SCI accepts delivery of mv SCI Ratna

With addition of mv SCI Panna, SCI’s fleet strength has increased to 82 vessels and has touched a new high of 5.827 million DWT

Shipping Corporation of India Ltd (SCI) had signed contracts for acquisition of four units newbuilding 80 T BP anchor handling, towing & supply vessels with Bharati Shipyard Ltd, India. The first vessel, “mv SCI Panna” was delivered to SCI on 23 August 2011 and the remaining two vessels are scheduled for delivery by the end of 2011.

The vessel has a gross tonnage of 2,039 tonnes and deadweight of 1,983 tonnes. The vessel has been classed with IRS, equipped with DP I system and has been built to comply with the latest and most stringent international regulations. In the offshore sector, SCI presently has a fleet of 11 vessels of which 10 vessels were acquired during the eighties. These vessels have been dedicatedly serving the oil exploration and production sector in India for the last 25 years. The four AHTSVs ordered with Bharati Shipyard are 1st phase replacement of SCI’s 10 AHTSVs & comply with superior specifications like dynamic positioning, reverse osmosis plant and UKOOA compliance as required by Indian E&P operators, etc. As a National carrier, SCI has been aiming to increase its presence in India’s offshore sector. To promote Indian Shipbuilding industry, SCI has ordered four AHTSVs of 120 BP capacity and two PSVs with Cochin Shipyard on nomination basis. The service of these vessels would be crucial to the E&P operators in the Indian Offshore sector. Apart from serving the nation’s interest, the vessel would also strengthen SCI’s fleet base as well as start a new era in its offshore segment.

SCI today has a diversified fleet of 82 vessels which includes 12 offshore supply vessels. With addition of this vessel, SCI’s fleet strength has increased to 82 vessels and has touched a new high of 5.827 million DWT. Acquisition of the vessel is in line with SCI’s strategy of maintaining a modern and young fleet of vessels. The Company has 27 vessels on order at present and 9 of these are scheduled for delivery by the end of 2011.

In the early afternoon, SCI was trading at around Rs70.85 per share on the Bombay Stock Exchange 0.78% up from the previous close.

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CRISIL’s Q3 consolidated total income rises 38% to Rs220 crore

CRISIL has declared a third interim dividend of Rs2.75 per share on face value of Re1 per equity share

CRISIL has come out with its report on unaudited financial results for the third quarter ended 30 September 2011. CRISIL’s consolidated total income for the third quarter ended 30 September 2011, stood at Rs220.05 crore against Rs159.11 crore in the corresponding quarter of the previous year, an increase of 38.3%.

The net profit was Rs60.18 crore, against Rs75.44 crore in the corresponding period of the previous year. For the nine months ended 30 September 2011 the consolidated total income from operations was Rs602.60 crore, an increase of 32.8% over the corresponding period of the previous year. The net profit for the nine months ended 30 September 2011 was Rs150.61 crore.

The Board of Directors has declared a third interim dividend of Rs2.75 per share on face value of Re1 per equity share in addition to a first and second interim dividend of Rs27.5 per share each declared in the first and second quarter earlier in the year on face value of Rs10 per equity share.

In the early afternoon, CRISIL was trading at around Rs859.85 per share on the Bombay Stock Exchange 2.45% up from the previous close.

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Hero Motocorp Q2 net profit up 20%

Hero MotoCorp's previous highest quarterly net profit was Rs597 crore during July-September period in 2009-10

Boosted by record sales, the country's largest two-wheeler maker Hero MotoCorp reported its highest ever quarterly net profit at Rs603.62 crore, up 20% from the year-ago period. The company had posted a net profit of Rs505.60 crore in the corresponding period last year.

Hero MotoCorp's previous highest quarterly net profit was Rs597 crore during July-September period in 2009-10. During the second quarter this fiscal, the company also reported its highest ever turnover at Rs5,829 crore, up 28% from Rs4,552 crore in the year-ago period. The earlier best figure for a quarter's turnover stood at Rs5,683 crore in Q1, 2011-12.

The company, earlier called Hero Honda, saw its highest ever quarterly vehicle sales at 15,44,315 units against 12,85,944 units a year ago, up 20%. Hero MotoCorp saw its sales touching the earlier best at 15,29,577 vehicles in April-June this year.

"Our bottom line results reflect our record topline performance over the past six months. This performance has come despite the rising food inflation and fuel costs," Hero MotoCorp MD and CEO Pawan Munjal said.

Inflation and fuel prices remain a concern for the industry as it might adversely impact consumer spending in the coming months, he added.

"However, we remain confident of carrying forward the buoyancy in our sales. We expect our retail volumes to peak during the festive month of October, and in anticipation of rising market demand for our products in the coming months, we have been augmenting capacity at our existing plants," Munjal said.

Munjals promoted Hero MotoCorp had embarked on its solo journey after the erstwhile joint venture partners in Hero Honda decided to part ways in December last year.

"Hero MotoCorp has set another benchmark in the H1 (April-September) of FY'12 with record sales of over three million units during the period, setting a perfect platform to comfortably surpass the initial guidance of six million units in FY'12," the company said.

The company has recently launched its first 'Hero' branded bike -- Impulse, following the break-up of Hero Honda, in the Indian market at Rs66,800 (ex-showroom, Delhi).

A scooter -- Maestro -- will also be launched under the 'Hero' brand in coming months, the statement said.

In the early afternoon, Hero MotoCorp was trading at around Rs2072.90 per share on the Bombay Stock Exchange 4.44% up from the previous close.

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