ONGC may see action

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ESSAR-SHELL IN EXCLUSIVE NEGOTIATIONS TILL NOV 30 TO BUY 3 SHELL REFINERIES
APPROACHED SHELL FOR BUYOUTS BEFORE ESSAR'S EXCLUSIVE TALKS BEGUN
JSW ENERGY ALSO IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
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NET PROFIT AT RS.48.2 CR VS RS.12 CR; SALES UP 55% AT RS.849 CR (YOY)
PROFIT UP 55% AT RS.143.50 CR; NET SALES UP 22.5% AT RS.2234.20 (YOY)
IMPORTING SUGAR BEING REVIEWED; NEED FOR ECONOMIC PRICING OF SUGAR
IN DISCUSSIONS WITH FARMERS TO COME AT PRICE COMFORTABLE FOR BOTH SIDES
TOO EARLY TO TALK OF DENA BANK MERGER WITH ANOTHER PSU BANK: NW
KEEPS OVERNIGHT LENDING RATE UNCHANGED AT 0.1%
STILL SEE DOWNSIDE RISK FOR THE ECONOMY
AIM TO CONVERT NON USERS TO USERS WITH THE HELP OF ROAMING TARIFF CUTS
PREFER TO REMAIN AGGRESSIVE WITHOUT GETTING INTO A PRICE WAR
MURTAZA KHORAKIWALA TO NDTV: CANNOT COMMENT ON SUB JUDICE MATTER
WOCKHARDT TO PAY BACK ALL SECURED, UNSECURED LOANS IN 5 YRS AS PER CDR
DBS TOP BRASS MET HABIL KHORAKIWALA TO DISCUSS WAYS OF SETTLEMENT: SRCS
EYEING TO SETTLE PAYMENT DEFAULT CASE OUT OF COURT: SOURCES
ALERT: ROAMING CONTRIBUTES 15% OF BHARTI REVENUES
ROAMING CALLS ON OTHER NETWORKS AT 80 PAISE/MINUTE
ROAMING CALLS ON OWN NETWORK AT 60 PAISE/MIN
SWAP TO REDUCE OVERALL FINANCE CHARGES FOR THE COMPANY: CFO
COMPLETES SWAP OF $875MN FOREX CONVERTIBLE BONDS

Updated: 23/06/2009 | 12:00 AM IST

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ONGC may see action

Capital Market

Tuesday, June 23, 2009 (New Delhi)

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Oil and Natural Gas Corporation (ONGC) has reportedly struck oil and gas in three new blocks. One of these, a gas find off the eastern coast of India, could prove as rich as the Reliance Industries' D-6 block. The other two discoveries included an oil find in Charada-3 offshore block in Cambay basin and oil and gas find in Matar in Vadodara district, both in Gujarat.

Telecom players Bharti Airtel and Reliance Communications have reportedly joined the race to acquire the African business of Kuwait-based Zain Group. According to reports, Bharti Airtel and Reliance Communications have joined French company Vivendi, which is still locked in discussions with the Kuwait group for a business valued at $12 billion.

IFCI is reportedly exploring options to rope in a strategic investor by issuing convertible instruments or by facilitating the acquisition of 26% equity from existing partners.

Power Grid Corporation of India reportedly plans to raise about Rs 3000 crore through a public offering.

The board of Gremach Infrastructure Equipments & Projects will meet on 27 June 2009, to consider raising funds. The funds will be raised through global depository receipts, American depository receipts or a qualified institutional placement.

NTPC is buying a 44.6% stake in Transformers and Electricals Kerala from the Kerala state government. The country's largest power producer said the stake was valued at Rs 31.34 crore, although the final price was subject to valuation of assets as at end March 2009. Transformers and Electricals Kerala makes and repairs heavy duty transformers.

Hindustan Dorr-Oliver won Rs 53.05 crore order from HPCL-Mittal Energy for 30 MLD raw-water treatment plant. The project will be executed in 14 months and Engineers India will be the project management consultants, the company said in a statement.

Siemens won a order worth Rs 112 crore from Vedanta Aluminium Ltd to provide high voltage power distribution systems. The order includes design, engineering, supply and installation of 33 kilovolt (kV) and 11kV electrical distribution system for Vedanta's Orissa smelter expansion, scheduled to be completed by 2010, the company said in a statement.

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