RNRL net up 7pc at Rs 16 cr
MUMBAI: Anil Ambani-led Reliance Natural Resources Ltd (RNRL) on Friday announced a net profit of Rs 16 crore for the first quarter ended June 30, a 6.67 per cent growth from that in the corresponding period a year-ago.
MUMBAI: Anil Ambani-led Reliance Natural Resources Ltd (RNRL) on Friday announced a net profit of Rs 16 crore for the first quarter ended June 30, a 6.67 per cent growth from that in the corresponding period a year-ago.
The firm had a net profit of Rs 15 crore in the first quarter of FY'08, RNRL said in a filing to the Bombay Stock Exchange.
The total income rose 42 per cent to Rs 93 crore in the latest quarter, from Rs 65 crore in the same period last fiscal. However, the company's cash profit dipped by Rs 1 crore to Rs 16 crore during the quarter.
As on June 30, the company's net worth stood at Rs 1,746 crore, while the earnings per share was at Rs 0.10 per piece, the filing added.
The board has appointed Mr Anil Singhvi (Earlier he was CEO of Gujarat Ambuja Cement, which he sold out) as an additional Director and Vice-Chairman of the company, the filing said.
Shares of RNRL closed at Rs 95.50, down 3.34 per cent on the BSE
Shares of RNRL closed at Rs 95.50, down 3.34 per cent on the BSE
RIL vs RNRL: Hearing to continue
Mukesh Ambani-owned Reliance Industries (RIL) is a contractor for extracting gas from the Krishna-Godavri Basin and the government is the owner of the resource, RIL's lawyer told Bombay High Court Friday.
A division bench comprising Justice J N Patel and K K Tated was hearing a case on the dispute between Anil Ambani- led Reliance Natural Resources (RNRL) and RIL over the supply of gas from KG basin.
RIL is a contractor to extract the gas, which is a government property, and has to recover its cost form the project. Also, RIL needs government's prior approval regarding whom to sell it, RIL's counsel Harish Salve contended.
The lease given to RIL is for 20 years and ends in 2025. The gas reserve will run out within this time. RIL is likely to recover its cost towards the project within the next three to four years, he said.
Salve said in the initial phase of the project, 90 per cent of the recovered money will go to RIL and 10 per cent will be shared with the government.
RNRL, however, had given up its claim on the gas trade earlier, but now has revived its claim.
Salve will continue to argue on the Gas Supply Master Agreement between RIL and RNRL on July 31, when the case will come up for further hearing.
0 comments:
Post a Comment