Despite strong inflationary pressures and constrained supply of bauxite and coal during the monsoon, profit before interest and taxes was sustained
Aditya Birla Group company Hindalco Industries Ltd has posted an increased net profit of Rs503 crore in Q2FY12 against Rs434 crore in Q2FY11, an increase of 16%. "Despite strong inflationary pressures and constrained supply of bauxite and coal during the monsoon, profit before interest and taxes was sustained. We are going ahead with all our greenfield as well as other expansion projects," managing director of the company D Bhattacharya said. In Q2FY12, the company's aluminium revenues were higher at Rs2,213 crore, up from Rs1,911 crore in Q2FY11, a rise of 16%, as a result of higher volumes and better aluminium prices on the London Metal Exchange (LME), he said. In the copper business, revenues were at Rs4,062 crore as compared to Rs3,951 crore in Q2FY11, on the back of higher LME and by-product credits.
Copper volumes were lower on account of shutdown of one of the smelters up to mid July. However, the copper business being a custom smelting operation, with offset hedging programme, was not significantly impacted by the gain or loss on changes in LME prices or foreign exchange fluctuations, he said. The copper business' profit before interest and taxes was higher at Rs148 crore from Rs129 crore due to higher TC/RC and by-product credit offset to some extent by higher energy costs, lower volume due to shutdown and related expenses. The company's net sales and operating revenue at Rs6,272 crore in Q2FY12 were up 7% over Q2FY11, driven by higher volume and improved realisation, despite lower sale of value added products.
In the late afternoon Hindalco was trading at Rs128.65 per share on the Bombay Stock Exchange, 4.35% down from the previous close.
Tata Sumo Gold range will be available from Rs5.23 lakh onwards (ex-showroom, Pune)
Tata Motors has launched the all new Tata Sumo Gold, the most powerful SUV in its category, which will redefine the market with its sheer power & reliability.
The vehicle includes CR4 Turbo-BS4 engine. This 2956cc determined powerhouse delivers an output of 85Ps @ 3000rpm and a torque of 250Nm @ 1000 to 2000rpm. The engine delivers 14.7 kmpl mileage.
The new Tata Sumo Gold is being launched in 4 variants-GX, EX, LX & CX-along with a warranty of 3 years or 1,00,000 km, whichever is earlier. The Tata Sumo Gold range will be available from Rs5.23 lakh onwards (ex-showroom, Pune).
In the late afternoon, Tata Motors was trading at Rs182.50 per share on the Bombay Stock Exchange, 1.19% down from the previous close.
“IIP for September is bad, but I do see a pick-up by the end of March. We had originally expected overall IIP at 7% for the fiscal, but now it could be 6%,” C Rangarajan, chairman of the Prime Minister's Economic Advisory Council, told reporters today
New Delhi: Prime Minister’s economic advisory panel chief C Rangarajan has described the dip in factory output in September as ‘disappointing’ and said industry may grow by just 6% in the current fiscal, as against the earlier projection of 7%, reports PTI.
“IIP (Index of Industrial Production) for September is bad, but I do see a pick-up by the end of March. We had originally expected overall IIP at 7% for the fiscal, but now it could be 6%,” Mr Rangarajan, chairman of the Prime Minister's Economic Advisory Council (PMEAC), told PTI today.
IIP slipped to a two-year low of 1.9% during September, mainly on account of poor performance of the manufacturing and mining sectors.
“The IIP numbers are disappointing. It is well below our expectation,” he said, adding, “...to some extent, the decline is contributed by negative growth in the mining sector.”
Mining output declined by 5.6% in September this year, as against a growth of 4.3% in the same month last year.
During the first half of 2011-12, mining output dipped by 1%, as against a growth of 7.2% a year ago.
IIP growth during the April-September period moderated to 5% from 8.2% in the corresponding period last fiscal.
The government, Mr Rangarajan said, “should ensure that the fall in coal production is corrected and also investment in infrastructure, especially, roads, rail and power.”