RIL, Tata Motors and Thermax may witness some action today (03-Dec-2012)
Reliance Industries (RIL) and UK's BP Plc have proposed to a do a single confirmation test on three natural gas discoveries in KG-D6 block that have so far not recognized as commercial finds by the Oil Ministry. The Directorate General of Hydrocarbons (DGH), the technical arm of the ministry, has since February 2010 not recognized the D-29, 30 and 31 as discoveries as RIL had not performed its prescribed tests to confirm the finds. RIL-BP on October 8 proposed to a do a single Drill-Stem Test (DST) on the three finds to establish them as commercially viable finds. DGH, however, wants three separate DSTs to be done on the three discoveries before approving their Declaration of Commerciality (DoC). DoC is pre-requisite for any discovery to be development.
Tata Motors' wholly owned subsidiary Jaguar Land Rover (JLR) rolled out its all new version of sports utility vehicle - Range Rover - with price starting from Rs 1.72 crore. The new Range Rover will be available in both petrol and diesel options, while depending on specifications and variants the price of the new Range Rover can up to Rs 1.9 crore. JLR is looking to strengthen its presence in the Indian market as it plans to introduce smaller luxury SUVs to compete with the likes of BMW's X1 and Audi's Q3.
Thermax has bagged EPC contract worth Rs 503 crore from a leading Government of India Enterprise for setting up a captive power plant for its new 3 million ton per annum integrated steel plant in Central India. The company will design, engineer, construct and commission the project on a turnkey basis. The supply of equipment include three 160 ton per hour capacity (3x160 TPH) boilers that use multiple fuels - blast furnace and coke oven gas from the steel process and light diesel oil- and two 40 MW each steam turbines. Steam from the boilers will be used to blow air into the blast furnace and to generation 80 MW of power.
Apollo Tyres has set a target of becoming one of the top 10 tyre makers globally by clocking sales of $6 billion by 2016. The company, which will invest $1 billion in the next five years to expand the global footprint, and is also shifting its research and development centre for passenger car tyres to Holland from India, apart from setting up a new marketing office in the UK as part of its strategy. The company had posted a turnover of $2.5 billion last fiscal, placing it at the 16th position globally. Apart from expanding the manufacturing footprint globally, R&D and marketing would be the other two key pillars in the company's pursuit for global eminence.
Auto components major Bosch is looking to ramp up local production of its power tools division with an aim to increase sales by nearly 25 percent to about Rs 410 crore by 2015. The company currently produces drills, grinders and blowers at its Bangalore facility and will start producing the hammer series now from its plant in India. By 2015, the company is targeting to produce 40 percent of its tools sold in India from the Bangalore unit. The company, which sells its products under Bosch, Skil and Dremel brands, is expecting sales of about nine lakh units of various tools this year and 35 percent of that will be produced locally. Currently, the company imports various equipments from Malaysia, China and Germany.
Mahindra Lifespace Developers, the real estate and infrastructure development arm of the $15.9 billion Mahindra Group, has debuted in Andhra Pradesh with the launching of 'Ashvita', a premium residential project in Hyderabad. This flagship development of premium apartments is spread over 9.25 acres at Kukatpally, Hyderabad and will offer buyers the trust and quality associated with Mahindra Lifespaces. Ashvita is being developed as a gated community and offers a choice of 2BHK (1218 sq.ft. to 1261 sq. ft.), 3BHK (1567 sq.ft. to 1847 sq. ft.) and 4BHK (2018 sq. ft to 2082 sq. ft) units with an emphasis on open spaces within the complex, to meet buyer preferences. Ashvita is surrounded by quality social infrastructure & is located on the main arterial road connecting HITEC City to NH-9. It is close to the HITEC City MMTS station that is located less than one km away & the Mahindra Satyam Campus that is at a distance of 3 kms with travel time of 5 minutes, making it a good emerging residential area for people working at HITEC City.
State-run National Aluminium Company (NALCO) has raised aluminium prices by Rs 4,500 per tonne ($82.92) for all products in the domestic market, effective from December 01, 2012. The basic price of standard aluminium ingots after the latest increase is 143,700 rupees per tonne. NALCO, which is India's third-largest producer of aluminium, revises product prices from time to time to mirror London Metal Exchange prices. It last raised aluminium prices across all products by Rs 2,500 in November.
Bharti Airtel launched an 'emergency alert service' enabling its subscribers to send alert message with location details to 10 mobile numbers. Subscribers can even send a 'SAFE' SMS indication to a pre-defined group of 10 family members and friends and keep them informed of their wellbeing in case when out alone and during any natural calamity or disaster with just one click. Customers opting for 'Emergency Alert Service' will be charged Rs 30 for 30 days and they can send this alert even if they don't have minimum balance in their account. To send an emergency alert, the subscribers can give a call to 55100 and the number registered by him or her will receive voice and SMS alerts with location details of the customer.
Private carrier Jet Airways has sought government's permission to lease two Airbus 330-300s to deploy them on the Mumbai-Newark (US) route as part of its A330s fleet replacement plans. The airline has written to the government to allow it to lease two Airbus A330s to induct in its fleet. The Naresh Goyal-promoted airline had some time back had plans to take four A330-300s in the current fiscal as the A330-200 planes will be going off the fleet. They will be replacing two A330s-200s that are going off lease. The airline will deploy them on its Mumbai-Newark route.
GMR Infrastructure's subsidiary, GMR OSE Hungund Hospet Highways, which is executing the 4 laning road project of Hungund - Hospet section of NH-13 on Toll Basis under NHDP - Phase III (in the State of Karnataka), has commenced partial toll collection exercise based on partial completion of the project ahead of schedule. Toll collection has been started at two out of three toll plazas of the project.
Top News Today
Reliance Industries (RIL) has returned nearly 1,384 acres of land in Gurgaon that was acquired for its SEZ, saying that the withdrawal of the concessions offered to special economic zones (SEZ) has made......click on news to read complete article.
Mahindra Agribusiness, part of the farm to aerospace conglomerate Mahindra & Mahindra (M&M), is all set to enter the dairy segment through the inorganic route, with a focus on the pouched......click on news to read complete article.
Reliance Industries (RIL) is implementing a project to import 1.5 million tonnes of ethane to feed its crackers in India, taking advantage of the US shale gas revolution. The project will significantly......click on news to read complete article.
International Stock News
The US markets closed higher on Friday, building on weekly and monthly advances, as largely upbeat US economic data offset overseas worries. The S&P and Dow notched their fourth up week in a row,......click on news to read complete article.
The US markets closed mostly higher on Wednesday, with the S&P 500 staying around 2,000 a day after it closed over that milestone. Global markets are surmounting crises in Ukraine, the Gaza Strip......click on news to read complete article.
The US markets closed higher on Tuesday, with the S&P 500 notching it's first-ever finish above the milestone level of 2,000. A stronger-than-expected reading on consumer confidence provided a......click on news to read complete article.