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May 19: L&T profits surge

  • May 19: L&T profits surge

    May 19: L&T profits surge

  • <p>Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer in Rajasthan</p><p><b>British oil explorer Cairn Energy said it had agreed to extend the deadline for finalising the sale of a stake in its India unit but did not set a new date.</b></p><p>Cairn, giving further details of its exploration programme in Greenland on Thursday, said it had agreed with Vedanta Resources that the closing date of their sale and purchase agreement would be extended in order to secure long-awaited approval from the Indian government.</p><p>Cairn agreed in August to sell up to 51% of Cairn India for up to $9.6 bn to Vedanta Resources, in a deal which originally had a cut-off date of May 20.</p>

    Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer in Rajasthan

    British oil explorer Cairn Energy said it had agreed to extend the deadline for finalising the sale of a stake in its India unit but did not set a new date.

    Cairn, giving further details of its exploration programme in Greenland on Thursday, said it had agreed with Vedanta Resources that the closing date of their sale and purchase agreement would be extended in order to secure long-awaited approval from the Indian government.

    Cairn agreed in August to sell up to 51% of Cairn India for up to $9.6 bn to Vedanta Resources, in a deal which originally had a cut-off date of May 20.

  • <p>A worker looks through iron rods at a construction site in New Delhi</p><p><b>Shares in engineering conglomerate Larsen & Toubro rose more than 5% after the company posted a 17.2% rise in quarterly net profit, and forecast revenue to grow 25% in the year to March 2012.</b></p><p>At 3:03 pm, Larsen shares were trading 5.1% up at Rs 1,583 in a Mumbai market up 0.3%.</p>

    A worker looks through iron rods at a construction site in New Delhi

    Shares in engineering conglomerate Larsen & Toubro rose more than 5% after the company posted a 17.2% rise in quarterly net profit, and forecast revenue to grow 25% in the year to March 2012.

    At 3:03 pm, Larsen shares were trading 5.1% up at Rs 1,583 in a Mumbai market up 0.3%.

  • <p>A cook prepares local cuisine, Pav Bhaji, at a beachside restaurant in Mumbai</p><p><p>The food price index rose 7.47% and the fuel price index climbed 12.11% in the year to May 7, government data showed on Thursday.</p><p>In the previous week, annual food and fuel inflation stood at 7.70% and 12.25% respectively, the slowest rise in food prices since end-March 2009.</b></p><p>The primary articles price index was up 10.94%, compared with an annual rise of 11.96% a week earlier.</p>

    A cook prepares local cuisine, Pav Bhaji, at a beachside restaurant in Mumbai

    The food price index rose 7.47% and the fuel price index climbed 12.11% in the year to May 7, government data showed on Thursday.

    In the previous week, annual food and fuel inflation stood at 7.70% and 12.25% respectively, the slowest rise in food prices since end-March 2009.

    The primary articles price index was up 10.94%, compared with an annual rise of 11.96% a week earlier.

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