MRPL nets Rs. 1,177 crore profit, registers highest-ever turnover

August 27, 2011

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Mangalore, August 27: The Mangalore Refinery and Petrochemicals Limited (MRPL) has registered a net profit of Rs 1,177 crore, marginally higher against Rs 1,112 crore previous year, according to its chairman A?K?Hazarika

The company has registered highest ever turnover at Rs 43,800 crore with highest ever refinery crude thruput at 12.64 MMT, he told reporters after the 23rd annual general meeting at MRPL premises near here on Saturday.

He said MRPL has kept its business plan ready to open 122 new outlets in the first phase in the next one to two years with an estimated investment outlay of Rs 87 crore, provided the market condition is stable and conducive for economical viability of the initiative, said MRPL?Chairman A?K?Hazarika.

He said though the company has license to open 500 retail outlets, considering the under recoveries in diesel (HSD) sale, it is continuing with only one outlet (in Hubli) to avoid losses. “Another outlet at Kadri Hills in Mangalore was supposed to come up, but is pending due to litigation,” he said.

Stating that MRPL continues to sell the free products, viz., bitumen, furnace oil, naphtha, mixed xylene and sulphur directly to end consumers, Hazarika said the company has 63 per cent and 93 per cent market share in sale of bitumen and suphur respectively in Karnataka. The turnover of such direct sales was Rs 2,271 crore during the year, he added.

To a query on supply of ATF, he said the MRPL supplies ATF to Mangalore, Bangalore, Hyderabad, Kozhikode and Ahmedabad airports and plans are on the anvil to supply ATF to Mumbai as well as Delhi too.

Stating that the progress of the Single Point Mooring (SPM) project as on August 15, 2011, was 32.5 per cent, Hazarika said the project is expected to be complete by May 2012.

“The company has already obtained environmental clearance from Ministry of Environment and Forests, Government of India, for the project,”?he said.

The SPM project when completed can receive crude oil from Very Large Crude Carrier (VLCC), through a pipeline to be laid in the sea, about 16 kms from the shore of New Mangalore Port.

To a query on the opposition by local fishermen to the project, MRPL?Managing Director U?K?Basu said that SPM?is not a new phenomenon in India and the pipes will be burried inside the sea and will not cause any harm to fishing activities. “The SPM will be of the size of a room, about 16 kms away from the shore,” he said and added that all the orders for the project have been placed and the works are expected to begin in November, soon after the monsoon.

The Board of Directors of MRPL recommended final dividend payout of Rs 1.20 per share of Rs 10 (12 per cent), the same as last year, he informed.

MRPL?Director (Technical) P?P?Upadhya and Director (Finance) Vishnu Agarwal among others were present.

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September 24,2024

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Mangaluru, Sept 24: A blanket of gloom descended over Dakshina Kannada and Udupi as heavy rains battered the coastal Karnataka districts on Tuesday. Substantial rainfall has been drenching the region since Monday, intensifying as the day progressed.

In Dakshina Kannada, torrential downpours began early Tuesday, followed by overcast skies and humid conditions. 

The showers persisted intermittently through the afternoon, with areas like Beltangady experiencing moderate rainfall, while Puttur and Bellare bore the brunt of heavier storms. 

Overnight showers were reported in Bantwal, and Mangaluru city, along with its surrounding rural areas, witnessed a steady increase in rainfall, peaking by the evening.

After a brief respite, the return of intense rainfall has brought a welcome drop in temperatures. In Udupi, Karkala, Udupi city, Kundapur, and Hebri taluks all faced substantial rains throughout the day, continuing from late Sunday night.

The Indian Meteorological Department (IMD) has issued a red alert for the coastal districts, predicting more heavy rainfall in the coming hours. 

A yellow alert has been placed for Wednesday, signaling the likelihood of additional downpours. Fishermen have been cautioned to remain vigilant, as the possibility of strong winds looms over the coastal waters.

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September 24,2024

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The Karnataka High Court on Tuesday dismissed the petition filed by Chief Minister Siddaramaiah against Governor Thawarchand Gehlot's decision to sanction the complaint and investigation against him in the alleged Mysore Urban Development Authority (MUDA) scam case.

Justice M Nagaprasanna said the facts narrated in the petition would undoubtedly require an investigation.

The court has also said that the Governor's order approving sanction to investigate against Siddaramaiah under section 17A of the Prevention of Corruption Act does not suffer from application of mind, instead has abundance of application of mind.

Meanwhile, the court rejected the request made by senior advocate Abhishek Singhvi to stay the order of the court. The court has vacated the interim order passed on August 19. In the interim order the trial court was directed not to take any precipitative action against Siddaramaiah. On August 17, Governor had approved sanction under section 17 A  of the Prevention of Corruption Act and Section 218 of Bharatiya Nagarik Suraksha Sanhita ( BNSS), citing three applications.

The court said the private complainants were justified in registering the complaint and seeking approval from the governor.

Insofar as private complainants seeking sanction under section 17A, the court said the provision nowhere requires only a police officer to seek sanction from a competent authority. The court further said it is in fact the duty of the private complainants to seek such approval.

Earlier, The High Court had completed its hearing in the case on September 12, and reserved its orders. It had also directed a special court in Bengaluru to defer further proceedings and not to take any precipitative action against the Chief Minister.

The case pertains to allegations that compensatory sites were allotted to Siddaramaiah's wife B M Parvathi in an upmarket area in Mysuru that had higher property value as compared to the location of her land that had been "acquired" by MUDA.

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September 14,2024

Bengaluru: Karnataka Home Minister G Parameshwara on Saturday said the situation in violence-hit Nagamangala town in Mandya district is peaceful now, and steps have been taken to ensure that no untoward incidents take place.

Clashes had broken out between two groups during the Ganesh idol procession in the town, following which mobs went on a rampage with stone pelting and targeting several shops and vehicles leading to tension on Wednesday night.

"Situation in Nagamangala is now peaceful and there is no problem there. I have also instructed officials to hold a peace meeting there. We have instructed officers to ensure that no untoward incidents take place, enough police force is also stationed there," Parameshwara told reporters here.

About 55 people have been arrested in connection with the incident and they have been sent to judicial custody, according to police sources.

Responding to a question on opposition parties including JD(S) leader H D Kumaraswamy raising doubts about the FIR, he said, "The police will do what has to be done in accordance with law..."

Asked about BJP sending a fact finding team to Nagamangala, the Home Minister said, "Let them find the facts and inform us, and if there is any fact from their fact finding, we will look into it. It will make our work a bit easier." The BJP panel consisting of MLA C N Ashwath Narayan, former Minister Byrathi Basavaraj, former Minister K C Narayana Gowda, state secretary Lakshmi Ashwin Gowda, and former IPS officer Bhaskar Rao, will visit the spot and submit a comprehensive report to the party in a week.

According to police, an argument had broken out between two groups, when the Ganesh idol procession by devotees from Badri Koppalu village reached a place of worship on Wednesday, and some miscreants hurled stones, which escalated the situation.

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