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Lok Sabha extends term for JPC in the 2G scam

The lower house passed the motion moved by committee chief PC Chacko by a voice vote extending up to the last day of the Winter Session

New Delhi: The Joint Parliamentary Committee (JPC) looking into the 2G spectrum issue was on Thursday granted a second extension till the end of the Winter session by the Lok Sabha, reports PTI.

The lower house passed the motion moved by committee chief PC Chacko by a voice vote extending up to the last day of the Winter Session the time to present its report. The term of the committee was to end on the last day of the ongoing Budget session.

Last September, Lok Sabha had adopted a motion for extending the term of the JPC up to the last date of Budget session. Earlier, the panel was required to submit its report by the last date of the last Monsoon session.

The JPC, consisting of 20 members from Lok Sabha and 10 from Rajya Sabha, was constituted on 4th March last to look into the entire gamut of policy prescriptions in the telecom sector from 1998 to 2009.

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Vedanta's core profits up 12.9% to $4 billion in 2011-12

The drop in Vedanta's net profit was largely due to increased depreciation and amortisation costs and interest expenses related to funding of its acquisition of majority stake in Cairn India

London: India-focused mining conglomerate Vedanta Resources on Thursday reported a 12.9% growth in its core profits to $4.03 billion for the year 2011-12, buoyed by earnings from recently acquired Cairn India and higher output in zinc, silver, and power, reports PTI.

Analyst said the core profits/EBITDA (earnings before income, tax, depreciation and amortisation) of the company were in line with the expectations of $4 billion. The London-listed firm had reported $3.566 billion EBITDA in FY11.

"This has been a transformational year for the group, in which we completed the Cairn India acquisition, announced the consolidation of the group, and delivered a strong production growth," Vedanta chairman Anil Agarwal said in a statement.

"With our growth projects largely completed, (we) are well placed to continue this strong growth," he said.

Core profits at $713 million from Cairn, which was acquired in December last year, accounted for most of the increase in group EBITDA of Vedanta. Zinc, silver and power businesses were other contributors in company's group EBITDA.

However, iron ore business of Vedanta, operated by subsidiary firm Sesa Goa, was a drag on company's core profits as it reported a 38.6% drop in EBITDA to USD 721.4 million, mainly due to 26.6% drop in production.

The iron ore production fell because of a Supreme Court-imposed mining ban in Karnataka and logistical bottlenecks in Goa, the company said.

Company's revenue rose by 22.6% to $14 billion in the last fiscal vis-a-vis $11.427 billion of 2010-11, it said.

However, net profit attributable to the shareholders of the company dropped by over 92% to $59.8 million in FY12 from $770.8 million in the previous fiscal.

The drop in net profit was largely due to increased depreciation and amortisation costs and interest expenses related to funding of its acquisition of majority stake in Cairn India.

By December, the company is expecting to complete group restructuring exercise, which seeks to bring all businesses, except Konkola Copper Mines in Zambia, under the fold of a new entity, Sesa Sterlite, it said.

The new entity will be created through merger of Sterlite Industries and some other subsidiaries including Vedanta Aluminium, Madras Aluminium into Sesa Goa.

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