Essar Shipping inducts new vessel

With the induction of MV "Arun", the fleet size of the company will go up to 27.

Ruias-promoted Essar Shipping (ESL) said it has inducted a new vessel in its diversified fleet, as part of $1 billion capital expenditure plan.

With the induction of MV "Arun", the fleet size of the company will go up to 27, which would be further increased to 37 over the next 24 months, Essar Shipping said in a statement here.

Of the total $1 billion capital expenditure plan, $600 million is earmarked for acquiring 12 vessels and approximately $450 million is for two jack-up rigs.

Under the fleet expansion programme, the company has already inducted a vessel.  MV "Arun" has a cargo capacity of 105,000 DWT (deadweight tonnage).

In the early afternoon, Essar Shipping was trading at around Rs31 per share on the Bombay Stock Exchange, 3.33% up from the previous close.

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Abbott Q4 net profit at Rs37 crore

Net sales of Abbott India during Q4 FY 2011 stood at Rs383.60 crore.

Pharma firm Abbott India posted net profit of Rs36.88 crore for the fourth quarter ended December 2011. The company had posted net profit of Rs25.53 in the same quarter in 2010, Abbott India said in a filing to the Bombay Stock Exchange (BSE).

Net sales of the company during Q4 stood at Rs383.60 crore, as against Rs268.53 crore in the same period of 2010.

Due to change in the accounting system and ongoing scheme of amalgamation, the results of the quarter and the year ended 31 December 2011 are not comparable with those of the corresponding periods of the previous year, the company said.

The company's board, which met today, has recommended a final dividend of Rs17 per equity share of the face value of Rs10 each.

For the year ended 31 December 2011, the company posted a net profit of Rs120.39 crore. The company had posted a net profit of Rs60.94 crore in 2010.

In the late afternoon, Abbott India was trading at around Rs1495 per share on the Bombay Stock Exchange, 1.67% up from the previous close.

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Bosch net up 31% at Rs1,123 crore in 2011

Bosch is gearing up to capitalise on the opportunity of economy rebounding, leading to improvement in the automotive sector, which would serve all market segments with innovative product offerings and solutions.

Auto components maker Bosch today reported 30.7% rise in net profit to Rs1,122.6 crore for 2011. The company's net sales were Rs 8,017.90 crore, a growth of 19.7% for the year, as compared 2010, Bosch managing director VK Vishwanathan said.

 He said growth had declined in the last two quarters (July-December 2011) due to economic slowdown, tight liquidity, high interest rates, increase in fuel prices and adverse market sentiments. The company's overall exports grew 22.3% to cross the Rs1,000 crore mark on the back of strong demand from markets in Germany, China, Brazil and Korea, he said.

The company’s Board of Directors have recommended a higher dividend of Rs50 per share against Rs40 per share announced for 2010, Mr Vishwanathan said. "This is over and above the one-time special dividend of Rs85 per share paid in June 2011," he added.

On capital expenditure, Mr Vishwanathan said Bosch is gearing up to capitalise on the opportunity of economy rebounding, leading to improvement in the automotive sector, which would serve all market segments with innovative product offerings and solutions.

"We have invested nearly Rs660 crore in 2011 for capacity expansion and other activities in India," he said.

In the early afternoon, Bosch was trading at around Rs7830 per share on the Bombay Stock Exchange, 0.68% down from the previous close.

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