The numbers were propped up by high gross refining margins of $11.70 a barrel in the quarter ($8 more than the Singapore benchmark) and 141% growth in exports. Higher volumes from the chemicals business at a time when chemical prices were reigning high, also helped fuel the companys revenues.
RILs turnover for the quarter rose 40%, from Rs 19,899 crore in Q3 FY06 to Rs 27,771 crore. Turnover for the nine-month period ending December 2006 stood at Rs 83,487 crore. With this, RIL is set to cross Rs 1,00,000 crore in turnover this fiscal, said company sources.
RILs other income during the period was lower at Rs 42 crore from Rs 180 crore. Its exports grew from Rs 6,638 crore to Rs 16,013 crore in the quarter. The companys stock rose 1.27% on the Bombay Stock Exchange on Thursday to close at Rs 1,367, touching an intra-day high of Rs 1,383.
RILs Q3 results are undoubtedly above expectations and it is mainly due to the GRMs at $11.70 a barrel per day. Everyone had expected the GRMs to be at $8, said a Mumbai-based analyst.
All indicators show the GDP will log close to 9% and the current account deficit will be about 1.5% of the GDP. Exports and imports will touch about 39% of the GDP...
C Rangarajan, Chairman, PMs Economic Advisory Committee
C Rangarajan, chairman of the Prime Ministers Economic Advisory Council, was speaking at a seminarProspects for the World Economy after the Recent US Electionsjointly organised by the CII and Columbia Business School in New Delhi on January 19.
He also said the developments in the US economy were a matter of interest adding that India had a current account surplus of $25 billion with the US implying that it had the capacity to import more with the domestic savings rate touching about 32% this fiscal.
PICK OF THE WEEK
A day before the beginning of the crucial Assembly session, the Congress formally withdrew its support to the Mulayam Singh Yadav government in Uttar Pradesh. The Ajit Singh-led RLD asserted that it would sit in the Opposition benches on Wednesday.
Inflation for the week ended January 6 rose to 6.12%, compared with 3.86% in the corresponding week last year. The bond markets responded, with the yield on 10-year government paper dropping to 7.79% from 7.83%. The rising inflation may also see the RBI signalling an upward revision in interest rates.
Stocks from the mid-cap and the small-cap sectors have finally come out of their hibernation in the aftermath of the May 2006 crash, and are finding favour with the investors due to their attractive valuations. The rally that witnessed the benchmark index capturing new psychological peaks was mostly confined to the large-cap stocks.
Asia once again topped a survey that lists the worlds freest economies in 2007, with Hong Kong taking the first position and Singapore occupying the second place.
fe This Week Top Ten
1 New IIT proposed in Bihar