Public Sector

ONGC looking to international partner for exploration

ONGC looking to international partner for exploration

The state-run ONGC is considering a possible tie up with international players in the field of domestic deep-water hydrocarbons exploration.

A total of 19 oil and gas acreages are available that includes its East Coast ultra-deepwater gas discovery and will be offered through domestic licensing rounds. ONGC has asked 13 firms, which are mainly from the US and Australia proposing a possible partnership.

Government is planning to sell its entire stake in Scooters India

Heavy Industries Minister Praful Patel has informed that Scooters India may receive the status of a complete private organization. He has indicated that the government is planning to sell its entire stake in this firm. This may helpful to the government’s policy of outright sale of closed PSUs.

As per Mr. Patel, there are several other companies like Scooters India which may be considered for this purpose. The government needs to look after these firms to renovate and reorganize them. This can be done by adapting strategies like disinvestment or some outright sale etc. Patel has informed this on the sidelines of an event organized at AIMA.

He has also added that Scooters India Ltd (SIL) needs to get some fresh capital infusion to sustain in the market.

M.J. Akbar's book about Pakistan on top again

M.J. Akbar's book about Pakistan on top againNew Delhi, Jan 27 - Indian journalist M. J. Akbar's "Tinderbox: The Past and Future of Pakistan" and "Tender Hooks" by Pakistani writer Moni Mohsin continue to lead the non-fiction and fiction sections, respectively, of the bestseller list for the second week.

The top 10 in each category this week are:


1. "Tinderbox: The Past and Future of Pakistan" Author: M. J. Akbar Publisher: Harper Collins Price: Rs. 499.00

2. "India: A Portrait" Author: Patrick French Publisher: Penguin Books Price: Rs. 699.00

Buy Jagran Prakashan With Target Of Rs 165

Buy Jagran Prakashan With Target Of Rs 165PINC Research has maintained buy rating on IRB Infrastructure Developers Ltd with a price target of Rs 165 in its report dated Dec 15, 2010.

As per report, JPL for its leadership in UP (the largest print market in terms of readership and print ad value), strong position in growing regions such as Bihar and Jharkhand, better cost efficiency, phased expansion into other forms of media businesses, and a wider portfolio (including Mid-Day).

PINC Result Review – Blue Star Ltd.

Blue Star Ltd.Blue Star Ltd’s (BSL) Q2FY11 net sales grew by 25.2% YoY to Rs6.9bn against our estimate of Rs6.5bn. OPM contracted by 338bps to 8.5% on account of higher input cost and change in product mix (higher contribution of trading). Lower operating margins coupled with higher effective tax rate (31.1% against 24.2% YoY) led adj net profit to de-grew by 12.6% to Rs386mn lower than our estimate of Rs449mn.

NMDC’s FPO response to be evident by day-end

NMDC-LtdWhile the analysts are of a view that the NMDC FPO is way too over-priced and hence investors are shying away from the offer but the company believes that the whole response will be clear by the end of the day today. The company has said the lack of interest from FIIs is primarily because of the time zone difference and it expects the FIIs to pitch in by the end of the day.

NTPC reveals its plans to add 25K MW capacity

NTPC reveals its plans to add 25K MW capacity
National Thermal Power Corporation (NTPC), India's largest power company, has revealed its plans to add 25,000 Mw to its capacity during the 12th five-year plan in order to fulfill the arising need of power in the nation.

Out of the proposed 25,000 Mw new capacity, 7720 MW will be generated by the company in Orissa. The company intends to establish two new power facility of 3200 Mw capacity each at Gajamara and Darliapalli in Orissa.

BPCL books net loss of Rs 158.77 crore in Q2

Bharat Petroleum Corporation LimitedBharat Petroleum Corp Ltd, India–based second biggest state refiner, has registered disappointing results for the second quarter of the current financial year.

During the reporting quarter, the company has posted a net loss of Rs 158.77 crore.

In the July-September three month period, company’s losses dropped to Rs 158.77 crore from Rs 2,625.27 crore a year ago.

BPCL's turnover also witnessed a downward trend to Rs 27,513.4 crore from Rs 38,148.73 crore.

Power Grid Corporation to form JV with IL&FS and Satluj Jal Vidyut

Power Grid Corporation to form JV with IL&FS and Satluj Jal VidyutState-run, Power Grid Corporation of India has notified that the Board of Directors of the Company at its meeting has finally granted its nod to form a joint venture company (JV) in association with IL&FS Energy Development Company and Satluj Jal Vidyut Nigam.

The said JV company has been formed establishment of Muzaffarpur - Sursand section of 400 KV D/C Muzaffarpur-Dhalkebar Indo-Nepal cross border transmission line.

AI Chief warns of stringent measures

Air IndiaA-I chief warns employees unions against disrupting airline's services, adding that the carrier may take some stringent measures for the airline to get out of financial trouble. The statement assumes significance as the 14 unions of Air India, representing over 32,000 employees, have announced their decision to shun work in a protest against the management's indifferent attitude towards their demands.

The Chairman and Managing Director of Air India, Mr Arvind Jadhav said: "The airline may be compelled to prune its operations leading to lay-offs and retrenchment."

SC declines to stay CVC probe into Doordarshan irregularities

SC declines to stay CVC probe into Doordarshan irregularitiesThe Supreme Court, in its interim orders, has declined to stay CVC probe into Doordarshan irregularities, paving a way for the Central Vigilance Commission to conduct independent enquiry into the financial irregularities in the administration of public sector broadcaster, Doordarshan (DD).

The public broadcaster hiked legal charges for lawyers it hires which are fixed Rs 4,500 for a hearing.

Coal India to undergo two-phase 15% disinvestment

Coal India to undergo two-phase 15% disinvestment State owned Coal India Ltd, having equity of Rs 6316 crore, will complete 15 per cent disinvestment in the coming year in two phases.

NHPC IPO to open on August 7

NHPC IPO to open on August 7State-owned NHPC, a hydroelectric power generating company, is entering the market with an initial public offer (IPO) on August 7, 2009.

The company plans to raise nearly Rs 6,000 crore through sale of shares in a price-band of Rs 30-36 in an IPO (initial public offer).

NHPC Limited, a Mini Ratna (Category I) Central Government Public Sector Unit is dedicated to the planning, development and implementation of an integrated and efficient network of hydroelectric projects in India.

NHPC to go for disinvestment on 7 August

NHPC1The UPA government is set to kick off its first disinvestment program as public sector Company NHPC has announced to float IPO at a price of Rs30-36 on August 7. The company aims to collect Rs 6,048 crore from the offering to be closed on 11 August.

NHPC Chairman and Managing Director, S K Garg said, "We have decided a price band of Rs30-36 for the IPO."

The move will reduce government's equity in the state owned firm to 86.36% that may have valuation of Rs 44,000 crore. NTPC will sell 168 crore shares and amount will be used to carry out its brown field expansion plans.

OBC posts a jump of 16.72% in its Q1 net profit

OBC posts a jump of 16.72% in its Q1 net profit  Public sector Oriental Bank of Commerce (OBC) has informed that its net profit grew by 16.72 per cent to Rs 257.41 crore for the quarter ended June 30, 2009 on the back of healthy treasury and fee-based income.

The lender had a posted a net profit of Rs 220.52 crore in the same period ended June 2008.

Further, the lender a registered a growth of 29.50 per cent in its total income, which surged to Rs 2,796.10 crore in the latest quarter, against Rs 2,159.21 crore.

AP Government scraps Metro Rail project

AP Government scraps Metro Rail projectThe Andhra Pradesh government has decided to cancel Hyderabad metro project worth Rs 12,100-crore awarded to Maytas Infra Limited last year. The company, owned by the sons of the disgraced Satyam Computer Services Limited founder chief B Ramalinga Raju, failed to achieve financial closure, even after the expiry of the stipulated time in March.

AP Govt cancels Maytas bid for Hyderabad Metro Rail Project

AP Govt cancels Maytas bid for Hyderabad Metro Rail ProjectIn a significant move, the Andhra Pradesh Government on Tuesday cancelled the Rs 12000 crore Hyderabad Metro rail project contract awarded to Maytas Infra, run by the family of former Satyam chairman of B Ramalinga Raju.

Neyveli Lignite FY09 net profit rises to Rs 821 crore

Neyveli Lignite FY09 net profit rises to Rs 821 crore Neyveli Lignite Corporation has announced that its net profit on consolidated basis stood at Rs 821 crore for the year ended 31 March 2009.

The sources close to the company said that the comparable figures for the year-ago period were not available.

In a filing to Bombay Stock Exchange, the company said that it has posted a total income of Rs 4,019 crore in the latest fiscal as compared to Rs 3,638 crore in the previous fiscal.

RCF Q4 net dips 23.36%

RCF Q4 net dips 23.36%Rashtriya Chemicals & Fertilizers (RCF) has informed that it has recorded a steep drop of 23.36% in the net profit on standalone basis for the quarter ended March 2009.

The company has reported a net profit of Rs 393 million during the quarter under review as compared to Rs 513 million in the same period last fiscal.

However, company's net sales for same period has witnessed a growth by 43.88% which stood at Rs 19128 million as against Rs 13295 million in the same quarter previous year.

Indraprastha Gas to spend Rs 1600 crore on Expansion

Indraprastha Gas to setup 50 new CNG outlets across New DelhiIndraprastha Gas Ltd (IGL), the state-owned automotive and domestic gas retailer, has planned to spend Rs 1,600 crore on expansions of its retail outlets and Piped Natural Gas (PNG) network in and around the NCR.

The company intends to expand its CNG retail outlets to 240 with an investment worth Rs 800 crore, before the commencement of the Commonwealth Games in October

Presently, IGL sells CNG to fuel vehicle engines through its 163 retail outlets in the Capital.

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