Engineering major Larsen & Toubro (L&T) Ltd delivered the first four dry shielded canisters for Transnuclear, Inc, US, an Areva company. These canisters form a part of orders of 50 such units for three leading American nuclear power plant operators to be manufactured in accordance with the US Code of Federal Regulations and Nuclear Safety Class 1 standards.
L&T is currently the only Indian manufacturer authorised by American Society of Mechanical Engineer (ASME) to use 'N', 'NPT', 'NA' stamps and 'NS' Certification for enabling design and manufacture and construction of nuclear island equipment as per American standards.
L&T serves the power sector across the entire spectrum-from design services to equipment manufacture, erection, construction and commissioning of complete projects on a turnkey basis.
On Thursday, L&T declined 0.64% at Rs1,748.70 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.80% down at 19,182.82 points.
Close on the heels of 4.5% hike in CNG prices, Indraprastha Gas Ltd may raise the rates by another Rs8 per kg this year, as the company is forced to buy expensive imported liquefied natural gas (LNG) in the absence of allocation from domestic fields.
IGL had this month raised compressed natural gas (CNG) prices in the national capital by Rs1.25 per kilogram to Rs29 per kg and piped cooking gas to Rs26 per cubic meter, as it bought more of imported LNG to meet the rising demand.
The CNG demand in Delhi is growing in double-digits and IGL is expanding in adjoining cities like Ghaziabad for which the government has not allocated any gas source, sources privy to the development said.
IGL has exhausted all of the 2 million cubic meters per day (mmscmd) of natural gas allocated for Delhi from state-run domestic fields while Reliance Industries' has curtailed supplies to 0.15 mmscmd against an allocation of 0.308 mmscmd.
Sources said the twin factors have forced IGL to buy imported liquefied natural gas (LNG) which costs $8-10 per million British thermal unit as against $4.2 per mmBtu price, at which gas from state-run fields and that from Reliance is available.
In case there is no additional allocation of gas from domestic fields and Reliance does not restore supplies to the original contracted volumes, IGL may be forced to raise CNG prices.
The hike could be by Rs1 per kg in the second quarter of 2011 calendar year, by another Rs2.75 per kg in July- September period and by a further Rs4 per kg in three months ending 31 December.
In the national capital region, IGL has an allocation of 2 mmscmd from state fields for Delhi, 0.2 mmscmd for Greater Noida and 0.5 mmscmd for Faridabad and Gurgaon.
There is no such allocation for Ghaziabad, where IGL is rapidly setting up CNG dispensing stations and piped gas network.
Sources said IGL has asked the government to merge together its state gas allocation of 2 mmscmd for Delhi, 0.2 mmscmd for Gautam Budh Nagar and 0.5 mmscmd for Faridabad and Gurgaon as an overall allocation of 2.7 mmscmd for Delhi, Noida, Greater Noida, Ghaziabad, Faridabad and Gurgaon.
The merging of allocation is important because IGL is developing city gas in the national capital region as one uniform entity.
IGL, sources said, has also sought an allocation of state gas for distribution in Ghaziabad.
On Thursday, IGL gained 0.63% at Rs329.70 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.80% down at 19,182.82 points.
JB Chemicals & Pharmaceuticals Ltd said its profit after tax (PAT) rose by 28.95% to Rs38.12 crore for the third quarter ended 31 December, over the same period previous fiscal.
The company had a PAT of Rs29.56 crore in the same period corresponding fiscal.
The company's net sales stood at Rs216.67 crore for the third quarter, compared to Rs198.07 crore in the same period last fiscal, JB Chemicals said in a filing to the Bombay Stock Exchange (BSE).
The continued efficiency improvement and cost containment across the business helped achieve better profits. The growth achieved by formulations exports in US dollar terms was 5%, while the domestic formulations business continued to achieve good growth during the quarter, the company said.
During the quarter, the company filed international patent application for novel nicotine formulation. It also received US Food and Drug Administration nod for 25mg and 50mg Diclofenac tablets.
"The investment of Rs40 crore being made by the company during the year in manpower, new marketing and R&D initiatives and the modernisation of Kadaiya (Daman) and Panoli (Gujarat) facilities will help achieve future growth," it said.