GAIL India Ltd today reported a 3.42 per cent rise in net profit for the third quarter ended December 31 at Rs 665 crore against Rs 643 crore during the same period last year.
Turnover (net of Excise Duty) went up 12 per cent to Rs 4,378 crore during the reporting quarter over the turnover in the corresponding period previous year.
"The increase in the net profit was despite the increased share of LPG subsidy in the third quarter of the current financial year," GAIL said in a statement.
The LPG subsidy during the period increased by over 53 per cent to Rs 315 crore compared to Rs 206 crore in the corresponding previous period.
Net profit for the nine month period ended December 31, 2006, was Rs 1,706 crore against Rs1,901 crore in the corresponding previous period.
During the period, the company registered a 13 per cent increase in net sales of Rs 12,164 crore, as against net sales of Rs 10,800 crore in the previous period.
The increase in turnover was achieved despite the fact that gas supply was affected for one month in the second quarter in the current financial year and higher burden of LPG subsidy to the extent of Rs 460 crore i.E. From Rs 526 crore to Rs 986 crore, GAIL said.
GAIL has already declared a 55 per cent interim dividend for the financial year 2006-07.
Indo-Australia committed to resolve agri-trade issues
Publish Date : 3/3/2007 7:21:00 AM
The agri-trade has become a very contentious issue in the World Trade Organisation (WTO), but India and Australia have agreed to resolve issues coming in the way of trade in agricultural goods by setting up a mechanism.
RBI to absorb more liquidity to contain inflation
Publish Date : 3/3/2007 7:11:00 AM
In a bid to further contain inflation, Reserve Bank of India today announced a modified market stabilisation scheme (MSS) and liquidity adjustment facility (LAF) to suck out Rs 11,500 crore from the system.
Gold and Silver prices turn distinctly weak
Publish Date : 3/3/2007 7:03:00 AM
Both the precious metals today turned distinctly weak on the bullion market as silver plunged by Rs 570 and gold by Rs 155 on heavy stockists offerings tiggered by sharp fall in the global markets.
Further fall in gold and silver prices
Publish Date : 3/2/2007 7:06:00 AM
Both the precious metals continued to decline on the bullion market here today on sustained offering from stockists in view of fall in the international markets.
Rupee ends marginally up at 44.26/27 a dollar
Publish Date : 3/2/2007 7:03:00 AM
The rupee today ended marginally higher at Rs 44.26/27 a dollar, supported by a smart recovery on equity markets coupled with fresh exporters' dollar sales.
Hyundai domestic sales up 74 pc in Feb
Publish Date : 3/2/2007 7:01:00 AM
Hyundai Motor India today reported a 74 per cent increase in its domestic vehicle sales during February at 15,459 units compared to the same month last year.
Hutchison Telecom files caveat fearing legal move by Essar
Publish Date : 3/2/2007 6:59:00 AM
Hong Kong-based Hutchison Telecom has filed a caveat before the Bombay High Court to ensure that its plea is heard in case Essar moves the court, challenging the the foreign partner's decision to sell stake to Vodafone.
Skoda slashes car prices up to Rs 24,000
Publish Date : 3/2/2007 6:56:00 AM
As car makers Maruti and Hyundai announced a hike in prices, luxury car maker Skoda Auto today slashed prices across all models by up to Rs 24,000 citing reduction in customs duty on imported car parts in the Budget.
Bond prices continue to decline
Publish Date : 3/1/2007 8:30:00 AM
Government bond prices continued to decline on persistent selling while call rates eased in view of ample liqudity in the system.
India should be more conscious of global developments: RBI
Publish Date : 3/1/2007 8:19:00 AM
The Reserve Bank of India today said the steep fall in Indian stock markets was a contagious effect of plunge in overseas bourses and the country should have strong market and regulatory mechanism to avoid disruption in markets.
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