Hindustan Oil Exploration Company Ltd (HOEC) has conducted a drill stem test (DST) covering about 17 meters (in three Zones) out of a total of about 45 meters in eight gas bearing reservoir zones in Dirok-1 discovery well in block AAP-ON-94/1.
The DST has resulted in flow of natural gas at an initial rate of approximately 6 million standard cubic feet per day (mmscfd) in the aggregate from the three tested zones along with condensate at an initial rate of approximately 75 barrels per day through 6.35 mm bean, indicating discovery being of potential commercial interest.
The Company (the Operator), Indian Oil Corporation Ltd and Oil India Ltd presently have 40.323%, 43.548% and 16.129% participating interest respectively in the exploration phase. Oil India Ltd, the licensee of the block, has an option under the Production Sharing Contract to acquire additional 30% participating interest in the development and production phase. Should, Oil India Ltd exercise this option, the revised participating interest in the development and production phase shall be 26.882%, 29.032% and 44.086% for the Company, Indian Oil Corporation Ltd and Oil India Ltd respectively.
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ACC Machinery Company Ltd to HNG Group for a consideration of Rs 45 crore. “ACC Machinery has reported a net profit of Rs 9.75 crore for the year ended December 31, 2007, while sales and other income amounted to Rs 63.24 crore. The company announced a dividend of Rs 190 per share aggregating Rs 7.60 crore,” ACC said in a BSE announcement. The company last year sold ACC Nihon Castings unit for Rs 30 crore.
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UltraTech Cement, part of the Aditya Birla Group, has posted a rise of 29% in its net profit for the year ended March, 2008 at Rs 1,008 crore compared to Rs 782 crore in the previous financial year. The net sales of the company during FY08 grew to Rs 5,509 crore from Rs 4,911 crore, up 12.18%. EPS for FY08 was Rs 80.9 against Rs 62.8 last year. The company produced 15.1 million tonnes of cement with an effective capacity utilisation of 101%.
For the quarter ended March, the net profit rose by 22% to Rs 283 crore from Rs 232 crore in the previous corresponding quarter. The net sales during the quarter stood at Rs 1,602 crore against last year's Rs 1,465 crore.
In the last quarter, UltraTech commissioned its new clinkerisation unit in Andhra Pradesh where as the remaining capacity expansion in Andhra and the grinding unit in Karnataka are expected to go on stream in the first half of FY09. Once the cement making unit in Andhra Pradesh commissions, the company's overall capacity will shoot up to 23.1 million tonnes.
The company has issued cautious business outlook for the current year. It expects the overall cement demand in FY09 to grow by 9 per cent. However, continuous government intervention has resulted in uncertain price environment, which together with significant increase in input costs will have an adverse impact on margin going forward.
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