Briefly Business

Realty major Unitech has appointed Ernst amp; Young and two other advisors for exploring opportunities for potential restructuring of its businesses to unlock value for shareholders.

Unitech appoints advisors for demerger

MUMBAI: Realty major Unitech has appointed Ernst amp; Young and two other advisors for exploring opportunities for potential restructuring of its businesses to unlock value for shareholders. Further,the companys board has constituted a restructuring committee for evaluating opportunities for potential merger of subsidiaries,demerger and other forms of restructuring,or acquisition,or spin-off with the ultimate object of enhancing and unlocking shareholders value.

CIL net rises fourfold to Rs 8,312 crore

KOLKATA: Net profit of state-owned Coal India Limited CIL increased four-fold at Rs 8,312 crore during 2009-10 against Rs 2,078 crore in the previous financial year. CMD of CIL Partha Bhattacharya said gross sales touched Rs 52,088 crore during the last fiscal,registering a rise of 13.74 per cent over last year.

Record traffic at MPT in 2009-10

NEW DELHI: Mormugao Port Trust MPT registered a record figure of total traffic at 48.85 million tonnes in the financial year 2009-10,surpassing the 41.68 million tonnes in the previous year. The increase in traffic is an unprecedented 17 per cent over the previous year.The major share in traffic has been contributed by iron ore. The port retains its No. 1 position in handling iron ore exports in the country,having exported over 40 MT in 2009-10 over 35 per cent of the total iron ore exports from the country.

Duke launches organic clothing

NEW DELHI: Ludhiana-based Duke Fashions has launched organic cotton clothing that is free from any kind of hazardous chemicals or any other harmful treatments and is also environment friendly. The organic T-shirt range will be available in designer and stripes. The collection starts at Rs 595.

I-T dept to de-freeze 100 demat accounts

NEW DELHI: The I-T department will recommend de-freezing of about 100 demat accounts after it found the claims of a few individuals in the frozen accounts to be genuine. The department has been probing more than 6,300 frozen demat accounts,which had Rs 6,700 crore of unclaimed stocks.

Tata Steel sales up 18 pc in FY10

KOLKATA: Tata Steel on Tuesday said it has reported an 18 per cent jump in its sale at 6.17 million tonnes during the 2009-10 fiscal. In 2008-09,sales of the company had stood at 5.232 million tonnes.

BPCL,partners strike crude oil,gas in Brazil

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NEW DELHI: BPCL and its partners have found crude oil and natural gas in a deepwater block in Brazil8217;s Campos Basin. About 7,500 barrels per day of oil and four million cubic feet a day of gas flowed from Wahoo-1 well in the US firm Anadarko Petroleum Corp-operated BM-C-30 block. Anadarko is the operator of the block with 30 per cent stake while Devon Energy Corp has 25 per cent. PTI amp; ENS