Sesa Goa Ltd., India’s biggest iron- ore exporter, said third-quarter group profit rose 76 percent on higher demand for the raw material from steelmakers in China.

Net income rose to 8.3 billion rupees ($182 million) in the three
months ended Dec. 31 from 4.71 billion rupees a year earlier, the
Panaji, Goa-based company said today in an e-mailed statement. Net
sales in the quarter rose to 18.9 billion rupees from 13.6 billion
rupees.

Sesa Goa, a unit of Vedanta Resources Plc, exports most of its
production to steelmakers in China and Japan. China is the world’s
largest buyer of iron ore and last year increased imports by 42 percent
to a record 628 million metric tons. China’s imports may climb 5.1
percent to 660 million tons this year, Custeel.com analyst Du Wei said
last week.

Cash prices of 62 percent iron-content ore delivered to Tianjin port in
China reached the highest in at least 13 months on Jan. 8, according to
the Steel Index. Prices had jumped amid “panic buying” by Chinese mills
concerned about the availability of cargoes from Australia, Goldman
Sachs JBWere Pty. said.

Sesa sold 6.79 million metric tons of iron ore in the three months
ended Dec. 31, 25 percent more than a year earlier, the company said.

Source: Bloomberg

Search to find what you want

• Sesa Goa profit in the third quarter Rises on Higher Iron-Ore Sales

    Sesa Goa Ltd., India’s biggest iron- ore exporter, said third-quarter group profit rose 76 percent on higher demand for the raw material from steelmakers in China. Net income rose to 8.3 billion rupees ($182 million) in the three months ended Dec. 31 from 4.71 billion rupees a year earlier, the

• Essar Shipping net jumps on ports, oil fields biz

    Sea logistics firm Essar Shipping Ports & Logistics Ltd’s Oct-Dec net profit jumped 69 percent helped by strong growth in ports and oilfields businesses.

• Mercator Lines raises 2.5 billion rupees via bonds

    Mercator Lines has raised 2.5 billion rupees via bonds, the marine transport firm told the stock exchange on Wednesday. The company sold 500 million rupees of three-year bonds, another 500 million rupees of four-year bonds and 150 million rupees of five-year bonds, a company source told Reuters. The secured bonds carry a coupon

• NMDC to invest $ 5 billion to expand iron ore capacity

     NMDC Ltd., India’s largest iron-ore producer, said it plans to invest $5 billion in the next five years to expand capacity and enter the steelmaking business. The company plans to lift output 67 percent to 50 million metric tons in three years, Chairman Rana Som said today in an interview.

• Pipavav below the offer price in Mumbai Debut

    Pipavav Shipyard Ltd., an Indian shipbuilder, fell below its offer price on its trading debut in Mumbai today after an initial share sale. The shares fell 2.2 percent to 56.7 rupees in Mumbai after rising as much as 62.25 rupees. The company sold shares at 58 rupees apiece. The Mumbai-based

• JSW Steel Swings to Profit in the third quarter on Demand

    JSW Steel Ltd., India’s third- biggest producer, returned to profit in the third quarter from a loss a year ago, boosted by demand from builders and carmakers.

• Sri Lanka Dockyard September quarter earnings nearly doubled

    Sri Lankan ship builder Colombo Dockyard said net profit for the September 2009 quarter almost doubled from a year ago with earnings boosted by orders to build new vessels for overseas customers. The yard, which is majority owned by Japan’s Onomichi Dockyard, said in a stock exchange filing that September

• NMDC forecast record profit for an increase in iron ore prices

    NMDC Ltd., Asia’s third-largest iron-ore producer by value, forecast a record profit for the next fiscal year as demand from construction and automobile companies boosts prices of the key steelmaking raw material. Prices of iron-ore lumps and fines may increase as much as 30 percent in the year starting next

• Steel India wins seen on input costs, demand

    India steel futures may continue their winning streak in coming weeks on rising input costs and hopes of a demand revival from construction and automobiles sector, analysts said. The most-traded January steel long contract NSTF0 on the National Commodity and Derivatives Exchange (NCDEX) was flat at 27,290 rupees per tonne

• Indian Oil to sell 3 billion rupees from oil bonds

    Indian Oil Corp will start selling at least 3 billion rupees of oil bonds on Tuesday, two sources with knowledge of the matter said on Monday. Most of the issue will comprise the 8.20 percent oil bond maturing in 2024 and about 40 million rupees of the 7.75 percent 2021

• Sesa Goa to 8 million tonnes of ore mine in the 4th Quarter

    Sesa Goa Ltd., India’s biggest iron- ore exporter, plans to mine between 7 million to 8 million metric tons of the steelmaking ingredient in the three months to March 31, most of which will be exported to China. “There is strong demand from China,” Managing Director Prasun Kumar Mukherjee said

• ABG Shipyard ups goes for big money offshore –

     ABG shipyard has offered 11 percent more than rival Bharati Shipyard for a controlling stake in Great offshore and analysts expect the month-long takeover battle to intensify. ABG on Wednesday bought a 5.2 percent stake in Great Offshore in a series of block deals at 450 rupees a share valuing the

• Sri Lanka shipping company gets second new freighter

    Sri Lanka’s Mercantile Shipping Company said it has taken delivery of the second of a pair of new cargo ships it ordered built by a Dutch yard. According to the company’s September quarter results just released to the stock exchange, it made a loss of 18.8 million rupees in the

• India iron ore exports in September probably Fell 25%

    India’s iron-ore exports probably fell 25 percent in the first two weeks of this month because of increasing royalty and transportation charges and lower demand from China, a mineral industry group said. Overseas sales may have declined 15 percent in August from a year earlier, Siddharth Rungta, president of the Federation

• ONGC Net Rises on After cutting discounts on oil refineries sold

    Oil & Natural Gas Corp., India’s biggest energy explorer, reported a 23 percent gain in third- quarter profit, missing estimates, after cutting discounts on crude oil sales to state refiners and as global prices rose. Net income climbed to 30.5 billion rupees ($662 million) in the three months ended Dec