Press Trust of India / Mumbai May 15, 2010, 11:29 IST
State-run National Aluminium Company Ltd (NALCO) today said its net profit registered a jump of nearly five-fold to Rs 391.48 crore for the fourth quarter ended March 31, 2010.
The company had a net profit of Rs 83.02 crore in the same quarter ended March 2009, NALCO said in a filing to the Bombay Stock Exchange.
Congratulations NALCO for making windfall profit in Q4.
How about paying higher Royalty to the State of Orissa, which remains the poorest State in the Country notwithstanding its vast mineral wealth being plundered by the Public and Private sector Companies for the economic growth of the Nation.
It is high time the Companies utilising the Mineral resources ( including thermal Coal) pay Royalty at the rate of 50% of the International Market Price (FOB Indian Port) to the State so that the additional revenue could be gainfully utilised for the all round development of the Mining districts of Orissa, which continues to be the poorest and most backward in the Country.
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