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OVL gets stake in Brazilian oilfield
IOC sells bit of stake in ONGC for Rs 3,669 cr
ATF prices fuel air fare hike
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Reliance annual net tops $2 b
Telcom firms with no FDI can have foreign CEOs
US firms evince interest in Indian
Austria eager to become machinery supplier for HP
Pak allows Indian cement
Corporate Results
Aviation notes
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OVL gets stake in Brazilian oilfield
New Delhi, April 27 “We plan to offer equity and technology stake to the Petrobras in a greenfield refinery to produce ethanol-blended oil products, as I see a great future for alternative fuels,” Mr Subir Raha, CMD, ONGC, said today. Petroleum Minister Murli Deora met Agriculture Minister Sharad Pawar, along with sugar industry representatives, to work out the supply of ethanol and work out a mechanism for its pricing in view of the rising sugar and oil prices. Petroleum Secretary M.S. Srinavasan said: “ India is impressed by the expertise of the Brazil in ethanol field, and looks forward for a collaboration in this field to meet the energy challenge.” Notably, Brazil uses up to 100 per cent of ethanol to run cars and other vehicles. Brazil Ambassador to India asserted that Brazil was hopeful to emerge a net exporter of fuel by 2009. In 2001 a Memorandum of Understanding was signed between the two countries that provides the basis for cooperation on a wide range of aspects involved in the mixture and use of ethanol to gasoline. At the private level, there is already a joint venture between Dedini, a Brazilian company that manufactures equipment for distilleries and Utaam, an Indian company. Meanwhile, ONGC also plans to increase its refining capacity to 45.9 million metric tons a year by 2009-2010 from around 10 million tons at present by building new refineries and expanding the capacity of its Mangalore refinery in the southern state of Karnataka. A 7.5 million ton a year refinery is also proposed to be built by ONGC in southern state of Andhra Pradesh, while another refinery with a capacity of 7.5 million tons a year is being planned at Barmer in Rajasthan. Meanwhile, a unit of the company called ONGC Videsh Ltd. today signed an agreement to buy a 15 per cent stake in a Brazilian offshore block for about $170 million from Royal Dutch Shell PLC. After the sale, Shell will hold a 50 per cent stake in the field while Petrobras will have 35 per cent. “The final payment to Shell is currently being worked out and will be around $410 million at a time when the commercial production starts by 2009,” said ONGC Videsh’s Managing Director R.S. Butola. No new petrol stations for now Meanwhile, Petroleum Ministry has put a temporary freeze on setting up of new petrol stations by state-owned oil retail firms till a study of long-term economic viability of mushrooming outlets is completed. “The government has decided to undertake a scientific and rational study of the rapid increase in the retail outlets commissioned by the public sector oil marketing companies in the last few years,” an Oil Ministry press note said here. The Ministry has asked OMCs to identify outlets selling less than 200 kl of fuel per month and to come out with a blue print for the remedial measures to ensure a healthy retail network. “This exercise is expected to be completed within the next four months.” Petrol pumps in India have jumped 59 per cent over the last four years — from 18,848 as on April 1, 2002, to 29,951 on March 31, 2006, and has led to a drastic reduction in the average throughput per outlet. “The per outlet volume which was a healthy 272 kl per month five years ago has declined to half of this, 140 kl per month now,” the press note said.
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IOC sells bit of stake in ONGC for Rs 3,669 cr
New Delhi, April 27 IOC sold 27.41 million shares or 1.92 per cent of ONGC, at Rs 1,340 per share in a sale managed by Morgan Stanley and Citigroup Inc, a company source said. The company offered ONGC shares in the price band of Rs 1,330 to 1,399 per share. “About 50 Indian and foreign institutional investors, including LIC and HSBC, participated in the sale, which was done through book building route,” the source said. The proceeds of the issue would be used to pre-pay part of the Rs 26,000-crore debt. Sources said the sale was necessitated, as the company was not able to generate surplus due to heavy revenue loss from non-revision of fuel prices despite spiralling crude oil prices. The IOC was losing Rs 80 crore everyday on account of selling petrol, diesel, LPG and kerosene below the production cost. State-run Indian refiners have been unable to raise government-capped retail fuel prices since September last year, despite crude oil prices surging to a record $75 a barrel. IOC had on March 2 sold half of its 4.8 per cent stake in gas utility GAIL (India) Ltd for Rs 561 crore to repay part of its debt and fund expansion. ONGC holds 9.6 per cent stake of IOC, while the refiner held an equal amount in the oil explorer before today’s offer. IOC held 4.8 per cent of GAIL before the March sale. GAIL holds a 2.4 per cent stake in ONGC. The government owns 82 per cent of IOC, 74 per cent of ONGC and 57.34 per cent of GAIL. Sources said IOC also needs funds for refining capacity expansions planned at various refineries and for Rs 5,100 crore petrochemical plant at Panipat in Haryana. — PTI
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Mumbai, April 27 Jet Airways, India’s largest carrier, today announced a fuel surcharge of Rs 300 on all domestic flights from May 1. Its Chief Executive Officer Wolfgang Prock Schauer said the surcharge would apply on all types of fare levels for both club premiere and economy class tickets. “This surcharge has been necessitated by the continued escalation in air turbine fuel (ATF) prices,” he told reporters on the sidelines of an aviation investors’ meet here. The fuel surcharge will be levied on all tickets purchased within and outside India, issued against both Indian rupees and US dollar tariffs. A sum of Rs 300 will be collected per flight coupon on all domestic routes within India. For tickets issued outside India, the same would be converted into local currency by using the applicable exchange rate. About 30,000 passengers travel daily on Jet Airways’ 320 flights to 48 destinations. Meanwhile, low- cost airline SpiceJet hiked the fuel surcharge by Rs 50 and 100. For journeys less than 1,000 km, it currently charges 150. For over 1,000 km, it is Rs 300. SpiceJet said the increase was immediate from today onwards. —UNI |
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Reliance annual net tops $2 b
Mumbai, April 27 Shortly after a Board meeting, RIL Chairman and Managing Director Mukesh Ambani said it had been a good year in an “extremely challenging” environment. “What is more gratifying is the growth in our profits from a little over $1 billion to over $2 billion in just 24 months,” Mr Ambani said. The company will pay a dividend of Rs 10 per share for 2005-06, entailing an outgo of Rs 1,394 crore. RIL said the growth in profits in the fiscal was 20 per cent against Rs 7,572 crore in 2004-05. The turnover for 2005-06 stood at Rs 89,124 crore, a 22 per cent growth over Rs 73,164 crore in the previous year. On the backdrop of the good results and announcement of dividend, the company’s scrip touched the four-figure mark at the bourses with an intra-day high of Rs 1,013 at the Bombay Stock Exchange, before closing at Rs 996.5, up 1.19 per cent. Its contribution to the national exchequer in the form of various taxes stood at Rs 15,950 crore in the fiscal 2005-06 as against Rs 13,972 crore in the year-ago period. The company said its production of oil and gas and petrochemicals, including total conversion, was 13.5 million tonnes during the year as against 12.7 million tonnes, up 6 per cent. During the review period, the company’s exports of manufactured products stood at Rs 32,691 crore as against Rs 25,532 crore in the corresponding period a year ago, up 28 per cent. — PTI
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Telcom firms with no FDI can have foreign CEOs
New Delhi, April 27 The proposal, however, has to pass the Cabinet as the current guidelines do not allow this. And there could also be hurdles from security agencies as well on the ‘strategic’ point of view. The DoT has sent these proposals to the Prime Ministers’ Office and the PMO is believed to have asked the DoT to consult other ministries like Home before before finalising anything. The department is planning to prepare a note to take the proposal to the Cabinet. Since FDI guidelines are issued by the Department of Industrial Policy and Promotion (DIPP), and the issue of security is involved, the DoT will also have to take the DIPP into confidence in an effort to get approval from the Cabinet. DoT officials said the earlier rule of having Indian CEOs in telecom companies was there at the time of the 49 per cent FDI norm. The companies with no FDI should not be subjected to the same law. If the Cabinet approves the proposal, it will put to rest one of the most talked-about issue of the Indian telecom sector where the Tatas have a foreign CEO Darryl Green for their telecom venture. Foreigners should not to be barred from taking up senior management positions such as CEO, CTO or CFO on telecom company Boards if there is no FDI, the DoT has stated in its communication to the PMO. The department also wants the government to allow the telecom companies to have remote access for network which is currently not allowed. — PTI
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US firms evince interest in Indian power projects
Washington, April 27 In his presentation at the Indian Embassy here after completing the Washington DC part of a multi-city Road Show in the United States and Canada, Union Minister for Power Sushil Kumar Shinde said his Ministry is in the process of setting up seven ultra-mega power projects of 4,000 MW each in India. Two of these projects will be coal pithead based plants and three coastal plants based on imported coal. The projects will be in the states of Maharashtra, Madhya Pradesh, Chhattisgarh, Gujarat and Karnataka. Andhra Pradesh and Orissa have also asked to be included, the minister pointed out. Mr Shinde pointed out that the Power Finance Corporation is establishing shell companies to set up these projects and obtain all necessary regulatory clearances and fuel |
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Austria eager to become machinery supplier for HP
Shimla, April 27 The offer was made by Dr Sepp Dabringer, Special Envoy of the President of Austrian Federal Economic chamber in his meeting with Chief Minister Virbhadra Singh here
today. Welcoming the proposal, the Chief Minister said such machinery and equipment had emerged the need of the hour and the state government would be examining the proposals and consider it keeping in view its requirements.
He said Austria was one of the major supplier countries, which had the expertise in manufacturing quality generation machinery and equipment. He said that the state government would give priority to procure such equipments and also suggest them to private entrepreneurs. |
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Islamabad, April 27 Besides, the country’s government has also banned the export of cement from the country till April 30 2006. It is expected that the government will extend the ban on the export of cement to reduce imports. The move has been adopted to reduce the commodity’s price in the domestic market. The Pakistan Government has also decided to give a subsidy of Rs 60 per bag ,to ensure its availability at reasonable prices. —ANI
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Indian Overseas Bank posts 30 per cent profit
Mumbai, April 27 Total income increased to Rs 1,374 crore as against Rs 1,165.20 crore in the corresponding quarter last year, bank officials told reporters today. Profit for 2005-06 fiscal was Rs 783.34 crore as against Rs 651 crore in the last fiscal. The Bank has maintained an impressive net interest margin of above 4 per cent and the credit to deposit ration improved from 59.39 per cent to 70.77 per cent as on March 31, 2006. Escorts’ loss lessens Commercial vehicles manufacturers, Escorts Ltd today posted a net loss of Rs 16.18 crore for the quarter ended March 31, as compared to a loss of Rs 48.26 crore for the same period last fiscal. However, total income increased to Rs 441.58 crore for the second quarter ended March 31, from Rs 232.04 crore in the corresponding quarter last year, the company said.
Grasim dividend Grasim Industries Limited, the flagship company of Aditya Birla Group, has posted a 39 per cent growth in the net profit at Rs 347 crore in the quarter ended March 31, 2006, while proposing a dividend of 200 per cent. The net profit in the corresponding quarter last year was Rs 249.3 crore. Net revenue was Rs 2,901.4 crore against Rs 2,474.7 crore in the corresponding quarter last year, a growth of 17.2 per cent. The net profit for this fiscal stood at Rs 1,038.6 crore as against Rs 880.4 in last fiscal.
Zee Tele net down Zee Telefilms Ltd has posted 64.22 per cent decrease in net profit to Rs 13.25 crore for the quarter ended March 31, as compared to net profit of Rs 37.04 crore for the corresponding quarter previous year. Announcing the results the company said its total income has increased by 52.16 per cent to Rs 266.13 crore for Q4 FY 05-06 from Rs 174.90 crore in Q4 FY 04-05. It has posted 54.39 per cent decrease in net profit to Rs 74.0 crore for the year ended March 31 as compared to Rs 162.26 crore for the year ended in corresponding period previous year. Total income has increased by 27.61 per cent to Rs 884.49 crore for FY 05-06 from Rs 693.07 crore in FY 04-05. The group has posted 27.02 per cent decrease in net profit to Rs 67.55 crore for the quarter ended March 31, as compared to Rs 92.57 crore for the similar quarter previous year.
UB profits United Breweries today reported a 22 per cent volume growth in 2005-06 with sales significantly high at Rs 595.58 crore over Rs 453.39 crore recorded in 2004-05. The company said the net profit of Rs 48.39 crore was more than triple the earnings of Rs 14.04 crore in the previous year. The fourth quarter ending March 31 recorded a turnover of Rs 191.78 crore (Rs 133.54 crore in Q4 of 2004-05) and a net profit of Rs 14.04 crore (Rs 17.35 crore) UB continued to outperform the industry volume growth of 14 per cent for the year in both strong and mild beer segments.
SKF gains SKF India Ltd has posted a net profit of Rs 22.52 crore for the quarter ended March 31 as compared to Rs 14 crore for the quarter ended in the same corresponding period last year (Q1 FY 2005). The total income has increased from Rs 177.88 crore in Q1 (2005) to Rs 298.12 crore for Q1 (2006).
Arvind Mills net dips Arvind Mills Ltd today posted a decline of 59.49 per cent in net profit at Rs 21.47 crore for the quarter ended March 31, as compared to Rs 53 crore for the same quarter last fiscal. The total income of the company, however, decreased 17.46 per cent to Rs 363.75 crore in the fourth quarter ended March 31, from Rs 440.70 crore for the corresponding period last year, the company said. The Board of has recommended a dividend of 10 per cent on the equity capital for the year ended March 31, 2006. For the year ended March 31, the net profit of the company was Rs 127.16 crore as against Rs 127.35 crore a year ago and the total income decreased to Rs 1,614.52 crore for 2005-06 from Rs 1,659.90 crore last year. The group posted a net profit of Rs 85.82 crore for the year ended March 31, whereas the same was at Rs 117.38 crore a year ago.
Dena Bank in black Dena Bank has reported a net profit of Rs 130 crore in the fourth quarter ended March, 2006, compared to a net loss of Rs 39 crore in the corresponding period last year. Total income of the PSU bank rose to Rs 585 crore during the January-March of 2005-06 from Rs 439 crore in the same period in the last fiscal, Dena Bank informed the bourses. The bank has posted a net profit of Rs 73 crore in 2005-06 fiscal, higher than Rs 61 crore in the previous fiscal, but much lower than the fourth quarter net profit of Rs 130 crore. The fall could be attributed to the loss of Rs 189 crore in the first quarter of 2005-06.
— Agencies
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Aviation Notes by K.R. Wadhwaney Commoners, even middle-class Indians, have begun to enjoy the fruits of travel and tourism industry. But, air travelling has become totally impersonal, causing problems to passengers. While passengers are nobody’s concern, their baggage is often mishandled or lost in transit. Shocking as it may seem, as many as 30 million bags were mishandled on international flights in 2005. Of these, two lakh bags were lost causing inconvenience to passengers and loss to airlines. The incidents of mishandled or lost baggage are on increase. Intense airport congestion, tight connection times, increased transfers among airlines, fixing of wrong tags, loading and unloading problems and ticketing errors are some of the reasons for loss of baggage. For mishandled baggage, the airlines take about 30 hours to return bags to their owners. For permanent loss of baggage, a protracted correspondence is undertaken before payment is made in accordance with the IATA (International Air Transportation Association) rules. According to airline officials, there are gangs in operation in pilfering the bags. The airlines are aware, but they have not taken sufficient measures to reduce this menace since payment of the lost baggage is borne by the insurance companies. To airlines, it is a minor problem, but it is a big irritation to passengers whose trips get screwed owing to loss of baggage. In India, for example, passengers are subjected to a lot of inconvenience before they are reluctantly paid interim compensation for mishandled baggage. Apart from mishandling of baggage, passengers face many other problems on their arrival. In Delhi, for example, passengers are swarmed by touts and unscrupulous agents. The police and Airports Authority of India officials are aware of this menace, but unfortunately, they have taken no positive measures to curb this nuisance, which brings negative publicity to the country. As a tired passenger walks out of the customs check, tout appears from nowhere and places his hand on the trolley. He carts the trolley for a few yards and extracts a huge amount. When asked, the authorities claim that touts’ menace is declining. But, facts are otherwise because at least four nights in a week, there is virtual jungle raj in operation at the Indira Gandhi International Airport (IGIA).
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Aston Martin to hit Indian roads Aston Martin, on the Indian roads, is estimated to cost around Rs 80 lakh to about Rs 2 crore depending on the variants. This luxury sports car is manufactured in Gaydon, UK which currently produces only 5,000 cars a year, said Mr Thomas Kastgen, CEO of Middle East Aston Martin, while launching his ‘Leading Brands of the World’ here today.
—UNI
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