SAIL registers huge profit

Lower coal prices and ‘exceptional gains’ were the two key factors

GN Bureau | November 12, 2013



 State owned Steel Authority of India (SAIL) has earned a net profit of Rs 1,180 crore in the September quarter owing to the lower price of coal and ‘exceptional gains’.

According to a news report in The Business Line, SAIL chairman CS Verma has said that the price of imported coal, which was $220 per tonne during the second quarter, has come down to $135 per tonne. So, there were savings of Rs 885 crore on this account.

At the same time, SAIL said it got an ‘exceptional’ amount of Rs 1,056 crore from Vale SA, the Brazil-based metals and mining company, towards damages for non-supply of the full quantity of contracted hard-coking coal.

However, two key factors, realisation from sales and provisioning for a wage hike, affected the company’s profitability. SAIL made a provision of Rs 1,150 crore on account of wage settlement, while sales realisation was down by Rs 720 crore.

“Sales realisation during the second quarter of the last financial year was Rs 37,210 a tonne. During this quarter, this came down to Rs 34,230 a tonne – a dip of 6.5 per cent,” Verma was quoted.
 

Comments

 

Other News

When religion, politics and Bollywood come together

Tavleen Singh, noted journalist and political commentator, has turned to fiction, with her debut novel ‘The Actor’ (HaperCollins India). Set in the near future, it has a superstar, Amit Singh, turning to politics, when the political landscape is dominated by prime minister Guru Gaynendraj

Cabinet approves setting up of Integrated Transport & Logistics Authority

The union cabinet, chaired by prime minister Narendra Modi, on Tuesday approved the setting up of a Special Purpose Vehicle (SPV), called Integrated Transport & Logistics Authority (ITLA), to strengthen research, planning, appraisal, monitoring and impact assessment within the broad domains of Transp

Why foundational literacy and numeracy is key to school education

Foundational Literacy and Numeracy (FLN) are often described as the building blocks of education. Yet, their significance goes well beyond a child’s ability to read a sentence, write a response or solve a basic mathematical problem. These foundational skills shape how children understand the world,

When police data becomes the algorithm

For decades, policing has followed a familiar sequence: a crime occurs, the police respond, an investigation produces records and those records become part of the institutional memory of the criminal justice system. Artificial intelligence is beginning to alter that sequence. Instead of merely recording

Before India voted, the framers worried about the referee

“We are making a Constitution forever and not only for today.” Shibban Lal Saksena said this in the Constituent Assembly on June 15, 1949. He was warning that a ruling party might one day choose a loyalist to run India’s elections. Seventy-seven years later, the Supreme Court is wrestli

Delhi moves to real-time traffic management

The Cabinet Committee on Economic Affairs (CCEA), chaired by prime minister Narendra Modi, has approved implementation of the ITMS Project by Delhi Police at an estimated cost of Rs.1,789.52 crore, inclusive of taxes. The project will cover 42 identified traffic corridors and will be implemented in three

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter