 |
|
|
Anil’s IPO: One-minute wonder
Essar bags 50 pc stake in Kenyan refinery
Dabhol-Bangalore Pipeline
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Detroit Auto Show
New engines for Indica at higher price
Vedanta to set up
Rs 24,000-cr steel plant
UK to enhance infrastructure investment
Sensex tanks under weight of mega IPOs
Gangopadhyay new Adviser to FM
ICICI Prudential schemes
J & K Economic Survey
Dalhousie gets broadband facility
Check fake currency circulation: RBI
|
|
Anil’s IPO: One-minute wonder
Mumbai, January 15
According to information available from the BSE and the NSE, the Rs 11,700-crore IPO was fully subscribed in the very first minute with the issue being oversubscribed 2.5 times in the first 25 minutes. By the end of the day, the whole IPO was subscribed 10.52 times. In other words, the IPO has received bids with more than Rs 1 lakh crore on the very first day. The IPO closes on Friday. Most of the applications have come at Rs 450 per share, the highest end of the offer price. Of the 22 crore shares to be sold, 30 per cent have been reserved for retail investors. Bids for the retail portion of the IPO has been relatively modest with the investors bidding for 3.69 crore by the end of the day. Analysts expect even the retail portion to be oversubscribed by 10 to 30 times before the issue closes. Today's market meltdown has been attributed to retail investors selling even blue chips in order to apply for Reliance Power's IPO. This IPO and another one by Emaar next month are expected to suck out much liquidity from the markets. Reliance Money, another Anil Ambani company, is riding piggyback on the IPO. The company has offered free demat accounts to those applying for this and other IPOs. Retail investors are being wooed with a discount of Rs 20 per share. Lucky applicants would thus be given allotments at the rate of Rs 430 per share. Though Reliance Power has no revenues to speak of so far and its first project will go on stream only in 2009, investors are hoping for listing gains by selling all their allotted shares on the day the company lists on the exchanges.
|
|
Essar bags 50 pc stake in Kenyan refinery
New Delhi, January 15 KPRL is a four million metric tonne (MMTPA) per annum refinery in Mombasa, Kenya and the Government of Kenya holds the remaining 50 per cent in KPRL, a statement said. Essar said it will acquire the stake from the existing shareholders - Shell Petroleum, Chevron Global Energy Inc and BP Africa. “Subject to certain conditions, the acquisition is expected to complete early this year,’’ the statement added. The Mombasa refinery is the only refinery in Eastern Africa. It currently produces LPG, gasoline, diesel, kerosene and fuel oil. The refinery is planned to be upgraded by adding secondary units at a project cost of $400- 450 million. Essar Energy Holdings’ chief executive Naresh Nayyar said: ‘’We look forward to working with the Government of Kenya to develop KPRL further to supply the growing Kenyan and adjacent markets and finalise the upgrade project.’’ KPRL’s products are sold into the Kenyan market and exported to neighbouring countries, including Tanzania, Uganda, Burundi and Rwanda. Demand for petroleum products in these markets is estimated at five million tonnes per annum. This is the first international acquisition by Essar in the refining sector and fits Essar’s strategy of achieving refining capacity of one million barrels per day. In addition, Essar already has three exploration and production blocks in Madagascar and one in Nigeria. — UNI
|
|
GAIL to shell 2,500 cr
New Delhi, January 15 “At its board and strategy review meeting held in Bangalore today, the company management gave the go-ahead for further time-bound action and finalisation of the project execution plans,” GAIL said in a press release here. Depending on the source and customer tie-up, the 30-inch, 730-km Dabhol-Bangalore gas pipeline will be designed to carry 16 million standard cubic meters per day of gas. “The project shall be appraised/updated in respect of investment, customers identification, routing of the pipeline and freezing the design parameters before final investment approval by the GAIL Board.” The route of the proposed pipeline is from LNG terminal of Ratnagiri Gas and Power Pvt Ltd (RGPPL) at Dabhol up to Bangalore. The pipeline will pass through Ratnagiri and Kolhapur districts of Maharashtra and Belgaum, Dharwad, Haveri, Davangere, Chitradurga, Tumkur and Bangalore districts of Karnataka. With this pipeline, natural gas from RGPPLs LNG Terminal can be supplied to industrial clusters in the state of Maharashtra and Karnataka, GAIL said. The Dabhol-Bangalore pipeline is among the five new pipelines for which GAIL has already received authorisation in the first quarter of 2007. The other pipelines for which approval has been granted are: Dadri-Bawana-Nangal pipeline, Chainsa-Gurgaon-Jhajjhar-Hissar pipeline, Jagdishpur-Haldia pipeline and Kochi-Kanjirkkod-Bangalore / Mangalore pipeline. In addition to these, GAIL will be laying three pipelines (within the existing ROU) to augment the capacities of Dahej-Vijaipur pipeline, Vijaipur-Dadri pipeline, Vijaipur-Auraiya -Jagdishpur pipeline. The carrying capacity of these three pipelines shall be 74 mmscmd. “The total length of the new pipelines will be around 5500 km and the estimated investment on these would be nearly Rs 20,000 crore,” GAIL said. When all these pipelines are commissioned by 2011-12, the total length of GAILs pipelines would be over 12,000 km and the capacity is expected to increase from 148 mmscmd at present to around 300 mmscmd. — PTI
|
|
|
Nano mania in absentia
Detroit, January 15 The vehicle planned by country’s largest truckmaker would violate emissions and safety regulations in the US, Europe and Japan, auto executives from those markets said. The $2,500 Nano wouldn’t meet consumer expectations in developed countries for creature comforts such as air conditioning, they said. Yet they’re all wondering how to respond to it. “What we’re seeing really is the automotive world is divided into two distinct markets,” General Motors, vice-chairman Bob Lutz said at the North American International Auto Show. With the US market coming off its slowest year in a decade, sales down in Japan and Western Europe stagnating, GM, Toyota Motor and other automakers are turning to emerging markets such as India and China, where sales are growing more than 10 per cent a year. For GM, Toyota and other automakers the Tata entry means, “pressure to come down to that price and play in that field,” Bragman said. “It’s a huge untapped market, and they will either have to find a way to do it themselves or find someone who can and partner up.” Tata’s unveiling of a prototype of the Nano, a cheapest car, at the Delhi auto show on January 10 is forcing established automakers to decide whether they want to go head-to-head with such entrants, said John Casesa, managing partner at Casesa Shapiro Group in New York. Ford Motor decided to announce plans for an Indian investment away from the Delhi show last week to avoid being overshadowed by the Nano news, Ford executive vice-president John Parker told reporters in Detroit. “It is a groundbreaking product,” Parker said. The Nano will “cause people to think differently about the car. I have a lot of respect for Tata.” Toyota has an early prototype for a model that may be able to compete with the Nano, president Katsuaki Watanabe said at the Detroit show. “We’re not yet able to develop vehicles at that price point,” Watanabe said. “Give us a little more time”. Renault and affiliate Nissan Motor are in talks with Bajaj Auto to build cars that may cost $3,000. The goal is for such vehicles to be exported to the US and sell for $5,000 with modifications. — Bloomberg
|
|
|
New engines for Indica at higher price
New Delhi, January 15 The company would roll out two variants of the new Indica fitted with Fiat’s popular 1.3 multijet diesel engine and its 1.2 litre petrol engine, besides the indigenously developed 1.4 litre DICOR diesel engine and 1.2 litre petrol engine. “The new Indica would sport Fiat’s multijet diesel and also its 1.2 litre petrol engine. The price for the Indica sporting Fiat’s multijet engine is still being worked out,” Tata Motors senior GM (Engg Systems) S Ravishankar said at the 9th Auto Expo. The new engine for Indica and Palio would be made at the new Tata-Fiat joint venture plant in Ranjangaon, Maharashtra. The new Indica would be offered at a higher price than the present range. Fiat has also rolled out a diesel variant of its hatchback Palio Stile fitted with 1.3 litre multijet. The company also has tie-up with India’s biggest automobile company Suzuki India to produce the same diesel engine for the carmaker. MSI uses the engine in the diesel variant of its popular premium hatchback Swift.
|
|
Vedanta to set up Rs 24,000-cr steel plant
New Delhi, January 15 "We are planning to build a five million tonne steel plant at Keonjhar district of Orissa. If we find a suitable partner, we should be able to commission it by 2012-13 at an investment of about Rs 24,000 crore," company sources said. Vedanta, which is the holding company of Sterlite Industries, has proposed to form a company - Sterlite Iron and Steel Company - for the project. Apart from the plant, the project would involve developing iron ore mines. The company would be a JV between the Vedanta group and Volcan Investments, Vedanta's holding company. Meanwhile, Vedanta has began trial run of its Rs 3,500 crore alumina plant at Lanjigarh in Orissa but is yet to ensure adequate bauxite linkage for its different projects. Meanwhile, Vedanta Aluminium has invited bids for setting up various facilities on turnkey basis at Alumina Refinery in Orissa. To invest 3,000 cr in Sesa Goa
Vedanta Resources today said it would invest Rs 3,000 crore over the next three years to enhance capacity in Sesa Goa, the company in which it recently acquired a majority stake. The iron ore mining capacity of Sesa Goa will be expanded further to 20-25 million tons per annum from 12.2 mt now, Vedanta's vice-chairman Navin Agarwal said here.
— PTI |
|
|
UK to enhance infrastructure investment
New Delhi, January 15 “UK has promised support to India for a seat in United Nations Security Council, it will also extended support to India for membership in G8 forum, and will enhance technological and capital investment in India,” said Dr Ashwani Kumar. Jones has also suggested that India open up its financial sector, legal services and manufacturing sector for enhanced participation. UK will use its expertise in the conceptualisation, execution and management of infrastructure projects. “India has worked its way at the top table and now we intend helping it in solving issues like environment, manufacturing and making investments in sectors that will give help the poor in becoming rich,” said Lord Digby. On issues like immigration laws, Lord Digby said “We are open to immigration from skilled Indian manpower into our country. Visa issues are definitely more favourable to India because of better quality and skilled manpower. Any visa issues that have not been dealt with will be done soon. UK foresees enhanced trade in high-level engineering, environmental engineering, and academic training as also growth in financial services sector. With an estimated investment of around $500 billion in infrastructure during the 11th Five Year Plan, Dr Ashwani Kumar called for greater bilateral cooperation in project management skills from UK to sustain 8.5 to 9 per cent annual GDP growth in India.
|
|
|
Sensex tanks under weight of mega IPOs
Mumbai, January 15 While the IPO of Reliance Power opened today to record collections, another IPO from real estate major Emaar MGF is slated to open early next month. Emaar MGF is scheduled to mobilise Rs 9,000 crore, according to reports. After opening in positive territory, the markets steadily lost ground before slumping in the last hour of trade with the benchmark index closing at 20,251 levels. In the broader markets, Nifty closed in red by 2.14 per cent at 6,074 levels. Among the big losers were banking, oil and gas and IT scrip. According to market analysts, FII inflows are slower in the beginning of the year, though they may pick up in the coming months. Internationally, market sentiment is also weak in wake of the American crisis. Hong Kong's Hang Seng fell 2.38 per cent while Japan's Nikkei and South Korea's Kospi slipped into red by over 0.98 per cent each. Only a handful of scrips gained today. Maruti Suzuki, Tata Steel and Tata Motors were the gainers. |
|
|
Gangopadhyay new Adviser to FM
New Delhi, January 15 Dr Gangopadhyay was currently working as Director, India Development Foundation (IDF). He took over as founder-director of IDF, an independent research organisation, in 2002. He is also the chief editor, Journal of Emerging Market Finance and associate editor of Journal of Financial Stability. A Ph.D in Economics from Cornell University USA, he was earlier professor at Indian Statistical Institute and has distinguished teaching career, including at University of Gothenburg, Sweden, Rutgers University, USA and University of Southern California USA He has written extensively in international journals on economics and finance and has authored a number of books on economics and finance and is a visiting fellow to a number of foreign universities. |
|
|
ICICI Prudential schemes
Mumbai, January 15 Its fixed maturity plan Series 33 would be a close-ended debt fund, providing opportunity for equity-linked returns. The second scheme - the Fusion Fund Series - is a three-year diversified close-ended scheme will invest in companies engaged in infrastructure, retail consumption and services. The fund will invest in pre-IPO stage and also take stake in small companies that may over the tenure of the scheme grow big.
— PTI |
|
Job scarcity, low investments affecting growth
Tribune News Service
Jammu, January 15 Presenting the second Economic Survey on the eve of the budget presentation in the state assembly here today, the Finance Minister, Tariq Hameed Qarra said, “More than the fiscal deficit, what concerns us all is the huge infrastructural deficit as well as a serious skill deficit.” He said the objective of the survey was to review and assess the emerging economic trends and keeping these in view while formulating budgetary and economic policies for the next year. “These five factors collectively point to the need for having an expansionary fiscal policy, as the productive capacity of the economy is still not being fully exploited. We can sustain a high public spending till such time there is buoyancy in revenues and composition of spending is in infrastructure,” he said.
|
|
Dalhousie gets broadband facility
Dalhousie/Nurpur, January 15 Meanwhile, BSNL also launched its broadband service named ‘Data One’ at Nurpur and Jassur today. While inaugurating the service, Deepak Chaturvedi informed that apart from launching ‘Data One’ for fixed land line subscribers with highest internet speed 256 KV, the BSNL had simultaneously launched ‘Wireless Data Card’ for WWL rural subscribers in which internet speed would be 144 KV. He informed Dharamsala, Mechleodgunj, Kangra, Yol, Palampur and Rajiana had been already connected with ‘Data One’. |
|
Check fake currency circulation: RBI
Kanpur, January 15 Talking to reporters here, Reddy said the apex bank was aware that fake currency was in circulation. He said central and state governments, as also security agencies must take strong preventive measures to check the menace. — PTI
|
Air Arabia Birla Corp Airports IPICOL pact M&M Emaar MGF Tata AIG Torrent Power |
|||||
|
| 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 | |
