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ONGC intends to enter power-generation arena IOC approves merger with IBP |
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Cash in on crash, advise brokers
Mumbai, April 28, 2004 The stock markets continued to be flat Wednesday with the 30-share Bombay Stock Exchange (BSE) Sensex closing slightly higher at 5722.22 points as compared to the previous close of 5712.28. Asian Dev Bank predicts 7.4 pc growth
Drip irrigation market just a trickle in Punjab, Haryana
Fly and meditate with Air Sahara |
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Himachal sales make Godrej profits go up Mumbai, April 28 Godrej Consumer Products Limited has posted a 21.17 per cent rise in net profit at Rs 64.84 crore for the year ending March 31, 2004, as compared to Rs 53.56 crore in the previous year.
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ONGC intends to enter power-generation arena New Delhi, April 28 However, the company has no plans to enter into power transmission, and would explore the market for bulk consumers or to sell power to the national grid. “The New Electricity Act has opened up new opportunities for energy players like ONGC to enter into power sector. Since the corporation was already into gas supply business, it would now explore opportunities to generate gas based power itself or by entering into contract with other player,” said Mr Subir Raha, Chairman ONGC here today. He was talking to the mediapersons after signing two contracts for marginal fields with Prize Petroleum Company Ltd and Assam Company Ltd for the exploration of oil and gas in Gujarat and Assam respectively. He disclosed that since the company was finding it more lucrative to produce power than supplying gas to the far flung places, it would prefer to generate power, especially at the fields which were not connected with pipelines. “Since the ONGC is already producing around 1000 MW captive power for self-consumption and the surplus is being sold to the national grid, it would not be a new field for the oil sector giant, said Mr Raha adding that the company had yet to decide on the location or method of executing the power projects. He said there were a number of options for setting up power projects, but the decision on each option would be taken on the basis of gas availability. Initially, the ONGC will set up gas-based power projects on those locations from where no pipeline is connected. He said ONGC was producing sufficient gas in Assam, Tripura, Andhra Pradesh and Rajasthan.” If new gas is found in these locations, the corporation would convert it into electricity”, he added. As per the agreement signed today, Prize Petroleum will develop three fields - Hirapur, Khambel and West Bechraji-in Gujarat and Assam Company Ltd will develop Bihubar, Laxmijan and Barsila in Assam. ONGC has estimated that initial oil in three fields in Assam is around 43.98 million barrels and gas around 48.98 billion cubic feet. The reserves may increase later, as the both the companies have announced to use modern technology for testing. Mr Raha said ONGC will retain ownership of these fields and the oil and gas produced from these fields will be supplied to the ONGC. He said ONGC was holding 96 marginal fields with estimated potential of 203.6 million tonnes of oil and 120.5 billion cubic metre gas. |
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IOC approves merger with IBP
New Delhi, April 28 "The IOC board has given an in-principle approval for merger of IBP with IOC to avoid duplication, reduce cost and achieve better operational efficiencies," IOC chairman M.S. Ramachandran told PTI here. The merger proposal has been sent to the government for approval as government equity in IOC would be marginally diluated due to the merger. "We are going to merge it by offering the existing shareholders of IBP shares of IOC in a ratio that will be decided after government's approval," he said. IOC, which had acquired government's 33.58 per cent equity in IBP in 2002 and subsequently made an open offer for additional 20 per cent, currently holds 53.58 per cent stake in IBP. — PTI |
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Cash in on crash, advise brokers
Mumbai, April 28, 2004 As retail investors fled the markets in droves one day after the Sensex plunged 213 points wiping out Rs 55,700 crores of shareholders’ wealth, contrarians advised smart money to move in. “The really market-savvy investors cashed out when the market breached the 6,200-barrier (about two months ago), and now is the time for them to move back in,” says Shyam Gandhi a sub-broker in Mumbai. According to him most companies have declared improved results following several years of cost-cutting and the markets are likely to bounce back after a new government is formed next month. According to the buzz on the street, the Sensex is likely to breach the 6,500 mark in the next year, offering tremendous opportunities for those moving in at the moment. In a report, DSP Merrill Lynch reportedly predicted in an April 19 report that if any coalition manages more than 300 seats the Sensex is likely to rise above 7,000. However several members of the bear cartel have warned of continued instability should a non-BJP or non-Congress government take office next month. According to them, Sensex may fall below the 5000 mark should this scenario come through. In the short-term, observers expect markets to bounce back from next week at least. Wednesday’s slack markets have been attributed to the April derivatives expiring tomorrow. |
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Asian Dev Bank predicts 7.4 pc growth
New Delhi, April 28 The ‘ADB Outlook 2004’ Report released here says an upswing in India’s current business cycle is riding on an underlying long-term growth, which is also accelerating. The Outlook, an annual ADB publication that forecasts trends in the region, notes that India’s GDP is growing rapidly, markets are strong, and the balance of position is comfortable. For the first time in the last several years, there is a surplus in the current account deficit. Agriculture and services are forecast to grow at three per cent and eight per cent respectively, with industry expanding by 10.2 per cent in FY 04. Despite a lower industrial growth projection, higher services projection and a normal monsoon will sustain the growth momentum in FY 05. “We are of the view that the growth momentum will be sustained in the coming years,” Dr Sudipto Mundle, ADB India Chief Economist, said while briefing on the report. Citing reasons for this, he listed the upswing of the present business cycle, the secular upward trend in growth rate since 1951 and the lower weightage of agriculture in the GDP at present. The briefing was also addressed by ADB Country Director Louis De Jonghe. The Manila-based Asian Development Bank (ADB) will step up lending to India from $ 1.5 billion in 2003 to $ 2 billion per annum during 2004-07, with thrust on assistance for building infrastructure and developing backward and far-flung areas, as part of its poverty eradication strategy. ADB will also bring out its second rupee bonds issue, after a successful issue of $ 100 million dollars. The ADB lending is for a calendar year.
— UNI |
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Drip irrigation market just a trickle in Punjab, Haryana New Delhi, April 28 The drip irrigation system manufacturers claim that farmers in Punjab, parts of Haryana and western Uttar Pradesh are not opting for drip irrigation systems due to almost zero water charges. They had no incentive to save water in the cultivation of paddy, wheat, and even vegetables and fruits. On the other hand, they said, a large number of farmers in Andhra Pradesh, Maharashtra, Karnataka and Tamil Nadu were adopting the water saving drip irrigation systems on a large-scale. These states were also offering 30 to 70 per cent subsidy on drip irrigation material. Mr Zvi Feler, Managing Director, Netafim Irrigation India Ltd, a subsidiary of the Netafirm ACS Isreal, said: “The state government and farmers in Punjab are still considering water as a free commodity but the water table is falling fast in the state, indicating an emerging crisis.” Says Mr Feler,” By investing Rs 40,000 to Rs 3 lakh per hectare, the farmers can recover capital costs within 2-3 crops. In states like Punjab, Haryana, the state governments can promote drip irrigation and the surplus water can be sold to the industrial and other sectors.” Says Mr V.K. Duggal, Secretary, Water Resources,” per capita availability of fresh water is on a decline and can reach a critical level soon. Even 10 to 15 per cent saving in irrigation water will be lead to better supplies of drinking water in rural and urban areas.” |
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Fly and meditate with Air Sahara New Delhi, April 28 Ms Maureen Motwane, former Miss India Asia and CEO of Herb Care who is also associated with the Art of Living Foundation, will be in-flight counsellor for the programme. The foundation headed by Sri Ravi Shankar has several programmes that have been taught to more than a million people in over 130 countries and are now widely used for conflict resolution, anger management and personality development. “We live in a world enraged with stress,” said Ms Motwane. “Many people on planes use laptops to beat deadlines, many more keep drinking to battle with air rage. We offer a de-stressing and meditation technique which is a safe and simple way to balance a person’s physical, emotional and mental state.” |
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Himachal sales make Godrej profits go up
Mumbai, April 28 Patni Computers
IT services provider major Patni Computer Systems Ltd has posted a 49 per cent rise in net profit at Rs 55.96 crore under US GAAP in first quarter ended March 31, 2004, compared to Rs 41.11 crore registered during the same quarter of the previous fiscal. The company’s revenues rose by 34.8 per cent to Rs 312.73 crore during the quarter under review, as against Rs 254.03 crore posted during the same period a year ago.
— PTI |
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THAT'S IT
New Delhi, April 28 Primarily focused on providing software support and technical expertise in CDMA technology, the new R & D facility will leverage Nokia’s existing global CDMA competencies to build a team of local talent specialising on the CDMA protocol. In addition to catering to the unique market and operator-specific needs in India and other key CDMA markets in the Asia-Pacific region, the facility will also expand Nokia’s global research network and create new platforms for technology transfer and local talent development. Located in Navi Mumbai, the R & D facility is expected to be fully operational in June this year. “Nokia views Asia Pacific as an important region for Nokia’s CDMA operations. The creation of a new CDMA R & D facility in India is part of the continuous expansion of Nokia’s global efforts to grow and invest in the CDMA business in this region. “We are also constantly looking at opportunities to expand our R & D activities to include markets outside the US. The establishment of such a facility in India testifies to our long-term commitment to this region,” said Mr Soren Petersen, Senior Vice President and General Manager, CDMA Business Unit, Mobile Phones, Nokia. HCL Tech
To speed up software development, HCL Technologies has teamed up with IBM and would set up a Centre at Gurgaon. HCL will use IBMs ‘Rational Software’ tools that incorporates, create, control and exchange functionality required by a software development company to secretly manage all its software development changes and assets. “Investments in Rational Tools is one of our strategic initiatives with IBM India under our tools and assets programme at HCL Tech,” Mr Rajiv Sodhi, vice-president, HCLT said.
Hewlett Packard
Buoyed by a 21 per cent rise in the sales of its products for small and medium businesses (SMB) in the fourth quarter ended October 2003 in India, IT company Hewlett Packard today rolled out its $ 750 million global initiative for SMB in the country. The
initiative — Smart Office — lays out a roadmap or vision for how SMBs can productively use IT, Mr Ravi Swaminthan, vice-president, personal systems group, HP India, told reporters here. “Together with our partners, we are delivering a more comprehensive set of products, infrastructure and business solutions for SMBs,” he said. The $ 750 million global Smart Office initiative rides on the company’s global success in the SMB market with sales touching $ 21 billion.
Unisys
Bangalore: Unisys Corporation, a worldwide IT services and solutions company, today announced expansion of its Indian operations with the launch of a new technology development centre here with an initial investment of $ 180 million. The centre, which would employ around 2,000 persons over the next five years, would provide software development, maintenance, Business Process Outsourcing and technical help desk services, Vice-President, Unisys Global Services, Cal Killen, told reporters here. The $ 180 million investment would pertain to employment and other related expenses.
— Agencies |
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