ONGC’s net realisation on crude, gas sales up in Q3

Oil and Natural Gas Corp (ONGC) Ltd said its net realisation on crude oil sales rose by over 11% in the quarter ended 31 December 2010, an indicator that the state-owned firm will post higher net profits for the period.

"Our gross billing in October-December quarter was $89.13 per barrel, compared to $76.66 a barrel in the corresponding quarter of the last fiscal," a company official said.

After accounting for payments to ameliorate the fuel subsidy burden of state-run oil marketing companies, ONGC's net realisation was over $64 per barrel of crude oil in Q3, compared to $57.69 per barrel in October-December, 2009, he said.

Besides the higher net realisation on crude oil sales, ONGC will also benefit from the price of natural gas it produces more than doubling to $4.20 per million British thermal units.

On Monday, ONGC ended 3.05% up at Rs1,138.70 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.76% to 19,151.28 points.

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Union Bank Q3 net up by 8.5% to Rs579.6 crore

Union Bank of India Ltd reported nearly 8.5% increase in its net profit to Rs579.57 crore for the quarter ended 31 December 2010.

The Bank recorded a profit of Rs534.13 crore in the same period last year.

The Bank's total income rose 24.87% to Rs4,693.06 crore in the third quarter of this fiscal from Rs3,758.32 crore in the corresponding period last year, Union Bank said in a filing to the Bombay Stock Exchange (BSE).

The net profit for the first nine months stood at Rs1,484.38 crore, compared to Rs1,481.42 crore in the year-ago period.

Its total income in April-December 2010-11 was Rs13,275.59 crore against Rs11,223.22 crore for the same period in the last fiscal.

On Monday, Union Bank ended 3.33% up at Rs337.75 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.76% to 19,151.28 points.

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Asian Paints Q3 net up 15.61% to Rs206.60 crore

Asian Paints Ltd said its net profit rose by 15.61% to Rs206.60 crore for the third quarter ended 31 December 2010.

The company had posted a net profit of Rs178.69 crore for the same period last fiscal, Asian Paints said in a filing to the Bombay Stock Exchange (BSE).

Net sales of the company rose to Rs1,754.22 crore in the December 2010 quarter from Rs1,277.71 crore in the same period previous fiscal.

On Monday, Asian Paints ended 1.45% down at Rs2,622.30 on the BSE, while the benchmark Sensex gained 0.76% to 19,151.28 points.

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