TV18 Broadcast Q1 net profit stands at Rs21.12 crore

The media firm had posted consolidated net loss of Rs11.11 crore during the three months ended 30 June 2010

Network 18 group firm, TV18 Broadcast Ltd has reported consolidated net profit of Rs21.12 crore for the quarter ended 30 June 2011. The media firm had posted consolidated net loss of Rs11.11 crore during the three months ended 30 June 2010, it said in a filing to the Bombay Stock Exchange.

The firm's consolidated sales for the first quarter of the current fiscal grew 53.55% to Rs265.94 crore, compared to Rs173.19 crore in the same quarter last financial year.

TV18's consolidated numbers include the joint ventures with Viacom18 where it has 50% share, besides a similar percentage of equity in IBN Lokmat and other smaller subsidiaries.

In the late afternoon, TV18 was trading at around Rs53.95 per share on the Bombay Stock Exchange, 14.77% down from the previous close.

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Recurring oil spills in Mumbai: Does anyone know terrible is the shock to the ecosystem?

Environmentalist writes to MoEF demanding a full enquiry into the cumulative environmental effect from the recurring oil spills and the implementation of the necessary international protocol

The oil leak from the sunken ship MV Rak near Juhu-Versova beach is giving nightmares to environmentalists and local people. The leak adds to the pollution of Mumbai's coastal region, which has seen recurring oil spills over the past few years.  

Noted environmentalist Sumaira Abdulali has written to the environment minister, demanding a full enquiry into the cumulative environmental effect from the recurring oil spills and implementation of the necessary international protocol.

"India is signatory to 'MARPOL' (International Convention for the Prevention of Pollution From Ships, 1973 as modified by the Protocol of 1978, in short known as 'marine pollution' convention) which imposes certain responsibilities to control oil spills. I request a full investigation into the cumulative effect of regular oil spills and request that this issue be accorded utmost priority," Ms Abdulali told Moneylife.

Criticising the authorities, she said, "The concerned agencies-including the Environment Ministry-do not appear to be sure of the source of spills at individual beaches and are relying on analysis reports to confirm this."

According to Ms Abdulali, numerous smaller oils spills took place last year, and the pollutants washed up to the shore in Raigad, Maharashtra. There was another leak from an ONGC oil rig in August last year, which went unreported. The Coast Guard had served a notice to the company, but no action was taken. Ms Abdulali had written to the former environment minister Jairam Ramesh and enclosed photographs of these spills with her letter, but to no avail.

She said, "I believe that the Coast Guard may have documented some of these spills independently as part of their patrolling of coastal areas around Mumbai. The oil spills seem to be happening at regular intervals over the last few years, which adversely affect the marine and coastal environment."

The collision of MSC Chitra and MV Khalija last year, again, resulted in a spill that severely damaged the mangrove belt and contaminated the shore. Ms Ali wrote to the chief minister after the Chitra-Khalija collision, asking for information on tests conducted by the FDA on fish to test for levels of mercury, cadmium or other heavy metals. "There is a likelihood of entry into the food chain and the effects are long lasting", she said.

Moreover, the agencies' conventional method of cleaning spills has also been criticised. Captain Malkani, shipping veteran, said, "For controlling the oil spill, they will use the dispersal which is again a chemical and hazardous to the environment. It just breaks the spilled oil in small pieces and makes it buried underneath. Instead, the authorities should use skimmers, which is oil-spill recovery equipment. Its mechanical application is such that it rotates and throws apart the separated oil and water."

According to the latest review by the director general of shipping, the spread of oil apparently has gone up; perhaps due to the increase in the speed of prevailing winds. The Maharashtra Maritime Board has reported fresh small patches of oil traces on the Juhu beach and some tar balls at Gorai. The P&I correspondent has been directed to immediately seek the expertise of the International Tanker Owner Pollution Federation (ITOPF) in the clean-up.

Doubts persist that the system promised after the Chitra-Khalija spill is lacking. In her current letter to Jayanthi Natarajan, Ms Abdulali says, "No such system is available as confirmed by your statement that you would be focusing on the immediate problem and look at systems later."

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India making regular payment for Iran crude: FM

"I would like to dispel this impression that Iran has threatened to stop supplying oil to India. Please do not create that scare in the country," finance minister Pranab Mukherjee said asserting that the problem of settling the import bill with the Persian Gulf nation has been sorted out

New Delhi: Asserting that Iran never threatened to stop crude oil supply to India, the government today said the problem of settling the import bill with the Persian Gulf nation has been sorted out, reports PTI.

"We had some problem with regard to making payment for the oil bill to Iran, but problem has been sorted out. Regular payment is taking place now," finance minister Pranab Mukherjee said in the Lok Sabha (lower house of Parliament).

He, however, added that there were some outstandings, "which in course of time we would like to clear by making the payment."

India imports about 20% of its crude oil requirements from Iran.

On 23 December 2010 the RBI (Reserve Bank of India) said that all trade-related payments to Iran had to be made outside the Asian Clearing Union (ACU), a regional clearing house through which most India-Iran trade was being conducted.

The order threw out a mechanism to pay for Iranian oil.

Mr Mukherjee, however, said Iran never threatened to stop oil supplies to India.

"I would like to dispel this impression that Iran has threatened to stop supplying oil to India. Please do not create that scare in the country.

"It may be a report of some newspaper, but officially Iran has never told us that it is going to stop the supply," the minister said in reply to a supplementary during the Question Hour.

India imports 12 million barrels of crude oil every month from Iran.

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