The Mint Report for 19 August 2010

The Mint Report for 19 August 2010

Essar Energy’s profits have fallen in the first half of the year. [GRFX IN] It reported a 19% in net profit to $91 million. Its EBITDA went down 25% to $320 million. The company said the fall in numbers was caused by a strong numbers in the year-ago period. This is the first time Essar Energy has posted results since it listed on the London Stock Exchange in May. That IPO brought in $1.85 billion for a 24% stake in the company.

In other news, food inflation is easing in the first week of August. The food price index rose just 10.35% in the period to 7 August. The previous week it went up11.40%.

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Congress president Sonia Gandhi today said controlling inflation was a top priority of her government. In recent months opposition parties have staged demonstrations and blocked proceedings in Parliament to protest rising prices.

The Sensex hit a 30-month high during trade on Thursday only to settle down slightly lower. The index finished at 18,455, a gain of 198 points. And the Nifty closed 61 points higher at 5,540.