Companies & Sectors
VST industries showcases a formidable increase in net profit and income

Despite an increase in expenditure, VST industries reports a 17.5% increase in net profit

VST industries, a Hyderabad based third largest cigarette manufacturing company of India,  has announced a healthy results for the quarter ending on 30 September 2013. The company reported standalone net income of Rs21,1.09 crore in the current quarter this year compared to Rs17,6.19 crore for the same period in last year.

 

The standalone net profit of the company for the quarter ended September 2013 rose by a formidable 17.5% to Rs3,2.45 crore this year as compared to Rs2,7.60 crore last year. The expenditure of the company including inventories of finished goods and work in progress, depreciation and amortisation costs increased from Rs138.21 crore for the second quarter last year compared to Rs165.86 crore for the same period this year.

 

The share price of the VST industries was down by 2.35% at Rs1495.05 while the benchmark S&P BSE closed at 20,882.89 points which was up by 2.29%.

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COMMENTS

Suiketu Shah

3 years ago

Excellent recommendation by ml and kensource.One doesnot get to read of such recommendations from so called "experts" proving how hollow they are in reality.

State's ministers extravagant flight plans: Dr Patangrao Kadam leads the march, annual expenses on flight expenses touches Rs2.10 crore

Maharashtra has been facing an acute water shortage due to drought on one end and the Government advised its staff to keep a check on expenses, but, on the other end its own Ministers have indulged in extravagant flight travel in the past, an average of Rs2.10 crore annually

The Forest Minister Dr Patangrao Kadam has outshone others and has emerged as a torch-bearer in this flight plan. He has grossed only Rs43 lakh in air travel expenses in the past three years. This information was provided to RTI activist Anil Galgali, who had sought the details from the Pay & Accounts Department, Government of Maharashtra.
 

Anil Galgali, chairman of Athak Seva Sangh & RTI activist had raised a query to the Pay & Accounts Department, Government of Maharashtra, whereby he sought information on travel expenditure incurred by all the ministers of the state government. The Department provided Anil Galgali with information of approved expenses from November 2009 to January 2013. The details contain travel expenses incurred by the chief minister and his council of ministers.
 

In the past three year the 43 Ministers have spent Rs6.30 crore which means annually Rs2.10 crore. The table below shows the top 10 highest expenses by ministers on air travel.
 

No

Name of Minister

Amount in

 Rs (lakh)

1

Dr Patangrao Kadam

43.00

2

Anil Deshmukh

39.54

3

Radhakrishna Vikhe Patil

36.00

4

Fauziya Khan

32.48

5

Narayan Rane

31.29

6

Dr Nitin Raut

28.93

7

Sunil Tatkare

26.88

8

Balasaheb Thorat

24.95

9

Jayant Patil

21.70

10

Jaydutt Kshirsagar

20.83


Ex chief minister Ashok Chavan spent Rs1.46 lakh between 8 November 2009 and10 November 2010. However chief minister (CM), Prithviraj Chavan (Rs6.32 lakh), deputy CM Ajit Pawar (Rs10.28 lakh), home minster R R Patil (Rs14.35 lakh), public works department(PWD) minister Chaggan Bhujbal (Rs18 lakh), Naseem Khan (Rs18.76 lakh), Rajendra Darda (Rs19.29 lakh) spent on air travel.
 

It is important to note here that the Government has its own plane and helicopters to facilitate the travel of its ministers. These expenses are over and above the expenses that they must have incurred there. It is also important to note that, apart from the ministers, the CM's personal secretaries Sanjay Yadav and Abhijit Ghorpade have spent Rs79,642 and Rs61,138 respectively in the past eight months only. The other ministers’ staff expenses were not provided by the department.
 

“It needs to be mentioned here that though there is no ceiling to the expenses to be incurred on this account, it is a Moral duty of the Ministers to observe self restraint on issues like these specially when the state is facing its worst crisis,” said Galgali. Anil Galgali in a letter written to the CM has appealed that the Ministers should voluntarily reduce these expenses by opting to travel by trains and state transport (ST) buses, as it can be seen that they have used flight mode to destinations which are connected to the ST and train route. 
 

The other ministers also spent huge amounts on air travel. It is given below:

No

Name of Minister

Amount in

Rs (lakh)

1

Shivajirao Moghe

19.73

2

Padmakar Valvi

15.83

3

Sanjay Devtale

15.41

4

Ranjeet Kamble

14.79

5

Suresh Shetty

13.81

6

Rajendra Mulak

13.71

7

DP Sawant

13.60

8

Varsha Gaikwad

12.59

9

Vijay Vaddetivar

10.35

10

Hasan Musarif

09.75

11

Prakash Solankhe

09.57

12

Prof Laxman Dhoble

09.43

13

Babanrao Pachpute

09.20

14

Rajesh Tope

09.01

15

Harshwardhan Patil

08.62

16

Gulabrao Devkar

08.24

17

Subhash Zanak

07.66

18

Bhaskar Jadhav

07.57

19

Abdul Sattar

06.95

20

Dr Vijay Kumar Gavit

05.69

21

Ramraje Naik-Nimbalkar

04.66

22

Rajendra Gavit

02.50

23

Sachin Ahir

01.88

24

Manohar Naik

01.35

25

Ganesh Naik

00.39

 

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COMMENTS

Dr Anantha K Ramdas

3 years ago

It would be educative to know what was the purpose of these travels?

Were these undertaken in order to carry out some job assigned to them? If so, what was the result?

If you take further study of the helicopter (chopper) rides,
many would be for short distances and for doing odd jobs, even like "opening ceremonies", which could have been done by using cars allotted to them!

on the whole, these people are irresponsible and do not care for public money being spent in such reckless manner, because no body questions, and nothing happens after such questions are raised in public. Some meaningless explantion is given and soon, the matter simply "dies" and gets buried in the files!

Nifty, Sensex just shy of all-time hit weekly highs: Friday closing report

The upward momentum is strong and FIIs are pouring in money but they have a habit of being very bullish near market tops

On Friday, the indices put on a massive rally after two days of weakness. Markets open strongly and sustained the upward trend, stabilized mid-session rallying again towards the close. The S&P BSE Sensex opened at 20,487 to touch intraday high of 20,932 before closing at 20,883 (up 467 points or 2.29%). Similarly, Nifty opened at 6,071 hit a high of 6,201 before closing at 6,189 (up 144 points or 2.37%). The National Stock Exchange (NSE) recorded a higher volume of 64.90 crore shares.
 

We expect this fresh rally that has started today to last for a couple of days more, at least.

The number of advances outpaced the number of declines by nearly 2:1. Out of 1,229 stocks, 727 were up, 437 were down and 65 were unchanged.
 

All the sectoral indices finished in the green. The strongest movers were CNX Finance (3.54%), CNX Metal (3.34%), Bank Nifty (3.95%) and CNX Realty (3.04%).
 

Of the 50 stocks in the Nifty, only Bajaj Auto finished in the red (down 0.02%); rest finished in the green. The top five gainers were IndusInd Bank (6.39%); Tata Steel (6.09%); Sesa Sterlite (5.97%); Axis Bank (5.55%) and Jaiprakash Associates (5.14%).
 

In the other interesting bit of news, SpiceJet shot up over 6% on rumours that Qatar Airways has evinced interest in the company. However, the company issued a press release stating that it was just “speculation”.
 

The positive sentiment was driven by good economic growth in China and the record set by the US markets. The S&P 500 hit its intraday record of 1733 and closed at the same level, an all-time high. Indian markets were also buoyed by positive sentiment in the US post-shutdown, better data from China and a sense that taper is a long way off, meaning that is this a risk-on period for the emerging markets.
 

The Chinese government reported robust economic growth, with gross domestic product (GDP) growing at 7.8%, its quickest this year, when compared to the June-September quarter last year. However, analysts have predicted that despite the positive data, they expect the Chinese economy to slow down in the months ahead. They expect inflation to go up and exports to soften.
 

Meanwhile, as the meeting of Federal Open Market Committee (FOMC) nears, the pushback on the consensus of the debt ceiling to February only strengthened the case for no ‘tapering’ by the US Federal Reserve. This expectation has a positive effect on emerging markets.
 

Asian markets were all up as well, except for Japan and New Zealand, which were down 0.17% and 0.36% respectively. Hong Kong markets moved up strongly by 1.06%.

At the time of writing this piece, almost all European indices were trading in the green. The US Stock Futures were marginally up.

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