GAIL (India)'s net profit surged 179.84% to Rs 924.65 crore on 15.54% decline in total income to Rs 12194.25 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 15 November 2016. Net profit was boosted by a turnaround in its petrochemical business and reduction in interest costs. The company's profit before tax (PBT) surged 151% to Rs 1375 crore in Q2 September 2016 over Q2 September 2015. The company's net profit rose 9% to Rs 924.65 crore in Q2 September 2016 over Q1 June 2016 (excluding the gains from stake sale in Mahanagar Gas), largely on account of better performance in natural gas transmission and petrochemical segment.
During the quarter, GAIL (India)'s petrochemical business has seen a turnaround with sales jumping 61% on year-on-year basis. This has resulted increase in revenue in this segment by 53% to Rs 1358 crore and the profit stood at Rs 104 crore in Q2 September 2016 as against loss of Rs 364 crore in Q2 September 2015. The increase in net profit during Q2 September 2016 on year on year basis, was also supported by increase in natural gas marketing & transmission volumes by 8% and 12% respectively and liquid hydrocarbon sales by 9%.
Shares of public sector oil marketing companies (PSU OMCs) will be in focus after Indian Oil Corporation (IOCL) announced reduction in selling price of petrol by Rs 1.46 per litre (excluding state levies) and reduction in selling price of diesel by Rs 1.53 per litre (excluding state levies) with effect from midnight of 15/16 November 2016. The announcement was made after market hours yesterday, 15 November 2016. The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision, IOCL said. The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, the company said.
ABB India announced after market hours yesterday, 15 November 2016, that ABB has won an order from Alstom to supply 1600 traction transformers for 800 new electric freight locomotives in India. The transformers will be manufactured locally in ABB's Vadodara facility in Gujarat, supporting the government's 'Make in India' initiative to encourage manufacturing in the country. ABB will supply 25 kilovolt (kV)/50 hertz (Hz) underframe traction transformers for the 800 locomotives (2 units per locomotive). The compact transformers are designed for the most demanding conditions, including extreme temperatures and voltage fluctuations. They will support heavy freight loads over long distance haulage under rigorous conditions, including steep inclines.
HDFC announced after market hours yesterday, 15 November 2016, that it intends to raise Rs 2000 crore from issue of non-convertible debentures on private placement basis. The debentures will carry a coupon rate of 7.72% per annum and will have a tenor of 10 years.
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Wheels India said that the company has entered into a technology transfer agreement with FLUITECNIK, S.A Spain for the manufacture of hydraulic components for supply to wind mill manufacturers in India. The announcement was made after market hours yesterday, 15 November 2016.
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