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Friday, February 13, 2009

IOC sees $12 bln revenue loss this fiscal

MUMBAI (Reuters) - State-run fuel marketing firm Indian Oil Corp's revenue losses on fuel sales for the current fiscal year will be 590 billion rupees ($12.1 billion), its chairman said on Thursday.

IOC is making profits on sales of petrol and diesel, but is still incurring a loss on cooking gas and kerosene, Chairman Sarthak Behuria told reporters.

IOC is losing 77 rupees of revenue per cylinder of cooking gas sold, and 12 rupees for a litre of kerosene, but is making 1.60 rupees per litre of petrol it retails and nearly 3 rupees on a litre of diesel, he said.  (More ...)

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Cairn calls off exploration in Ganga basin

By Press Trust of India

Oil exploration major Cairn India has wound up its work in Ganga basin area of Bihar's Darbhanga district after failing to trace oil reserve. District magistrate Arun Prasad said on Friday the company, which had started the drilling work in May 2008 at Hawidih, after taking 4.5 hectare of land on lease from farmers, decided to wind up operations as scientific tests of mud extracts after digging showed no signs of oil reserve.

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BRICs show no death of equities in emerging markets

By Michael Patterson, Bloomberg

The only major stock markets recording gains of more than 8% this year are China, Russia and Brazil, and India's benchmark index is little changed.

That's enough of a sign that the so-called BRICs are showing a resilience unimaginable in the US, most of Europe and Japan.

While the evidence varies among the largest developing nations, there are indications that the consumer hasn't gone into hibernation just yet, aided by a 4 trillion yuan ($585 billion) stimulus plan in China. Prospects that demand will hold up for Brazilian and Russian metals lifted shares of Cia. Vale do Rio Doce 27% this year and OAO Severstal 65%. (More ...)

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Marico, Emami in race to acquire soap brands

By Lalitha Srinivasan, Indian Express Finance

FMCG majors Marico Ltd and Emami Ltd are in the race to acquire two premium soap brands 'Aramusk', a popular male deodorant soap and 'Moloy' (sandalwood soap), earlier owned by Shaw Wallace India. Currently, these brands are a part of Henkel India' product portfolio (Henkel acquired these brands in 1999).

According to key industry sources, Marico Ltd is currently in talks with Henkel India to acquire these two brands to strengthen its personal care portfolio in India. After acquiring 'Manjal' (herbal soap) in Kerala in 2006, Marico has been scouting for southern skin care brands for quite some time.

Meanwhile, competitor Emami Ltd is also actively looking for acquisitions in the personal care space after acquiring a 27.5% stake in Zandu Pharmaceuticals last year. Yet another FMCG major, Godrej Consumer Products Ltd (GCPL) is also eying Henkel's two toilet soaps brands to widen its product portfolio.

Despite the economic down turn, many FMCG majors are going ahead with their acquisition plans to gain a competitive edge in the branded personal care sector, according to industry analysts.

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