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Three-month extension for FDI in telecom
ONGC term for 5 pc equity in Rosneft
It’s either IOC or Reliance in Haldia Petro, says Behuria
Unlisted firms may sponsor ADRs, GDRs
GAIL, Petrobras to bid jointly
BHEL gets Rs 220-crore contracts in Afghanistan
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Patni Computer inks pact with US firm
DoT simplifies frequency allocation
UTI fund dividend
Eveready plant
Premium scotch whisky launched
Nod to Rel Com’s offer for 74 pc foreign stake The government has cleared the way for Anil Ambani-controlled Reliance Communications to raise FIIs' stake in the company up to 74 per cent, besides approving 19 other FDI proposals involving inflow of Rs 762.12 crore into the country.
CORPORATE RESULTS
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Three-month extension for FDI in telecom
New Delhi, June 29 The Cabinet headed by Prime Minister Manmohan Singh discussed the Airport Economic Regulatory Authority (AERA) Bill, but the Defence Ministry has sought some clarifications. Civil Aviation Minister Praful Patel said the ministry would put forth the details within a week. ''We will discuss it in the next Cabinet meeting,'' he told reporters after the meeting. The AERA is expected to deal with issues of pricing and competition in airports, particularly in view of private companies entering the airport arena. The new regulator will be independent of the existing Directorate-General of Civil Aviation (DGCA) that deals with technical aspects of aviation. Meanwhile, the Cabinet granted three-month extension to the proposal of the Department of Telecom seeking a three-month extension for ensuring compliance of conditions with regard to enhancement of FDI ceiling from 49 per cent to 74 per cent in the telecom sector. The Department of Telecom had sought the Cabinet approval to extend the deadline for meeting the FDI guidelines by three months from July 3 to October 2. This will give more time for further consultation with different stakeholders and in the meantime maintain the continuity of operation in the telecom and IT sectors, Parliamentary Affairs Minister P R Dasmunsi said after the meeting. The government received various representations for reconsideration of the conditions imposed by it in the Press Note issued on November 3, 2005, regarding the enhancement of the FDI ceiling from 49 per cent to 74 per cent in the telecom sector. Some of the main points in these representations were issues like remote access, accounting information, appointment of resident Indian citizens on key positions, hauling of domestic traffic outside India and calculations of FDI among others. Accordingly, the Cabinet gave its ex-post-facto approval to proposal of DoT to extend the correction time by four months with effect from March 3 to July 2. Now, this deadline has been extended by another three months.
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ONGC term for 5 pc equity in Rosneft
New Delhi, June 29 ONGC Videsh Ltd (OVL), the overseas arm of ONGC, has told Russian authorities that it may participate in the $11.6 billion IPO provided it gets a stake in Sakhalin-3, Vankor or Timano-Pechora oil fields, an industry source said. "The IPO values Rosneft at between $60 billion and $80 billion. A 5 per cent stake would mean $3-4 billion investment. OVL had taken a feel of the debt market when Russia was seeking loan from India and China for takeover of Yuganskneftegaz. They can raise upto $6 billion without any problem," the source said. Russia had previously asked OVL to underwrit the IPO, but the Indian firm had the same condition as a portfolio investment would not give the energy-hungry nation oil and gas. The mandate of OVL has been to scout for oil and gas abroad to meet energy security of the country. OVL is now eyeing oil fields in east Siberia, which is estimated to hold some 20 billion barrels of reserves. It is also looking at participating in Russian continental shelf, that may contain oil and gas in 4 million sq km of its total area of 6.5 million sq km (largest in the world). OVL currently has 20 per cent stake in ExxonMobil-operated Sakhalin-I project, which is to pump 250,000 barrels of oil per day by 2006. It is also looking at participation in the 3.2 trillion cubic metres super giant gas field Shtokman and Prirazlomneye oilfield, which holds recoverable oil reserves of more than 83 million tonnes, sources said. — PTI
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It’s either IOC or Reliance in Haldia Petro, says Behuria
Kolkata, June 29 “There is no place for two in HPL,” he said when pointed out that Mr Ambani in a recent meeting with West Bengal Chief Minister Buddhadev Bhattacharjee had reportedly evinced interest in HPL. “Since Reliance would be seeking management control in HPL, IOC would have to opt out as it is also keen to run the company,” Mr Behuria said. The IOC Chairman, however, said that the PSU was ready to buy out HPL once the matter pending with the Company Law Board (CLB) was sorted out. Purnendu Chatterjee of TCG, one of the principal promoters of HPL, had moved the CLB against the West Bengal Government, seeking stay of share allotment to the IOC. The West Bengal Government allotted 7.5 per cent fresh equity to the IOC at Rs 150 crore. About the IBP merger with IOC Mr Behuria said that it would be completed by December this year. The merger would be effective from April 1, 2004.— PTI
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RIL to start drilling next year
New Delhi, June 29 Drilling on Block KG-DWN-2001 (D9) was to commence by the fourth quarter of 2006 but has now been delayed to the first quarter, Hardy Oil, which holds 10 per cent interest in the block, said in a statement. "This is due to third party delays of the rig that were longer than originally scheduled," it said. RIL is the operator of the block with 90 per cent interest. Block D9 is adjacent to D6, where RIL's 10 per cent partner Niko Resources of Canada reported gas reserves of 35.4 trillion cubic feet.
— PTI |
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Unlisted firms may sponsor ADRs, GDRs
New Delhi, June 29 Those unlisted companies which have not issued foreign currency convertible bonds, ADRs, or GDRs prior to August 31, 2005, would require to list on the domestic stock exchanges before or along with issuing or sponsoring these overseas issues against shares of their existing shareholders. The unlisted companies, which had issued FCCBs, ADRs/GDRs prior to August 31, 2005, and are not making profit may be permitted to sponsor issues against shares of its existing shareholders. These companies may be permitted to comply with listing conditions on the domestic stock exchanges within three years of having started making profit. This facility would be available to all categories of shareholders of the company concerned, whose shares are being sold in the ADR, GDR market overseas. — PTI
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GAIL, Petrobras to bid jointly
New Delhi, June 29 The two companies signed a cooperation and confidentiality agreement last week during the visit of a GAIL team to Brazil. In the detailed discussions that followed, Petrobras has also shown keen interest in partnering GAIL for various exploration projects, including blocks in Iran such as Block 12. The development comes close on the heels of GAIL along with its consortium partners signing the exploration and production sharing agreement (EPSA) with the Sultanate of Oman for Block 56 in Oman. GAIL has 25 per cent participating interest in the consortium. Currently, GAIL’s total exploration acreage is 91,350 sq km with the participating interest in 16 exploration blocks. Of these, seven are on-land blocks and nine offshore ones. GAIL has been looking to widen its exploration and production (E and P) horizons to include strategic regions beyond Indian shores. GAIL’s earlier international foray in E&P in Myanmar has been quite successful, with large gas discoveries in A1 & A3 Blocks.
— UNI |
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BHEL gets Rs 220-crore contracts in Afghanistan
New Delhi, June 29 These projects mark the company’s foray into Afghanistan, a BHEL press statement said. The company’s scope of work in the first project includes design, manufacture, supply and commissioning of a 220 KV substation in Kabul. BHEL would also supply turbines and generators for the Salma project. — PTI
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Patni Computer inks pact with US firm
Mumbai, June 29 Under the agreement, Patni Computers will provide worldwide process consulting and system integration services for Clear Technology’s insurance and financial services solutions. “Clear Technology provides software solutions that allows insurance and financial services companies to reduce operating costs while delivering substantial increase in productivity,” it said. Patni Computer Systems acquired US-based ZAiQ Technologies earlier this month for $425,000. The company is buying intellectual property in Application Specific Integrated Circuit (ASIC) design and validation space, active customer contracts and business pipeline along with a sales head and trademarks, including other capital assets like hardware and software, the statement said. In March last, Patni Computer Systems signed a multi-service contract with Disney Mobile, a new mobile phone service designed just for families. “The company will be responsible for development of consumer, retail and operational portals and end-to-end system testing across multiple vendors and technologies utilised by Disney Mobile,” it said.
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DoT simplifies frequency allocation
New Delhi, June 29 As per the new simplified norms, all antenna towers located beyond 7 km from the nearest airport and having up to 40 metres of the 'Above Mean Sea Level' (AMSL) of the Airport Reference Point (ARP) of the concerned airport need not undergo detailed sitting clearance procedure. "The service providers are only to be registered online on designated websites and necessary clearance will be issued by the Standing Committee on Radio Frequency Allocation secretariat," an official release said. Secondly, the Geo-coordinates and AMSL information to be submitted in the applications can now be obtained using a standard Global Positioning System (GPS) receiver. Meanwhile, the Planning Commission has constituted sub-groups to explore ways to resolve two crucial bottlenecks of the telecom sector — spectrum and taxes. The commission's working group on the telecom sector on 11th Five Year Plan held its first meeting on June 23 and decided to set up five sub-groups — Network expansion, broadband, telecom equipment manufacturing, technology and R&D and taxes/levies in the sector.— PTI |
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UTI fund dividend
New Delhi, June 29 All unit holders registered under the dividend option as on July 3, 2006, will be eligible for this dividend. Also investors who join the dividend option of the scheme on or before the record date will be eligible.
— TNS |
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Eveready plant
Chennai, June 29 Mr Ravi Grover, Executive Vice- President (Sales and Marketing), said the plant would be ready by March next year. It would exclusively manufacture “Double A” pencil batteries.
— UNI |
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Premium scotch whisky launched
Mumbai, June 29 At the launch ceremony held here last evening, USL President Vijay Rekhi said that a rich and rare eight-year-old blended scotch whisky ‘Black Dog Centenary’ came from a complex blend of 32 fine, aged single malt and grain whiskies. It would cost here Rs 1000 for a 750 ml bottle.— UNI |
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Nod to Rel Com’s offer for 74 pc foreign stake
New Delhi, June 29 As on March 31, Reliance Communications had a total foreign shareholding of 26.2 per cent, out of which, FIIs were holding 19.8 per cent. Finance Minister P Chidambaram has also approved a proposal from Bharti Tele-Venture Ltd to take note of the fact that it had become an operational company and would, therefore, be governed by provisions of the automatic route of investment with respect to FDI policy.— PTI |
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Trent Ltd’s PAT up 28 pc at Rs 24.38 cr
Mumbai, June 29 The company’s PAT too climbed by 28 per cent at Rs 24.38 crore as against Rs 19.05 crore in FY 05. On a consolidated basis, the turnover in FY 06 stood at Rs 419.11 crore with a net profit of Rs 28.80 crore, the company said here today. The Board of Directors has announced a dividend of Rs 6.50 per share. During FY 06, the company witnessed a rapid expansion, opening six Westside stores across the country and currently operates 23 stores. TVS Electronics
TVS Electronics reported the total income of Rs 265.73 crore for 2005-06 as against Rs 317.40 crore for the 15- month period, with respect to the previous fiscal, the company said today. Announcing the audited annual results for the financial year ended March 31, the company said the profit after tax was Rs 3.17 crore for the financial year 2005-06 as against Rs 4.01 crore the previous year. The Board also recommended a dividend of 7.5 per cent for the year ended March 31, 2006. Kribhco profit Rs 280 cr
Krishak Bharati Cooperative Limited (Kribhco), a premier fertiliser producing cooperative society, has earned a net profit of Rs 280.2 crore during 2005-06. A 20 per cent dividend was also declared for member cooperatives and
shareholders. The production of urea during 2005-06 is at an all-time record of 18.26 lakh MT. Kribhco has been awarded by the Fertiliser Association of India for “bio-fertiliser production, marketing and promotion” for 2004-05. The energy consumption has been the lowest during this year.
— Agencies, TNS |
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TTL offer Suzlon Energy Vadilal plant Stake in REVL RBI notice
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