Mumbai-based Colgate Palmolive (India) Ltd registered a net profit of Rs122 crore for the quarter ended 30 June 2010 whereas the same was at Rs102.8 crore for the quarter ended 30 June 2009. The total revenues of the company increased to Rs555.11 crore for the quarter ended 30 June 2010 from Rs493.98 crore for the quarter ended 30 June 2009.
On Thursday, Colgate Palmolive shares closed 0.3% down at Rs844 on the Bombay Stock Exchange, while the Sensex ended at 0.16% up at 17,909 points.
IOC and its sister PSU fuel retailers, HPCL and BPCL, revise jet fuel prices on the 1st and the 16th of every month, based on the average global oil price in the previous fortnight
State-owned oil marketing companies today cut aviation turbine fuel (ATF) prices by over 3% on back of easing international oil rates, reports PTI.
ATF rates in Delhi were cut by Rs1,390 per kilolitre (kl), or 3.3%, to Rs40,099 per kl with effect from midnight tonight, said an official of Indian Oil Corporation (IOC), the nation's largest fuel retailer.
The reduction in price negates the 3.2% or Rs1,297 per kl, hike in prices that oil firms had announced from 1st July.
The basket of crude oil India buys averaged $72.80 a barrel in the first fortnight of July, based on which today's cut in ATF price was decided, against $75.74 average of second half of June, he said.
Prices of ATF, which makes up for roughly 40% of the operating cost of an airline, have risen on eight instances since March, with exception of two occasions — one of 1st June and the other today when rates were cut down.
Jet fuel in Delhi was priced at Rs37,982.22 per kl in the second half of February before international oil rates started firming up resulting in increase in domestic rates.
Today's cut in fuel rates will ease the burden on Indian carriers, but no comments could immediately be obtained from airlines on the impact on passenger fares.
In Mumbai, the price of ATF was cut by Rs1,448 to Rs41,361 per kl.
IOC and its sister PSU fuel retailers, Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL), revise jet fuel prices on the 1st and the 16th of every month, based on the average global oil price in the previous fortnight.
The approval would result in saving about a 1000 jobs in the US. Jobs are believed to have been behind Exim Bank's reversal of earlier decision of rejecting the arrangement
Responding to green commitment from Reliance Anil Dhirubhai Ambani Group (R-ADAG), the US Export-Import (Exim) bank today gave a preliminary approval for $600 million in loan guarantees to the supplier to Rs20,000-crore power project at Sasan in Madhya Pradesh, reports PTI.
The proposed estimated Rs2,800 crore loan guarantee will support the sale and export by US firm Bucyrus International.
The approval would result in saving about a 1000 jobs in the US. Jobs are believed to have been behind Exim Bank's reversal of earlier decision of rejecting the arrangement.
"This transaction was also made possible because of Anil Ambani's leadership and vision in diversifying Reliance Power's (R-Power) production portfolio of energy projects in India," Exim Bank chairman and president Fred P Hochberg said in a statement soon after a board meeting.
Commenting on the development, Bucyrus International president and CEO Tim Sullivan said: "We are confident that the remaining steps of this process, including financial review, will be completed expeditiously in order to allow Reliance Power to proceed with its project plan."
The Exim Bank of US reversed its earlier decision and approved the financing arrangement after R-Power committed to cap the emission from the about 4,000 MW project to 850 grams of CO2 per kilowatt hour.
Besides, the firm also agreed to develop a 250 MW renewable energy facility in India.
"We are pleased that Reliance is making this commitment to renewable energy, which allows us to sustain US jobs and promote both conventional and renewable energy exports," said Mr Hochberg.
The bank said the board of directors has approved a full financial, technical and environmental review of an application by R-Power for financing its coal-fired power plant.
R- Power's application is, however, still subject to final review and approval, it said.
On the other hand, Mr Sullivan said: "On behalf of all the employees of Bucyrus, we would like to praise the US Exim Bank for approving the environmental aspects of the R- Power Project application, which will allow us to provide mining equipment to the Indian project moving forward."
This is the first step in the process to provide financing, which will create nearly 1,000 jobs across 13 states in the US, as indicated by a study conducted by the Metropolitan Milwaukee Association of Commerce, he added.