 |
|
Govt to mop up Rs 1,500 cr from PFC divestment
BG-ONGC-RIL to snap oil sale to IOC
Strike costs Toyota nearly Rs 70 cr
|
|
|||||||||||||||||||||||||||||
|
Auto Expo rakes in $1.2 b investments
Special trading in Reliance today
TRAI perturbed at congestion
|
|
|||||||||||||||||||||||||||||
Pay hotel bills through cellphone
Dunlop to give VRS
17 LIC agents US-bound
|
|
Govt to mop up Rs 1,500 cr from PFC divestment
New Delhi, January 17 After raising over Rs 1,500 crore last week by selling an 8 per cent stake in Maruti, it has now decided to sell a 5 per cent stake in the Power Finance Corporation in tandem with the power PSU’s initial public offer that would raise up to Rs 1,500 crore. Power secretary R.V. Shahi told reporters here today that The PFC was expected to hit the market in the next 3-4 months with its maiden public issue of 103 million new shares. “It will be like the NTPC offer,” said the Power Secretary, adding that the company would issue 10 per cent fresh equity. The PFC, a non-banking finance company for the power sector, will be the second public sector power firm to get listed on the stock market after NTPC Ltd. The company had posted a net profit of Rs 470 crore over a total income of Rs 1,563 crore for the first half this fiscal. During 2004-05, it had reported a net profit of Rs 984 crore over a total income of Rs 3,047 crore. The company has reserves of Rs 5,350 crore while the earning per share is Rs 4.56. The PFC has a paid-up capital of Rs 1,030 crore. The government’s part of divestment would be around 5.15 crore equity shares. Having a book value of Rs 65 per share, the company could charge some premium over this amount, said industry sources, adding that the issue could be priced in the range of Rs 70-100. At the outer limit,the PFC could raise up to Rs 1,030 crore while the government would collect Rs 515 crore as its share in the divestment proceeds. The divestment proceeds will go in the National Investment Fund for use in social sector projects and revival of ailing public sector undertakings.
|
|
BG-ONGC-RIL to snap oil sale to IOC
New Delhi, January 17 “IndianOil (IOC) has not been paying us storage tanker cost for the past 10 years. There are few other outstanding issues with the Government nominee for Panna/Mukta oil (IOC) that is leading to revenue loss for the operators,” a top official in the joint venture said today. BG-ONGC-RIL produce 36,000 barrels of crude oil per day from Panna/Mukta fields which they now plan to sell to MRPL, a subsidiary of ONGC. “The joint venture partners have agreed to approach Government for denomination of IOC as government for sale of Panna/Mukta oil,” the official said. If the Ministry of Petroleum and Natural Gas agrees to the demand, BG, ONGC and RIL would be free to sell their sale of crude oil from the fields to anyone they wish to. The three partners would be entitled to crude oil proportionate to their shareholding - ONGC has 40 per cent interest in the joint venture while BG and RIL have 30 per cent apiece. “In case Panna/Mukta crude oil is supplied to MRPL, it is envisaged that MRPL would be saving in the range of $3 to $4 per barrel (domestic crude vis-a-vis imported crude). Net saving would thus range between $346 and 462 million for all oil produced from the fields and 242 to 323 million dollars for 70 per cent of oil (in case Reliance decides to take its 30 per cent share to its Jamnagar refinery),” the official said. — PTI
|
|
Strike costs Toyota nearly Rs 70 cr
New Delhi/Bangalore, January 17 “We have recovered some production at the factory, about 30 per cent, by involving supervisors and managers,” Toyota Kirloskar General Manager (Corporate Planning) A.R. Shankar said from Bangalore. He said following the resumption of production, about 30 vehicles were being rolled out daily even though the normal levels are about 92 units. He said the estimated loss for the company due to break in production was about Rs 8 crore per day. Labour unrest at carmaker Toyota Kirloskar Motors (TKM) Biddadi plant near here is set to put the Karnataka government in the hot seat with the state labour department failing to broker a peace between striking workers and the Toyota Kirloskar management. The labour department has now asked the state government to intervene in the matter. The state government is now left with the task of either ratifying the proposal made by the Labour Commissioner while brokering the peace or going with the TKM management. Reconcilatory talks broke down yesterday when the Toyota management refused to accept the proposal of the Labour Commissioner to revoke the dismissal of three employees, which was the bone of contention for the strike by the employees of the factory. State Chief Minister N Dharam Singh when questioned on this score at a function today said the Labour Ministry was looking into the issue. The government is apparently not keen to interfere on what is perceived to be a labour matter with the Toyota Kirloskar management. This, especially, when the establishment of a second unit at Bidadi is still under consideration of the carmaker. The carmaker has maintained that the lock out of its plant could not be lifted until a congenial atmosphere prevailed and ruled out the question of dismissal of the three employees. It has claimed that the dismissals could not be kept in abeyance as they were carried out “after a thorough legal inquiry following the principle of natural justice”. The company has also claimed that it would be difficult to lift the lock out of its plant citing the violent mood of the agitators. It said prior to the lock out non-striking employees were threatened. It said the striking employees had also threatened to blow up the LPG tanks in the factory compound.
|
|
Auto Expo rakes in $1.2 b investments
New Delhi, January 17 The major achievement of the show was the exhibition of hybrid futurist cars like battery-driven and hydrogen-run cars. If German component major Bosch set the tone for the expo by announcing Rs 800- crore investment a day prior to the start of the event, domestic car giant Maruti Udyog promised investments of Rs 2,718 crore for new model launches, research and development and upgradation. The company, riding high on the blazing run of its new model Swift, also said that it would be launching five new models in the country over the next five years. Another major highlight of the expo was the agreement between another Indian giant, Tata Motors, and Italy’s ailing carmaker Fiat. While Tata gave Fiat access to its dealerships in India, the latter agreed to help the Indian company in growing abroad as well as in supply of technology. Apart from Bosch and Maruti, big-ticket investment announcements included those by Hero Honda (Rs 320 crore), Yamaha (Rs 300 crore), Ashok Leyland (Rs 550 crore), TVS-Delphi (Rs 500 crore) and Bharat Forge (Rs 400 crore) Sonalika ( Rs 800 crore).
|
|
Special trading in Reliance today
Mumbai, January 17 Shares of RIL, fancied by investor community and which carries the second-highest weight on the key index, would command a new price after the company spins off four new entities as part of the ownership settlement in the Reliance group founded by late Dhirubhi Ambani. As per the demerger scheme, 100 shares of RIL would split into equal number of RIL shares along with five shares of Reliance Capital Ventures Ltd, 7.5 shares of Reliance Energy Ventures Limited, 100 shares of Reliance Communications and 100 shares of Global Fuel Management Ventures. In such a scenario, the market capitalisation of RIL could undergo a change depending on the price during the special session on January 18 being termed as “RIL Price Discovery Session”. All four new entities, being created as “Special Purpose Vehicles,” to carry the holdings of RIL shareholders in the companies under the charge of younger brother Anil would be listed soon. The change in market capitalisation of RIL would result in the indices requiring adjustment in base market capitalisation, as two of the four new separate corporate entities due to demerger are not currently listed and traded and valuing the post de-merger price of RIL is not possible by the exchanges. Reliance Ind gains
A rush of activity in index heavy Reliance Industries’ counter, whose scrip touched a new high today, helped the Sensex snap a five-session losing streak and end flat, even as a majority of blue chip stocks tumbled due to late sell-off by market players as well as institutional investors. On the penultimate day of demerger, RIL clocked the record turnover of Rs 1,437 crore in a single session and scored impressive gains of Rs 55.05 as investors rushed to cover their short positions in derivatives. A special trading session would be held tomorrow to discover the price of RIL share following its demerger that will see the company spin off four new entities as part of the ownership settlement between Ambani siblings. Bullish investors today pushed up Reliance Industries shares to a new high of Rs 937.50 in the last 30-minutes of trade. RIL scrip, which surpassed its previous record high of Rs 935.90 set on January 4, this year, was the centre of brisk trading on hectic buying by investors amid short-covering by operators on the last day of current future deals. The company’s shares, which command the second-heaviest weight on the Bombay Stock Exchange’s Sensex after Infosys Technologies, recorded a gain of Rs 64.40 at Rs 937.50 as investors bought heavily before it goes for a special one-hour trading on both the bourses (Sensex, Nifty) tomorrow. — Agencies
|
|
New Delhi, January 17 TRAI has been monitoring the level of congestion at the PoIs between various service providers on a monthly basis. This parameter signifies the ease with which a customer of one network is able to communicate with a customer of another network. It also reflects how effective the interconnection between two networks is. The PoI congestion in the network is on account of inadequate junctions between the two networks and this leads to frequent blocking of calls and the consequent poor quality of service to the subscribers. The TRAI has also issued a direction on November 29 last year to all cellular mobile service providers (CMSPs) to ensure by December 31 that the quality of service parameters, including the level of PoI congestion in their networks, is strictly within the benchmark laid down by the authority. — UNI
|
|
Pay hotel bills through cellphone
New Delhi, January 17 Reliance Capital, a subsidiary of the Anil Dhirubhai Ambani Enterprises, along with TV 18 Group and Norwest Ventures Partners, have joined hands to form “India’s first online and centralised travel services company - Yatra Online— for the domestic market.” “Yatra online will enable the middle-class families to access information on the major tourist destinations, besides bookings of railway, bus, air-tickets, taxi services and over 20,000 hotels at their doorstep through phone, online and physical delivery of products,” said Mr Druv Shringi, co-founder of the company. The company is setting up a multi-lingual call centre in the national Capital that will provide information to customers.
|
|
Dunlop to give VRS
Kolkata, January 17 Ruia Group Chairman Pawan Kumar Ruia, who met West Bengal Chief Minister Buddhadev Bhattcharjee here today, said the company would offer VRS to about 1,700 employees out of a total 4,000 in the two units. He said the company has already signed an agreement with the labour unions at Ambattur (in Tamil Nadu) while the same at Sahagunj plant (in West Bengal) was expected “within a day or two” to start the operations ‘very soon’.
— PTI
|
|
17 LIC agents US-bound
Chandigarh, January 17 Mukti Kapila, Reena Mahajan, Jaswant Singh Arora, Ashwani Choudhary, Ashwani Sharma, Harjit Kaur, K.S. Dhillon, B.K. Gupta, Daljit Singh, Gurcharan Singh, Paramjit Singh, Subhash Gupta, Parveen Rani, S.P.S. Diwan, Salochana Devi, Simi Devi and Neel Rattan.
|
bb
NCDEX pact More Directors on HMT Board soon Bicycle exports may plunge Rs 20-cr Liberty unit at Uttaranchal |
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
