Net profit of Essar Ports rose 48 percent to Rs 101.4 crore during April-June 2013 from Rs 68.5 crore in the year-ago period. The port announced 22 per cent growth in revenue at Rs 403.7 crore during the quarter under consideration from Rs 330.3 crore in the corresponding period last year. Cargo volume of the firm rose to 14 million tonne during the quarter from 12.65 million tonne in the year-ago
Tag: earnings
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RBI wants traders to export 20% of imported gold
In order to reduce the domestic consumption of gold, the Reserve Bank of India (RBI) mandated importers of the yellow metal to export 20 percent of the gold from the arrived consignment. Presently, a very small portion of gold is exported and the above move is expected to boost re-export of gold.
Of the 970 tonnes of gold imported last year, only 70 tonn
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RBI steps may not rein in rupee weakness: economists
Some analysts feel that the recent moves by Reserve Bank of India (RBI) to arrest rupee depreciation may not be effective. It may be recalled that the central bank further tightened rupee liquidity by restricting the borrowing of banks under the daily liquidity adjustment facility (LAF)
to 0.
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Tata Steel chief expects challenging months ahead
In the company annual report, Cyrus P Mistry, Chairman of Tata Steel said the next 18-24 months will be challenging for the firm owing to volatile raw material prices and systemic weakness in demand in key markets. But he expects the company to strengthen its position on the back of key management initiatives including investment in select facilities, product rationalisation and right sizing of
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Loss of Tata Steel Europe rises to 1.2 bn pounds
Loss of Tata Steel Europe, Britain's largest steel producer, rose to 1.2 billion pounds during 2012-13 from 846 million pounds the previous year. Owing to poor market condition in the second half of the year, the firm witnessed 14 per cent decline in revenues to 8.7 billion pounds. Decline in steel prices, muted demand and competition from cheap imports are affecting the finan
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Net profit rises 42% for IndusInd Bank in June quarter
Net profit of IndusInd Bank rose 42 percent to Rs 335 crore during Apr-Jun 2013 from Rs 236 crore in the year-earlier period. During the quarter, the bank witnessed 27 percent growth in loan portfolio, double the growth rate of the banking industry. The bank's net interest income rose 40 percent to Rs 679 crore from Rs 484 crore in the same period last year. Further, it witnessed 48 percent growth in non-interest income to Rs 471 crore, boosted by an increase in mark-to-m
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Dredging cost may hit profitability of ICTT
The profitability of the Vizhinjam international container transhipment terminal (ICTT) is under question because of the annual maintenance requirement after every monsoon season. According to hydrographic surveyor Commander John Jacob Puthur (retd), the terminal requires dredging after each monsoon to remove at least 3 million cubic metre of silt at a minimum annual maintenance cost of Rs 3
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S&P expects improvement in EBITDA of ONGC
Andrew Wong, Credit Analyst at Standard & Poor's expects ONGC's EBITDA to improve by at least $2.0 billion each year on average from fiscal 2014-15 once India implements natural gas price increase. Therefore, the state-run energy explorer may strengthen its cash flow and profitability from the next fiscal year, exceeding the earlier expectations, he
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Essar Ports to ask clients to pay in dollars
Essar Ports will gradually ask its port users to pay tariff in US dollar instead of rupee. This means, the company would receive tariff in dollars from customers and convert the same into rupees at the prevailing exchange rate. After Gujarat Pipavav shipyards, Essar Ports would be the second port operator to start moving away from rupees while charging tariff, reports
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Dena Bank to strengthen presence in eastern regions
Ashwani Kumar, Chairman and Managing Director of the state-run Dena Bank said the bank decided to set its footprint in the eastern part of the country especially in West Bengal and Bihar. The state-run bank, which is predominantly present in the western part of the country, is turning to east as the region appears less crowded and shows opportunity