Page 66 - Plastics News September 2016

BUSINESS NEWS
Indian Oil Net pro?t for Q1 rises 31%
Indian Oil Corporation reported a 30.9% increase in its net
pro?t for the ?rst quarter of ?scal 2016-17 at Rs 8,628.98
crore against ?6,590.83 crore in Q1/2015-16. The jump in
pro?t was due to substantial inventory
gain and improvement in margins from
the petrochemical business. However,
during the quarter, the company's net
revenue fell 5.75% to Rs 1,07,200.65
crore against Rs 1,13,743.46 crore in
Q1/2015-16. The company's board also
recommended the issue of bonus shares in the ratio of
1:1. The bonus shares will help in the capitalisation of
reserves to the tune of Rs 2,427 crore, said Sanjiv Singh,
Director-Re?neries, Indian Oil. An oil marketing company
gets an inventory gain when crude oil prices start ?rming
up. This is because companies would have sourced the
crude oil at lower prices and by the time it reaches the
re?nery for processing and selling products, the prices
would have improved. Indian Oil bene?tted signi?cantly
as its inventory gain during the quarter under review
stood at Rs 7,479 crore against Rs3,223 crore in the same
quarter last year.
Manpasand invests Rs 160 crore
in the new facility at Ambala
Manpasand Beverages Limited, the maker of fruit drinks
under brands such as Fruits Up & Mango Sip, has
commissioned its new manufacturing facility at Ambala,
Haryana. Built with an investment of around Rs 160 core, the
new facility will contribute additional 45,000 to 50,000 cases used in engineering polymer, from 250 TPM to 450 TPM.
per day to Manpasand’s existing capacity of 120,000-125,000
cases per day. In 2015, Manpasand had raised Rs 400 crore
through an IPO and one of the primary objectives of this was
setting up a manufacturing facility at Ambala.
Dhirendra Singh, chairman & managing director, Manpasand
Beverages, commented, “The demand for our fruit juices
under the Mango Sip and Fruits Up brands is so large that
we need to continuously add new capacities to cater to this
growing demand. The facility will produce the entire range
of Fruits Up drinks, carbonated and noncarbonated, along
with our ?agship brand, Mango Sip. From a strategic point
of view, this facility will give us an upper hand in reaching
out to markets in North and North-Eastern India.
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Aarti Industries starts
commercial production at
ethylation unit
Aarti Industries Ltd, a specialty chemicals company,
has commenced commercial production at its
multipurpose ethylation unit in Dahej SEZ, Gujarat, and
the second
phase
of PDA
expansion.
These
units will
enable the
company
to further
strengthen
its global presence in the end-user applications of
agrochemicals and polymers. The green?eld ethylation
unit, which will receive input material from its nitro-
toluene plant, has the capacity to manufacture about
8,000-10,000 tonne per annum (TPA) of ethylene
derivatives. While the initial product manufactured at
this unit ?nds usage in herbicides, the company plans
to add other products in due course with applications
mainly into agrochemicals catering to global companies.
Aarti Industries expects the ethylation unit, which is
?rst of its kind to be set up in India, to reach near full
utilisation within a span of 3-4 years. Meanwhile, the
company has also commenced commercial production
of its second phase of PDA expansion from 450 tonnes
per month (TPM) to 1,000 TPM. Earlier in FY16, Aarti
Industries had scaled-up the capacity of PDA, which is
With this, the company has enhanced its presence in
high-end polymers and additives, making it the only
Indian source for MNCs that are presently importing
this product in the country. Aarti Industries expects to
reach near full utilisation of these capacities within a
span of 3-4 years. The company said that its other key
expansion projects in pipeline such as nitro toluene
and its derivatives and co-generation power plants
are progressing as per plan and are expected to be
commercialised in H2 FY17.