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Reliance Industries announces 6% dip in profit
Despite doubling the refinery capacity and commissioning of natural gas production, India’s largest private sector company Reliance Industries posted a 6% dip in its net profit to Rs 3,852 crore in the September 2009 quarter.
However, the new businesses took the company’s gross profit and pre-tax profit to their highest-ever levels, only to be hampered by a rise in depreciation due to new projects going live and MAT-induced tax.
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Amitabh blogs on www.bigb.bigadda.com
Aishwarya celebrates her third birthday after marriage to actor Abhishek Bachchan and her megastar father-in-law Amitabh Bachchan has wished Aishwarya Rai a ‘long prosperous life’ on her 36th birthday Sunday.
We have… just brought in Aishwarya’s birthday and wished her love and happiness and a long prosperous life. It was just the family,’ Amitabh posted on his blog www.bigb.bigadda.com early Sunday morning.
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RComm declares 51% decline in quarterly profit due to forex losses
Reliance Communications, the nation’s second largest wireless telephony company, on Saturday announced 51% decline in quarterly profit due to forex loss.
RCOM, part of the Reliance Anil Dhirubhai Ambani group, has posted net profit of Rs 740 crore in the September quarter, compared to Rs 1,531 crore in the year-ago period. The forex loss of Rs 283 crore forced the company, which posted a marginal 1% rise in revenue to Rs 5,703 crore, to post a sharp decline in profit.
The results were worse than the expectation. A survey of ETIG and four brokerage houses estimated RCOM’s net sales at Rs 6,356 crore and net profit at Rs 1,171 crore. However, the company would have posted a net profit of Rs 1023 crore, had there been no forex loss.
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Cairn may supply oil to Reliance Industries, Essar by December
Cairn India hopes to complete price negotiations and start supplying crude from its Rajasthan fields to Reliance Industries (RIL) and Essar Oil by December.
A Cairn India official, when contacted on the issue, said: The Centre has now allowed private refiners to qualify as additional buyers of this Rajasthan crude. Negotiations for price and quantity with Essar and RIL are currently on.
It was earlier reported that RIL wants to buy about 30,000 to 60,000 barrels per day (1.5-3 million tonne) of crude from Cairn’s Rajasthan fields for its two refineries at Jamnagar in Gujarat. Essar Oil has also expressed interest in buying 30,000 bpd this year and 120,000 bpd (six mt) by 2011 when it expands its Vadinar refinery.
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Mukesh Ambani sees bringing global education to India: RIL AGM
when chairman Mukesh Ambani addresses Reliance Industries‘ annual general meeting, he is likely to announce the group’s next foray: education.
India’s biggest business house is planning to launch a private university in line with the Ivy League institutions, says a company insider, though the contours are yet to be finalised. And for a country betting on its demographic dividend, that would be good news.
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RCom Quarterly Net Profit Halved
India’s Reliance Communications (Rcom) has reported a more than halving in its fiscal second quarter profits to Rs. 740 crore ($154 million), compared to Rs 1,531 crore a year ago. The company said the drop was largely due to the costs of deploying its GSM network along with stronger competition in the market.
The net profit was also impacted by foreign exchange and derivative losses of Rs. 283 crore (US$59 million).
Revenues rose to Rs. 5,703 crore (US$1.2 billion) compared to Rs 5,645 crore in the corresponding quarter last year. EBITDA at Rs. 2,020 crore (US$420 million) compared to Rs 2,302 crore a year ago.
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Reliance Infrastructure net profit rises 6 percent
Reliance Infrastructure Ltd said its profit for the second quarter rose six per cent to Rs 307 crore on the back of strong performance in the engineering and procurement segment, even as the sales volumes of electrical energy fell 17.84 per cent year on year.
Total operating income for the second quarter of financial year 2009-10 fell seven per cent to Rs 2,649.56 crore. At the end of July-September quarter the company had an order book position of Rs 19,620 crore and is working on six power projects and one road project.
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