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IMPORTING SUGAR BEING REVIEWED; NEED FOR ECONOMIC PRICING OF SUGAR
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KEEPS OVERNIGHT LENDING RATE UNCHANGED AT 0.1%
STILL SEE DOWNSIDE RISK FOR THE ECONOMY
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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: 21/10/2009 | 12:00 AM IST

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Wednesday, October 21, 2009 (New Delhi)

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Index heavyweight and Mukesh Ambani led Reliance Industries (RIL) and Anil Ambani led Reliance Natural Resources (RNRL) will continue be in spotlight as the legal corporate battle between the warring Ambani brothers reached the final stage of a legal face-off on Tuesday, 20 October 2009.

The dispute over natural gas from the Krishna- Godavari basin is not a fight between two companies but one between two brothers, Mukesh and Anil Ambani, the Supreme Court observed on Tuesday as it commenced hearing on the high-profile legal battle. As per the Supreme Court it's like a fight between two countries mainly because the two heads of governments are at loggerheads but people are not. Counsels of both the parties presented their case and since the submissions were inconclusive and the matter will be taken up today, 21 October 2009.

The tussle relates to supply of gas to Anil Ambani Group's Reliance Natural Resources (RNRL) from D6 block in the Krishna-Godavari eastern offshore fields of Mukesh-led RIL.

The dispute started due to a demerger pact between estranged brothers Mukesh and Anil on natural gas supply from Mukesh Ambani-led RIL to Anil Ambani group company, RNRL.

RNRL is suing RIL for not honouring its commitment of 2005 for supplying 28 mscmd of natural gas from the Krishna-Godavari Basin D6 block at $2.34/mBtu. RIL says it can't do so as the government approved the rate at $4.2 per mBtu and it will not make profit at a price committed in 2005.

State Bank of India (SBI), has reportedly raised $750 million (around Rs 3,500 crore) in the overseas market through five-year bonds as part of its medium-term note programme (MTN). The issue was priced at mid-swap plus 90 basis points (bps). Mid-swap is the equivalent of Libor (London Inter-Bank Offered Rate) for longer maturity bonds.

Public sector oil marketing companies (OMC's) may see action on reports which expressed worries that losses on subsidised fuels could touch Rs 5,000 crore a month in the third quarter of this fiscal if the crude oil price spiral continues.

Combined losses on the four fuels for IOC, HPCL and BPCL in the second quarter are already close to Rs 10,000 crore and no compensation has come in yet with barely a week to go before they declare their results, reports indicated.

Tata Motors acquired the remaining 79% stake in Spain-based Hispano Carrocera SA, a bus and coach manufacturing company. The Indian vehicles major already owns a 21% stake in the Spanish firm, which it bought in 2005 for around Rs 70 crore (including equity, debt and technology licensing). The announcement was made after market hours on Tuesday.

Hero Honda Motors, Jaiprakash Associates, Chambal Fertilisers, Yes Bank, Everonn Systems, Omnitech Infosolutions, Pidilite Industries, Sakthi Sugars, and Zuari Industries among others will unveil their September 2009 quarterly results today, 21 October 2009.

The following results for the quarter ended September 2009 were announced after market hours on Tuesday, 20 October 2009. Net profit of Tech Mahindra declined 28.82% to Rs 210.64 crore in the quarter ended September 2009 as against Rs 295.91 crore during the previous quarter ended September 2008. Sales declined 2.82% to Rs 1109.84 crore in the quarter ended September 2009 as against Rs 1142.04 crore during the previous quarter ended September 2008.

Net profit of Sesa Goa declined 54.55% to Rs 139.11 crore in the quarter ended September 2009 as against Rs 306.08 crore during the previous quarter ended September 2008. Sales declined 45.91% to Rs 448.25 crore in the quarter ended September 2009 as against Rs 828.73 crore during the previous quarter ended September 2008.

Net profit of Radico Khaitan rose 61.19% to Rs 9.72 crore in the quarter ended September 2009 as against Rs 6.03 crore during the previous quarter ended September 2008. Sales rose 6.19% to Rs 171.80 crore in the quarter ended September 2009 as against Rs 161.79 crore during the previous quarter ended September 2008.

Net profit of Gati rose 440.48% to Rs 2.27 crore in the quarter ended September 2009 as against Rs 0.42 crore during the previous quarter ended September 2008. Sales rose 7.81% to Rs 169.97 crore in the quarter ended September 2009 as against Rs 157.66 crore during the previous quarter ended September 2008.

Net profit of State Bank of Travancore rose 7.61% to Rs 122.49 crore in the quarter ended September 2009 as against Rs 113.83 crore during the previous quarter ended September 2008. Total operating income rose 4.22% to Rs 1062.01 crore in the quarter ended September 2009 as against Rs 1019.03 crore during the previous quarter ended September 2008.