N K Verma Is New Ongc Videsh Ltd Managing Director
Narendra Kumar Verma, director exploration at Oil and Natural Gas Corp (ONGC), was chosen as the managing director of ONGC Videsh Ltd (OVL) by the Public Enterprise Selection Board (PESB). Verma, 55, is director (exploration) in ONGC since April 2013, prior to which he was on board of OVL. Verma hold masters degree in applied geology and an M Tech degree in petroleum exploration and is MBA in Finance. He has played vital role in management of exploration activities in frontier basin, mumbai offshore and Assam-Arakan basin. He was also involved in assessing the blocks in Vietnam Offshore, Indonesian Offshore, Myanmar Offshore, Qatar, Iran Onland and North Caspian.
GAIL India Q4 Profit Up 57 Per Cent
State gas utility Gas Authority of India Limited (GAIL) has reported a 57 per cent jump in its fourth-quarter net profit. GAIL posted a net profit of Rs 972 crore in January-March quarter, up from Rs 618 crore in the same period a year ago, company Chairman and Managing Director B C Tripathi said in a statement. Net profit was up as the company realised Rs 96,000 per ton price for petrochemicals it produces, against Rs 82,000 a ton in the previous fiscal, he said, adding price realisation on LPG also increased by 8 per cent to Rs 56,000 a ton. “During Q4, gas transmission volumes were down and so was gas marketing due to fall in production at Panna/Mukta and Tapti field (in western offshore) and east coast (KG-D6) field,” Tripathi said.
Record Placement In KIIT
KIIT has been achieving cent percent placement since its inception. Excellent placement for the 2014 batch students once again proves that KIIT continues to be one of the most favoured talent hunting grounds for the corporate world. Like every year, KIIT has achieved cent percent placement for its 2014 passing out students. Remarkable thing this year is the tremendous response from recruiters from the very start of the placement season. About 90 per cent of the total 2101 registered students of 2014 passing out batch in various schools of KIIT University are already placed.
NMDC Net Up 34%
State-owned iron ore miner NMDC reported a 34 per cent rise in net profit at Rs 1,962 crore for the quarter ended March 2014. Turnover during the period increased 21 per cent to Rs 3,884 crore from Rs 3,204 crore. In 2013-14, the company’s turnover and net profit were at Rs 12,058 crore and Rs 6,420 crore. Production and sales of iron stood at 30.02 million tonnes (mt) and 30.50 (mt) respectively. It had set a target to produce and sell 31 mt and 32 mt this year. NMDC chairman and managing director, Narendra Kothari, said the company had incurred a capital expenditure of Rs 2,518 crore last year and planned to spend Rs 3,495 crore in the current year. The bulk of this amount would be on the execution of the Rs 15,000- crore Nagarnar steel plant in Chhattisgarh.
HONDA Cars Sales Up 18%
Honda Cars India has reported 17.8 per cent increase in domestic sales at 13,362 units for last month. It had sold 11,342 units in May 2013, Honda Cars India Ltd (HCIL) said in a statement. Last month the company sold 1,333 units of its small car Brio, 4,752 units of compact sedan Amaze and 7,218 units of the mid-sized Sedan City. HCIL Senior Vice-President (Marketing and Sales) Jnaneswar Sen said: “We are thankful to our customers for the continued support we have been receiving for the Amaze and all-new City and are confident that we will continue to do well in respective segments.”
SAIL Registers 11 Per Cent Growth
State-run steel maker SAIL registered a growth rate of 11 per cent in sales at 1.06 million tonnes (MT) in May this year. The steel giant had registered sales at 0.96 MT in the same month last year. “Rise in exports was to the tune of 76 per cent on a y-o-y basis during the month. Production at SAIL plants kept pace with hot metal production of 1.26 MT achieved in May, registering a y-o-y growth of four per cent,” SAIL said in a statement. SAIL had registered a marginal 1.35 per cent increase in net profit to Rs 452.58 crore in the January-March quarter and a 20.6 per cent growth in net profit to Rs 2,616 crore in FY14.
Jet Airways Appoints Cramer Ball As New CEO
Jet Airways announced the appointment of its new CEO, aviation specialist Cramer Ball, after its earlier chief quit in January. The airline’s activities were since that time being managed by Director and Manager Gaurang Shetty, who will continue to lead it till the requisite approvals are obtained and Ball assumes charge as the CEO. The Jet Board of Directors has cleared Ball’s appointment subject to receipt of requisite government and regulatory approvals, including security clearance. A highly-respected aviation professional, Ball has almost two decades of senior-level experience in the aviation industry under his belt.