Sesa Goa posts net profit of Rs840 crore in Q1

For the three-month period ended 30 June 2011, it earned a standalone net profit of Rs672.98 crore whereas the same was Rs1,025.51 crore in the June quarter previous year. However, the results were not comparable consequent to merger of erstwhile subsidiary Sesa Industries with the company

Mumbai: Iron ore producer and exporter Sesa Goa on Thursday announced a consolidated net profit of Rs840.59 crore in the first quarter ended 30 June 2011, reports PTI.

The Vedanta Group company had a consolidated net profit of Rs1,301.79 crore in the June quarter of the last fiscal, Sesa Goa said in a filing with the Bombay Stock Exchange (BSE).

The results were not comparable consequent to merger of erstwhile subsidiary Sesa Industries with the company, it said.

The group posted consolidated total income of Rs2,260.95 crore in the quarter under review whereas the same was at Rs2,574.02 crore during the same period previous year, it said.

The figures of the pig iron segment were incorporated in the company's results on standalone basis from the quarter ended 31 March 2011.

The figures for the quarter ended 30 June 2011 are therefore not comparable with those or the corresponding quarter of the previous period on standalone basis.

For the three-month period ended 30 June 2011, it earned a standalone net profit of Rs672.98 crore whereas the same was Rs1,025.51 crore in the June quarter previous year.

Its standalone total income stood at Rs1,831.68 crore in the period under review whereas the same was Rs2,067.99 crore during the same period of the last fiscal.

Shares of the company were trading at Rs 277, down 0.38% in noon trade on the BSE today.

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RBI governor meets FM ahead of credit policy review

The central bank is scheduled to announce the first quarterly review of credit policy for 2011-12 on 26th July. It is widely believed that the RBI will increase short term lending (repo) and borrowing (reverse repo) rates by another 25 basis points

New Delhi: Amid fears that there would be another round of interest rate hikes to tame inflation, Reserve Bank of India (RBI) governor D Subbarao met finance minister Pranab Mukherjee here on Thursday, ahead of the central bank's monetary policy review on Tuesday, reports PTI.

"I have come to review the macro-economic situation with the finance minister before the policy review, slated for 26th July 26," Mr Subbarao said after meeting Mr Mukherjee. The meeting was also attended by other senior officials of the finance ministry.

The central bank is scheduled to announce the first quarterly review of credit policy for 2011-12 on 26th July. It is widely believed that the RBI will increase short term lending (repo) and borrowing (reverse repo) rates by another 25 basis points.

The RBI has increased these key rates 10 times since March 2010 to tame the rising prices. They have gone up by 250 basis points (2.5%) since then, making loans costlier for both industry as well as consumers.

The headline inflation for June at 9.44% is much above the comfort zone of 5%-6%.

The central bank faces a challenging task of managing the inflationary pressure at a time when the industrial growth has started showing signs of slowing down.

Besides, the resulting moderation of overall economic growth, gross domestic product (GDP) is a major concern before RBI.

The government has already lowered India's GDP projection for 2011-12 to 8.6% from the earlier estimate of about 9% on account of slowdown in industry output.

The factory output growth rate, as measured by the Index of Industrial Production (IIP), dipped to 9-month low of 5.6% in May due to a poor showing by the manufacturing and mining sectors and lower offtake of capital goods.

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Enough is enough; we need to hit back at terror

Ordinary rules are not going to help. We need a law similar to POTA. Investing in CCTVs for major cities may be a deterrent. But most of all, the terrorist camps must be knocked out

"Cry havoc, and let slip the dogs of war"

- William Shakespeare

I am not a warmonger. No sensitive human being can possibly be a warmonger. And I am not talking about war with another state, like Pakistan, with its millions of innocent people led clandestinely by a few criminals in the ISI.

I am beating the drums for a war on terror. Any sensitive human being would demand an immediate counterattack on terror. And we have very human reasons for demanding that terrorism be wiped out from the earth.

I recall Shylock's speech in Shakespeare's The Merchant of Venice: "Hath a Jew no eyes? Hath not a Jew hands, organs, dimensions, senses, affections, passions, fed with food, hurt with the same weapons, subject to the same diseases, healed by the same means, warmed and cooled by the same winter and summer, as a Christian is? If you prick us, do we not bleed? If you tickle us, do we not laugh? If you poison us, do we not die? And if you wrong us, shall we not revenge?"

Substitute the word Indian for Jew and the word terrorist for Christian and we have a manifesto for tackling terrorism.

RK Raghavan, former director of the Central Bureau of Investigation, wrote in a blog a few days after the 13/7 Mumbai blasts: "My guess is there are not more than 1,000 of the really dangerous ones who are willing to go to any length to kill and maim. It should not be difficult to defang them with the help of solid intelligence. If we are not clever enough to ferret out these 1,000 men, we do not deserve to be in the business of fighting terror".

Mr Raghavan suggested re-enactment of a law similar to the Prevention of Terrorism Act (POTA). "However much it was abused, POTA was an essential weapon that strengthened the government's hands. Any political party which opposes a similar legislation now does not deserve to rule this country. The ordinary rules of evidence are not going to help the cause. The US decision to call the Guantanamo detenus as 'enemy combatants' may have been harsh. But it seems to have helped."

A facility to "sterilise" terrorists and terror suspects, similar to the one the US has in Guantanamo Bay, is necessary for India, Mr Raghavan said.

It is worth quoting extensively from Mr Raghavan's blog. He suggested a "national intelligence force which would draw from the states as well as the Intelligence Bureau and would concentrate on identifying terrorists as well as their sympathisers. Anything else will not work."

"The terrorist focus is on crowded public places. He invariably strikes at twilight. We know that a large measure of protection is given by CCTV cameras in crowded places. London has greatly benefited from the CCTVs installed on all important roads." A healthy investment in this area in all major cities will be a big deterrent that can help prevent attacks or facilitate investigation, he said.

A few days ago, US secretary of state Hillary Clinton thundered in Delhi: "We cannot tolerate a safe haven for terrorists anywhere…We made it clear (to Pakistan) that there was an absolute international responsibility to co-operate to bring the perpetrators to justice." US president Barack Obama said on the day of the Mumbai blasts that the US would do all it can to help India fight terrorists.

All the world (and its pet cat) knows that the safest havens for terrorists are in Pakistan Occupied Kashmir (PoK) and in Pakistan itself. The locations have been pinpointed by US intelligence and other satellites which can pick a cigarette packet on the ground from a couple of miles up in the sky.

So, Mr Obama and Mrs Clinton, how about redirecting a dozen or so of your drones flying west, to fly north-east? How about using the drones with which you are hammering Afghanistan to wipe out terrorist camps and havens in PoK and Pakistan?

A guerrilla force or terrorist force cannot function without a base from which it gets the fullest backing. The Khalistani and Assam terrorists disappeared into the ground when the people of Punjab and Assam got sick of them and stopped supporting them. Knock out the terrorist camps and all of Osama's mind-bended young men will become headless chickens and we can all go back to earning our living peacefully.

But canny Clinton left herself and the US an escape clause. She said: "Obviously there is a limit to what the US can do, but we intend to continue to press as hard as possible."

No drone attacks then. Looks like the Indian Air Force will have to take out the terrorist camps.

(R Vijayaraghavan has been a professional journalist for more than four decades, specialising in finance, business and politics. He conceived and helped to launch Business Line, the financial daily of The Hindu group. He can be contacted at [email protected].)

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COMMENTS

RNandakumar

5 years ago

Thank you Mr Vijayaraghavan for reflecting my views in " where is the guarantee..". Unless we destroy the POK terrorists camp we would be only cutting a soory figure in the world. Israel China etc have time and again shown that agression against its neighbour as a retaliatory measure is permissable. We need PM of Lalbaghadur Sastri's attitude while dealing with pakistan.

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