The board of directors of the company has approved consolidation of its entities which will result in the combined entity becoming Asia’s largest gas distributor by volume. The stockmarket is under pressure as the consolidated entitry may drag profitability and also there is a possibility that the company can turn from a net cash company to debt.

Graphite electrodes manufacturer and exporter HEG reported fourth quarter (January-March) net profit at Rs 46.6 crore, up 32.8 percent compared to same quarter last year, driven by higher other income, forex gain and lower tax expenses. Net sales increased 12.7 percent to Rs 499.5 crore during March quarter from Rs 443.3 crore in corresponding quarter of last fiscal. Other income increased to Rs 7.62 crore from Rs 4.44 crore while tax expenses dropped to Rs 2.91 crore from Rs 7.12 crore during the same period. Foreign exchange gain during March quarter stood at Rs 1.5 crore.

IL&FS Engineering and Construction Company says its subsidiary Maytas Infra Saudi Arabia Co won a 268-crore worth order in Saudi Arabia. “Maytas Infra Saudi Arabia Co, a subsidiary of IL&FS, said it has received a Letter of Award from Saudi Binladin Group for road drainage works for King Abdul-Aziz International Airport Development Project, Jeddah,” it said in a statement. The scope of work involves the construction of road drainage works including excavation, steel reinforcement, concrete works, erection, and backfilling, it elaborated.