State-run lending agency Power Finance posted 17% jump in its net profit at Rs 658.8 crore for the quarter ended December 31, 2010. The company recorded a net profit of Rs 563.6 crore for the quarter ended December 31, 2009, the company informed the Bombay Stock Exchange.
Total income of the company increased to Rs 2,581 crore crore for the quarter ended December 31, 2010 against Rs 2,030 crore in the same period last fiscal. Power Finance, which is engaged in financing power generation, transmission and distribution projects is likely to come up with a follow-on offer to raise about Rs 7,000 crore in May, this year. The power ministry, the parent ministry of PFC had sent a proposal for a 15% fresh equity and 5% disinvestment of government stake in the company in November, last year.
At present, the government holds 89.78% stake in the firm. It had divested a 10% stake through an initial public offer in 2007. Shares of Power Finance closed at Rs 272.45, down 1.96% on the BSE.
Ruchi Soya Q3 jumps 58.5% to Rs 63.78 cr
Edible oil maker Ruchi Soya Industries on Monday reported a 58.49% growth in its net profit for the quarter ended December 31 at Rs 63.78 crore. The company had posted a net profit of Rs 40.24 crore in the October-December quarter last fiscal, Ruchi Soya said in a filing to the Bombay Stock Exchange. Net sales of company surged to Rs 4,628.36 crore in the December quarter against Rs 3,799.45 crore in the year-ago period, the filing added.
?The higher capacity utilisation of soya crushing and edible oil refining capacities, strong growth in branded sales of Nutrela, Ruchi Gold & Mahakosh and greater focus on value addition have contributed to the better performance. It is expected that, with the positive growth momentum, we are hoping to perform better in the coming quarters,? Ruchi Soya Industyries MD Dinesh Shahra said. Shares of Ruchi Soya closed at Rs 105.90 apiece, up 0.71% from previous close on BSE.
Rallis net profit soars 40% to Rs 34 crore
Tata Group-owned Rallis India has posted a net profit of Rs 34 crore for the December quarter of financial year 2010-11, up 40% as against Rs 24 crore which it posted in the same period, a year ago. Net sales for the quarter also grew 32% at Rs 268 crore as compared to Rs 203 crore. Meanwhile, shares of the company, which is a dominant player in the Indian crop protection industry, were down 3.88% to close at Rs 1,296.95 on the Bombay Stock Exchange(BSE) on Monday, before the announcement of the financial results. Says V Shankar, managing director and CEO, Rallis, ?Our performance for the quarter has been the highest ever for any December quarter both in terms of revenues and operating financials. The growth has been driven by our value adding offerings to the farmers introduced in the last four years.? He said that despite the setback due to unseasonal rains farmers and channel access driving productivity solutions has kept up the performance. Rallis is known for its manufacturing capabilities in crop protection chemicals and various types of chemistries with ability to develop new processes and formulations supported by the capability to register new products.