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ONGC, Rosneft join hands Rift persists on gas price
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Corus bid: CSN dismisses ore supply dispute Internet telephony gets cheaper TVS launches electric-start bike Reliance Money mulls tie-up with UK firm Post offices to sell BSNL products in HP Airtel offer in HP Sony to tackle grey market
Inflation down at 5.95 pc Corporate Results Siemens to buy UGS for $3.5 b Ruias to delistoil, steel ventures
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ONGC, Rosneft join hands New Delhi, January 25 An MoU to this effect was signed by Mr R.S. Sharma, Chairman and Managing Director, ONGC; and Mr Sergey Bogdanchikov, President of Rosneft, which called for joint study of the possibilities for mutual projects in exploration, production and marketing as well as other projects related to the hydrocarbon industry, including joint bidding for oil and gas stakes in Russia, India and third countries. The two companies also agreed to jointly explore the options for participation in refining and retail marketing projects in India, including integration of other companies in India. To implement this MoU, Rosneft and ONGC will establish two joint study groups, one of which will be responsible for upstream projects and the other for downstream ones. Upon jointly identifying a project, the parties shall mutually decide on the structure of the joint venture to implement it. The ONGC will conduct the activities under this MoU in Russia and third countries through ONGC Videsh Limited (OVL), its wholly owned subsidiary. The President of Rosneft, Mr Sergey Bogdanchikov, noted the high potential of the Indian market, which can’t be ignored by rapidly growing Rosneft. “It would be ideal to match growing Russian production with the growing Indian market through dedicated joint ventures”, he observed. ONGC chief R.S. Sharma, noted: “The signing of the MoU shall open up opportunities for both companies to work together in Russia, India, and third countries.” |
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Putin supports OVL stake in Sakhalin-III
In the first sign of Russia’s willingness to give ONGC Videsh Ltd (OVL) a stake in the giant Sakhalin-III oil and gas project, President Vladimir Putin said today he would support the Indian company’s efforts. “Petroleum Minister (Mr Murli Deora) has spoken to me about (involving OVL in) Sakhalin-III... I will support it,” he said at a meeting here.
— PTI |
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Rift persists on gas price
New Delhi, January 25 While Iran proposed a formula linking the price to Brent crude plus a fixed cost, India and Pakistan put up a combined case for capping the price at the Iran-Pakistan border at $4.25 per million British thermal unit, officials said. The meeting (in Teheran) remained inconclusive, they said, adding that another meeting would be held later. Officials said there was a wide gap between the prices Iran, as the seller, and India and Pakistan, as purchasers had proposed. The two-day talks could not resolve the differences. Last year, India and Pakistan rejected a gas sale price put up by Iran-appointed Gaffney Cline and Associates for the gas to be supplied through the proposed 2,700-km pipeline. Teheran had proposed a price equivalent to 10 per cent of the Brent crude oil price, plus a fixed cost of $1.20 per mBtu. At $50 per barrel, this translated into a price of $6.20 per mBtu at the Iran-Pakistan border. Transportation costs beyond that point would add to the price. On the other side, New Delhi does not want to pay more than $4.25 per mBtu for the gas delivered through the 2,100-km line at its border.
— PTI |
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Market holiday Mumbai, January 25
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Corus bid: CSN dismisses ore supply dispute
London, January 25 “Should CSN acquire Corus, it will exercise its rights to supply iron ore from its Casa De Pedra mine to all its operations, including those in Europe,” a CSN spokesperson said. According to a report in British daily Financial Times, the Latin American firm’s bid to acquire Corus could be blown off the course by a dispute over CSN’s rights to iron ore supply that would be crucial to a merged business and this could lend fresh impetus to the rival bidder Tata Steel. Meanwhile, reports said today the Chief Executive of Corus Philipe Varin would leave if it was bought by CSN. British magazine The Business cited unnamed sources close to Corus as saying that Varin was unlikely to stay if CSN wins, while he would hold onto his position if Tata managed to acquire the company. As per CSN’s offer, Varin's contract expires after six months and can be renewed if both parties agree to extend it. Market expectations for a fierce battle has pushed Corus’ share price well above CSN’s current offer of 515 pence, which values Corus at $9.7 billion. — PTI
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Internet telephony gets cheaper New Delhi, January 25 “Our aim is to make superior quality international voice-calling extremely affordable for every Indian customer. At the same time, we want to assist the government in curbing the rapid proliferation of illegal internet telephony service providers in India and help users understand the relevance of the issue,” said Mr Aditya Ahluwalia, Chairman of the company. World Phone’s pre-paid internet telephony cards are available in the denominations of Rs 100, Rs 250, Rs 500 and Rs 1000 with validity up to 100 days and can be purchased either by logging on to www.worldphone.in or through World Phone’s nationwide network of resellers, he said. According to IDC report, India is the second largest market for Internet telephony services in Asia after China. The voice market in India is estimated to be Rs 33,000 crore, (including international long distance and national long distance) of which Internet telephony is about 2 to 3 per cent. |
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TVS launches electric-start bike
New Delhi, Janaury 25 “StaR City ES” has the distinction of being the first 100 cc motor cycle in the country with electric start,” company General Manager Sales S Ram Mohan said. The new motor cycle comes with new graphics and added features such as switch suspension, pass beam switch, headlight faring with halogen bulb, sporty looking silencer with freshly designed heat shield, it said. “StaR City” has crossed one million in sales in 24 months of launch capturing 25 per cent market share in the entry-level segment, it added.
— PTI |
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Reliance Money mulls tie-up with UK firm
New Delhi, January 25 Reliance Money would be an exclusive partner of the UK's Internet trading platform provider in India and the tie-up would allow the customers to buy various offshore investment products under the RBI prescribed limits. Earlier, the RBI had hiked the remittance scheme for resident individuals to freely remit $50,000 from $25,000. Resident Indians are allowed to remit up to $50,000 per financial year for any current or capital account transaction. A Reliance spokesperson declined to comment.
— PTI |
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Post offices to sell BSNL products in HP Shimla, January 25 The BSNL and the Department of Posts signed an MoU for the Himachal Circle here today, under which the latter will sell the products of the former on commission basis. The MoU has been signed for a period of three years. The Department of Posts will charge a Re less from the the BSNL for delivering telephone bills. Similarly, BSNL will give discount to the Postal Department on telephone bills. Mr Shri Kant Sharma, Chief General Manager, BSNL, said the arrangement would enable the BSNL to make its products available in the remotest part of the hill state. |
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Airtel offer in HP
Shimla, January 25 The subscriber will get free talk time and SMS worth Rs 450 (50 minutes talk time, 250 minutes local Airtel to Airtel spread over five months, 150 local and national SMS valid for three months). In addition, all local calls will be charged at Re 1 per minute for the first three months.
— TNS
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Sony to tackle grey market Ludhiana, January 25 “Grey market has a sizeable 65 to 70 per cent share in total, which is not only eating up on organised segment but also goes against consumers’ interests. Heavy price differentials in branded products and this segment have had a harmful effect on car audio market. We are reducing price differential which would help tackle this chunk,” said Mr Vivek Handoo, Product Head (car entertainment division) of the company. The company would open 150 more outlets by the end of this year. The company currently has more than 50 per cent share in the organised segment and expects to add to this share with the launch of “Xplod” car audio systems. |
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Inflation down at 5.95 pc
New Delhi, January 25 Even though inflation fell compared to the previous week, it is still higher than the threshold of RBI's projection of of 5-5.5 per cent for this fiscal. At 5.95 per cent, inflation is the highest this fiscal. This would put pressure on the RBI to hike interest rates in its credit policy review slated for January
31.— PTI
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HMT posts Rs 4.49-crore net loss
New Delhi, January 25 The company's total income increased 6.9 per cent to Rs 70.13 crore for the quarter from Rs 65.59 crore for the third quarter of last fiscal. MRPL net profit
Rs 118 crore
Mangalore Refinery and Petro Chemicals Limited (MRPL), a subsidiary of the
ONGC, has registered a net profit of Rs 118 crore during the third quarter ended December 2006, a top official of the company
said. MRPL Managing Director R Rajamani said the net profit of Rs 118 crore as against Rs 19 crore in the corresponding quarter was after providing for interest and finance charges of Rs 51
crore, depreciation of Rs 89 crore and tax liability of Rs 99 crore. The turnover for the quarter includes Rs 143 crore released by oil marketing companies towards LPG and super kerosene oil discounts with effect from April 1 last year, he said. Apollo
Tyres
Apollo Tyres has posted over two-fold increase in net profit at Rs 35.07 crore for the quarter ended December 31 as compared to Rs 16.44 crore for the same quarter last year. The total income (net of excise) increased 26.38 per cent to Rs 857.63 crore for the quarter ended December 31, from Rs 678.61 crore for the corresponding quarter a year
ago. Arvind Mills
Arvind Mills has posted a net profit of Rs 104.79 crore for the quarter ended December 31 whereas the same was Rs 23.4 crore in the year-ago period. The total income of the apparel major was at Rs 450.52 crore in the third quarter while the same was Rs 384.39 crore for the corresponding quarter in the previous fiscal, Arvind Mills said. Cummins India net up
Cummins India has posted a net profit after tax of Rs 62.89 crore for the quarter ended December 31, up 29.75 per cent as compared to Rs 48.47 crore in the same period a year ago. Total income has increased by 22.79 per cent to Rs 502.95 crore for the third quarter as against Rs 409.58 crore in the corresponding period in 2005, Cummins India said. The Board of Directors has declared an interim dividend of 100 per cent on equity shares of a face value of Rs 2 each for the financial year
2006-2007. Novartis India
Novartis India has posted a decline of 8.62 per cent in net profit at Rs 21.07 crore for the quarter ended December 31, as compared to Rs 23.06 crore for the same quarter last year. Total income increased 8.46 per cent to Rs 157.75 crore from Rs 145.44 crore for the corresponding quarter a year ago. Union Bank of India
Union Bank of India has posted a net profit of Rs 255.84 crore for the quarter ended December 31as compared to Rs 229.08 crore in the year ago period. Total income has increased to Rs 2054.44 crore for the third quarter, registering a growth of 24.31 per cent over Rs 1652.50 crore recorded in the corresponding period in the previous
fiscal. CBoP Q3 net up
The Centurion Bank of Punjab (CBoP) has posted a 44 per cent increase in net profit at Rs 33.5 crore for the quarter ended December 31, 2006 as compared to Rs 23.3 crore in the corresponding quarter last fiscal. Total income rose to Rs 248.2 crore during the third quarter in 2006-07, up 51.7 per cent from Rs 163.6 crore in the year-ago period.
— Agencies |
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Siemens to buy UGS for $3.5 b
New York/Boston, January 25 Siemens said it planned an initial public offering of VDO, which had annual sales of 10 billion euros ($13 billion) in the last fiscal year. Siemens said it would hold a majority stake in VDO, but a spokesman declined further comment on the size of the stake. An IPO would give that business additional financial resources and flexibility for future growth, Siemens said.
— Reuters |
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Ruias to delist
oil, steel ventures
Mumbai, January 25 Essar group promoters, which control 87-88 per cent in the two companies, may have to shell out as much as Rs 1,600 crore for buying shares of the two firms from the public at the current market prices. The group, which is currently eyeing to buy out its foreign partner Hutchison Telecom's 67 per cent stake in mobile venture Hutchison Essar, said the delisting was aimed at gaining more flexibility in running the companies.
— PTI |
TACO, Sasken form JV Best airport Apollo fund SpiceJet offer |
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