Tata Communications Q4 consolidated net loss widens to Rs261 crore

On standalone basis, the company posted 51.8% rise in net profit at Rs38.2 crore during fourth quarter

Mumbai: Tata Communications Ltd on Tuesday reported consolidated net loss of Rs260.94 crore for the fourth quarter ended March 2012. The company had posted net loss of Rs156.51 crore in the same period last year, it said in a filing to the BSE.

On standalone basis, the company posted 51.76% rise in net profit at Rs38.2 crore during fourth quarter as against Rs25.17 crore in the same period last year.

Consolidated income from operations, however, increased in Q4 to Rs3,961.28 crore, from Rs3,068.83 crore for the same quarter in the 2010-11 fiscal, the company said.

It has posted net loss of Rs794.65 crore for 2011-12, as compared to Rs776.9 crore in the previous fiscal.

Income from operations in 2011-12 was Rs 14,196.05 crore from Rs 11,931.99 crore for the preceding fiscal.

The board of directors recommended a dividend of Rs2 per share for the financial year 2011-12, Tata Communications said.

Shares of the company were trading marginally higher at Rs204.75 on the BSE in the noon trade.

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RIL selects Phillips 66 technology for Jamnagar plant

The planned gasification plants at Jamnagar will process petroleum coke and coal into synthesis gas utilising Phillips 66's E-Gas Technology

New Delhi: Reliance Industries Ltd on Tuesday said it has selected Houston-based Phillips 66's technology for its planned gasification plants at Jamnagar, reports PTI.

"The planned gasification plants at Jamnagar will be among the largest in the world and will process petroleum coke and coal into synthesis gas utilising (Phillips 66's) E-Gas Technology," the company said in a press statement here.

The synthesis gas will be used as feedstock for a new chemical complex and will fuel the refinery's existing gas turbine power generation units.

Phillips 66 will license its E-Gas Technology to RIL and provide process engineering design and technical support relating to the gasification technology process area.

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Train accident: 21 killed as passenger train collides with goods train

Most of the victims were labourers coming from Hubli and Hospet in Karnataka and were on their way to Bangalore

Penukonda (Andhra Pradesh): About 21 people were killed and over 40 injured when the driver of the Bangalore-bound Hampi Express apparently overshot the signal and rammed into the rear of a stationary goods train in Anantapur district of Andhra Pradesh in the wee hours on Tuesday, reports PTI.

Of them, 11 were charred to death in the first coach, which caught fire, while the rest were trapped to death in the third coach of the express train coming from Hubli in Karnataka which derailed at around 3:15am at Penukonda railway station in Bangalore division of South Central Railway.

The first three coaches of the express train had derailed due to the impact of the collision.

Three women and two children were among the 21 killed and whose bodies have been recovered, Harinath Reddy, Deputy Superintendent of Government Railway Police, Guntakal, said.

Most of the victims were labourers coming from Hubli and Hospet in Karnataka and were on their way to Bangalore.

"Prima facie it seems that the driver of Hampi Express overshot the signal," Railway Spokesperson Anil Saxena said in Delhi.

Police have registered a case and both the driver and his assistant of the express train were injured and in hospital and not in a position to speak right now, Reddy said.

Railway and local police along with fire fighting men soon brought the flames under control. Rescue as well as relief operations are on, officials said.

The injured have been shifted to Penukonda, Hindupur and Anantapur hospitals.

Railway Minister Mukul Roy, who was in Kolkata, has rushed to the site of the accident and ordered an inquiry into it.

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