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Essar
Oil shuts down pumps
Mumbai: Essar
Oil is temporarily closing down nearly 200 of its
514 petrol pumps as international oil prices continue
their northwards journey.
More
than 50 per cent of its retail outlets are located in
Gujarat and Maharashtra and the rest in the northern states.
Some of the outlets have already been closed, while a
few others have drastically reduced supply and may down
shutters soon.
Sources said Essar Oil had cut supply to its dealers across
the country by 25 per cent immediately after the rise
in international crude oil prices and had subsequently
offered compensation to them.
The
company says the skyrocketing prices of oil are hurting
its margins. Essar Oil is the worst hit by the huge spurt
in international crude oil prices as it does not have
its own oil refinery.
Industry sources said the closure of outlets meant a reduction
in losses for the company.
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Ashok
Leyland Q2 net jumps 74.21 per cent
Mumbai:
Ashok
Leyland has reported a 74.21 per cent jump in net
profit at Rs75 crore for the quarter ended September 30,
2005, as compared to Rs43.05 crore in the corresponding
period a year-ago.
Total
income has increased 36.73 per cent to Rs1,267.08 crore
for the second quarter from Rs926.68 crore in the same
period in the previous fiscal, the company informed the
BSE.
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Cadila
Q2 net up 19.07 per cent at Rs.51.8 crore
Mumbai:
Cadila
Healthcare has posted a 19.07 per cent rise in net
profit at Rs51.8 crore for the quarter ended September
30, 2005, as compared to Rs43.2 crore in the year-ago
period.
Total
income increased 9.79 per cent to Rs349.7 crore for the
quarter from Rs318.5 crore in the same period last fiscal.
The
Group has posted a consolidated net profit of Rs48 crore
for the quarter ended September 30, 2005, as compared
to Rs34.9 crore in the corresponding period in 2004-05.
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IOC
plans forward integration in petrochemicals
Bhubaneswar:
Indian
Oil Corporation (IOC) is planning to go in for forward
integration into petrochemical business. This will raise
its turnover from US$35bn to US$60bn by 2011-12.
The
company plans to invest over US$15bn over next couple
of years. The company is looking at new areas beyond the
fields in which it has dominance, like oil refining, pipeline
transportation and marketing, to achieve higher growth.
Major structural readjustments are required following
the entry of private sector and multinational companies
into the hydrocarbon sector in India the company feels.
Sarthak
Behuria chairman and managing director IOC said the company
has drawn up a $5.7 billion petrochemicals master plan,
which would broadly involve development of world scale
petrochemical hubs at Panipat in Haryana and Paradip in
Orissa.
He said the two centres could emerge as major catalysts
for the development of a wide range of downstream allied
industries in their respective areas.
Stating that the demand for petroleum products in India
was amongst the highest in the world, Behuria said in
the past decade, it had grown by 5.5 per cent compounded
per year against a world average of only 1.2 per cent.
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BMW
to locate plant near Chennai
Chennai:
BMW of Germany will locate its plant on the outskirts
of Chennai at a cost of 20 million euros (Rs106 crore).
The facility will roll out BMW's 3 and 5 Series, which
would be positioned against Merc's C and E classes respectively.
BMW
will import completely knocked down (CKD) units of these
cars and assemble them at this facility. BMW is yet to
receive approval for this plant.
BMW
will offer both diesel and petrol cars and is yet to determine
the capacity for this plant, which may not be less than
10,000 units.
Higher
tariffs and restrictions on CBUs (completely built units)
and the low volumes sales of these in India as a result
if this has deterred BMW from importing CBUs.
In
Asia, the 3 Series is available as a sedan, a coupé,
a convertible and an estate version.
The 6 Series is available as a coupé and a convertible.
The 8-cylinder petrol coupé of the 6 Series generates
a 333 bhp. A lower powered 6-cylinder variant is also
available in Asia.
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Bannari
Amman knits expansion plans post-quota
Coimbatore:
The Bannari Amman Spinning Mills, part of the Coimbatore-based
Bannari Amman Group is expanding capacity in spinning
and weaving and also plans to enter other areas in the
textile chain including processing and garmenting/home
textiles.
Work
has already begun on the expansion of spinning and weaving
capacities and the company is acquiring land for the processing
and garmenting/home textiles divisions.
The
total cost of the project is Rs290 crore. The company
plans to fund a part of this project by way of a Rupee
loan under the Technology Upgradation Fund Scheme (TUFS),
introduced by the Government of India (GoI).
Under
this scheme, the GoI will provide interest subsidy of
5 per cent per annum for technology upgradation. UTI Bank
has agreed to lend Rs175 crore at 8.65 percent interest
per annum (with an interest reset at the end of every
36 months), with repayment starting from March 2009 and
ending on June 2016. Hence, the effective interest cost
for the project as of now will be 3.65 percent per annum.
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