Symphony Q1 net profit declines to Rs20.22 crore

Symphony Ltd, formerly known as Symphony Comfort Systems Ltd, said its net profit for the first quarter declined to Rs20.22 crore from Rs33.19 crore in the same quarter last year.

In the June 2010 quarter, its total revenues increased to Rs89.05 crore from Rs67.97 crore, said the Ahmedabad-based consumer electronics company in a filing to Bombay Stock Exchange (BSE).

On Friday, Symphony shares declined 4.34% to Rs610 on BSE, while the benchmark Sensex ended 1.25% down at 17,998 points.

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C&C Constructions net profit rises to Rs69.08 crore in Q1

C&C Constructions Ltd said its first quarter net profit stood at Rs69.08 crore as compared to Rs41.10 crore in the same quarter last year.

During the June 2010 quarter, its total revenues increased to Rs1,168.44 crore from Rs750.13 crore, said the company in a statement.

On Friday, C&C Constructions shares closed 2.82% up at Rs245 on Bombay Stock Exchange, while the benchmark Sensex ended 1.25% down at 17,998 points

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Will meet contractual obligations: Cairn tells oil ministry

New Delhi: UK's Cairn Energy has informed the oil ministry that it will comply with all contractual obligations in selling majority stake in its Indian arm and that London-listed Vedanta Resources was a fit candidate to take over operations, reports PTI.

"Cairn Energy has replied to clarifications we had sought on the Vedanta deal. We are studying it," a top oil ministry official said.

The official said the Edinburgh-based firm has stated that it was committed to following the law of the land and will fully comply with all contractual obligations.

Cairn Energy is selling a majority of its 62.37% in Cairn India - the company that found the nation's largest onland oilfield, to billionaire Anil Agarwal-controlled Vedanta for up to $9.6 billion.

"The company has acknowledged that contracts for some of the oil blocks Cairn India holds, require consent of the government to be taken in the event of a change of control," the official said. "It has told us that it is committed to complying with all such contractual obligations."

Cairn Energy said the proposed sale of majority stake "will not adversely affect the performance or obligations under the various Production Sharing Contracts (PSCs) nor be contrary to the interests of India."

Vedanta Resources, it said, had the wherewithal to takeover the parent company guarantees that Cairn Energy had given for performance of obligations under PSCs. Vedanta is the world's fifth largest mining company had 10 times better financial capabilities than Cairn Energy Plc.

Also, Vedanta has promised continuity in operations at Cairn India, which will remain independent, and its management team and organisation, Cairn Energy said.

Uncomfortable with a non-oil company taking over Cairn India, the oil ministry had on 19th August written to Cairn Energy Plc stating that certain PSCs have parent company guarantees and some PSCs have explicit provision of prior government consent in case of change of ownership.

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