New Delhi, Feb 26 :
Reliance Industries has made a new gas discovery in its Mahanadi basin block, the eighth find in the block that lies off the Orissa coast.
The discovery has been named 'Dhirubhai40' and "notified to Government of India and DGH. RIL is currently evaluating the potential commercial interest of the discovery through additional data collection and analysis," a company press release said here.
"This discovery establishes the hydrocarbon potential towards the deeper part of NEC-Mahanadi Basin and opens up more acreage for further hydrocarbon exploration efforts." The shallow water block NEC-OSN-97/2 or NEC-25, covering an area of 10,755 sq km in water depths ranging between 20-600 meters was awarded to Reliance and Niko Resources of Canada in the first bid round under New Exploration Licensing Policy (NELP) in 1999. Reliance has 90 per cent interest while Niko the remaining 10 per cent.
Reliance had earlier struck six consecutive commercial discoveries in this block, for which the development plan has been submitted to the Directorate General of Hydrocarbons (DGH) for approval, the release said.
Well NEC 25-J1 was drilled drilled at a water depth of 478 meter to the target depth of 2926 meter. "For the first time in this basin, the well encountered high quality multi-darcy gas bearing reservoir sands in the interval 2484- 2495.5 meters based on the interpretation of the wire-line logs. Subsequently, the presence of gas in the above interval was confirmed by carrying out Modular Dynamic Testing (MDT)," it added. PTI
Tuesday, February 26, 2008
Reliance Energy mulls buy back
Reliance Energy mulls buy back; to decide on Mar 5
Mumbai, Feb 26 (PTI) In a move aimed at arresting the slide in its scrip and reassure investors about the growth potential, Anil Ambani group's Reliance Energy Ltd today said it will consider buyback of shares at a meeting next month.
"A meeting of the board of directors of the company will be held on March 5 to consider buy back of equity shares of the company," Reliance Energy said in a communique to the Bombay Stock Exchange.
The company, however, did not reveal how many shares it proposes to buy back or at what price.
When contacted, an ADAG spokesperson declined to reveal the purpose of the buy back.
Shares of Reliance Energy were trading at Rs 1,682, up 3.65 per cent from yesterday's close of Rs 1622.70. The scrip, which had closed at Rs 1,963.25 on February 8, has taken a beating since the listing of Reliance Power on February 11.
"The significance (of the buyback) is that promoters are sending a message to investors that they are bullish about the business and they don't see the rate of shares going down below that level," Globe Capital Market Ltd Managing Director Ashok Aggarwal said.
The Anil Ambani group had, only on February 24, announced a bonus issue for shareholders in its newest listed firm Reliance Power, which has been trading below issue price of Rs 450. It was quoted at Rs 447.70 at 1336 hrs today, down 0.60 per cent from yesterday's close.
"It doesn't seem to be any value creation (exercise) for shareholders. It is just a feel good factor to appease the shareholders and boost their confidence in ADAG," Kejriwal Research and Investment Services Director Arun Kejriwal said.
"They want to tell shareholders we are aware of what you are going through." PTI
Mumbai, Feb 26 (PTI) In a move aimed at arresting the slide in its scrip and reassure investors about the growth potential, Anil Ambani group's Reliance Energy Ltd today said it will consider buyback of shares at a meeting next month.
"A meeting of the board of directors of the company will be held on March 5 to consider buy back of equity shares of the company," Reliance Energy said in a communique to the Bombay Stock Exchange.
The company, however, did not reveal how many shares it proposes to buy back or at what price.
When contacted, an ADAG spokesperson declined to reveal the purpose of the buy back.
Shares of Reliance Energy were trading at Rs 1,682, up 3.65 per cent from yesterday's close of Rs 1622.70. The scrip, which had closed at Rs 1,963.25 on February 8, has taken a beating since the listing of Reliance Power on February 11.
"The significance (of the buyback) is that promoters are sending a message to investors that they are bullish about the business and they don't see the rate of shares going down below that level," Globe Capital Market Ltd Managing Director Ashok Aggarwal said.
The Anil Ambani group had, only on February 24, announced a bonus issue for shareholders in its newest listed firm Reliance Power, which has been trading below issue price of Rs 450. It was quoted at Rs 447.70 at 1336 hrs today, down 0.60 per cent from yesterday's close.
"It doesn't seem to be any value creation (exercise) for shareholders. It is just a feel good factor to appease the shareholders and boost their confidence in ADAG," Kejriwal Research and Investment Services Director Arun Kejriwal said.
"They want to tell shareholders we are aware of what you are going through." PTI
Monday, February 25, 2008
Gati aims $2.5 bn turnover, allies with European major
February 25, 2008
Gati aims $2.5 bn turnover, allies with European major
India's leading courier and cargo delivery firm Gati Ltd said Monday it was targeting revenue growth of Rs.10 billion ($2.5 billion) by June 2009, and announced an alliance with European parcel service giant General Logistics Systems (GLS).
'We have a huge presence across the country and we are building our network through our warehousing facilities both in metros and tier-II cities as we have set a target of becoming a Rs.1,000 crore (Rs.10 billion) company by June 2009,' Mahendra Agarwal, Gati's managing director and CEO, told IANS.
Gati's strategic alliance with GLS will help customers send their shipments to the remote areas of both India and Europe.
'With the added benefits of GLS' infrastructure in Europe, their wider footprint across 36 countries and greater network flexibility, the GLS alliance will provide Gati's customers faster access and superior parcel services to Europe besides our existing market offerings in India and the Asia Pacific region,' Agarwal said.
'We believe that GLS is uniquely positioned to support our business efforts and expand our presence to the European markets.'
The firm runs automated warehouses and plans to build 19 of these by 2009, of which half have already been constructed.
For this the company has committed an investment of $100 million, a large chunk of which has been put in already, Agarwal said.
The company registered revenues of Rs.4.6 billion in 2006-07 and is planning to achieve a turnover of Rs.6.5 billion by the end of the current fiscal. It employs 3,500 people.
The firm, based in Secunderabad in Andhra Pradesh, has a presence in the Asia Pacific region with market presence in China, Hong Kong, Singapore, Sri Lanka, Thailand, Dubai and Nepal.
It handles around 30 million parcels a year having one of the largest fleet on road in India with 4,000 vehicles, a fleet of freighters, infrastructure, automated warehouses and a multi-modal network.
Gati aims $2.5 bn turnover, allies with European major
India's leading courier and cargo delivery firm Gati Ltd said Monday it was targeting revenue growth of Rs.10 billion ($2.5 billion) by June 2009, and announced an alliance with European parcel service giant General Logistics Systems (GLS).
'We have a huge presence across the country and we are building our network through our warehousing facilities both in metros and tier-II cities as we have set a target of becoming a Rs.1,000 crore (Rs.10 billion) company by June 2009,' Mahendra Agarwal, Gati's managing director and CEO, told IANS.
Gati's strategic alliance with GLS will help customers send their shipments to the remote areas of both India and Europe.
'With the added benefits of GLS' infrastructure in Europe, their wider footprint across 36 countries and greater network flexibility, the GLS alliance will provide Gati's customers faster access and superior parcel services to Europe besides our existing market offerings in India and the Asia Pacific region,' Agarwal said.
'We believe that GLS is uniquely positioned to support our business efforts and expand our presence to the European markets.'
The firm runs automated warehouses and plans to build 19 of these by 2009, of which half have already been constructed.
For this the company has committed an investment of $100 million, a large chunk of which has been put in already, Agarwal said.
The company registered revenues of Rs.4.6 billion in 2006-07 and is planning to achieve a turnover of Rs.6.5 billion by the end of the current fiscal. It employs 3,500 people.
The firm, based in Secunderabad in Andhra Pradesh, has a presence in the Asia Pacific region with market presence in China, Hong Kong, Singapore, Sri Lanka, Thailand, Dubai and Nepal.
It handles around 30 million parcels a year having one of the largest fleet on road in India with 4,000 vehicles, a fleet of freighters, infrastructure, automated warehouses and a multi-modal network.
Web18 launches Biztech2TV, TV Style Programming on Internet
Web18 launches Biztech2TV, TV Style Programming on Internet for the first time in India
from India Press Release by Interactive
In a glittering event at the Hotel Grand Hyatt, Web 18 launched yet another break-through technology in the digital space with Biztech2TV. With this launch, Web 18, a part of the esteemed Network 18 group has introduced TV style programming on the web, in the presence of the country’s who’s who in the enterprise technology space.
Biztech2.0, India’s business technology decision maker’s guide, has taken a step further to deliver cutting-edge insights and information for key influencers in Indian businesses. The glittering evening began with an expert note by Mr. Sudin Apte, Country Head, Forrester Research, followed by a keynote from Mr. Ravi Apte, CTO, NSE, who got the American Stock Exchange back on its feet when it was reeling post-9/11. The keynotes were followed by a delightful panel discussion on: CXOVision—What CIOs should look forward to in 2008 with
- V K Ramani, Executive Director, Axis Bank
- S.Anantha Sayana, Head Corporate IT, L&T
- Sumit Chowdhury, CIO, Reliance Communications
- Ravi Apte
- Sudin Apte
Mr. Surya Mantha CEO, Web18 said “With fast-paced growth comes a burning need for technology. Being even a second late on adoption of technological innovation is often the difference between a business success and an also-ran.Biztech2.com is the platform through which we strive to oil the wheels of business technology.
Today, through Biztech2.com, we take the giant leap of offering TV-style programming on the Web. Adding to the rich & insightful stories of ERP, storage, networks, open source, we now introduce Biztech2TV - with shows every week, gurus speaking on innovations, interviews, case studies, book reviews - all packaged together in a unique format “
Biztech2TV is expected to bring in a sea of change in the way India’s technology business decision makers use technology in their businesses. Most Enterprise Technology Professionals present at the event truly believed that Biztech2TV will be a great help and a guide for them in their future endeavors. A reference and a guiding point is what they have always been looking for said one of the delegates present at the launch.
The evening progressed and became an ideal networking opportunity for the delegates from the business and technology community to exchange their views over cocktails and dinner, about the industry they represented.
from India Press Release by Interactive
In a glittering event at the Hotel Grand Hyatt, Web 18 launched yet another break-through technology in the digital space with Biztech2TV. With this launch, Web 18, a part of the esteemed Network 18 group has introduced TV style programming on the web, in the presence of the country’s who’s who in the enterprise technology space.
Biztech2.0, India’s business technology decision maker’s guide, has taken a step further to deliver cutting-edge insights and information for key influencers in Indian businesses. The glittering evening began with an expert note by Mr. Sudin Apte, Country Head, Forrester Research, followed by a keynote from Mr. Ravi Apte, CTO, NSE, who got the American Stock Exchange back on its feet when it was reeling post-9/11. The keynotes were followed by a delightful panel discussion on: CXOVision—What CIOs should look forward to in 2008 with
- V K Ramani, Executive Director, Axis Bank
- S.Anantha Sayana, Head Corporate IT, L&T
- Sumit Chowdhury, CIO, Reliance Communications
- Ravi Apte
- Sudin Apte
Mr. Surya Mantha CEO, Web18 said “With fast-paced growth comes a burning need for technology. Being even a second late on adoption of technological innovation is often the difference between a business success and an also-ran.Biztech2.com is the platform through which we strive to oil the wheels of business technology.
Today, through Biztech2.com, we take the giant leap of offering TV-style programming on the Web. Adding to the rich & insightful stories of ERP, storage, networks, open source, we now introduce Biztech2TV - with shows every week, gurus speaking on innovations, interviews, case studies, book reviews - all packaged together in a unique format “
Biztech2TV is expected to bring in a sea of change in the way India’s technology business decision makers use technology in their businesses. Most Enterprise Technology Professionals present at the event truly believed that Biztech2TV will be a great help and a guide for them in their future endeavors. A reference and a guiding point is what they have always been looking for said one of the delegates present at the launch.
The evening progressed and became an ideal networking opportunity for the delegates from the business and technology community to exchange their views over cocktails and dinner, about the industry they represented.
Essar Shipping to raise $1 bn
25 Feb 2008
The board of directors of Essar Shipping has approved a proposal to raise up to $1 billion via FCCBs/GDRs to fund existing and upcoming projects.
According to a release issued by the company to the BSE today, the board has also approved a proposal to change the company name from Essar Shipping to Essar Ports & Logistics.
The board of directors of Essar Shipping has approved a proposal to raise up to $1 billion via FCCBs/GDRs to fund existing and upcoming projects.
According to a release issued by the company to the BSE today, the board has also approved a proposal to change the company name from Essar Shipping to Essar Ports & Logistics.
Honda Siel Cars India inaugurated a new manufacturing facility
New Delhi February 25, 2008
Honda Siel Cars India today inaugurated a new manufacturing facility at Greater Noida increasing its capacity from 50,000 to 100,000 units per annum.
Masahiro Takedagawa, chief executive, Honda Siel Cars India, said the capacity can be ramped up by 16,000 units in 2009.
The company has invested Rs 1,620 crore for the Greater Noida manufacturing facility.
Honda's Civic hybrid will also roll out in a couple of months, a company official said. The company?s small car, a petrol version, will be launched in 2009.
Honda's Rajasthan plant will be operational in the last quarter of 2009. It will ramp up its total capacity to 200,000-240,000 units in India. The company will initially invest Rs 1,000 crore in Rajasthan, which is likely to go up to Rs 3,000 crore.
Honda Siel Cars India today inaugurated a new manufacturing facility at Greater Noida increasing its capacity from 50,000 to 100,000 units per annum.
Masahiro Takedagawa, chief executive, Honda Siel Cars India, said the capacity can be ramped up by 16,000 units in 2009.
The company has invested Rs 1,620 crore for the Greater Noida manufacturing facility.
Honda's Civic hybrid will also roll out in a couple of months, a company official said. The company?s small car, a petrol version, will be launched in 2009.
Honda's Rajasthan plant will be operational in the last quarter of 2009. It will ramp up its total capacity to 200,000-240,000 units in India. The company will initially invest Rs 1,000 crore in Rajasthan, which is likely to go up to Rs 3,000 crore.
Reliance Power announces 3:5 bonus issue to shareholders
Mumbai, Feb 24 (PTI)
In a determined bid to salvage Reliance Power's IPO, which received a severe blow on its listing day, Group Chairman Anil Ambani today announced three bonus shares for every five held by non-promoter shareholders to bring down the cost of acquisition from Rs 430 to Rs 269.
Announcing the decision of the bonus issue taken by the board of Reliance Power, Ambani also said he would transfer shares worth Rs 5,000 crore from his promoters quota to Reliance Energy.
Consequently, the public shareholding in Reliance Power would increase to 15 per cent from 10 per cent earlier, while Ambani's stake would come down from 45 per cent to 40 per cent.
The move to transfer Ambani's personal shares to Reliance Energy would enable the promoter company to retain 45 per cent shareholding in Reliance Power.
The move also answers apprehensions that the bonus for Reliance Power shareholders could come at the cost of shareholders in REL.
Shares of Reliance Power closed at Rs 372 on the day of listing on February 11.
"I will protect the dilution of REL shareholders from 45 per cent to 42.5 per cent at the proposed bonus shares which is a dilution of 2.6 per cent roughly. I will be diluting my personal shares free of cost to Reliance Energy shareholders, whereby REL shareholding in Reliance Power remains intact at 45 per cent," Ambani said at a press conference here.
As a result of the voluntary contribution of 2.6 per cent of his shareholding in Reliance Power to Reliance Energy, Ambani's shareholding will come down from 45 per cent to 40 per cent in Reliance Power. PTI
In a determined bid to salvage Reliance Power's IPO, which received a severe blow on its listing day, Group Chairman Anil Ambani today announced three bonus shares for every five held by non-promoter shareholders to bring down the cost of acquisition from Rs 430 to Rs 269.
Announcing the decision of the bonus issue taken by the board of Reliance Power, Ambani also said he would transfer shares worth Rs 5,000 crore from his promoters quota to Reliance Energy.
Consequently, the public shareholding in Reliance Power would increase to 15 per cent from 10 per cent earlier, while Ambani's stake would come down from 45 per cent to 40 per cent.
The move to transfer Ambani's personal shares to Reliance Energy would enable the promoter company to retain 45 per cent shareholding in Reliance Power.
The move also answers apprehensions that the bonus for Reliance Power shareholders could come at the cost of shareholders in REL.
Shares of Reliance Power closed at Rs 372 on the day of listing on February 11.
"I will protect the dilution of REL shareholders from 45 per cent to 42.5 per cent at the proposed bonus shares which is a dilution of 2.6 per cent roughly. I will be diluting my personal shares free of cost to Reliance Energy shareholders, whereby REL shareholding in Reliance Power remains intact at 45 per cent," Ambani said at a press conference here.
As a result of the voluntary contribution of 2.6 per cent of his shareholding in Reliance Power to Reliance Energy, Ambani's shareholding will come down from 45 per cent to 40 per cent in Reliance Power. PTI
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