Jyoti targets turnover of Rs650 crore in 3 years

Vadodara-based engineering company Jyoti Ltd is poised for a rapid growth following the remarkable turnaround that it has shown in the last couple of years. The company undertook a major financial restructuring programme and has emerged successfully wiping out all its accumulated losses and is well on the way for registering substantial growth.

In the last five years, the company has grown substantially at compounded rate of 28% in sales and has clocked net sales of Rs291.10 crore for financial year 2010. The net profit for FY10 was Rs8.07 crore, which is considerably higher by 74% as compared to previous year.

The company is now targeting a turnover of Rs400 crore in FY11; Rs520 crore in FY12 and Rs650 crore in FY13, with commensurate increase in net profit. It is confident of achieving these targets on account of the extremely healthy order book position which currently stands at Rs1,023 crore.

On Friday, Jyoti’s shares ended 2.39% up at Rs77 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.84% up at 17,064.

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RIL makes sixth oil discovery in block Cambay Basin

Reliance Industries Ltd (RIL) has made its sixth oil discovery in the Gujarat block Cambay Basin-ONN-2003/1 (CB 10 A&B), awarded under the New Exploration Licensing Policy (NELP) V round of exploration bidding.  

The well CB10A-T1 was drilled to a total depth of 1,500 m in the block CB-ONN-2003/1 near Ahmedabad. The hydrocarbon bearing zone was identified from 1390-1402.5 m. Conventional production testing was carried out in the interval 1390-1395 m. The well flowed at a rate of 415 barrels of oil per day (bopd).  

The discovery, named ‘Dhirubhai–49’, the sixth oil discovery in the block so far, has  been  notified  to  the  Government  of  India,  and  to  the  Directorate  General  of Hydrocarbons. The potential commercial interest of the discovery is being ascertained through additional data gathering and analysis. The discovery supplements the understanding of the petroleum system in the Cambay Basin in general and the block in particular.

On Friday, RIL’s shares ended 3.03% up at Rs1,046 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.84% up at 17,064.

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VE Commercial Vehicles to invest Rs290 crore

VE Commercial Vehicles Ltd (VECV) would invest Rs290 crore at its Pithampur plant in Madhya Pradesh for the production and final assembly of the Volvo Group's new global medium-duty engine platform. VECV is a joint venture between India's Eicher Motors and Sweden's Volvo.

VECV is already producing about 40,000 engines per year in its existing Pithampur plant. The new investment in Pithampur will result in an annual production capacity of an additional 85,000 engines. In addition to production of the base engine, the facility will also conduct final assembly of engines for India and all of Volvo Group's global markets with Euro III and Euro IV emission requirements.

Apart from VECV's investment in India, the Volvo Group is making an additional investment of Rs2,766 million in Volvo Powertrain's (VPT) production plants in Ageo, Japan and Venissieux, France. The new medium-duty platform comprises 5,7 and 8-litre engines in configurations for 215 to 350 horsepower.

On Friday, Eicher Motors’ shares ended 15.62% up at Rs921 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.84% up at 17,064.

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