Category: Breaking Corporate India Earnings News

India’s largest private sector entity by market capitalisation and oil refiner Reliance Industries’ total income rose 23.01% to Rs 34,831 crore in Q3 December 2007 over Q3 December 2006. Substantially higher refining margins boosted the bottomline. RIL earned a refining margin of $15.4 per barrel in Q3 December 2007 compared to $11.7 per barrel in Q3 December 2006.

Reliance Industries Q3 PAT RS.3882CR VS RS.2799CR YOY. These numbers exclude the profit from sale of Reliance Petroleum Shares.

Patel Integrated Logistics (PILL) has announced that the company has entered into an exclusive MOU with Eicher Motors, to initially purchase 225 trucks for a consideration of about Rs 20 crore for various types of vehicles ranging from 3 tonners to 16 tonners. PILL will also be additionally acquiring & strengthening its own fleet in line with its vendor acquisition strategy in India.

The MOU also entails acquisition of additional trucks for its 126 vendors who supply about 756 vehicles, which is exclusively deployed for PILL’s requirements. PILL will have an understanding with its vendors to only use mainly Eicher Trucks for all its new routes, which is being contemplated & implemented. Further more, PILL will ensure that any trucks over 3 – 4 years will be replaced with new Eicher Trucks, for all its long haul routes. This will make Eicher Motors our preferred supplier of vehicles, for the range of vehicles manufactured by them Vehicles being purchased from Eicher Motors.

The board meeting of Gandhi Special Tubes will be held on 23 January 2008 to consider and approve the un-audited financial results for the quarter ended on 31 December 2007. They will also consider and declare interim dividend for the financial year ending on 31 March 2008 and to consider stock split.

The board meeting of Anjani Synthetics will be held on 18 January 2008 to allot bonus equity share in proportion of 1:1 to the shareholders of the company.

Reliance Petroleum has informed us that the company has successfully completed the second year of implementation of its complex refinery, coming up in a special economic zone at Jamnagar. The company has achieved 82% overall progress in just 24 months since commencement of the project. Based on the progress so far, the company is on course to complete the project ahead of its initial schedule of December 2008.

During the quarter, the project engineering activities were completed with all drawings for concreting, structural steel, underground piping as well as electrical and instrumentation released for construction. Residual engineering activities to support ongoing construction are continuing. Successful completion of this massive engineering effort in less than two years has set a new global record in the refining sector: It also reflects the success of a team effort that involved over 7,500 engineers, working from several interconnected locations across the world.

The quarter witnessed near completion of procurement activities for the project as well. The procurement and contracting for equipments, tagged items and bulk materials is now complete. Equipment deliveries have gained enhanced momentum with over 3,800 equipments, including several ODCs and super heavy equipments, delivered at site already. Nearly all the bulk materials, including pipes and fittings as well as substantial part of electrical and instrumentation bulks have also been received at site. Thrust on vendor follow- up for the balance equipments is continuing. Simultaneously, focus is shifting towards procurement close-out during the coming quarter.

HCL Technologies informed us that the company has launched service-oriented architecture (SOA) competency center for retailers at this week’s National Retail Federation Convention. The competency center is designed to guide retailers in the areas of SOA tool selection, development methodology and project execution, leveraging an industry-specific set of services and the deep expertise of HCL team members in areas relevant to SOA and BPM.

HCL Technologies’ Middleware and SOA practice is comprised of more than 750 professionals with experience in all leading integration technologies and products including SOA, BPM and BAM. The practice focuses on addressing problems for enterprise customers that impact key horizontal business processes such as supply chain visibility, consistent customer experience, partner integration, and identity and provisioning management. HCL has also executed projects using the SOA competency center for customers in financial services, life sciences and other key vertical markets.

State-run Power Grid Corporation of India entered into a shareholder’s agreement with Infrastructure Leasing & Financial Services. The new joint venture company named ‘Powergrid IL&FS Transmission’ has since been incorporated. Both, the company and IL&FS will have 50% stake in the company. The main objective of company is to undertake activities of project development of intra transmission and sub-transmission works for State power utilities, under public-private-partnership route within India and abroad including interconnection with neighboring countries subject to bilateral agreement between the countries.

The joint venture company board in its 1st meeting have approved that the company will broaden its scope of development of transmission projects in India and abroad including interconnection with neighboring countries.