The proposed takeover of Cairn Energy's India business could see Non-Resident Indian billionaire Anil Agarwal emerging as the richest promoter of a corporate house in India ahead of Mukesh Ambani, who has ruled the list for long.
The Nifty ended up 19 points at 5,545.According to recent data, FIIs have bought shares worth Rs 1,505.50 crore since June 23.
The CreditWatch action follows Vedanta's announcement that it would acquire a controlling stake in India-based oil and gas company Cairn India Ltd.
About 0.9 million standard cubic meters per day of gas produced from the fields lying in Bay of Bengal, off the Andhra Pradesh coast, is currently sold at $3.5 per million British thermal unit.
Oil Minister S Jaipal Reddy on Monday rejected senior Bharatiya Janata Party leader Murli Manohar Joshi's attack on Home Minister P Chidambaram on the issue of CAG indictment of his ministry for alleged favours to private firms, saying such attacks would harm decision making at higher levels.
The company is in talks with BG India and Italian E&P major, ENI.
Oil and Natural Gas Corporation has told oil regulator Directorate General of Hydrocarbons (DGH) that its KG basin block may hold about 3 trillion cubic feet of gas reserves from which it plans to produce 25-30 million unit a day by 2016.
State-owned Oil and Natural Gas Corp (ONGC) plans to invest $4.05 billion in producing natural gas from its ultra deepsea UD-1 discovery in a block that sits next to Reliance Industries' prolific KG-D6 fields.
Natural gas produced from C-Series fields is sold to GAIL which further markets it to end users.
MA fields were producing around 32,000-33,000 barrels of oil per day and 8 million standard cubic meters per day of gas.
The NSE Nifty shut shop at 5,304, down 70 points.
Vedanta Resources, which was pulled up for its role in the mining scam in India, is under the scanner yet again. This time for making illegal contribution of Rs 28 crore made to political parties in the last 3 years. Vicky Nanjappa reports
Brendon McCullum's unbeaten 94 and skipper Daniel Vettori's 77 helped pull New Zealand off the mat and take a 67 runs lead against Australia at end of fourth day play in Wellington's Basin Reserve.
The domestic crude oil producers will benefit from levy of customs duty at 5% on crude oil, and effective tax incidence will come down due to weighted deduction on R & D as well as cut in the surcharge on corporate taxes for domestic companies
New Zealand named uncapped wicketkeeper Reece Young in their 13-man squad for the home Test series against Pakistan. Gareth Hopkins makes way for Young after failing to impress on the Black Caps' recent tour of India.
Analysts said that there is some amount of decoupling between India and the rest of world backed by strong growth momentum.
The performance of subsidiaries abroad played a stellar role in India Inc's performance for the second quarter ended September. The consolidated results of companies that take into account the results of both foreign and domestic subsidiaries showed their net sales grew 22.2 per cent, while net profit grew a robust 70.4 per cent.
It is also understood that scope of this audit will far exceed the normal course of audit by CAG and the prime objective may be to detect fraud, if any, by RIL allegedly in collusion with oil regulator DGH and Ministry of Petroleum and Natural Gas.
The government has appointed Spanish speciality consultancy firm, Mercados Energy Markets International, to examine possibility of a uniform domestic price of natural gas, which is now sold at rates ranging from $1 to $5.73 per mmBtu depending on source.
Anil Ambani group on Monday said the oil ministry's interference in marketing and pricing dampened investor interest in India's auction of oil and gas blocks and its chairman had warned the Prime Minister about the same.
Bids were received for only 36 of the 70 blocks that were on offer.
Of the 10 coal bed methane blocks on offer, bids were received only for 8. RIL bid for one block. Of the 24 deep water blocks on offer, bids were received only for eight.
In a significant development, the government may allow state gas utility GAIL India to charge a marketing margin on sale of APM or subsidised natural gas.
Finance ministry officials said they were scrutinising many deals, but the actual tax liability would depend on many factors, including the kind of payment (royalty, interest, stake sale) and the Double Tax Avoidance Agreement with the country where the foreign company was based.
Reliance Industries has already stepped up gas production from 28 mmscmd in June to about 36-37 mmscmd now. The production will soon reach 42 mmscmd once the supply to the Dabhol power plant is increased in the first week of October, said a company official.
Cairn India and UK's BG Group too replied to audit observations.
Commerce and Industry Minister Anand Sharma, who took the initiative of hosting the informal meeting of important countries and blocs like the US, European Union, Brazil, China and Australia, remained busy today with officials. While it is being seen as a bold step by India to re-energise the Doha talks after they collapsed at Geneva in July 2008, New Delhi is consciously keeping the pitch low so as not to raise expectations from the meeting on Thursday and Friday.
As Cairn India began to pump crude oil on Monday from its Mangala oilfield here.
The aim at the meeting, which will see participation from negotiators of 37 countries, is to generate an agreement on clear directions to negotiators to re-energise the multilateral process at the World Trade Organization. The approach followed, so far, in the negotiations has been to get member-countries to agree on modalities for cutting tariffs on agricultural and industrial goods, gradually eliminating export subsidies and reducing agricultural subsidies.
The Nifty also ended at this year's closing high at 4,732 - up 44 points. The market breadth was positive. Out of 2,855 stocks traded, 1,535 advanced while 1,247 declined.
Minister of State for Petroleum and Natural Gas Jitin Prasada, who led the roadshows in the US and Canada, said the roadshows for 70 blocks offered in NELP-VIII and 10 coal bed methane blocks received overwhelming response from investors.
The Midcap and the small cap indices also fared well, up above 2.5% each.
India recorded their biggest defeat to New Zealand in terms of runs, surpassing the 108-run loss at Dunedin on March 1, 1990.
The NSE Nifty gained 59 points to close at 4,453. The market breadth was positive - out of 2,744 stocks, 1,525 advanced and 1,140 declined.
The Cairn-ONGC-Videocon consortium had last month written to the petroleum ministry seeking a 57 per cent hike in the Ravva Satellite field gas price citing provision in the Production Sharing Contract for the field.
The Budget arithmetic seemed to be more realistic this time, though the final 5.9 per cent fiscal deficit will be more like 6.1 per cent for this year, and the target for 2012-13 of 5.1 per cent may be more like 5.3 per cent.
The government is offering a total of 70 oil and gas blocks under NELP-VIII and 10 blocks have been offered under CBM-IV.
The Nifty spurted to a high of 5416, and finally ended with a marginal gain of 11 points at 5409.
The NSE Nifty ended at 4,586, down 109 points. The market breadth was negative - out of 2,765 stocks, 1,607 declined, while 1,084 advanced on Thursday.
The NSE Nifty ended at 4,636, up 65 points. Ealier in the day the index touched a high of 4,670 - up 99 points.
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