IL&FS Engg wins $100-million UAE contract

IL&FS Engineering  has won a contract worth $100 million from Prime Star Energy FZE for the construction of a storage tank terminal at Fujairah, UAE

IL&FS Engineering & Construction Company (IECC) has won a contract worth $100 million from Prime Star Energy FZE for the construction of a storage tank terminal at Fujairah, UAE.

Prime Star Energy is part of the Emirates Trading Agency LLC group and has tied up with Infrastructure Leasing & Financial Services (IL&FS) to finance the project, IECC said in a statement.

The storage tank terminal, which will be built at an estimated cost of $165 million with an aggregate storage capacity of 600,000 cubic meters, is expected to be completed within the next two years, it said.

Prime Star Energy plans to undertake the development, operations and maintenance of the terminal for oil and oil products at Fujairah.

"The storage tank contract is an important development for IECC as it marks its first entry into the oil and gas sector in the Middle East and will enable IECC to qualify for other works in this space," it said.
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IECC, which is a joint venture between financial services provider IL&FS and Saudi BinLadin Group, had recently bagged an infrastructure project worth $100 million in Damman, Saudi Arabia.

On Tuesday, IECC ended 0.29% down at Rs172.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.13% to 18,137.35.

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SE Investments net profit up two-fold at Rs61 crore

SE Investments total revenue increased by 105.7% to Rs181.44 crore during FY’11 from Rs88.17 crore in the corresponding period a year ago

Financial services firm SE Investments reported over two-fold growth in net profit to Rs60.82 crore for the financial year ended 31 March 2011.
In comparison, the company had posted a net profit of Rs26.34 crore for the previous fiscal.

The company's total revenue increased by 105.7% to Rs181.44 crore during FY'11 from Rs88.17 crore in the corresponding period a year ago, SE Investments said in a statement.

"We will continue to emphasise more on strategy with discipline in execution, which will help us to strengthen SEIL services nationally while maintaining profitability," SE Investments managing director Sunil Agarwal said.

For the fourth quarter of the 2010-11 fiscal, the company reported a 2% growth in net profit to Rs7.93 crore. Total revenue also increased to Rs48 crore during the January-March quarter of FY'11, from Rs27.28 crore in the year-ago period.

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Omkar Speciality Chemicals Q4 PAT up by 120.50%

Omkar Speciality Chemicals saw an increase in net sales by 73.26% from Rs17.97 crore to Rs31.14 crore during the same period for the last quarter

Omkar Speciality Chemicals, a manufacturer and supplier of speciality chemicals and intermediates for chemical and allied industries, reported a robust growth in revenues and profit after tax (PAT) for the quarter ended 31 March 2011.

The company saw an increase in net sales by 73.26% from Rs17.97 crore to Rs31.14 crore during the same period for the last quarter. The PAT for the quarter ended 31 March 2011 stood at Rs2.97 crore, an increase of 120.50% against Rs1.34 crore in the corresponding period of the last quarter.

For the year ended 31 March 2011, the company saw an increase in net sales by 56.19% from Rs68.34 crore to Rs106.76 crore. The PAT for the year ended 31 March 2011 stood at Rs10.14 crore, an increase of 95.68% against Rs5.18 crore in the corresponding period of the last fiscal.

Omkar Herlekar-whole-time director, Omkar Speciality Chemicals said, "Our results have been in accordance to our expectations and we shall strive to exceed the same in the years to come."

On Tuesday, Omkar Speciality ended 2.89% down at Rs65.50 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.13% to 18,137.35.

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