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Steel and power producer Monnet Ispat and Energy's standalone net profit declined by 7.34% at R71.29 crore in the second quarter of the current fiscal on higher finance costs and tax expenses. The company had reported R76.94 crore net profit in the July-September quarter of the last fiscal, it said in a filing to the BSE. Net income of the company during the quarter, however, went up to R549.40 crore compared with R458.55 crore in the year ago period.

Vedanta seeks Moily's nod for exploration

Vedanta Resources chairman Anil Agarwal has sought intervention of the new oil minister M Veerappa Moily to help his group firm Cairn India raise output from the Rajasthan oil fields by allowing further exploration the prolific block. Cairn India is looking to increase Rajasthan field output from current level of 175,000 barrels per day (bpd) to 300,000 bpd (15 million tons per annum) and had several months back made an application to the oil ministry seeking permission to explore within the ring-fenced development area that contains 25 oil and gas finds.

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