Tvs Motor Launches New Fully Synthetic Engine Oil
TVS Motor Company recently announced the launch of TVS TRU4 Synthetic 10W 30, a fully synthetic engine Oil. The company said that TVS TRU4 Synthetic meets Japanese Automotive Standards Organisation – JASO MA2 and American Petroleum Institute – API SL. The main characteristics of TVS TRU4 Synthetic engine oil include smooth clutch operation, low temperature start-ability and longer service life. “Synthetic oil flows better in cold weather, making engine starts easier and offering better protection. Synthetic oil is slicker than conventional oil and therefore enables smoother, cooler engine operation resulting in better power and better fuel economy” said K Venkateswarlu, Vice President – Parts Business, TVS Motor Company in a statement. This product is available in 1 litre and 900 ml packs and is priced at Rs 525 per litre.
IL&FS Engineering Surges On Winning Contract
Share of IL&FS Engineering and Construction Company has surged 12 per cent to Rs 69.30 on BSE after the company said it has bagged a contract worth Rs 179.84 crore for development of multipurpose terminal berth at Dighi Port. “IL&FS Engineering Services has received a Letter of Award (LoA) from IL&FS Maritime Infrastructure on behalf of Dighi Port, valued at Rs 179.84 crore for engineering, procurement, and construction of multipurpose berth, backup yard development, and utilities of multipurpose terminal berth 5 on north side of the port in Agardanda in Maharashtra,” the company said in a press release. The scope of the contract includes design and constructions of multipurpose berth, reclamation of 50 acre of backup area and other works like paved area, buildings, and internal roads among others. The project is expected to be completed in 545 days from the date of notice to proceed, the company said in a statement.
ONGC To Become Highest Ranked Indian Energy Firm
State-owned Oil and Natural Gas Corp (ONGC) has edged past Reliance Industries (RIL) to be the highest-ranked Indian energy firm on this year’s Platts Global 250 Rankings. ONGC, ranked 22 in 2013, improved one position this year on the list led by global firms Exxon Mobil Corp, Chevron and Royal Dutch Shell. RIL slipped from the 19th rank in 2013 to 22nd. Indian Oil Corp, the nation’s largest oil refiner and fuel marketing firm, made a huge jump to break into top 50 global energy firms club. It has improved from 80th rank in 2013 to 43rd in this year’s ranking that were released last evening. Coal India Ltd, the world’s largest coal producer, slipped four places to settle at 47 in this year’s ranking.
Canara Bank Ties Up To Support Farmers
Canara Bank had announced that it has entered into a Memorandum of Understanding (MoU) with Gurgaon-based Origo Commodities India Private Ltd, a post-harvest management services company, to support farmers with warehouse receipt financing In India, with primary focus on Andhra Pradesh, Telangana, Karnataka, Tamil Nadu and Maharashtra. Warehouse receipt financing is a tool that enables farmers to avail financing and avoid distress sale of their produce. “Given the importance of produce loan financing, this MOU will go a long way in helping the farmer clientele of Canara Bank. The MoU will be a win-win situation for all the parties, and allow farmers to take benefit of the produce loan scheme to improve yields and better their living standards,” Canara Bank general manager S Ramesh said in a statement.
ITC LTD Quarterly Profit At Rs 2,425.16 Cr
Diversified conglomerate ITC Ltd today posted a standalone net profit to Rs 2,425.16 crore for the second quarter ended September 30, 2014. The company had registered a net profit of Rs 2,230.53 crore in the July-September period of 2013-14. Standalone total income of the company during the second quarter stood at Rs 9,023.74 crore. It was Rs 7,862.53 crore in the same period of the previous fiscal. “ITC posted another quarter of impressive growth in revenue and profits notwithstanding a challenging business environment exacerbated by a steep hike in Excise Duties on Cigarettes for the third year in succession as announced in the Union Budget 2014,” the company said.
NMDC Q2 Net Up At Rs 1,567 Cr
State-owned iron ore minor National Mineral Development Corporation (NMDC) had reported a 19 per cent rise in net profit at Rs 1,567 crore during the quarter ended September 2014 compared with a profit of Rs 1,318 crore accrued during the corresponding quarter previous year. Company’s turnover increased by 25 per cent to Rs 3,105 crore from Rs 2,480 crore during the same period. NMDC stated that its iron ore production during the quarter under consideration increased by 9 per cent to 6.4 million tonnes while sales stood at 7.2 million tonnes registering a growth of about 12 per cent.
Hero Electric Looks At Technology Tie-Ups
Electric vehicle maker Hero Electric is looking for M&A options or technology tie-ups to bolster its next generation electric vehicle technology. The company, which leads the roughly 42,000 unit strong electric two-wheeler vehicle market in India, is also lining up a series of new product launches but only after the Centre green lights the long-pending National Electric Mobility Mission Plan (NEMMP) 2020. “We are on the lookout for next generation technology. We may be acquiring a company or going in for a technology tie-up to bolster our stable. We are still hunting for that,” said Sohinder Gill, CEO – Global Business, Hero Electric.
GAIL Second Quarter Net Up 42%
Gas Authority of India Limited (GAIL) has reported a 42 per cent jump in net profit for the quarter ended September as it did not have to shoulder the burden of under-recoveries to downstream companies on the subsidised sales of cooking gas. The company’s net profit rose to Rs 1,302.9 crore during the quarter as compared to Rs 915.6 crore in the corresponding quarter last year. Until the previous quarter ended June, GAIL had to share a part of the under-recovery burden with other upstream firms in the form of discounts to marketing companies. “The company provided nil discount for the quarter ended September (previous year corresponding quarter: Rs 698.68 crore) as the company has not received orders from the petroleum ministry on the sharing of under-recoveries on LPG for the quarter,” GAIL said in a statement.
Union Bank Q2 Net Up 78% At Rs 371 Cr
State-run lender Union Bank of India reported 78.4 per cent increase in its net profit to Rs 371 crore for the July-September quarter, mainly due to tax refund of Rs 140 crore. The tax expense for the bank during the period under review dropped to Rs 177 crore from Rs 800 crore recorded during the same period the previous year. Net interest income growth was a mere 6.7 per cent to Rs 2,085 crore during the quarter on the back of single-digit loan growth. Non-interest income, however, grew by 32.9 per cent to Rs 812 crore. “Two large accounts slipped during the quarter, one from the cement industry and the other from textile, which was not anticipated. These two accounts contributed to 38 per cent of the total slippages,” said Arun Tiwari, chairman and managing director, Union Bank of India.