By IANS,
Kolkata : Metallurgy coke producer Gujarat NRE Coke has posted a net profit of Rs.1.02 billion in the second quarter this fiscal, up from Rs.125.5 million a year ago, a company statement said here Saturday.
“Fundamentals are not driven by market sentiments. Globally there is a shortage of good quality hard coking coal and met coke, and we are extremely well integrated, enjoying efficiencies across the entire gamut of our workings – from the mines of Australia to the production of coke in our plants in India,” Arun Jagatramka, vice-chairman and managing director of the company, said.
Gujarat NRE is in the process of increasing its met coke capacity to 2.5-million-tonne per annum by December 2010, which includes setting up of a one-million-tonne greenfield plant in south India. Necessary land for the project has already been acquired and initial work in the project has started, the company said.