NMDC eyes Rs13,500 crore turnover, 29 million tonnes in sales

The country’s largest iron ore miner reported Rs11,369 crore in sales in the last fiscal over  Rs6,239 crore in FY'10

State-run iron ore miner NMDC is eyeing Rs13,500 crore sales turnover and around 29 million tonnes (MT) in sales of the key steel-making raw material in the current fiscal, a top company official has said, reports PTI.

“Our sales turnover is likely to be Rs13,500 crore in the current fiscal,” said NMDC director (finance) S Thiagrajan.

The country’s largest iron ore miner reported Rs11,369 crore in sales in the last fiscal over Rs6,239 crore in FY’10.

Net profits of the company went up to Rs6,499 crore compared to Rs3,447 crore in FY’10.

The estimate is based on the expected rise in the company's production and sales, which are likely to be around 29MT in the current fiscal, Mr Thiagrajan said.

“In 2010-11, NMDC’s production and sales were at 25.16MT and 26.32MT representing an increase of 6% and 9%, respectively, over 2009-10,” he said.

In addition to the increased production and sales, NMDC also anticipates stability in iron ore prices at the current level during the remaining part of the fiscal and hoped this would inflate the top-line of the company.

NMDC reported a whopping 97% jump in its Q4 net profit to Rs2,099 crore on record sales and a “comfortable” price of the key steelmaking raw material.

Announcing the results, NMDC chairman and managing director Rana Som said, “This is a sustainable trend. We are confident that this trend will be maintained in the current fiscal.”

Talking about the price of the iron ore in the current fiscal, Mr Som said that the last 8-9 months’ trend only pointed to a “very little” fluctuation and even when it was there, the range was “very small”.

“In case, prices go down, there is a huge demand for our products, which are regarded, in certain cases, as good as pellets,” he said.

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Apparel exports grow at around 13% in April to $1 billion

There has been a pick-up in demand from the US and European markets

India’s apparel exports grew by about 13% to $1 billion in April 2011 year-on-year, due to strong demand from the US and European markets.

Exports stood at $972 million in April last year, according to the data provided by the Apparel Export Promotion Council (AEPC). “There is a good demand for our exports from the US. Also, the European market is picking up,” AEPC chairman Premal Udani said.

The US and Europe together account for about 65% of India’s total garment exports.

The council expects garments exports' growth to continue in 2011-12.

“We expect exports to touch $14 billion in the current fiscal as we are getting good orders not only from the Western markets, but also from new markets like Latin America,” Mr Udani said.

During 2010-11, garments exports grew by 4.4 per cent.

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Delhi Court fines plantation firm for flouting SEBI norms

The market regulator had alleged that the company had floated a collective investment scheme and had mobilised lakhs of rupees from the general public, in violation of the provisions of the SEBI Act

A plantation firm and its three directors have been slapped with a fine of Rs2 lakh by a Delhi court for raising a huge amount of funds from the public after promising them high returns without prior approval from market watchdog Securities and Exchange Board of India (SEBI), reports PTI.

Additional Sessions Judge (ASJ) Pawan Kumar Jain fined YSVK Agro Green Fields & Estate Ltd, a firm among hundreds of collective investment companies (CIS), on a complaint by SEBI, seeking prosecution of the plantation company for not getting a prior certificate from it as prescribed by the SEBI Act.

SEBI had alleged that “the company had floated the CIS and mobilised lakhs of rupees from the general public, in violation of the provisions of the SEBI Act.”

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