Corporate Highlights

• BPCL said that this quarter, the performance of the company is better mainly resulting out of lower crude prices and product prices. For the quarter, the company got Rs 300 crore inventory gain and Rs 233 crore of foreign exchange gain that has helped, as comparable to the comparable last quarter which was a loss of Rs 1,066 crore and a full year profit of Rs 735 crore. BPCL Q1FY10 net sales stood at Rs 25,493 crore Vs Rs 39,022 crore and net profit stood at Rs 614.1 crore Vs net loss of Rs 1,066.7 crore.

• McLeod Russel sales income this quarter was Rs 120.81 crore compared to Rs 98.24 crore. Profit after interest was Rs 31 crore against Rs 7 crore of last year. The company had a good start at the beginning of the year and the prices went up due to the draught. Management believes that these prices are here to stay. During the season, the prices will come down depending on the supply of tea. But overall he still feels that if we compare period to period, the company would still be higher than the previous year. So he is looking at the year forward and the season forward on a much more positive note.

• DMRC chief E Sreedharan says Gammon India has been black listed for 2 years. Gammon India will be taken off all contracts. The accidents were caused due to design and material deficiencies.

• GVK Power & Infra said that other income has been lower this year at Rs 3.7 crore. About Rs 15 crore worth of one time expenses were seen this quarter. 86% of the total revenues of the company came from power. Management is confident that GVK Power should be in a position to sell merchant power from next month. The QIP proceeds will fund the equity aspect of ongoing power projects. The company may use the funds for power acquisition. The company is in preliminary stage for acquisition in power. Revenues in FY10 are seen at Rs 1500 crore and PAT is seen at Rs 200-250 crore. GVK Power & Infra Q1FY10 consolidated net sales stood at Rs 332.2 crore Vs Rs 133 crore and net profit stood at Rs 32.7 crore Vs Rs 40.5 crore.

• JSW Energy plans to up general capacity to 3040 MW by March 2011; current capacity at 560 MW

• NMDC said that there is a scope of divestment of up to 8.38% in NMDC. The company has capex plans of Rs 26,000 crore for the next 5-6 years. The company will approach the government for IPO when money is needed. Company will not go ahead with an FPO for the next 6 months. Share prices after the IPO may not be lower than current levels. Government holds about 98.38% stake in NMDC