Companies & Sectors
De-allocation letters for coal blocks soon: Jaiswal

“The Coal Controller has also been asked to calculate the value of the bank guarantee that has to be deducted,” Coal minister Jaiswal said. A total of 58 mines were issued show cause notices for their failure to develop blocks within stipulated timeline

 
Kolkata: Letters for de-allocation of 13 private coal blocks to their owners are likely to be sent soon after the law ministry gives its go-ahead, coal minister Sriprakash Jaiswal said.
 
These blocks were advised to be cancelled by the Inter-ministerial Group (IMG) as companies failed to develop them within the stipulated time.
 
“We are waiting to get the law ministry approval for the deallocation letters for 13 blocks. We are expecting it anytime soon,” Mr Jaiswal said.
 
As these letters are legal documents, the coal ministry thought it would be in order to take the law ministry’s feedback before sending them to the defaulters, he said.
 
“The Coal Controller has also been asked to calculate the value of the bank guarantee that has to be deducted,” Mr Jaiswal said.
 
The ministry has also engaged the Coal Controller for calculating the amount to be deducted from the bank guarantees given by the companies.
 
The government has decided to deduct the value of the bank guarantee equivalent to the royalty paid every year for delay in production
 
Mr Jaiswal said that the IMG on coal blocks was likely to meet on 5-6 November 2012 to decide the fate of 33 coal blocks allocated to public sector firms which have been issued notices for delay in production.
 
In September, the government had accepted recommendations of the IMG, which had suggested de-allocation of 13 mines and deduction of bank guarantees of 14 allottees.
 
A total of 58 mines were issued show cause notices for their failure to develop blocks within stipulated timeline.
 
The government had formed the IMG in July to review the progress of coal blocks allocated to companies for captive use.
 

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Wipro Q2 net profit up 24% to Rs1,610.6 crore

Wipro’s total income from operations during the second quarter stood at Rs10,620.3 crore, against Rs9,064.5 crore in the July-September period of last fiscal, an increase of 17.16%

New Delhi: Wipro reported a jump of 23.8% in consolidated net profit to Rs1,610.6 crore for the second quarter ended 30 September 2012, reports PTI.

 

Last year, the software major had posted a net profit of Rs1,300.9 crore in the second quarter, as per international accounting standards.

 

Total income from operations during the reporting quarter stood at Rs10,620.3 crore, against Rs9,064.5 crore in the July-September period of last fiscal, an increase of 17.16%.

 

“We have chartered a new course for Wipro by demerging our diversified non-IT businesses. I am confident that the demerger will enhance value for all our stakeholders and provide fresh momentum for growth for each of our businesses,” Wipro chairman Azim Premji said in a statement.

 

Wipro had said it will demerge its non-IT businesses like Consumer Care & Lighting into a new company, a move which will allow it to focus exclusively on information technology.

 

The new unlisted firm will be called Wipro Enterprises and include Wipro Consumer Care & Lighting (including furniture business), Wipro Infrastructure Engineering (hydraulics and water businesses) and Medical Diagnostic Product & Services business.

 

Revenues from IT services during the reported quarter stood at $1,541 million, a sequential increase of 1.7% and year-on-year increase of 4.6%.

 

“We expect revenues from our IT Services business to be in the range of $1,560-$1,590 million for the quarter ending 31 December 2012,” Wipro said.

 

The IT services division hired 2,017 people in the second quarter, taking the total head-count to 1,40,569 employees as of 30 September 2012.

 

“Our focus on driving significant operational improvements have helped us predominantly mitigate the incremental impact of wage increases and currency volatility,” Wipro executive director and chief financial officer Suresh Senapaty said.

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Tata Motors total sales up 6% in October

Domestic sales of ‘Tata’ branded commercial and passenger vehicles for October 2012 were at 68,145 units, up 6.74%, over 63,837 units in October last year, Tata Motors said in a statement

New Delhi: Tata Motors reported 6% increase in its total vehicle sales to 71,771 units in October this year, reports PTI.

 

The company's domestic sales of ‘Tata’ branded commercial and passenger vehicles for October 2012 were at 68,145 units, up 6.74%, over 63,837 units in October last year, the company said in a statement.

 

Total passenger vehicle sales in the domestic market stood at 21,119 units in October, down 15.94% from 25,124 units in the same month last year.

 

Sales of the company’s Nano small car stood at 4,004 units during the month compared to 3,868 units in the year-ago period, up 3.51%.

 

The ‘Indica’ range reported sales of 6,692 units as against 10,812 units in the year-ago period, down 38.1%, Tata Motors said.

 

The ‘Indigo’ family recorded sales of 5,748 units, down 8% from 6,268 units in the same month last year, it added.

 

Sales of the ‘Sumo’, ‘Safari’ and ‘Aria’ were up 12% to 4,675 units compared to 4,176 units in the year-ago month.

 

In the commercial vehicles segment, the company sold 47,026 units in the domestic market during the month under review compared to 38,713 units in the corresponding period last year, up 21%.

 

Light commercial vehicle sales during the month amounted to 34,905 units, up 59% over 21,890 units in the same month last year. Medium and heavy commercial vehicle sales stood at 12,121 units, down 28% from 16,823 units in October 2011.

 

The company’s exports were down 13% to 3,626 units last month from 4,171 units in October last year, it added.

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