GAIL Q1 net profit Rs886.9 crore vs Rs655.9 crore

State-owned gas transportation company, GAIL (India) Ltd reported a first quarter net profit of Rs886.9 crore compared to Rs655.9 crore for the same quarter last year. During the June 2010 quarter, its total revenue increased to Rs7,163.5 crore from Rs6,119 crore.

On Monday, GAIL shares rose 2% to Rs447 on the Bombay Stock Exchange, while the Sensex closed 1.2% higher at 18,081 points.

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L&T wins orders worth Rs6,500 crore from Jaiprakash Group

Larsen & Toubro Ltd (L&T) said it won orders, worth around Rs6,500 crore from Jaiprakash Power Ventures Ltd (JPVL) to set up mega power plant in Uttar Pradesh.

The scope of work includes supply, erection and commissioning of boiler-turbine generator package, critical piping, electrostatic precipitators (ESPs) and power plant automation for JPVL's 3x660 MW power plant being set up in Uttar Pradesh.

The plant will be commissioned in 60 months, with the first unit scheduled to start commercial production in 48 months. The contract for the Boiler Island has been given to L&T-MHI Boilers Pvt Ltd and the contract for another package comprising the steam turbine generator island, ESPs, critical piping and power plant automation system has been awarded to L&T.

On Monday, L&T shares gained 0.9% to Rs1,812 on the Bombay Stock Exchange, while the Sensex closed 1.2% higher at 18,081 points.

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Gold slips marginally on subdued demand

New Delhi : Gold prices eased by Rs5 to Rs18,140 per ten grams in the bullion market on Monday on sluggish demand amid a steady overseas trend, reports PTI.

However, silver rose by Rs100 to Rs29,000 per kg on fresh buying by industrial units and coins makers for the festival demand.

Marketmen said subdued demand for gold at existing higher levels led to a decline in the metal prices, while silver prices strengthened on brisk buying by industrial units and coins makers for the festive season.

The gold in overseas markets, which normally sets the price trend on the domestic front here, remained steady at $1,181.40 an ounce.

Gold of 99.9% and 99.5% purity traded lower by Rs5 each to Rs18,140 and Rs18,040 per ten grams, respectively, while sovereigns remained flat at Rs14,500 per piece of eight grams in limited deals.

Silver-ready rose by Rs100 to Rs29,000 per kg and weekly-based delivery by Rs135 to Rs28,795 per kg.

Silver coins also gained Rs100 to Rs34,200 for buying and Rs34,300 for selling of 100 pieces on festive demand.

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