Rao defies slowdown, takes Bhel Q3 profit to Rs 695 crore
6 Feb 2014 6:43 AM IST
Bharat Heavy Electricals Ltd (Bhel) had a net profit of Rs 1,181.85 crore in the same period of 2012-13 fiscal.
The figures of the third quarter, 2013-14 are not comparable with the year-ago period due to the merger of Bharat Heavy Plates & Vessels Ltd (BHPV) with the company, Bhel said in a regulatory filing. Sales/income from operations in Q3 touched Rs 8,919.53 crore. It was Rs 10,539.50 crore in the year-ago period. Post merger, the financial results of HPVP unit (erstwhile BHPV) have been included in the results.
Due to the merger of BHPV, Rs 38.55 crore was added to the sales/income from operations while profit from ordinary activities before tax took a hit of Rs 16.41 crore during the December quarter, the filing said. Reflecting sluggish business conditions, revenue from the power segment declined to Rs 7,319.59 crore in Q3, from Rs 8,302.96 crore in year-ago period. Bhel's outstanding order book position stood at about Rs 1,00,600 crore at the end of December quarter.
The company's board of directors have approved an interim dividend of Rs 1.31 per share. Based on the total of 244.76 crore shares at the end of the December quarter, the interim dividend would be nearly Rs 321 crore.
Out of the total amount, the central government —which held 67.72 per cent in December quarter — would get an interim dividend of Rs 217 crore. The interim dividend would be ‘paid/dispatched on 20 February, 2014’ and 10 February has been fixed as the record date for paying the same.
Decision on NMDC CMD after completing formalities: Govt
New Delhi: An appropriate decision on two candidates recommended by a search-cum-selection committee for appointment as CMD of NMDC Ltd would be taken after completion of necessary formalities, the government said on Wednesday.
As regard to the post of chairman-cum-managing director (CMD), NMDC--country's largest ore miner under the administrative control of Ministry of Steel, the competent authority had scrapped panel recommended by Public Enterprises Selection Board (PESB) and had directed that fresh selection be carried out by a search-cum-selection committee under the chairmanship of member, Planning Commission, it said.
‘The search-cum-selection committee recommended two candidates in alphabetical order. Appropriate decision would be taken after completion of necessary formalities including CVC clearance,’ Minister of State for Personnel, Public Grievances and Pensions V Narayanasamy told Lok Sabha in a written reply. C S Verma is presently working as acting CMD of the Navratna company.
Appointment to the post of CMD in central public sector enterprises is made by following PESB procedure. In special circumstances such appointments may be made other than through PESB procedure with prior and specific approval of the competent authority. In a few cases, the competent authority had approved selection by constitution of search-cum-selection committee, he said.
‘As per available records, in the last three years, only in the case of CMD, MMTC, the recommendation of search-cum-selection committee was not approved and it was decided to constitute a fresh search-cum-selection committee,’ Narayanasamy said.
The figures of the third quarter, 2013-14 are not comparable with the year-ago period due to the merger of Bharat Heavy Plates & Vessels Ltd (BHPV) with the company, Bhel said in a regulatory filing. Sales/income from operations in Q3 touched Rs 8,919.53 crore. It was Rs 10,539.50 crore in the year-ago period. Post merger, the financial results of HPVP unit (erstwhile BHPV) have been included in the results.
Due to the merger of BHPV, Rs 38.55 crore was added to the sales/income from operations while profit from ordinary activities before tax took a hit of Rs 16.41 crore during the December quarter, the filing said. Reflecting sluggish business conditions, revenue from the power segment declined to Rs 7,319.59 crore in Q3, from Rs 8,302.96 crore in year-ago period. Bhel's outstanding order book position stood at about Rs 1,00,600 crore at the end of December quarter.
The company's board of directors have approved an interim dividend of Rs 1.31 per share. Based on the total of 244.76 crore shares at the end of the December quarter, the interim dividend would be nearly Rs 321 crore.
Out of the total amount, the central government —which held 67.72 per cent in December quarter — would get an interim dividend of Rs 217 crore. The interim dividend would be ‘paid/dispatched on 20 February, 2014’ and 10 February has been fixed as the record date for paying the same.
Decision on NMDC CMD after completing formalities: Govt
New Delhi: An appropriate decision on two candidates recommended by a search-cum-selection committee for appointment as CMD of NMDC Ltd would be taken after completion of necessary formalities, the government said on Wednesday.
As regard to the post of chairman-cum-managing director (CMD), NMDC--country's largest ore miner under the administrative control of Ministry of Steel, the competent authority had scrapped panel recommended by Public Enterprises Selection Board (PESB) and had directed that fresh selection be carried out by a search-cum-selection committee under the chairmanship of member, Planning Commission, it said.
‘The search-cum-selection committee recommended two candidates in alphabetical order. Appropriate decision would be taken after completion of necessary formalities including CVC clearance,’ Minister of State for Personnel, Public Grievances and Pensions V Narayanasamy told Lok Sabha in a written reply. C S Verma is presently working as acting CMD of the Navratna company.
Appointment to the post of CMD in central public sector enterprises is made by following PESB procedure. In special circumstances such appointments may be made other than through PESB procedure with prior and specific approval of the competent authority. In a few cases, the competent authority had approved selection by constitution of search-cum-selection committee, he said.
‘As per available records, in the last three years, only in the case of CMD, MMTC, the recommendation of search-cum-selection committee was not approved and it was decided to constitute a fresh search-cum-selection committee,’ Narayanasamy said.
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