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Updated: 24/10/2008 | 12:00 AM IST
Reliance Industries may see action
Capital Market
Friday, October 24, 2008 (New Delhi)
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Reliance Industries reported higher than expected net profit of Rs 4122, up 7.4% in Q2 September 2008 over Q2 September 2007. Sales rose 39.8% to Rs 44787 in Q2 September 2008 over Q2 September 2007.

Reliance Industries has reportedly closed half its polypropylene plant at Jamnagar, Gujarat, because demand for the raw material used for packaging has slowed. The plant has a capacity of around a million tonne a year. Meanwhile, Reliance has denied rumours that suggested Chevron may sell 5% in Reliance Petroleum.

Moody's Investors Service revised its outlook on Tata Power Company's corporate family rating and senior unsecured bond ratings to stable from negative after the company successfully executed its expansion plan.

GAIL India will reportedly pick up to 19% stake in Oil and Natural Gas Corporation's (ONGC) petrochemical project in Gujarat.

Unitech has reportedly defaulted on two payments on a housing project in Greater Noida in Uttar Pradesh. The company has not paid two installments worth Rs 150 crore to the Greater Noida Authority for the 100 acres it had purchased for its ambitious Uniworld City project. The company is trying to reschedule the payment, but risks harming the land deal if it does not pay up. The company insists the payment was stopped due to farmer agitation, the reports added.

The board of Alok Industries will meet on 27 October 2008 to consider a rights issue of shares.

PBA Infrastructure's joint venture PBA-Consite secured two construction orders, of which the company's share was worth Rs 27 crore.

Emami said it would divest the entire stake in its realty unit.

The proposed divestment of 21.5% stake in Axis Bank by state-run Special Undertaking of Unit Trust of India (SUUTI) has been reportedly put on hold for lack of buyers. State-run SUUTI, which owns 27% in Axis Bank, put 21.5% on the block ahead of winding-up arrangements by March 2009 (the remaining 5.57 equity is under a lock-in period).

ATF prices reportedly likely to fall by 16% in November 2008, compared with the current month, bridging nearly half the gap between the airlines' operational costs and total revenues.

The UB Group is reported to be unlikely to bail out its company, Kingfisher Airlines, through infusion of funds from its other companys. The airline will have to generate its own funds for its operations as well as expansion.

Net profit of Punj Lloyd rose 180.68% to Rs 88.05 crore in the quarter ended September 2008 as against Rs 31.37 crore during the previous quarter ended September 2007. Sales rose 52.47% to Rs 1583.52 crore in the quarter ended September 2008 as against Rs 1038.57 crore during the previous quarter ended September 2007.

Net profit of GAIL (India) rose 78.76% to Rs 1023.45 crore in the quarter ended September 2008 as against Rs 572.54 crore during the previous quarter ended September 2007. Sales rose 36.29% to Rs 6172.61 crore in the quarterended September 2008 as against Rs 4528.90 crore during the previous quarterended September 2007.

Net profit of Monnet Ispat & Energy rose 68.60% to Rs 62.01 crore in the quarter ended September 2008 as against Rs 36.78 crore during the previous quarter ended September 2007. Sales rose 54.74% to Rs 399.70 crore in the quarter ended September 2008 as against Rs 258.31 crore during the previous quarter ended September 2007.

Net profit of Madras Cements declined 6.02% to Rs 113.57 crore in the quarter ended September 2008 as against Rs 120.85 crore during the previous quarter ended September 2007. Sales rose 32.82% to Rs 664.35 crore in the quarter ended September 2008 as against Rs 500.18 crore during the previous quarter ended September 2007.

Bharat Heavy Electricals (Bhel), Hindustan Unilever, ITC, Maruti Suzuki, NTPC, Tata Steel, ABB, Ambuja Cements, GSK Pharma, Rural Electrification Corporation, Aditya Birla Nuvo, Alstom Projects, Asian Paints, Balaji Telefilms, Bank Of Maharashtra, Bhagwati Banquets, Bharat Electronics, Colgate, CRISIL, Dewan Housing, Dish TV, Dishman, D-Link, Dolphin Offshore, Emkay Global, Financial Technologies, Future Capital, Gammon India, Gammon Infrastructure, GE Shipping, GMDC, GSK Consumer, Godrej Consumer, Great Offshore, Gujarat State Petronet, Hexaware, Hindustan Construction Company, IDBI Bank, IL & FS Investsmart, Indraprastha Gas, Info Edge, Inox Leisure, Jain Irrigation, JSW Steel, Jyoti Structures, Kalpataru Power, Lupin, Mahindra Forgings, Mahindra Lifespace, Mangalore Refinery, Moser Baer, Nitin Fire, PVR, Rain Commodities, Redington, Shasun Chemicals, Take Solutions, Tata Metaliks, Television Eighteen, among other will declare September 2008 ended results today.

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