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GAIL Q1 net profit falls 23% to Rs 1,025 cr

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GAIL

New Delhi, Aug 11: State-run gas transmission utility GAIL India on Thursday reported a 23 per cent fall in net profit for the first quarter of the fiscal ended June at Rs 1,025.64 crore, as compared to a profit after tax (PAT) of Rs 1,335.18 crore in the same quarter of the previous fiscal.

GAIL in a statement here said net profit in the first quarter of the current fiscal “has seen growth of 21 per cent on year-on-year basis (after excluding one-time gains from stake sale in Mahanagar Gas Limited in Q1 FY17 of Rs 489 crore)”.

The company’s revenue during the quarter in question grew to Rs 11,570.38 crore, from Rs 10,832.12 crore in the same period a year back. This was mainly aided by rise in revenues from its natural gas segment to Rs 8,520 crore.

GAIL also had lower interest expenses by 43 per cent during the first quarter at Rs.101 crore against Rs 177 crore in the same quarter last year after adjusting the one time gain by stake sale in Mahanagar Gas Limited last year.

According to the GAIL, the growth in net profit has been led by better performance of their gas transmission and liquid hydrocarbon segment, better price realisation in liquid hydrocarbons and decrease in cost of production and finance cost.

“During the quarter, GAIL registered growth in physical performance in liquid hydrocarbon sales, natural gas transmission and LPG transmission by 16 per cent, four per cent and 26 per cent, respectively, as compared to corresponding period of the previous year,” it said.

GAIL stock closed trade on Thursday at Rs 363.80 a share, down Rs 17.10, or by 4.49 per cent, on its previous close on the BSE.

IANS

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Nearly 4% of GDP is lost due to malnutrition: Report

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New Delhi, Jan 21: India loses about 4 per cent of GDP (gross domestic product) to malnutrition and the trend can be reversed by focusing “on production diversity as well as food fortification at a macro level”, a research paper revealed on Sunday.

According to a joint paper published by industry body Assocham and consultancy firm EY, nearly four per cent of the GDP is lost due to different forms of malnutrition and that “women and children deserve a better deal in expenditure outlay”.

The report outlined that the country hosts 50 per cent of the world’s under-nourished children.

The paper quoted data from the National Family Health Survey-4 which showed that close to 60 per cent of children aged between 6 and 59 months are anaemic.

“It is only about 10 per cent of the country’s total children who are receiving adequate diet,” the research report said.

“The women and girl child, for whom the NDA Government has launched flagship programmes, are no better in terms of their daily nutrition intake. About 55 per cent of non-pregnant women and 58 per cent of pregnant women aged between 15-49 years are anaemic.”

Commenting upon the finding, Assocham’s Secretary General D.S. Rawat said the government needs to pursue policies which “focus on removing health and social inequities. Programmes and policies that aim to address the nutrition burden present a double-win situation”.

On the remedy-front, the paper said that in order to cater to the large unmet needs of micro-nutrients, “it is imperative to focus on production diversity as well as food fortification at a macro level”.

“For instance, millets are three to five times more nutritious than rice and wheat in terms of proteins, minerals and vitamins. They are cost effective crops as well; yet considered as poor people’s crop while rice and wheat are preferred over them,” the paper noted.

“Millets are rich in Vitamin B, calcium, iron, potassium, magnesium, zinc and are gluten-free. They are suitable for people with gluten allergies or those with high blood sugar levels.”

IANS

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Republic Day sales: Amazon, Flipkart fight it out with big discounts

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New Delhi, Jan 21: Top e-commerce players Amazon India and Flipkart are deepening their range of offerings at extreme discounts in the first online sale of the year starting today. While Amazon’s Great Indian Sale will go on till January 24, Flipkart’s Republic Day sale will shut shop earlier by 23 Jan.

With e-commerce becoming the default shopping choice for many, this season – last the previous editions – will see an influx of shoppers logging in to tap the online-exclusive deals.

The hard-to-miss offers this week will include: Mobile phones, Fashion & lifestyle, Home & dining and Large appliances.

Amazon, as usual, offered 12-hours early access to its Prime members starting the sale from Saturday afternoon (January 20).

Industry players believe that cash crunch at the end of the month remains no longer a problem with almost all e-commerce platforms and banks offering extra cashbacks and easy EMI options for customers to have a hassle-free shopping experience.

“Republic Day sales every year serve as a great way to kick start shopping in the new year. Marketing around the sale attracts consumers and encourages impulsive purchases,” Rohan Bhargava, co-founder of CashKaro.com, told IANS.

CashKaro is a partner to more than 1,500 e-commerce sites and provides its members with cashback offers on their online shopping at various sites like Flipkart, Amazon.in, Paytm and Shopclues.

“Even though it is the month-end, given the additional benefits around the sale, it is usually not a deterrent to purchases. Many banks give extra cashback and there are easy EMI options available through which customers can pay in installments,” Bhargava added.

Online marketplace ShopClues had already begun its sixth anniversary “Acche Din Sale” from January 19 targetting Republic Day to end the sale.

“Over 20 lakh products with whopping discounts, upwards of 66 per cent will be on offer, spread across categories like fashion and lifestyle, mobile phones, electronics and accessories, home and kitchen, and even its exclusive labels — Meia, Digimate and Homeberry,” ShopClues said in a statement.

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ONGC to buy government’s 51.11% stake in HPCL for Rs 36,915 cr

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ONGC

New Delhi, Jan 20: State-run Oil and Natural Gas Corporation Ltd (ONGC) will acquire the government’s 51.11 per cent equity share-holding in Hindustan Petroleum Corporation Ltd (HPCL) at a consideration of Rs 36,915 crore.

Through the single share sale, the Centre would be able to meet half of its disinvestment target of Rs 72,500 crore for 2017-18.

“The Government of India has entered into an agreement with ONGC today (Saturday) for strategic sale of its 51.11 per cent equity share-holding in HPCL at a consideration of Rs 36,915 crore,” a statement said.

In line with the budget announcement, ONGC had proposed to acquire the Centre’s existing equity shareholding in HPCL.

Accordingly, the Union Cabinet, in its meeting held in July last year, gave “in-principle” approval to the proposal and decided to set up an alternative mechanism to decide on the price, timing and the terms and conditions of the strategic sale.

“The Alternative mechanism under the Chairmanship of Finance Minister (Arun Jaitley) in its meeting today (Saturday) approved the price bid of ONGC and the terms and conditions of the sale,” it said.

Through this acquisition, ONGC will become India’s first vertically integrated “oil major” company, having presence across the entire value chain.

According to the statement, the integrated entity will have advantage of having enhanced capacity to bear higher risks, take higher investment decisions and neutralising the impact of volatility of global crude oil prices.

“In this process, ONGC has acquired significant mid-stream and downstream capacity and will attain economies of scale at various levels of operations,” it said.

Through this economic consolidation, HPCL will join as a member of an integrated oil and gas major group. This will help it in further leveraging synergy at various levels of vertical value chains and look for economic consolidation within and outside the group.

HPCL will continue to be a Central Public Sector Enterprise (CPSE).

In fact, Prime Minister Narendra Modi had underlined the need of efficient management of government investments in CPSEs during the review in February 2016.

The centre accordingly expanded the approach from disinvestment to investment and public asset management.

As part of investment management strategy, Government decided to explore possibilities of consolidation, mergers and acquisitions within CPSE space.

IANS

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