RIL, M&M and Coal India to witness some action today - Reliance Industries (RIL) stated that further investment at its key gas field to reverse falling output rests on a rise in domestic gas prices, after subdued global demand for fuel narrowed its refining margins in the second quarter. Reliance and peers such as state-run Indian Oil Corporation are likely to see refining margins tighten further in the near-term as demand growth lags refining capacity additions. Natural gas output from Reliance at its key Krishna Godavari D6 field, in which Britains BP Plc has an equity stake, has declined to 14 million cubic metres per day (mmscmd). The company has reported a marginal rise of 1.50% in its net profit at Rs 5,490 crore for the quarter ended September 30, 2013 as compared to Rs 5,409 crore for the same quarter in the previous year. Total income from operations of the company has increased by 14.86% at Rs 1,03,758 crore for quarter under review as compared to Rs 90,336 crore for the quarter ended September 30, 2012. Mahindra & Mahindra (M&M) has rolled out a refreshed Bolero pick-up flat bed, priced at Rs 5.45 lakh (ex-showroom Mumbai), with several features including a higher payload capacity, to further strengthen its leadership position in the segment. The Bolero pick-up flat bed is the flagship brand in Mahindras pick-up portfolio contributing over 60% to overall pick-up sales. The new Bolero pick-up flat bed (BS 3) with more modern, macho and stylish looks and superior fuel efficiency will help company cater to the evolving needs of stand operators, businessmen and traders .The domestic pick-up market is growing at a healthy rate and is also witnessing an evolution in customers demands and behaviours. State-owned Coal India (CIL) has suffered a production loss of about 1.2 million tonne (MT) in the past three days on account of Cyclone Phailin which has affected the key Coal producing states of Odhisha, Jharkhand and West Bengal. The loss comes amid the firm drawing flak from all quarters for missing its production target. Coal Indias output had also suffered a hit in production in November last year due to cyclone Neelam. CIL, which accounts for over 81 percent of the domestic production, missed its production target of 464 million tonnes in the last fiscal and produced 452 MT of coal. The Coal Ministry has set a production target of 482 MT and off-take of 492 MT for CIL for the ongoing fiscal. Continuing with its divestment strategy to reduce debt burden, Fortis Healthcare’s step-down subsidiary, has decided to sell stake in its Hong Kong asset, Quality Healthcare, to British medical services group Bupa for $355 million about Rs 2,100 crore. The proceeds from the deal would be used to lower debt. Fortis Healthcare International, a subsidiary of Fortis Healthcare, would sell its 100 percent stake in Altai Investments, the holding company for Quality Healthcare. The decision has come three years after Quality was bought by a vehicle owned by Fortis founders Malvinder Singh and Shivinder Singh in October 2010 for $190 million. IT training firm NIIT plans to expand its education centres to 700 from the present 600 by 2015. Besides the expansion, it was also upgrading all its centres as Cloud Campus which would enable students to get hands-on practice through lab exercises in machine rooms and NIIT Centres. NIIT Cloud Campus has an innovative anywhere lab feature, which enabled students to practice application of concepts learnt in class, from anywhere, while chatting with experts to seek answers to their queries. Besides, the company has tied up with ICICI Bank, for providing the required trained staff and with Indian Institutes of Management for developing curriculum. A telecom department committee has recommended a penalty of Rs 600 crore on Idea Cellular for its merger with Spice Communications, which the panel found to be a wilful violation of the telecom licence conditions. The panel though agreed to a merger of two licences of Karnataka and Punjab circles in the name of Idea Cellular. In levying the penalty, the DoT committee has not only upheld the departments previous contention of illegality of the merger but also scaled up the penalty to be imposed from Rs 300 crore. A four-member committee headed by member, technology, Anil Kaushal, had been set up to review the telecom departments previous decision of issuing show-cause notices of Rs 300 crore for merging six of Spices telecom permits with Idea Cellular in Punjab, Karnataka, Delhi, Haryana and Maharashtra as Idea bought into Spice in 2008. The committee has found that Idea Cellular went ahead with the proposed merger with Spice despite the telecom departments clear instructions in January 2010 that the merger was not legally permissible and it violated the cross-holding norms. Indian Oil Corporation (IOC) has tied up with global trader Glencore to procure Okwuibome oil, which is produced by Sandesara Group in Nigeria. Sandesaras privately held Sterling Energy and Exploration Production Company (SEEPCo) operates four blocks covering over 2,000 square miles in Niger Delta of Nigeria. The group is claiming to be the first Indian operator and oil producer in Nigeria, which is member of Organization of the Petroleum Exporting Countries. Glencore will supply 5 million barrels, including a million barrels of Okwuibome oil, to IOCs subsidiary Chennai Petroleum Corporation. SEEPCo has the potential to emerge as a promising Okwuibome oil producer for Indian refiners as more wells go online. Okwuibome is an established Brent crude oil grade, which attracts premium over market prices due to its popularity among refineries in the western world because of its low sulfur and sweet crude quality.Indian Oil Corporation (IOC) has tied up with global trader Glencore to procure Okwuibome oil, which is produced by Sandesara Group in Nigeria. Sandesaras privately held Sterling Energy and Exploration Production Company (SEEPCo) operates four blocks covering over 2,000 square miles in Niger Delta of Nigeria. The group is claiming to be the first Indian operator and oil producer in Nigeria, which is member of Organization of the Petroleum Exporting Countries. Glencore will supply 5 million barrels, including a million barrels of Okwuibome oil, to IOCs subsidiary Chennai Petroleum Corporation. SEEPCo has the potential to emerge as a promising Okwuibome oil producer for Indian refiners as more wells go online. Okwuibome is an established Brent crude oil grade, which attracts premium over market prices due to its popularity among refineries in the western world because of its low sulfur and sweet crude quality. ING Vysya Bank has entered into a business tie-up with Indian Railways’ IRCTC to offer online train ticketing services to its customers. This facility enables ING Vysya Bank’s customers to book train tickets using ING Net Banking or ING debit cards. Over 1 lakh tickets were booked during the first month of the launch. The South-based private sector bank has been enrolled into a select category of financial services firms offering these services with a high level of safety, security and ease of transactions online. The bank has also invested in advanced systems and technology for processing faster refunds and cancellations. Leading telecom operators Bharti Airtel and Reliance Communications (RCom) will start selling Apples iPhone 5s and iPhone 5c smartphones from November 1. Airtel has started pre-bookings for the latest iPhones which saw record sales in the first three days of launch in the US market. A contract-free and unlocked 16GB version of the iPhone 5c is available for $549 (about Rs 34,700) in the US, while an unlocked and contract-free iPhone 5s can be bought for $649 (about Rs 41,000). iPhone 5c will be a choice for consumers evaluating Apples 16 GB model of iPhone 5 while iPhone 5s can be an option for customers looking for an alternate option to 64 GB model of iPhone 5.
Posted on: Tue, 15 Oct 2013 14:55:29 +0000
Trending Topics
Recently Viewed Topics
© 2015