Hindalco Q2 profit rises 26% to Rs 433.81 crore

Hindalco Industries, an Aditya Birla Group company, on Tuesday announced a growth of 26% in net profit at Rs 433.81 crore for the second quarter ended September 30, 2010, against Rs 344.05 crore in the corresponding period last year. The company’s net sales during the quarter stood at Rs 5,802.76 crore, up 18.66% as compared to Rs 4,890.41 crore in Q2 FY 2010. “Net sales and operating revenue during the quarter were driven by better product/geographic mix and improved realisation. Metal volumes were, however, impacted due to power outage at the Hirakud smelter, affecting production,” Hindalco said in a statement.

Shares of Hindalco were marginally up by 0.56% to close at Rs 231.70 on the Bombay Stock Exchange.
Hindalco’s revenues from the aluminium business during the quarter grew 16% year-on-year (y-o-y) to Rs 1,649 crore due to rise in aluminium prices on the LME. However, the appreciating rupee and lower sales volume due to Hirakud smelter outage impacted the company’s performance.

Revenues from the copper business were also higher by 21% y-o-y at Rs 3,951 crore on account of higher copper prices on the LME. The company’s PBITDA grew 17% y-o-y at Rs 780 crore benefiting from higher aluminium LME and better by-product realisation in the copper business. Profit before tax was higher by 28% at Rs 556 .05 crore against Rs 434.30 crore in Q2FY10.
The company’s production at Hirakud smelter has been affected since early July due to pot outage caused by heavy rains and lightning. “Full start-up and stabilisation is expected in early Q4,” Hindalco said. Global aluminium demand in Q2 FY11 reflected a growth of 14% y-o-y and the company expects the demand to be good globally in Q3 FY11 as well. Meanwhile, the company on Monday also informed the BSE about breakdown of cooling tower of sulphuric acid plant-3 of copper plant at Dahej (Gujarat) resulting in disruption of production in smelter-3.
Hindalco Industries stands to lose 8,000 tonnes of copper cathode production after this breakdown.
“Indian aluminium industry enjoyed a good yoy growth of 8% in Q2 and this is expected to continue. Moreover, the outlook for major copper consuming sectors in India including power, building and construction continues to be optimistic, althoug competition from other materials and scrap may be more intense at the current elevated LME level,” the company said.

600 MW POWER STATION TO COME UP IN BARGARH

The state government has entered into an agreement with a private company for setting up a 600 Mw thermal power station in Bargarh in Chitrakoot district. Secretary, energy, Navneet Sehgal claimed that the unit would start functioning within four years' time.

Creative Thermolite, a private company, has been asked to set up the plant in Murka village in Bargarh of Chitrakoot. Bargarh, as a matter of fact, had earlier been chosen for setting up a 10,000 Mw super thermal power plant. However, the plan never took off even as the state government claimed of not getting adequate support from the Centre.

Sehgal said that a 24-hour power supply has to be established by 2014. For that the department is searching options in the private sector. Sehgal said that expression of interest has been invited from the private sector. Projects, he said, were to be established in Sandila, Bargarh, Farrukhabad and Auraiya.

The state government was also planning to enter into an agreement with the private sector for setting up power plants like 1,320 Mw in Bhoginipur, 300 Mw in Farrukhabad, 1,320 Mw in Sandila. Sehgal said that an MoU would be signed with various private companies within a week or so.

Sambalpur lawyers continue protest – Demand Orissa HC Bench

Sambalpur lawyers have again gone on strike demanding a permanent bench of the high court here. Members of Sambalpur District Bar Association (SDBA) boycotted courts and forced closure of state government offices on the first day of their three day stir on Thursday paralyzing all work.

While the judiciary was brought to a grinding halt, office of the Revenue Divisional Commissioner, District Collectorate, Sambalpur RTO Office, Sambalpur Municipality and all other offices except Treasury Office was closed for the day. SDBA president senior advocate Niranjan Das and Secretary Dilip Tripathy along with fellow lawyers of Sambalpur Okiala Sangha (Lawyers Association) blocked and picketed the road leading to the court.

As per a resolution of Western Orissa Lawyers Association along with Central Action Committee (CAC) decision it has been agreed that lawyers will boycott courts on the last three days of the month. District lawyers across the region will also take part in the ‘court band andolan’. At Burla all state government offices, WESCO Office, Sambalpur University Administrative Block, Main Dam Office and the revenue collectors office remained closed. Lawyers here were led by Gopal Prasad Lal, Ashish Panda, Diptikanta Thakur, Aswini Panda along with others.

At Bargarh District Bar Association the Association President Jugal Prasad Singh led the lawyers picketing in front of the court. Also present were Association Vice President Chittaranjan Panda, Secretary Kiran Kumar Mishra, Joint Secretary Jitendra Sahu, Action Committee members Nidhubana Bihari Prasad Panda and all other association members. The cease work will continue till end of the month.

NEW STYLE OF LIVING ARRIVES AT SAMBALPUR

Koshal Developers today proudly handed over “Royal Residency” – A Premium Duplex Project at Sambalpur on the National Highway and close to City Station. The project is a joint venture development of Sj Developers of Bhubaneswar and Koshal Builders of Sambalpur.


Royal Residency consists of 10 no of luxurious villas, 10 no of flats, multi-gym health club, 24 hour water supply, intercom phone, 25ft internal read and essential power backup etc.

Speaking on the occasion, Mr Sachin Dalmia, Director, Sj Koshal Developers said, “We took out time to make people understand about the advantage of gated township and now it seems our attempt has been rewarded as we have more than 25 enquires for villas, when we have completely sold-out”.

This is the first of its kind housing project where developer is providing fully verified flooring, modular kitchen, luxurious toilets with bath tub, jaguar CP fittings, branded ceramics, teak door at entrance, puja room, grand balcony, complete internal painting, weather coat in exterior, compound wall having gate lights, proper sewerage system, street lights etc with in a secured gated colony.

“Our plan was to create metro standard complex in all district head quarters and plans are under way to set up high end flats with all essential as well as luxurious features at Sambalpur, Said Mr Debidutta Mishra, Managing Director, Sj Developers.

Buoyed by the success and views of the Sambalpur Residents, Sj Koshal has announced the launch of the forthcoming budgeted apartment at Larpank towards December. So it’s another opportunity for the people of Sambalpur to avail their dream home with in their budget.

This project is designed by INNATE, reputed architects fro m Kolkata considering all basic needs as well as all amenities required for a family at an amazing budget, said Mr Dalmia.

Mr D Mishra, Believes that Sambalpur has lots of potential and their consortium with Koshal Developers will create a new dimension in the Style of Living in Sambalpur.

He also added that Royal Residency becomes the third project in a row to be handed over with in 1 calendar year followed by Royal Tower and royal Heights in Bhubaneswar, which sets a high standard for the group.

HCC secures Rs 514 mn worth order

Hindustan Construction Company (HCC)  has received an order worth Rs 514.1 million from Hindalco Industries. The order is for potline structural steel erection works for Aditya Aluminium Project at Sambalpur, Orissa. The project is to be completed in 15 months from the date of issue of this order. The stock had underperformed the market over the past one month till Oct. 08, 2010, rising 7.91% compared with the Sensex`s 8.48% rise. It underperformed the market in past one quarter, gaining 8.03% as against 14.72% rise in the Sensex. Shares of the company gained Rs 1.1, or 1.68%, to settle at Rs 66.60. The total volume of shares traded was 1,370,310 at the BSE (Monday).

12 Maoists killed in Saranda forest in Jharkhand

Around 12 Maoists have been killed in the massive anti-Naxal operation launched jointly by security forces of Jharkhand and Orissa since Saturday in Saranda forest, a top police official said on Monday.

Jharkhand Director General of Police Neyaz Ahmad said that ten to 12 Maoists have been killed since Saturday, with some of the bodies having been found.

Meanwhile, the Maoists blew up a hostel and panchayat bhawan at Anandpur and triggered three landmine blasts in the Tirilposhi jungle this morning, CRPF DIG Bhanu Pratap Singh said.

Security personnel had camped at the panchayat bhawan and hostel nearly two months ago.

Two helicopters, CRPF personnel, CoBRA personnel, state armed police and district police together with securitymen of neighbouring Orissa were taking part in the operations.

The security personnel smashed two training camps, a bunker and seized two weapons and five grenades.

Three securitymen have been killed in the operations so far.

Target 15,000 farm ponds: 141 completed

The target set for digging of farm ponds in Sambalpur district this year is abysmally low.  As per the reports, for 2010-2011 a target of 15,000 farm ponds across nine blocks of the district had been set in the annual action plan. But till August, only 141 farm ponds have been dug up as yet. And this despite the fact that 7,616 applications had been received from beneficiaries and 4,783 work orders issued against it. Although work on 4,458 farm ponds has reportedly been initiated against the 4,783 work orders, only 141 have been completed. While 2,000 each farm ponds have been targeted in the rain-fed blocks of Rengali, Jujomura, Kuchinda, Jamankira, Bamra, Rairakhol and Naktideul, 750 farm ponds have been targeted in Maneswar block and 250 in Dhankauda block. However, work has been completed in over seven farm ponds each in Rengali and Rairakhol blocks, while work on 26 each in Dhankauda and Bamra blocks has been completed.  Attributing the delay in completion of farm ponds to lack of job card holders under NREGS, the farm pond beneficiaries informed that the job card holders prefer working on road projects rather than digging of earth. Moreover, since use of machinery is not allowed under NREGS there was little they could do. Suggesting that digging of farm ponds should be taken as solitary work under NREGS in villages, they said that such a step will only push available job card holders for early completion of farm ponds.  Sambalpur Zilla Parishad president Sobharam Pradhan said that he was aware of the fact and directed officials to work out a strategy so that the ongoing work on farm ponds is completed at the earliest.