Bajaj Auto Q4 net profit soars two-fold to Rs1,400 crore

For the fiscal 2010-11, the company's standalone net profit soared by 96.44% to Rs3,339.73 crore from Rs1,700.11 crore in the previous fiscal. Sales of the company stood at 38,23,954 units in FY10-11 compared to 28,52,580 units in FY09-10, up 34.05%

New Delhi: The country's second largest two-wheeler maker Bajaj Auto today reported an over two-fold jump in its standalone net profit for the quarter ended 31 March 2011, to Rs1,400.39 crore compared to 528.65 crore for the corresponding period last year, Bajaj Auto said in a filing to the Bombay Stock Exchange (BSE).

During the January-March quarter, the company's vehicle sales rose by 17.21% to 9,48,198 units from 8,08,973 units in the same period of 2009-10, reports PTI.

For the fiscal 2010-11, the company's standalone net profit soared by 96.44% to Rs3,339.73 crore from Rs1,700.11 crore in the previous fiscal.

Standalone total income in the last fiscal went up by 39.33% to Rs16,608.93 crore from Rs11,920.98 crore in 2009-10, the company said.

The automobile sales of the company stood at 38,23,954 units in FY10-11 compared to 28,52,580 units in FY09-10, up 34.05%, it added.

The company's board has recommended a dividend of 400%, which is Rs40 per equity share, on the expanded share capital after issue of bonus share in the ratio of 1:1. This will result in a total outgo of Rs1,345 crore.

Shares of the company were down 1.24% at Rs 1,292 apiece during late afternoon on the BSE.

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TCS, HDFC named India’s best managed companies

TCS and HDFC are followed by IT major Infosys, telecom giant Bharti Airtel and PSU behemoth ONGC in the list of the top-five best managed companies in the country, according to an annual poll conducted by Finance Asia magazine

New Delhi: IT giant TCS and financial services major HDFC have been named as India's two best managed companies in an annual poll conducted by Finance Asia magazine, reports PTI.

TCS and HDFC are followed by IT major Infosys, telecom giant Bharti Airtel and PSU behemoth ONGC in the list of the top-five best managed companies in the country.

The report also named TCS' Natarajan Chadrasekaran and ICICI Bank's Chanda Kochhar as the two best CEOs of the country, while Infosys' V Balakrishnan and Tata Steel's Koushik Chatterjee have been named the two best CFOs.

The results are a part of an annual poll conducted by Finance Asia to find the region's best managed companies, based on votes from more than 300 investors and analysts across the region, the magazine said.

Other companies on the list of India's best managed companies include SBI at 6th place and Page Industries at 7th position, while as many as four companies-Reliance Communications, Cadila Healthcare, Tata Group and Tata Motors-were ranked at the 8th position.

In terms of best corporate governance practices, Infosys has been ranked at the top, followed by HDFC, Wipro, Tata Group, ONGC, TCS, Bharti Airtel, RCom and Tata Motors.

In terms of best investor relations, HDFC was on top, followed by Infosys, Wipro, Bharti Airtel, ONGC, TCS, RCom, Reliance Industries and SBI.

Tata Steel has topped the list of best companies for corporate and social responsibility, followed by Tata Motors, Bharti Airtel, ONGC, NTPC, SBI, RCom, Wipro and Infosys.

In terms of commitment to a strong dividend policy, Infosys has been ranked at the top, followed by Page Industries, HDFC, ONGC, Tata Group, GE Shipping, VST Industries, RCom, ITC and Wipro.

The poll also named eClerx and Vardhman Textiles as the two best mid-cap companies in the country, while MM Forgings and SKF India were found to be the best small-cap companies.

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Oil Min, DGH order RIL to drill 2 wells in KG-D6 block by June

Dhirubhai-1 and 3 fields in the eastern offshore KG-D6 block are producing 41-42 mmscmd of gas as opposed to 61.88 mmscmd planned due to fall in reservoir pressure and water ingress in wells

New Delhi: Ignoring Reliance Industries' (RIL) plea for seeking advice of global experts on reservoir issues faced at its KG-D6 fields, the oil ministry and its technical arm Directorate General of Hydrocarbons (DGH) have ordered the Mukesh Ambani firm to drill two wells by next month and another nine by fiscal end to raise gas output, reports PTI.

Dhirubhai-1 and 3 fields in the eastern offshore KG-D6 block are producing 41-42 million metric standard cubic meters per day (mmscmd) of gas as opposed to 61.88 mmscmd planned due to fall in reservoir pressure and water ingress in wells.

At a meeting of the Management Committee (MC) of KG-D6 block on 2nd May, Reliance pleaded for putting in place a technical committee comprising of global experts for advice on the best way forward on the issues facing the fields, a source privy to the minutes of the meeting said.

DGH and oil ministry choose to ignore Reliance call and 'advised' Reliance to drill two wells and complete a similar number of wells drilled previously by the first quarter of 2011-12 fiscal (June end).

Also, they wanted another nine wells to go on stream before the end of the fiscal in March 2012.

A DGH representative, according to the minutes, remarked that any additional well will take three years from the date of approval for well location by MC and, therefore, the additional production from these wells is unlikely to commence before 2014.

The weather window for drilling in Bay of Bengal is almost at the end and yet DGH asked Reliance to drill 11 wells by March.

The source said Reliance suggested that instead of additional wells, those wells showing increasing trend in water production be considered for work over jobs. The firm said it has already planned for work over jobs in six wells.

At the meeting, Canada's Niko Resources, which owns 10% interest in Reliance-operated KG-D6 block, rejected DGH suggestions to drill well outside the main reservoir channel as economically unjustified.

Reliance-Niko, the source said, explained that they have complied with field development plan (FDP) in all respects except for the drilling of a few wells.

They also provided the technical reasons related to the reservoir complexities with reservoir behaviour being different from what was envisaged/considered at the time of the 2006 FDP leading to delayed drilling of wells compared to the FDP.

The DGH representative, according to the minutes, remarked that the Reliance has drilled wells in the main channel area where 40% of the reserves are present and additional wells will have to be drilled in the remaining 60% of the outside channel area.

Reliance explained that all the existing 18 production wells are in the main channel area as envisaged in the FDP.

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