Posts Tagged ‘Cairn India’

Equity News Round Up 30th August – 3rd September

DOMESTIC NEWS


Economy

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•The food price index rose to an annual 10.05% in the week ended August 14 as against 10.35% in the previous week.

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Oil & Gas

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•ONGC is set to get permission from the Centre to pay only a third of its total royalty obligation to the Rajasthan government on the revenues earned from the oil blocks owned by Cairn India, removing a possible obstacle to the Vedanta-Cairn deal and saving the oil explorer an annual outgo of $350 million.

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•The Supreme Court refused to restrain Vedanta Group’s bid to acquire Cairn India through an open offer of $3 billion. Billionaire Anil Agarwal-owned Vedanta Group plans to acquire around 60% stake in Cairn India for over $9 billion, including the 20% proposed to be bought by Sesa Goa.

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Telecommunication

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•Reliance Communications’ 3G Innovation Lab has started with hopes of providing the operator with applications that will drive higher data consumption among mobile phone users as the company launches third generation (3G) wireless services.

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Ship Building

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•ABG Shipyard exited Great Offshore by selling its 4.66 per cent stake in the offshore oil and gas service provider for `64.50 crore through open market transactions.

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Information Technologies.

•Tata Consultancy Services (TCS) has signed a 130 crore e-governance contract with the Madhya Pradesh government.

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•EdServ announced that it has tied up with the Canada-headquartered Corel to become its authorised online training partner. EdServ thus have the rights to train and certify students on the Corel Technology, Graphics Design and Desktop Publishing.

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Auto Ancillaries

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•Lumax Industries plans tosetuptwoautomotivelightingplants intwoyears.The first plant isbeing setupat SanandinGujarat tosupplyTataMotors’Nanocar and will become operational inthethirdquarter this fiscal.

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Power

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•Power Grid Corporation is among the three firms shortlisted by the Nigerian Government to manage the country’s electricity grid to be constructed at a cost of $ 3.5 billion.

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Tea.

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•Jayshree Tea & Industries (JTIL), a BK Birla Group company, is eyeing tea estates in Rwanda. It has decided to participate in the auctioning of tea estates that is likely to be kicked off by the Rwanda Tea Authority shortly.

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Pharmaceuticals

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•Cipla has approved the acquisition of Mumbai-based Meditab Specialities for a consideration of 133.35 crore. The acquisition of Meditab will help the company consolidate its business invariouscountries includingChina & Africa.

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INTERNATIONAL NEWS

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•US Existing home sales fell 27.2 percent in July to a 3.83 million annual rate for the lowest level in 15 years. The 3.83 million rate compares with expectations for 4.65 million. Supply at the current sales rate ballooned from June’s already swollen 8.9 months to 12.5 months for the worst reading in 11 years.

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•US New factory orders for durable goods in July rebounded 0.3 percent, following a 0.1 percent decline the prior month. The July rebound came in significantly belowthe consensus forecast for a 2.5 percent comeback.

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•US Jobless claims swung lower in the August 21 week in what should slow the deepening pessimism. Initial claims fell 31,000 for the second biggest decline of the year. Yet the 473,000 level is still on the high side when compared to levels in July, evident in the four-week average of 486,750 which is the worst since November.

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•US Gross domestic product grew at a 2.4 percent annual pace, less than forecast, after a 3.7 percent first-quarter gain that was larger than previously estimated. The U.S. economy slowed in the second quarter as a scarcity of jobs eroded consumer spending, leaving the rebound dependent on a surge in business investment.

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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

 

·  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.

· 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

· 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.

· 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

· 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

·  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

·  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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