Archive for November 24th, 2009

News Round Up – India

Hello Friends here we come up with the Latest News round up from Indian Economy and various industrial Sectors of the country.

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News Round Up

Economy

 

路聽 Wholesale price of food items rose 14.55% for the week ended November 7 from a year earlier due to dearer cereals, dairy items as well as mutton and eggs.

However, wholesale prices of fuel-related products dipped 1.51% in the week under consideration, compared to the corresponding period of the previous year.

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Oil & Gas

Cairn India and its joint venture partners have decided to take up 4 dimensional (4D) seismic survey of Ravva field in the Krishna-Godavari Basin to further explore oil and gas reserves.

路 Liquefied gas importer, Petronet LNG Ltd (PLL), is keen to acquire up to 10 per cent stake in ONGC Petro-additions Ltd (OPaL), which is setting up a cracker complex in Gujarat.

OPaL is, a Rs 12,440-crore petrochemicals project, being set up by ONGC at Dahej in Gujarat.

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Infrastructure

The Adani group-promoted Mundra Port and Special Economic Zone (MPSEZ) is all set to develop a non-LNG port at Hazira.

Hazira Port, which is a joint venture of Shell Gas BV and Total Gaz Electricite Holdings France, issued a letter of intent to the Adani group for developing the port in the booming southern Gujarat industrial belt.

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Capital Goods

路 State-run Bharat Heavy Electrical (BHEL) has set up a new transformer manufacturing facility at Bhopal in Madhya Pradesh.

This new facility would enable BHEL to produce an additional 12,000 MVA (mega volt ampere) of transformers per annum.

路 Pollution control equipment maker Thermax bagged an order worth Rs 477.77 crore from an Orissa-based company for construction of a captive power plant.

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Aviation

路 The Vijay Mallya-led Kingfisher Airlines led the chart of the loss-making carriers by reporting a massive Rs 1,602 crore in losses in 2008-09, followed by Jet Airways with a loss of Rs 1,032 crore.

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Oil Drilling

Jindal Drilling & Industries has bagged an order worth Rs 635 crore from Oil and Natural Gas Corporation (ONGC) for hiring a drilling unit for five years.

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Metal

Tata Steel, the world’s sixth largest steel maker, is raising its annual iron ore production by 55 per cent to 17 million tonnes in India over the next two years.

The expansion is expected to cost about Rs 1,100 crore.

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Information Technology

路聽 Satyam Computer Services (rebranded Mahindra Satyam) has received legal notices from 37 companies claiming a refund of $265 million (approximately Rs 1,230 crore), allegedly given as temporary advance.

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Automobile

Mahindra & Mahindra, India’s largest manufacturer of sports utility vehicles, is believed to be in advanced talks with the Tamil Nadu government for establishing an integrated auto facility in the state.

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Forging

路聽 The Kalyani Group’s flagship company Bharat Forge is planning to make a big foray into the power sector with an investment of up to Rs 50,000 crore and a targeted generation capacity of up to 10,000 Mw, over the next 10 years.

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Rabi Sowing Picks Up in State

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the country.

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Rabi sowing picks up in State

Rabi sowing picks up in State:

The recent rain in several parts of Karnataka seem to be playing a key role in rabi sowing with farmers going in for large-scale coverage of jowar, Bengal gram and sunflower, particularly in the northern districts.


As sowing is in progress, data from the Agriculture Ministry shows that rabi crops were sown on 27.05 lakh hectares of land accounting for 73 per cent progress against the target of 37 lakh hectares as on November 18.


Sowing of maize, wheat, Bengal gram and sunflower continued in the northern districts while transplanting of paddy and sowing of black gram was in progress in parts of Dakshina Kannada and Udupi.

Bengal gram has been sown on 8.78 lakh hectares of land against 7.67 lakh hectares during the corresponding period last year, while jowar, the major rabi crop, has been sown on 9.25 lakh hectares, wheat on 1.9 lalkh hectares, and sunflower on 2.90 lakh hectares.


Overall coverage of pulses such as Bengal gram, horse gram, black gram, green gram, cowpea and avare stood at 9.93 lakh hectares against the coverage of 8.99 lakh hectares last year.


However, the area under cereals 鈥 rice, jowar, ragi,maize, wheat, and minor millets 鈥 trails at 12.32 lakh hectares against 14.39 lakh hecatres during the corresponding period last year.

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In Other major Commodities Updates we can see聽 FMC has recently instructed bourses to ensure compliance of the PMLA and Sugar production in India may exceed estimated figures.

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Commodity bourses must follow PMLA norms : 鈥淔MC鈥

In order to step up the regulatory grip on commodity derivatives market, Forward Markets Commission (FMC) has recently instructed bourses to ensure compliance of the Prevention of Money Laundering Act 2002 (PMLA) by their members.


鈥淭his is more of a pre-emptive step to prevent unscrupulous money coming into our (commodity futures) market,鈥 BC Khatua, chairman, FMC, said.

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Sugar output may beat estimates 鈥淪urvey鈥:

Sugar production in India, the world鈥檚 second-largest grower, may be 11 percent more than estimated after farmers boosted planting and yields improved because of increased fertiliser use.


Output may jump to 17.68 million metric tonne in the season started Oct. 1, according to interviews with 631 farmers across six states by Geneva-based SGS SA for Bloomberg.


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RIL See Retail Sector as Major Value Creator : Ambani

RIL See Retail Sector as an Major Value Creator : Ambani

Reliance Industries has identified retail sector as an important component of its five-platform roadmap for value creation.

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The other value creators include conventional and renewable energy space, innovation and rural transformation, RIL chairman Mukesh Ambani said.


Reliance’s efforts would be on expanding the edifice created by Reliance Retail at the customer end and reinforcing supply chain and logistics,鈥 the chairman said.

Ambani added that Reliance Retail would expand to new cities, markets and form strategic alliances.

This would be done through nearly 1,000 stores, while it has 900 stores across 86 cities.

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The retail company has run up losses over Rs 450 crore in last fiscal.

Ambani said RIL would diversity its conventional energy space with new accumulations in three years.

RIL proposes to accelerate their campaign in the Krishna-Godavari basin,as per the chairman.


Meanwhile, the gas production levels have crossed six billion cubic metres and the D6 field is slated for plateau production by the second half of the year 2010.

Oil production from the D26 field has 2.8 million barrels with daily peak production expected by the end of the year.


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With current cash balance of nearly Rs 19,420 crore, the company expects to be debt free in 21 months, Ambani said.

Even in difficult economic environment, RIL鈥檚 capital expenditure was Rs 24,713 crore ($4.9 billion).

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However, the stock market was not enthused.


On the BSE, RIL stock saw a marginal drop of 0.65 per cent to close at Rs 2,133.75 per share.

鈥淲hatever Mr Ambani has said is old. There is nothing to cheer investors.However, overall sentiment is positive.鈥

Jagannadham Thunuguntla, head, SMC Capital, and other market analysts feels so.

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