Strong refining margins helped Reliance Industries (RIL) post 13.2% growth in net profit to Rs 4,110 crore on 41% growth in turnover to Rs 41,805 crore in Q1 June 2008 over Q1 June 2007. Nearly 95 per cent of the increase in turnover was due to increase in prices, with volume increases accounting for the rest, said a press release from the company.

Meanwhile, a memorandum of understanding (MoU) signed between the warring Ambani brothers during their split in June 2005 took centre stage in the Bombay High Court once again on Thursday, 24 July 2008, with Harish Salve, senior counsel for Mukesh Ambani-promoted Reliance Industries, asking for the MoU to be produced in the court. Salve said the MoU cannot be taken as the basis for allocation of gas by RIL to Anil Ambani-promoted Reliance Natural Resources (RNRL).

The MoU was the basis for the demerger of the Reliance Group. After the split, Mukesh Ambani got RIL and Anil Ambani got Reliance Capital, Reliance Communications and Reliance Energy. The Bombay High Court, on Thursday, began daily hearing on the gas dispute between the two firms. Daily hearing will take place from 12:00 IST to 14:00 IST.

Net profit of Exide Industries rose 17.24% to Rs 82.20 crore over 36.54% growth in sales to Rs 906.53 crore in Q1 June 2008 over Q1 June 2007.

Net profit of Bayer CropScience rose 34.29% to Rs 34.74 crore over 52.68% growth in sales to Rs 495.38 crore in the quarter ended June 2008 over the quarter ended June 2007.

Pantaloon Retail India said on Thursday, 24 July 2008, its board had approved a bonus issue of one "Class B" share for every 10 "Class A" equity shares held. A "Class B" share has differential voting rights and is entitled to an additional 5% dividend, it said.

Net profit of Plethico Pharmaceuticals rose 13.32% to Rs 37.01 crore on 15.01% growth in sales to Rs 140.89 crore in the quarter ended June 2008 over the quarter ended June 2007.

Net profit of Clariant Chemicals India rose 83.85% to Rs 26.75 crore on 12.99% growth in sales to Rs 261.76 crore in the quarter ended June 2008 over the quarter ended June 2007

Tamil Nadu Petro Products reported net loss of Rs 10.64 crore in the quarter ended June 2008 as against net loss of Rs 8.37 crore in quarter ended June 2007. Sales rose 24.02% to Rs 248.98 crore in the quarter ended June 2008 over the quarter ended June 2007.

Net profit of Balaji Amines rose 67.21% to Rs 5.15 crore in the quarter ended June 2008 on 48.60% growth in sales to Rs 73.08 crore in the quarter ended June 2008 over the quarter ended June 2007.

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