Fuel retailers pushing for Rs1.82 per litre hike in petrol price

HPCL director (finance) B Mukherjee said that with crude hovering at $108 per barrel in the overseas markets and the rupee depreciating to 49 per dollar in the last three months, the desired increase in retail price of petrol works out to Rs1.82 per litre

New Delhi: State-owned oil companies are pressing for a Rs1.82 per litre increase in petrol prices because of rupee depreciation and hardening of crude oil prices, reports PTI.

Public sector oil firms had in September raised petrol prices by Rs5 per litre.

“From today, there are some losses on petrol. To cover them, we may have to increase prices,” HPCL director (finance) B Mukherjee told reporters here.

He said that crude oil is hovering at around $108 per barrel in international markets, while the rupee has depreciated from 46.50 a dollar three months ago to over 49 per dollar now, increasing the cost of oil imports.

Mukherjee said the loss on petrol is currently Rs1.50 per litre and after including local levies, the desired increase in retail prices is Rs1.82 per litre.

“We are in discussion with other oil companies on raising prices. Let’s say, we are toying with the idea,’ he said, refusing to say when the country’s fuel prices would be raised.

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IndusInd Bank appoints Arun Khurana as the new head of global markets group

Arun Khurana will be responsible for scaling-up the global markets business operations of the Bank to meet the Bank’s growth ambitions

IndusInd Bank has announced the appointment of Arun Khurana as the new head of global markets group. He brings with him many years of diverse business exposure across various markets and geographies.

Khurana was earlier with the Royal Bank of Scotland (RBS), Singapore as the regional head corporate solutions for the Asia Pacific region. He also had a very successful stint with RBS-India as head of global markets. In IndusInd Bank he would be responsible for scaling-up the global markets business operations of the Bank to meet the Bank’s growth ambitions and also bring in best–in-class business practices.

Romesh Sobti, managing director & CEO, IndusInd Bank said, “Arun’s considerable experience will help us strengthen and grow the Global Markets Business. His track record of playing an advisory role to several European and American Corporates will help the Bank to expand its presence in the international market. We are pleased to have Arun Khurana on board.”

Khurana takes over from Moses Harding, who has successfully led the global markets group for several years and has transformed the Group into a critical revenue driver. Harding will take up a new assignment as ‘Head-ALCO and Economic & Market Research’. This position also reports in to the CEO of the Bank.

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ACC Q3 net up 85% at Rs159 crore on higher sales

ACC’s profitability was lower on a month-on-month basis due to rising input costs, mainly of coal, petroleum products, slag and fly ash

Cement major ACC said it clocked a nearly 85% jump in consolidated net profit to Rs159 crore during the quarter ended 30 September 2011, on higher sales.
The company, in which Swiss major Holcim holds a majority stake, had reported a Rs86 crore net profit for the third quarter last fiscal, it said in a statement. The company follows a January-December financial year.

Its profitability was however lower on a month-on-month basis due to rising input costs, mainly of coal, petroleum products, slag and fly ash. During the April-June quarter of the current year, ACC had posted Rs328 crore net profit. The bottomline of the firm would not have looked better had it not received Rs100 crore in "other operating income" during the quarter, which includes Rs62 crore refund on sales tax.

ACC's net sales rose to Rs2,283 crore during the July-September quarter from Rs1,759 crore a year ago. Revenues from its cement division grew to Rs2,142 crore in the reporting quarter, compared to Rs1,637 crore in the corresponding quarter a year ago. Ready mix concrete contributed the remainder of the sales revenue.

Expecting a pick-up in demand post the traditionally lean monsoon period, the company said this would be reflected in sales during the fourth quarter, though it would not be "robust". "However in the long-term, we maintain a positive outlook for cement, as we believe the fundamentals of the economy remain strong," it said.

In the late afternoon, ACC was trading at around Rs1,183.40 per share on the Bombay Stock Exchange, 0.99% down from the previous close.

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