Varun Shipping signs contract with Petrobras of Brazil

The contract is for three anchor handling towing and supply vessels (AHTS)—Suvarna, Subhiksha and Sudaksha

Varun Shipping Company said that it has signed contracts with Petrobras, Brazil, a Government of Brazil undertaking, for three anchor handling towing and supply vessels (AHTS)—Suvarna, Subhiksha and Sudaksha.

The initial time charter contracts are for a firm period of four years with an extension option in favour of Petrobras for another four years, the company said in a statement.

The total contract value estimated for the firm period is Rs690-crore and for the extension period is Rs690-crore. Accordingly, the total contract value works out to Rs1,380-crore.

On Thursday, Varun Shipping ended 1.24% down at Rs27.90 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.31% to 18,141.40.

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Rajshree Sugars Q4 net jumps two-fold

Rajshree Sugars and Chemicals standalone net profit stood at Rs10.10 crore in the same period last year

Rajshree Sugars and Chemicals has announced more than two-fold jump in the standalone net profit at Rs24.41 crore for the quarter ended 31 March.

The company’s standalone net profit stood at Rs10.10 crore in the same period last year, it said in a filing to the Bombay Stock Exchange (BSE).

Rajshree Sugars and Chemicals (RSCL) said its net income rose to Rs163.26 crore in the quarter ended 31 March, against Rs136.07 crore in the year-ago period.

Net income of the company shot up due to improved revenues from sugar segment at Rs141.63 crore in the quarter ended 31 March, against Rs111.93 crore in the year-ago.

However, the Coimbatore-based company posted a consolidated net loss at Rs8.57 crore for the year ended 31 March 2011, against Rs45.99 crore in the last year.

But the net income rose to Rs737.10 crore, compared with Rs563.56 crore last year.

On Thursday, Rajshree Sugars ended 2.55% up at Rs50.30 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.31% to 18,141.40.

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Lakshmi Vilas Bank FY10-11 net profit rises to Rs101 crore

The operating profit of Lakshmi Vilas Bank for FY10-11 was Rs273.86 crore, a growth of 65% from Rs166.21 crore in FY09-10

Lakshmi Vilas Bank has reported a net profit of Rs101.14 crore for financial year ended 31 March 2011, an increase of 230% compared to Rs30.67 crore for FY09-10.

The operating profit of the bank for FY10-11 was Rs273.86 crore, a growth of 65% from Rs166.21 crore in FY09-10. Other income of the bank for FY10-11 has grown 32% to Rs137.02 crore.

Total deposits rose from Rs9,075 crore in FY10-11 to Rs11,150 crore, registering y-o-y growth of 23%. Gross credit expanded from Rs6,350 crore to Rs8,188 crore registering y-o-y growth of 29%.

The capital adequacy ratio stood at 13.19% under Basel-II (12.09% under Basel-I) as on 31 March 2011.

The board has recommended a dividend of Rs2.50 per share (25%) for FY11 against Rs0.60 per share (6%) for FY10, a growth of 317%.

On Thursday, Lakshmi Vilas Bank ended 5.87% up at Rs109.15 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.31% to 18,141.40.

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