SAIL April-January Sales Grow By 8 Per Cent
Sales of Steel Authority of India grew by 8 per cent during the April-January period of current fiscal at 9.48 million tonnes (MT). The rise in sales, which the state-run firm attributed to its efforts towards producing tailor-made products to meet the customer requirement, is despite a continuing slowdown in the steel market, SAIL said in a statement. SAIL had sold 9.09 MT steel during the April-January period of the last fiscal. However, it did not give the quantity of exports during the reporting period of the current financial year. “We are confident of maintaining the momentum in sales growth, which will be supported by production of better and wider range of products like universal beam, wire rods and wider plates from the new state-of-the-art facilities coming up in phases,” SAIL Chairman C S Verma said.
Indian Bank Pays Interim Dividend Of Rs 125.06 Crore
Indian Bank paid an interim dividend of Rs 125.06 crore to the Finance Ministry for the third quarter ended December 31. Indian Bank Chairman and Managing Director T M Bhasin handed over the cheque of Rs 103.15 crore to Finance Minister P Chidambaram in New Delhi today, the city-based state-owned bank said in a statement. “The Bank paid the Dividend Distribution Tax of Rs 21.91 crore and thus the exchequer received Rs 125.06 crore, comprising equity dividend of Rs 103.15 crore and dividend distribution tax of Rs 21.91 crore”, it said. The global business of the bank reached Rs 2.70 lakh crore as on December 31, 2013 registering a Year-on-Year growth of Rs 14.8 per cent.
Delhi Metro Awarded For Energy Efficiency
Delhi Metro has become the first rail system in the world to be awarded the Gold Standard foundation—a globally accepted certification standard for carbon mitigation projects for its energy efficient measures. The Delhi Metro Rail Corporation (DMRC) registered for the certification as the energy efficiency measures undertaken in 51 of its stations in phase II qualified under the criterion verified by the auditors. “The energy efficiency measures have been undertaken primarily in the heating, venting and air conditioning systems, lighting system and other energy efficient measures of station buildings,” DMRC said in a statement. Compared to the United Nations rate for one carbon credit (70 cents), the Gold Standard carbon offset carries a price premium (4-5 Euros). With the Gold Standard registration, the DMRC is hoping to earn around 7,500 credits annually for the next ten years.
GAIL’S Turnover For 3rd Quarter Rises By 28 Per Cent
Gas Authority of India Limited (GAIL) recorded 32 per cent rise in its profit before tax, 31 per cent increase in net profit and 28 per cent growth in turnover (net of excise duty) in the third quarter of Financial Year 2013-14 as against the corresponding period last year. The turnover (net of excise duty) recorded by India’s leading natural gas company in the third quarter of FY 2013-14 stood at Rs 15,980 crore as against Rs 12,474 crore in the corresponding period last year. The net profit increased to Rs 1,679 crore, up from Rs 1,285 crore during the same period.
Anil Kumar Dutta Promoted As Ed (ATM) In Airports Authority Of India
Anil Kumar Dutta has been promoted to the post of Executive Director (Air Traffic Management) in Airports Authority of India. AK Dutta, on selection through UPSC, joined Civil Aviation Department as Aerodrome Officer in year 1985. He has almost three decades of experience in the field of aviation which includes Air Traffic Management, Aerodrome Operations, Air Space Management and International relations. He has actively participated in International aviation conferences, workshops and seminars of ICAO and CANSO. He has been the member of number of Task forces of ICAO for implementation of Global CNS/ATM initiatives for future in navigation services.
LIC Outshines Private Insurers In Premium Collection
State-owned LIC has outperformed its peers in the private sector in premium collection by recording a 32 per cent growth during the nine months ended December, 2013 of the current fiscal. LIC witnessed a growth in premium income to Rs 65,775 crore during the nine-month period ending December as against Rs 50,277.42 crore during the same period last year. Although 23 private sector insurance companies taken together recorded a flat growth, Reliance Life, Max Life and MetLife bucked the trend by recording growth in new business premium. The private sector insurance companies garnered Rs 18,951.27 crore during the nine months of 2013-14 compared to Rs 18,907.07 crore in the same period of last year.
NMDC Signs Pact With Il&Fs Energy For 500 Mw Power Plant
National Mineral Development Corporation (NMDC) will set up Rs 3,000 crore thermal power plant with IL&FS Energy Development Company ltd (IEDCL) at Gonda. NMDC Power, a subsidiary of iron ore miner NMDC, will initially hold 48 per cent stake in the venture for setting up the 500 MW plant, while the remainder will be with IEDCL, a subsidiary of IL&FS. “Subsequently, however, NMDC would dilute its stake in the venture to 26 per cent, while IEDCL would have the rest 74 per cent stake,” NMDC acting Chairman C S Verma said at the MoU signing ceremony. The project would be funded in a 2:1 debt-equity ratio.
TK Sengupta Takes Over As Director (Offshore) Of ONGC
Tapas Kumar Sengupta has taken over as the new Director (Offshore) of nation’s largest oil and gas producer ONGC. Sengupta took over the reins of this important portfolio of the board from P K Borthakur who retired on January 31 after attaining superannuation age of 60 years. “Of his 18 years in offshore fields off Mumbai, he served for 12 years in Mumbai High, successfully handling a number of production-enhancement assignments,” the company said in statement.
Ford Unveils The All New Figo Concept Sedan
Ford has revealed its vision for a global B-segment compact car featuring premium design and segment-redefining smart and safety features ahead of the 12th 2014 Auto Expo in New Delhi. With the global unveiling of the Ford Figo Concept, Ford aims to set new standards for quality and craftsmanship in the B-segment, aiming to exceed the expectations of consumers in India and other emerging markets. While created for India at less than four metres long, the concept displays a purposeful presence and a no-compromise aesthetic that continues Ford’s design leadership in the compact car market globally.