Thursday, May 07, 2009

News Update (07-05-2009):-
Tata Steel has recorded a 39 per cent increase in the sales of long products, used by the construction industry, in the month of April at Jamshedpur Works, over the same period last year. It also expects Indian steel demand to rise between 4.5 and 6 percent in the year to March 2010, and sees prices rising in the second half, a senior official said on Thursday. "We have a positive outlook for steel demand in general in India. We see a strong construction segment, we also think the automotive segment will grow," Anand Sen, a vice president, told reporters at a conference.

Industrial recovery may remain elusive with factory production likely to contract again in March by nearly one per cent due to slackening demand and weak export orders, Moody's said. "I'm expecting a fall of about one per cent year-on-year in March," Moody's economist Sherman Chan told PTI.

Union Bank of India has reported a 10.77 per cent decline in its net profit to Rs 465 crore for the quarter ended March 31, 2009, compared to Rs 521.13 crore for the same quarter, year ago. However, its total income increased by 32 per cent to Rs 3,848.73 crore for the quarter ended March 31, 2009, as compared to Rs 2,913.10 crore for the quarter ended March 31, 2008.

DLF issued final notice to shareholders for payment of the balance amount for the shares allotted to them in the company's initial public offer two years ago. DLF had sent to the shareholders a 'confirmation-cum- allocation note-cum-notice' seeking payment of balance amount on partly-paid shares alloted in the IPO on June 28, 2007. After this, subsequent reminders were sent on September 5, October 24, December 3, 2007, March 4 and May 7, 2008.

The special auditor of the income tax department has reassessed nearly Rs 1,200 crore of revenues of property developer DLF in financial year 2005-06 as additional income, the company said in a statement to the BSE. In the event of appellate authorities not reversing the order of assessing officer, then the company has a tax liability of Rs 300 crore to Rs 400 crore, the company said.

Oil and Natural Gas Corporation (ONGC) wants to exit Cairn India's prolific Rajasthan oilfields as it has found the project economically unviable due to the government levies that it will have to bear. As per licence conditions for the Rajasthan block, ONGC has the right to take 30 per cent in any discovery without any cost but the state-run firm has to pay not only its share of royalty but also the 70 per cent share of the operator.

BHEL said it is scouting for a third partner for its existing joint venture with the Nuclear Power Corporation and is in talks with foreign companies, including Alstom and Siemens, for manufacturing turbines for nuclear power plants. "The joint venture (JV) company will identify the partner in a month's time...We are talking to a number of European and German players to join as a third (partner) in BHEL-NPCIL alliance," BHEL CMD K Ravi Kumar told PTI.

After vehemently seeking natural gas from Reliance Industries (RIL), state-run NTPC is now opposed to the fuel being sold to its joint venture Dabhol power plant. NTPC, which vehemently opposed RIL's plea for not selling its Bay of Bengal field gas to the state-run firm due to the ongoing court case, is now pointing at the same dispute in opposing sale of KG-D6 gas to Ratnagiri Gas and Power (RGPPL).

JSW Steel Ltd, India's No. 3 steel producer, on Thursday posted a consolidated net loss for the quarter ended March, but forecast a 78 percent rise in output for 2009/10, pushing the shares up more than 17 percent. For 2009/10, the company expects production to rise to 6.1 million tonnes on 'strong' signs of revival in demand.

General Motors Corp said it burned through $10.2 billion in the first quarter, operating under a federal bailout, as auto sales fell across the globe and it scrambled to cut costs. The automaker on Thursday posted a quarterly net loss of $6 billion, compared with a loss of $3.3 billion a year earlier. Revenue dropped by almost half to $22.4 billion as sales plunged in North America and fell in Europe, Asia and Latin America.

Tyre maker Apollo Tyres is all set to fully acquire Dutch company Vredestein Banden, a Mumbai based daily newspaper said in a report on Thursday. The deal is expected to be closed in a fortnight for a consideration of around $300 million, the paper said.

The H1N1 flu has spread across Illinois at an alarming pace with 225 confirmed cases being reported in the state by public health officials as compared to just three less than a week ago. The Illinois Department of Public Health (IDPH) reported 225 confirmed cases of H1N1 flu and 20 probable cases in Illinois. Only three confirmed and 51 probable cases were reported in the state on May 1.

Planned job cuts announced by US employers totalled 132,590 in April, a 12 per cent drop from the 150,411 layoffs recorded the previous month. This is the third consecutive decline in monthly job cut announcements and the lowest total since 112,884 cuts were announced last October, a report by global outplacement consultancy firm Challenger, Gray & Christmas said.

Metal mogul Anil Agarwal-led Vedanta Resources today said it has reported a steep 75 per cent dip in profit at $219.4 million for the year ended March 31, on account of waning demand and crashing commodity prices amid the global economic downturn. The company had a profit of $879 million in 2008, Vedanta Resources said in a filing to London Stock Exchange.The company's operating profit in 2009 dipped 57.3 per cent to $1,107 from $2,592.4 in the year-ago period. Its revenue, however, surged 19.8 per cent to $6,578.9 million from $8,203.7 million.
Collected by: Tanmay G Purohit

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