TIMES BUSINESSTHE TIMES OF INDIA, CHENNAITUESDAY, APRIL 27, 2010

CMYK

17

Govt plans tohike ONGC gasprice to $4.20

New Delhi: The governmentplans to more than double theprice of natural gas produced byOil and Natural Gas Corp(ONGC) to $4.20 per mmBtu, ina move that will help the state-run firm break even in gas busi-ness. The oil ministry is likely tomove a Cabinet note next monthfor raising price of the gas, pro-duced by ONGC and Oil India Ltdfrom fields given to them on nom-ination basis (called APM gas),to rates equivalent to that pro-duced from Reliance Industries’KG-D6 fields, official sourcessaid. This follows, the financeministry’s insistence that anyhike in APM gas price should bein one stage and not in phases aswas previously proposed by theoil ministry. AGENCIES

TIMES NEWS NETWORK

New Delhi: The National Highways Authori-ty of India (NHAI) awarded 45 projects of 4,750km in the last one year against eight projectsin 2008. The authority awarded 13 projects ona single day on Monday to take the total num-ber of awarded projects to 45 from 32 in March.

The road transport secretary Brahm Duttclaimed that the private developers are nowtaking huge interests in bidding with almostall projects on the offer receiving 15-20 bids.Earlier in the day, addressing the India Infra-structure Summit organised by Ficci, minis-ter Kamal Nath claimed that there has beenover four-fold increase in the awarding of high-ways projects during his tenure of past oneyear than what was achieved in 2008.

“I am confident that by June we will be ableto award 50 projects,’’ he added.

In late afternoon, transport secretary saidthat already bids are out for 40 more projectsand they are hopeful of awarding them soon.Ministry officials said that the bidders haveregained their interest in highway projects af-ter government removed certain irritants inthe Model Concession Agreement (MCA). Duttalso said that now they are hopeful that thiswill continue and hence they will be able tomeet the target set for this financial year.

Dutt said that the bidding process for therest 41 projects of Work Plan-I has not yet start-ed. “Out of the 41 projects, the bidding process

for seven projects will start only in June andfor the rest it will start soon,’’ Dutt said.

However, despite the regained speed in theawarding of projects, the NHAI is all set tomiss the target of awarding all projects underthe work plan-I for the second time. Work plan-I is a list of 126 highways projects covering12,000 km and was to be awarded in 2009-10 fis-cal. The deadline was earlier extended by threemonths to June this year.

Raising concern over the poor track recordin implementation of road and highway projectsand all other infrastructure projects, the Ficciinfrastructure report recommended the need toset up of an Implementation Commission.

TIMES NEWS NETWORK

New Delhi: Forest clearance by theCentre to Lafarge Uniam to mine lime-stone in Meghalaya and transport it tothe French multinational’s cementplant in Bangladesh on condition thatit pay Rs 115 crore for afforestation anddevelopment was virtually undone inthe Supreme Court on Monday.

In the face of strong objection byamicus curiae Harish Salve to rapidforest clearance and non-firming upof other environmental protectionplans coupled with Shella Village Com-mittee’s objection to non-adherenceto the rule book by the French firmclosed all windows for the early re-sumption of mining that was stayed

by the apex court on February 5.A special Bench comprising Chief

Justice K G Balakrishnan and JusticesS H Kapadia and Aftab Alam asked theministry of environment and forest toconduct a fresh environmental impact

assessment and Lafarge to firm upplans for protection of biodiversity andthe soil in addition to what was alreadypromised by the multinational.

Attorney General G E Vahanvatisaid that Lafarge would be forced toadhere to all environmental conditionsimposed by the court in addition to itagreeing to pay a huge sum and plead-ed for permission to resume miningas non-supply of raw material has putBangladesh’s largest cement plant onthe verge of closure.

He said: “India is facing a piquantsituation diplomatically. It has got afriendly regime in the neighbouringcountry after 25 years and the apexcourt should understand the sensi-tivities involved as the neighbour had

been accusing India of big brotherlyattitude. I am not saying Lafarge willbe allowed to operate without adher-ing to the conditions.”

MoEF in its recent affidavit throughstanding counsel Haris Beeran had saidLafarge had been asked to pay up Rs110 crore for afforestation activity intwice the area under mining and cre-ation of a special purpose vehicle (SPV)for the development of the area aroundmines.

The ministry said Lafarge Umiamhas to pay five times the normal af-forestation cost working out to Rs 55crore with an interest of 9% fromApril 1, 2007. This would amount tonearly Rs 70 crore taking into accountthe interest component.

BEATING ESTIMATES: Jeff Fettig-led Whirlpool's Q1 net incomerises to $164 million from $68 million. Sales increase 20%beating analysts’ expectations

EXECUTIVE DIGEST

RBI to launchhousing indexThe Reserve Bank hasinitiated an exercise to set upa housing start-up index(HSUI) to track newresidential projects in 31major cities and measure thechanges in constructionactivities. The HSUI will covernew residential projects in allmajor cities including Delhi,Mumbai, Chennai, Kolkata andBangalore, among others, theRBI said while invitingquotations from consultancyorganisations.

Cholamandalam net upCholamandalam Investment &Finance Company’sdisbursements in the assetfinance business (vehiclefinance, home equity,corporate and mortgagefinance) grew by 93% for theyear ended to touch Rs 3,866crore (Rs 2,002 crore). Profitbefore tax for the year endedafter providing for losses in

the personal loan segmentand other adjustments stoodat Rs 31.33 crore against Rs17.08 crore last year. Grossincome for the year declinedby 17% to touch Rs 1,038 crore(Rs 859 crore).

Ad Club new office bearersP Subramanian, director clientservicing at Ogilvy & MatherAdvertising has been electedpresident of advertising,Advertising Club Madras for2010-11. He held severalpositions in the club includingthat of vice-president earlier.He was elected as the 38thpresident of the club at theannual general meeting of theclub held last Friday. SeshadriIyer has been elected as vice-president. Karthic Moorthy isthe new treasurer K RSkandaraj joint secretary.

Bafna’s R&D unit openedBafna Pharma on Mondayinaugurated its formulationR&D facility in the city. Thefacility is spread across 5,000square feet. TNN & AGENCIES

Lafarge in jam despite agreeing to pay Rs 115 crA special Bench asked theenvironment ministry toconduct a freshenvironmental impactassessment and Lafargeto firm up plans forprotection of biodiversityand the soil

NHAI awards bids at fastclip, but may miss target

BUMPY RIDE

No change in FDI in retail nowNew Delhi: Commerce and industry MinisterAnand Sharma on Monday ruled out any im-mediate policy change to allow foreign invest-ment in multi-brand retail, although industrysecretary said discussions would be initiatedon relaxing FDI norms for the sector. “Not asof now,” Sharma told reporters at a CII func-tion when asked if his ministry would be look-ing at multi-brand retail when it comes outwith discussion papers on FDI policy.

Instead, Sharma said, “The back-end chainstrengthening is more important because thatensures better remuneration to farmers, val-ue addition and job creation.”India allows51%% FDI in single brand retail and 100% incash-n-carry (wholesale) format of business.Earlier in the day, department of industrial

policy and promotion (DIPP) secretary R PSingh had said that his department would ini-tiate discussion on liberalising FDI in sectorsranging from defence to agriculture and eventhe politically sensitive retail.

DIPP, the nodal agency for framing FDI poli-cies, would come out with six discussion pa-pers in mid-May on overseas investment norms.

“All the issues, which are troubling you willbe covered (in the discussion papers),” DIPPsecretary R P Singh told reporters at a FICCIevent here when asked on multi-brand retail.When asked what topics the discussion paperswould cover Sharma said the governmentwould be “looking at those sectors where weneed to have attracting new technologies andalso investments.” AGENCIES

Description BidDocu mentFee IFBandBid Date&Tim eof LastD ate &time(Non.refundable) Document on Pre Bid Meeting forsubmis s ion

__________________________ Website of Bid

Supplyof USD100 From 1100 hours (1ST) 1400 hours (1ST)FlowTees or 27 04.2010 on 10.05.2010 at on 26.05.2010

INR4 ,500 EIL, New lDeihiContact Person�Asst General Manager(C&P), Engineers India Limited, New Delhi; Fax:00-91-11-26194722, 26191714, 26167664; Telephone: 00-91-11-26763718/26762109 ,E-maiI—pk khuranac�eiLco.in, arnltkr.gupta@eiico.inFor detailed IFB and bid document visit EIL’s website http:/1indianpro�sspIants.com orGAIL’s webs ite http:i/www.gailtenders.in and GAIL’s e-tendering webs itehttps:!Ietender.gai l.co.in orGo vt. websit e hftp:llwww.t enders.gov.in CAI1O-11/15

GAIL (India) Limi led ��� .1� •ENGI.� RS(A 000000000t of lod O tjodo,taldog) IJ6jJ�4J.[ff�

0*0- (A Navratfl a Company)

GLOBAL NOTICE FOR INVITATION FOR BIDS (IFB)

SPURLINES TO BHILWARA & CHI1IORGARH AND AUGMENTATION OF

EXISTING VIJAYPUR-KOTA PIPELINEBIDDING DOCUMENT NO. PKK!6921-084-QL-MR-912011 055

Engineers India Limited (EIL), on behalf of GAIL (India) Limited, invites e-bids fromeligible bidders forfollowing item:

ONGC VIDESH LIMITED5th FLOO ft KAILA SH BUILDING , 26 , KASTUFIBA GANDHI MAFI G .

�7A& NEW DELHI- 11000 1 , INDIA.PHONE: *91 11 41291306.

NotIce Inviting Tender (Nil) for Hiring of Services for Provision of Foreign Exchange

Tender No.: OVUDLHIMMIFE DealerJ46g/2010-11 Tender selling starts from:

27.04.2010 Last date of tender sale: 17.05.2010 Last date for submission of bids:

31.05.2010 (tentative ) Pie-bid Conf erence: 24.05.2010 Tender Fee: Rs. 1000 .00

ONGC Yldesh Umited invites sealed bids for HIFIING OF SERVICES FOR F’ROVISION OF

FOREIGN EXCFIANGE .

Tender Docum ents will be available for sale at the above mentioned address of ONGC

Videsh Ltd. on all working days between 1100 His and 1500 Hrs. Tender fee is to be paid

through demand drarl or crossed Indian Postal Order payable to ONGC Vidosh Limited.

Tender document is available for inspection at our website �ongcvidesh.com .

For purchase of tender document , bidder must furnish tile following:-

• Covering letter requesting iss ue of tender document on bidder ’s letterhead.

• Demand Draft/Indian Postal Order towards tender fee.

- Attested copy of valid RBI license as a full fledged Money Changer/Authori sed FE

Dealer issued in the name of the bidder.

s Quarte’ ended Year ended

N - Particulars 31.03.2010 31.03.2009 31.03.2010 31.03.2009°. (Audited) (Audited) (Audited) (Audited)

1 Net Sales I Income from Operations 14002 14277 65031 60536Total 14002 14277 65031 60536

2 Expenditurea) (Increase)/decrease in stock in trade and work in progress (877) 417 (3996) (1444)b) Consumption of raw materials 8756 8148 43589 37460c) Purchase of traded goods 595 132 2522 2695d) Employees Cost 884 885 3487 2870e) Depreciation 522 483 2050 1823t) Other Expenditure 1878 2077 7410 7347

g) Total 11758 12142 55062 50751

3 Profit from Operations before Other Income , 2244 2135 9969 9785

Interest and Exceptional Items (1-2)4 Other Income 243 60 867 166

5 Prof it before Interest and Exceptional Items (3+4) 2487 2195 10836 99516 Interest 501 428 1709 1911

7 Profit after Interest but before Exceptional Items (8-6) 1986 1767 9127 80408 Exceptional items - - - -9 Profit (+)/ Loss(-) from Ordinary Activities before tax (7÷8) 1986 1767 9127 9127 8040

10 Tax expense 700 658 3151 311411 Net Profit (+)/ Loss (-) from Ordinary Activities after 1286 1109 5976 4926

tax (9.10)12 Extraordinary Items - - - -

13 Net Prof it(-i-Y Loss(-) for the period (11-12) 1286 1109 5976 4926

14 Paid-up eguity share capital 1490 1490 1490 1490

— — (Face Value of the Share - Rs.10 each)

_________ _________ _________ _________

15 Reserves excluding Revaluation Reserves as per balance - - - 13625

— — sheet of previous accounting year

_________ _________ _________ _________

16 Earnings Per Share (EPS) - in Rs.a) Basic and diluted EPS before Extraordinary items for the 8.63 7.44 40.11 33.07

period, for the year to date and for the previous year(not annualized)

b) Basic and diluted EPS after Extraordinary items for the 8.63 7.44 40.11 33.07period, for the year to date and for tho previous year

— — (not annualized)

_________ _________ _________ _________

17 Public Sharehoiding- No.of Shares 3233971 3233971 3233971 3233971

— — - Percentage of Shareholding 21.71% 21.71% 21.71% 21.71%

18 Promoters and promoter group Shareholdinga) Pledged/ Encumbered- Number of Shares - - - -

- Percentage of shares (as a % of the total shareholding - - - -of promoter and promoter group)

- Percentage of shares (as a % of the total share - - - -capital of the company)

b) Non-encumbered- Number of Shares 11664186 11664186 11664186 11664186- Percentage of shares (as a % of the total shareholding 100.00% 100.00% 100.00% 100.00%

of promoter and promoter group)- Percentage of shares (as a % of the total share 78.29% 78.29% 78.29% 78.29%

capital of the company) _________ _________ _________ _________

1. The above audited Financial Results were reviewed by the Audit Committee of the Board and approved by the Board ofDirectors at their respective meetings held on 26th April , 2010.

2. In addition to the interim dividends of 20% already declared, the Board of Directors have now recommended a final dividendof 30% to the equity shareholders of the Company.

3. The Company’s Business is seasonal in nature and the performance can be impacted by weather conditions.4. The company’s business is Agro Chemicals, hence there is no separate reportable business segment as per “Segment

Reporting - Accounting Standard - 17. Secondary Segmental reporting is performed on the basis of the geographical locationof customers.The management views India and Outside India markets as distinct geographical segments.

Year ended

Particulars 31.03.2010 31.03.2009(Audit ed) (Audited)

Segment Revenue(a) India 41688 31215(b) Outside India 23343 29321

65031 60536

5. According to a technical assessment , there is no impairment in carrying Cost of cash generating units of the Companyin terms of Accounting Standard - 28.

6. The above Financial Statements have been drawn up in accordance with the Accounting Policies consistentlyfollowed by the Company.

7. Number of Investor Complaints received and disposed of during the quarter ended 31st March 2010: (i) Pendingat the beginning of the quarter - Nil (ii) Received during the quarter - 131 (iii ) Disposed during the quarter - 131

(iv) Remaining unresolved at the end of the quarter - Nil.8. Comparative figures have been re-grouped and recast wherever considered necessary.

for Nagarjuna Agrichem Limited

Place : Hyderabad C.M. ASHOK MUNIDate : 26th April, 2010 Director & Chief Operating Off icer

NAGARJUNA AGRICHEM LIMITED�AA��P� A A Regd. Office : Plot No. 61, Nagarjuna Hills, Punjagutta, Hyderabad - 500 082.

Audited Financial Results for the year ended 31St March, 2010RS in Lakhs

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