indian companies in resolving commercial disputes through an alternate mechanism of arbitration. Further, with a rapid rise in investments from the Middle East into India, Saudi and UAE companies would now benefit from a reliable and high quality legal support at both ends of the business transactions," said Mr Kochhar.

A huge spurt in infrastructure development activity in the Middle East region (in particular Saudi Arabia) is another great opportunity which Kochhar & Co. and its Middle East partners are expecting to exploit.

Business activities such as oil and gas exploration, construction of modern townships, IT parks, free trade zones, power projects, building metros, roads and highways require a myriad of complex legal and finance documentation and structure. Such highly complex and sophisticated legal services require a super specialized approach which the Kochhar-Alnowaiser-MIO consortium will now be able to provide to fully avoid that currently exists in this aspect of the legal services domain, he added.(editor@thesynergyonline.com)

Thesynergyonline Corporate Bureau

NEW DELHI, AUG 02 :
AIL
(India) registered an increase of 18 PERCENT in turnover (net of excise) of 7,096 crore in the first quarter of FY 2010-11 as against Rs 6,039 crore in the corresponding previous year quarter.

The profit before tax increased by 34 percent to 1322 crore in the first quarter of the current financial year as against 987 crore in the corresponding quarter of previous year. The net profit in the first quarter of FY 2010-11 increased by 35 percent to 887 crore as against 656 crore in the corresponding previous year quarter.
 
The company has shared 445 crore towards LPG and Kerosene subsidy in the first quarter of the current financial year as compared to 75 crore in the corresponding previous year quarter.
 
During the quarter, revenue from LPG transmission has increased by 8 percent to 114 crore as against 106 crore in the corresponding quarter of last year. The net sales from LPG and Liquid Hydrocarbons business during the first quarter of the current financial year have increased by 14 percent to 781 crore as against 686 crore in the corresponding quarter of last year.

The net sales from natural gas trading during the first quarter of the current financial year have increased by 17 percent to 5,452 crore as against 4,642 crore in the corresponding quarter of the last year. The revenue from natural gas transmission during the first quarter of the current financial year has increased by 22 percent to 897 crore as against Rs 733 crore in the corresponding quarter of the previous year.
 
The natural gas transmission during the first quarter of the current financial year was 116.18 MMSCMD as against 96.68 MMSCMD in the corresponding quarter of the last year. The quantity of polymer sales was 88 TMT as against 92 TMT, Liquid hydrocarbons sales were 356 TMT as against 334 TMT in the corresponding quarter in the previous year.

The LPG transmission during the first quarter of the current financial year was 788 TMT as against 741 TMT during the corresponding quarter in the previous financial year. The quantity of polymer production was 99 TMT as against 94 TMT, Liquid hydrocarbons production were 361 TMT as against 334 TMT in the corresponding quarter in the previous year. (editor@thesynergyonline.com)


Thesynergyonline Corporate Bureau

NEW DELHI, JULY 31 :
AIL
(India) and Brahmaputra Cracker and Polymer Limited (BCPL) have entered into an agreement for marketing all the petrochemical products produced from Bramhaputra Cracker and Polymer Limited at Lepetkata, Assam.

The agreement was signed by Mr J S Saini, GM (Petrochemicals Marketing), GAIL and Mr Rakesh Kumar Kamra, Director (Finance), BCPL in presence of Mr Prabhat Singh, Director (Marketing), GAIL and Mri J K Singh Teotia, Managing Director, BCPL and other senior officials of both the organizations.

According to the agreement, GAIL will market 2,20,000 tonnes of High Density Polyethylene and Linear Low Density Polyethylene along with 60,000 tonnes of Polypropylene produced annually from the at BCPL plant at Assam. With this development, GAIL will be marketing 7,80,000 MTs of polymers per annum by FY 2012-2013.

Mr. Prabhat Singh, Director (Marketing), GAIL said that "with marketing of BCPL products, GAIL would be adding more than 50 per cent of the current volume and increase its spectrum of product offerings to customers by addition of polypropylene in its product portfolio."

Adding further on the aspect of licensor's technology, Mr. Singh said that "the manufacturing process of BCPL products will add gas based process in polymer production wherein GAIL Petrochemicals already use the slurry and the solution processes."

Mr J K Singh Teotia, Managing Director, Brahmaputra Polymer and Cracker said that the plant will be commissioned in year 2012 and soon the products will cater to the North Eastern market creating opportunities in downstream sector and will positively contribute in the socio economic development of the region. He said that GAIL's petrochemical marketing network will definitely strengthen the market acceptability of BCPL products.

BCPL will produce various ranges of polymers for different applications in sectors such as packaging film, roto, injection, raffia, and blow moulding. This will boost the supply of different end use products like water storage tanks, household items, house-wares, crates, buckets and packaging materials, woven sacks for packaging of fertilizers and cement, containers for edible oil and chemicals in the North Eastern States. GAIL has a wide marketing network in Indias today and holds approximately 21 per cent share in polyethylene market.

BCPL has placed purchase orders and the contracts of value over Rs. 3540 crore and the placement of remaining orders and contracts are being expedited. Civil and structural works for the main process units namely Ethylene cracker unit, Poly ethylene unit (HDPE/LLDPE), Poly propylene unit, C2+ extraction unit, Gas processing unit, Gas de-hydration unit and Gas sweetening unit have commenced. The total Capex incurred till the middle of July 2010 was about Rs. 4343 crore and total expenditure planned for FY 2010-11 is Rs. 2272.32 crore.   (editor@thesynergyonline.com) 

TATA GLOBAL BEVERAGES INCOME FROM OPERATIONS UP 8% AT RS 454 CRORE

Thesynergyonline Corporate Bureau

NEW DELHI , JULY 31 :
ATA
Global Beverages ( formerly Tata Tea ) registered consolidated total operating income on standalone basis for the the fist quarter of fiscal 2010-11 at Rs. 1380 crore, up by 7 percent over the corresponding quarter of the previous year 2009-10 , reflecting the continuing impact of price increases and acquisitions offset by adverse exchange rate movements and impact of phasing of promotional sales in key markets.

The operating income includes the performance of the Russian beverage company in which a 51 percent stake was acquired through a subsidiary in the quarter ended September 30, 2009.

The company's earning per share (EPS) stands at Re +0.74 as against Re -0.32 and income from operations at Rs 454 crore, up by 8 percent.

The group consolidated net profit at Rs 46 crore is higher as compared to the loss of Rs 20 crore in the corresponding quarter of the previous year as there is no adverse translation impact on overseas subsidiary foreign currency assets. We continue to increase investment in New Product Development to grow our beverage portfolio.
 
The standalone Tata Global Beverages results reported income from operations for the quarter at Rs 454 crore, reflecting an increase of 8 peercent over the corresponding quarter of the previous year.

The company's profit after tax at Rs 36 crore reflects investment in new product activity and future growth in widening our beverage portfolio.  (editor@thesynergyonline.com) 

Thesynergyonline Corporate Bureau



MUMBAI, JULY 30 :
INDUSTAN
Construction Company (HCC) has registered profit after tax (PAT) at Rs 28.31 crore in Q1FY2011 ended June 30, 2010 from Rs. 18.19 crore in the corresponding Q1FY'10 , a rise of 55 percent. Turnover of Rs. 1,008.22 crore was up 5 percent as against Rs. 964.09 crore in the corresponding period last year. The company achieved EBITDA margins of 12.4 percent at Rs. 122.83 crore v/s Rs. 111.51 crore.

The company’s board of directors has decided to offer 1:1 bonus shares to its shareholders. Additionally, Lavasa Corporation, HCC’s subsidiary, has obtained board approval for an IPO of up to Rs. 2,000 crore of fresh equity shares.

Mr Ajit Gulabchand, Chairman and Managing Director, HCC, said, “Lavasa’s IPO will unlock its true value, thereby enabling HCC to be one step closer in realizing its vision of creating a hill city development in India which offers infrastructure better than that available in an average Indian city. This bonus is a show of gratitude to our shareholders who have shared this journey with HCC.”

Lavasa’s revenues during the quarter reached Rs. 181 crore, up by 94 percent, its EBT margins are at 41 percent, with net profit at Rs. 49 crore, up by 87 percent. (editor@thesynergyonline.com) 
 

Thesynergyonline Corporate Bureau

NEW DELHI, JULY 30 :
HE
capital goods manufacturing companies which export process plants from India have expressed shock at frequent anti-dumping investigations initiated by ministry of commerce against imports of stainless steel hot- rolled sheets and coils in grade 304 as well as starting a new mid- term review on cold rolled products originating from European Union, South Korea, Taiwan, the US , China and South Africa.

"We are shocked that the Commerce Ministry has once again started anti-dumping investigation and mid- term reviews based on misleading facts submitted by a large domestic manufacturer namely Jindal Stainless without discussing the matter with the critical segment of end-users of specific grade and size stainless steel including oil and gas, desalination, heavy equipment manufacturers, nuclear power, automotive, stainless steel pipe ,infrastructure and petrochemical industry," Mr V K Togadia, president , All India Stainless Steel Industries Association (AISSIA) .

"Unfortunately the specific required dimensions of above 1250mm width in all grades of stainless steel are required for design safety, quality and these dimensions are not available in the domestic market nor manufactured by the complainant JSL. The manufacturer and end- users have been sourcing the stainless steel hot and cold- rolled products from global manufacturers including Outokumpu, Arcelor Mittal and Acerinox since many years, " says Mr P V Sundaram, vice president, GEI Industries .

"The scope of HR products put under investigation by the Ministry of Commerce are presently not manufactured by sole petitioner Jindal Stainless as it has manufacturing capacity up to width of 1250mm and cannot offer widths beyond 1250mm in HR under any conditions. It is technically impossible for them to manufacture higher widths and the same has been notified by the Ministry of Commerce in the stainless steel CR case notification released in November 2009. The products which are beyond 1250mm in width should not be included in the investigations as these products are not being manufactured in India and do not affect the domestic manufacturer ," said Mr Prithviraj Hegde, M D, Crystal Engg, Mumbai

" Within three months of anti- dumping notification by the government, there is a mid- term review initiated by DGAD again on behest of Jindals based on illogical submission by Jindals. The 1250mm width material has a tolerance levels of maximum 6mm but Jindals are advising and misleading DGAD to impose 50mm as the tolerance to suffocate the stainless wares export industry. This tolerance may be a local Jindal Haryana standard but surely not an international standard and we wonder what DGAD is trying to do by initiating such reviews which will kill the export markets for the thousands of end users in SME segment and protect the interests of Jindals. Can DGAD not consult Engineers India before playing with the fortunes of SMEs ?" said Mr Ramachandran, Secretary, Process plant Machinery Association of India (PPMAI)

"Views and suggestions of industry and end - users of specific grade and size stainless steel not produced in India should be incorporated during investigation to defend the imposition of duties on products beyond 1250mm and other special grades which are not manufactured by the domestic industry. This will eliminate un-necessary harrassment to the engineering goods exporting companies, " added Mr N B Kulkarni from Toyo Engineering. (editor@thesynergyonline.com)  

Thesynergyonline Corporate Bureau

NEW DELHI, JULY 29 :
HE
net profit of Elder Pharmaceuticals on standalone basis has gone up to Rs 18.87 crore for the first quarter ended June 2010 (Q1 FY2011) as against previous year’s quarter at Rs 11.48 crore , a jump of 64 percent. The earning per share (EPS) on a non – annualized basis works out to Rs 10.01.

The income from operations has gone up to Rs 191.09 crore for Q1 FY2011 as compared to Rs 162.90 crore during the corresponding quarter in the previous year.
 
The operating profit (PBIDT) too has gone up to Rs 39.50 crore for Q1 FY2011, reflecting a growth of 46 percent over the previous corresponding quarter’s figure of Rs 26.97 crore.
 
The various international alliances of the company, new manufacturing facilities, launch of newer products, penetration into rural and semi-urban markets and strong growth in the traditional products have contributed to the company’s better working.
 
In the quarter ended June 2010, The company commenced commercial operations at its new state-of-the-art, US FDA compliant manufacturing facility located in the excise free zone at Langa Road, Dehradun (Uttarakhand), added marketing personnel to strengthen its existing field force, hiked stake in its Bulgarian subsidiary to 61 percent and launched Ecozyme, a nutraceutical and Elder NRT, a smoking cessation product.
 
The company has presence in niche therapeutic segments like Women’s healthcare, Wound care, Nutraceuticals /vitamin Supplements, Cardiology, Diabetes, Dermatology, Antibiotics and neurology. It is the market leader in calcium supplements (Shelcal), wound healing and injectable B12 vitamin.

The company has a judicious mix of drug formulations, and active pharma ingredients (APIs). It has 6 manufacturing plants in India located in Maharashtra, Uttarakhand and Himachal Pradesh. (editor@thesynergyonline.com)  

ONGC Q1FY'11 NET DECLINES BY 24.5 % TO RS 3,661 CRORE ON HIGHER SUBSIDY BURDEN

Thesynergyonline Economic Bureau

NEW DELHI, JULY 29 :
OIL
and Natural Gas Corporation (ONGC) Q1FY'11 net profit went down by 24.5 percent to 3,661 crore as against Rs 4,848 crore in the corresponding fiscal in 2009-10 due to excessive subsidy discounts . The company's board approved new 102 mw wind power investment in Rajasthan for Rs 650 crore according to Mr R S Sharma, Chairman and Managing Director of ONGC .

The company's board also approved MRPL investment for single point mooring off Mangalore coast also for Rs 1,044 crore. The company made five new discoveries in Q1FY'11, two more in July' 10 .

Sales revenue in Q1 2010-11 also declined by 8.1 percent to Rs 13,710 crore as against Rs 14,922 crore in Q1, 2009-10. In the financial year ended March 31, 2010 the company recorded sales revenue of Rs 60, 205 crore.

Stepping up efforts to explore renewable energy like wind power the company's board has approved setting up of 102 MW wind farm in Rajasthan augmenting the 51 MW wind power project set up in Gujarat in 2008. The estimated investment for new project is approx Rs 650 crore. The project is expected to be commissioned by September 2011.

The company has enhanced coastal infrastructural facilities with board clearance of the installation of SPM (Single Point Mooring) at New Mangalore Port. This will enable MRPL to receive crude in VLCC (very large crude carrier) tankers.

The same facility can also be used for receipt of crude for Indian Strategic Petroleum Reserves Limited (ISPRL) being set up by Government of India at Mangalore near the refinery. The estimated cost is Rs 1,044 crore with completion target of April 2012.

Well defined equitable mechanism for subsidy discounts would ensure much higher commercial values , Mr Sharma added.

 

 

 

 


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