Indian Oil Corporation To Set Up Two Plants In Uttarakhand
To streamline supply of LPG in Uttarakhand, the Indian Oil Corporation will set up two new plants in the state besides doubling the capacity of its plants in Haridwar and Haldwani. The Corporation will double the current capacity of its Haldwani and Haridwar plants from 5,000 tonnes to 10000 tonnes and will also set up two new plants in the state, IOC officials told Chief Secretary Subhash Kumar at a meeting here, an official release said.
Union Bank Net Up 19%
State-run lender Union Bank of India reported 18.6 per cent growth in net profit to Rs 664 crore for the quarter ended June boosted by core income as well as slowing growth of stressed assets. Net interest income (NII), which is the difference between interest earned and paid, grew by 10.84 per cent on the back of 18 per cent year-on-year increase in domestic advances, though non-interest income fell to Rs 691 crore from Rs 756 crore reported during the same period of the previous year, mainly due to lower trading profit. “NII growth was in double digits after four quarters,” said Arun Tiwari, chairman and managing director of Union Bank of India.
Syndicate Bank Q1 Net Up 7.3%
Manipal-based public sector lender Syndicate Bank has reported a 7.3 per cent rise in its net profit at Rs 485 crore for the first quarter-ended June 30, 2014 compared to Rs 452 crore in the corresponding quarter last year. The total income of the bank has increased 16.8 per cent to Rs 5,523 crore as against Rs 4,726 crore in the same quarter last year. The operating profit during the quarter was up 6.8 per cent to Rs 1,014 crore as against Rs 949 crore in the year ago quarter. Lower provisions during the quarter, which stood at Rs 468 crore as against Rs 489 crore a year ago, showing a reduction of 4.3 per cent helped the bank to show better profits.
Dd Misra Takes Over As Hr Director At ONGC
Desh Deepak Misra today took over as the Director (Human Resource) of India’s most valuable public enterprise, Oil and Natural Gas Corporation (ONGC). Misra, 56, replaced K S Jamestin. A Masters in Public Administration from the University of Lucknow, Misra joined ONGC in January 1985, the company said in a statement. Starting his career from the Baroda office of ONGC, he led HR function at company’s assets in Assam, Tamil Nadu, Maharashtra and Uttarakhand. He is the recipient of the ‘Young Executive of the Year’ award and has been instrumental in ONGC securing the ‘Earth Care Award – 2008’ for mitigating Greenhouse Gas Emissions, the statement said.
Binny Ltd To Acquire Windmill
Binny Ltd is looking at acquiring windmill farm of 37.20 MW from Mohan Breweries and Distilleries Ltd and to lease out 18 MW Biomass power plant owned by Nandha Energy Ltd along with evaluating feasibility for setting up spinning mills manufacturing unit, according to a company announcement. Mohan Breweries and Nandha Energy are related parties, as the company’s board members are present in both these companies, according to the company’s annual report for 2012-13. The board has directed the company to evaluate the feasibility for establishment of Spinning Mills manufacturing unit and later, the proposal shall be recommended to the Board of Directors for approval.
BHEL Commissions Another 68 Mw Unit At Rampur
Bharat Heavy Electricals Ltd (BHEL) has commissioned the fifth 68 MW unit of the Rampur hydro power project in Himachal Pradesh. “The earlier four units at Rampur plant were commissioned between March 2014 and June 2014. All the four have since been put into commercial operation. The sixth and last Unit is in an advanced stage of execution and is likely to be commissioned shortly,” the power equipment maker said in a statement. The project is located on Satluj river. BHEL’s scope of work in the project includes supply, erection and commissioning of six 68 MW Francis turbines, among others.
Future Retail Posts Annual Profit
Kishore Biyani-led Future Retail posted a net profit of Rs 66.48 crore for the quarter ending June 30, 2014 as compared to a loss of Rs 14 crore it posted in the corresponding quarter of previous financial year. The profit was mainly due to Rs 100 crore profit made by the company through sale of investment. The company made a loss of Rs 34 crore before interest charges and exceptional item. The company, however, posted almost seven-fold growth in net sales at Rs 2,317 crore in June quarter of current financial year as compared to Rs 338 crore in the corresponding quarter of previous financial year.
Aircel Launches 4G Services In TN, J&K
Telecom operator Aircel launched 4G services in Tamil Nadu and Jammu & Kashmir, becoming the only private telecom operator to offer all the three existing technologies of 2G, 3G and 4G in these markets. “We are delighted to now bring highest speed 4G LTE (long term evaluation) services to Tamil Nadu and Jammu & Kashmir. This launch comes within a month of our recent 4G LTE deployment in Andhra Pradesh, Assam, Bihar and Odisha,” Aircel’s Chief Marketing Officer Anupam Vasudev said in a statement. Aircel holds 20 MHz of spectrum in the 2,300 MHz band, calledbroadband wireless access (BWA) spectrum, across eight circles – Andhra Pradesh, Tamil Nadu, West Bengal, Bihar, Odisha, Assam and North East and Jammu & Kashmir.
ICICI Bank Net Profit Up 17%
ICICI Bank has reported a 17 per cent growth in its standalone net profit to Rs 2,655 crore in the April-June quarter, compared with Rs 2,274 crore in the year-ago quarter. The profit numbers were slightly higher than a Bloomberg consensus estimate of Rs 2,592.8 crore. However, the stock closed lower by 1.1 per cent to Rs 1,473 a share on the BSE on Thursday, while overall indices were down 0.74 per cent. Chanda Kochhar, managing director and CEO of ICICI Bank, said the lender had seen healthy growth from retail advances. “The retail portfolio grew by 26 per cent. Home loans grew 25 per cent and automobile loans at 46 per cent. We believe retail will continue to grow in excess of 20 per cent for the year.”