Reliance Industries (RIL) plans to start production of natural gas from coal seams, called coal-bed methane (CBM), in Madhya Pradesh from 2015-16. In a presentation to analysts after the announcement of Q3 earnings, RIL said first gas from its Sohagpur CBM blocks in Madhya Pradesh is “targeted by FY16”. It plans to produce 3.5 million standard cubic meters per day of gas from the two Sohagpur blocks.
Lenders invoke pledged shares in USL, McDowell
Lenders have invoked some of the UB Group’s pledges on shares of United Spirits (USL) and McDowell Holdings, reducing the group’s stake marginally in these two companies. According to a filing with the stock exchanges, HDFC Bank invoked a pledge on 90,000 USL shares, or 0.06% stake, held by Vijay Mallya's investment arm Kingfisher Finvest. The investment arm currently holds around 4% stake in USL. Meanwhile, the J&K Bank invoked pledges on 1.5 million shares held by United Breweries Holdings Ltd in Mc Dowell Holdings.
Asian Paints third quarter net at R329.35 crore
Asian Paints on Monday reported a consolidated net profit of R329.35 crore for the third quarter ended December 2013. The company had posted a consolidated net profit of R335.23 crore in the year-ago period. Net sales during the quarter under review stood at R3,412.61 crore, while it was R3,033.86 crore in the same period previous fiscal. The results include unaudited consolidated financials of Sleep International, in which the company acquired 51% stake on August 8 and hence, are not comparable with the corresponding period, it said.
Emami to pay interim dividend of R3
Kolkata-based Emami on Monday announced an interim dividend of R3 per share. The FMCG major reported 31.1% year-on-year jump in its consolidated net profit at R150.68 crore for the third quarter this fiscal on the back of easing of input prices.
Cipla appoints GSK’s Goel as India head
Drug major Cipla announced the appointment of Sameer Goel as country head — India, with effect from Monday. Goel, who comes to Cipla from GlaxoSmithKline (GSK), will be reporting to MD and global CEO Subhanu Saxena. In his last India-based role at GSK, Goel led the sales team comprising 4,500 direct and indirect field executives.
Amazon to open second Bangalore warehouse
Online retailer Amazon on Monday announced plans to open its second 1.5 lakh square foot warehouse in Bangalore in February to cater to retailers from south India. Its existing fulfillment centre, as these warehouses are called, is located in