ONGC's net profit fell 33.92% to Rs 4015.98 crore on 3.35% decline in total income to Rs 20505.03 crore in Q1 June 2013 over Q1 June 2012. The company announced Q1 result after market hours today, 12 August 2013.
ONGC gave a subsidy discount of Rs 12622 crore in Q1 June 2013, which was higher than Rs 12346 crore in Q1 June 2012. The subsidy discount impacted the profit before tax (PBT) by Rs 10803 crore and profit after tax (PAT) by Rs 7131 crore. ONGC shares the under recoveries of state-run oil marketing companies (PSU OMCs) by allowing discount in the prices of crude oil, PSD kerosene, and domestic LPG based on the rates of discount communicated by the Ministry of Petroleum and Natural Gas and the Petroleum Planning and Analysis Cell.
ONGC said that due to changes in accounting policies, the profit before tax was higher by Rs 222 crore.
ONGC said it has provided for Rs 1611 crore in Q1 June 2013 towards contribution for conversion of Post Retirement Benefit Scheme from Defined Benefit Scheme to Defined Contributory Scheme based on guidelines of the Department of Public Enterprise.
Hindustan Petroleum Corporation (HPCL) posted a net loss of Rs 1460.48 crore in Q1 June 2013 compared with a net loss of Rs 9248.80 crore in Q1 June 2012. Total income rose 16.23% to Rs 51968.01 crore in Q1 June 2013 over Q1 June 2012.
Hindustan Copper's net profit fell 61.32% to Rs 18.57 crore on 26.91% fall in total income to Rs 245.75 crore in Q1 June 2013 over Q1 June 2012. The company announced Q1 result after market hours on Monday, 12 August 2013.
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Sesa Goa will watched after a division bench of the Bombay High Court at Goa on Monday, 12 August 2013, gave its nod for the merger between Vedanta group companies Sesa Goa and Sterlite Industries and rejected a review petition filed by a shareholder challenging the earlier approval granted by a single bench.
Sesa Goa said in a statement after market hours on Monday, 12 August 2013, that the Division Bench of the High Court of Bombay at Goa vide its order dated 12 August 2013 has dismissed the appeal filed by the shareholder of Sesa Goa and sanctioned the scheme of amalgamation and arrangement amongst Sterlite Industries (India), Madras Aluminium Company, Sterlite Energy, Vedanta Aluminium and Sesa Goa and their respective shareholders and creditors ('Composite scheme') and the scheme of amalgamation of Ekaterina with the company and their respective shareholders and creditors ('Ekaterina scheme').
Mahindra & Mahindra, Tata Steel, Hindalco Industries and BPCL unveil their Q1 results today, 13 August 2013.
L&T turns ex-dividend today, 13 August 2013, for dividend of Rs 12.33 per share for the year ended 31 March 2013 (FY 2013).
Maruti Suzuki India turns ex-dividend today, 13 August 2013, for dividend of Rs 8 per share for the year ended 31 March 2013 (FY 2013).
DLF's consolidated net profit fell 38.1% to Rs 181.19 crore on 5.34% rise in total income to Rs 2453.18 crore in Q1 June 2013 over Q1 June 2012. The company announced Q1 result after market hours on Monday, 12 August 2013.
Kotak Mahindra Bank raised its base rate from 9.75% to 10% with effect from 13 August 2013. All categories of loans (other than exceptions permitted by RBI) will henceforth be priced with reference to the revised base rate. The bank has also revised its benchmark prime lending rate (BPLR) upwards by 0.25% with effect from 13 August 2013.
ICICI Bank is reportedly set to sell one of its residential buildings in central Mumbai's Prabhadevi for about 100 crore, in line with the bank's strategy to offer its executives compensation for rent instead of accommodation as part of their annual package. The bank has already identified a prospective buyer and the deal is likely to be concluded within two weeks, the report added.
Tata Motors will be watched on reports Jaguar Land Rover Auto Trade (Shanghai) Company, a unit of Tata Motors' UK subsidiary, will recall a total 11,852 vehicles over potential oil leak and engine flame-out problems in mainland China. According to reports, the recall covers 8,656 Land RoversLand Rover Freelander 2 and Range Rover Aurorasmade between 3 January 2012 and 25 June 2013. Also recalled are 3,196 JaguarsXF models produced between 24 July 2012 and 1 May 2013, and XJs made between 20 March 2012 and 2 May 2013.
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