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| Jindal Saw Q2 net zooms 94%; positive on outlook |
| Press Trust of India / Mumbai Jul 27, 2009, 19:55 IST |
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Pipe maker Jindal Saw today posted a jump of 94 per cent in its net profit to Rs 135.99 crore for the second quarter ended June 30, over the same period a year ago and is hopeful of a better quarters ahead.
Total income of the company rose to Rs 1,501.11 crore in the latest quarter of current financial year (2009-10) from Rs 1,018.16 crore of the corresponding period last year, Jindal Saw said in a filing to the Bombay Stock Exchange (BSE).
The company said the proposed national gas grid project mentioned in the Union Budget 2009 is likely to have a positive impact on the country's pipe sector.
Further, among other things, Jindal Saw said it is also hopeful the hike in allocation under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) will step up the demand of its products in the country.
Besides, "with the improvement in oil prices and also expectation of increase in oil demand, the seamless business is also likely to improve in couple of months", it added.
For the six-month period ended June '09, it reported a net profit of Rs 233.84 crore, up 50 per cent as compared to Rs 155.60 crore of the same period last financial year.
Shares of Jindal Saw today closed at Rs 458.85, up 5.75 per cent from its previous close on the BSE.
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