Sanjay Bhandarkar, managing director, N M Rothschild & Sons (India), believes India may see an increasing number of non-friendly deals as the markets correct themselves and valuations become more attractive.
The Bombay High Court has dismissed Vodafone petition challenging the show cause notice issued by income tax department asking them to pay over $2 billion tax on the multi-crore Hutchinson takeover deal.
The Norwegian company, which has already taken a 10 per cent stake in the KG-DWN-98/2 block, has the right to double its interests before the gas discoveries are put to production but it is now keen on operatorship and a higher stake in the block, company sources said. ONGC is in dire need of deep water production technology and is likely to agree for a joint operatorship of the block but is not willing to give 30 per cent stake in Norsk Hydro.
The government is set to dump B K Chaturvedi panel's recommendation for a monthly increase in fuel prices till they are at par with costs, but may accept the high-powered committee's suggestions for imposing a tax on oil produced from fields awarded before 1999.
Crude oil prices have fallen to below $113 a barrel this week from all-time high of $147 per barrel witnessed last month. The basket of crude oil India buys averaged $109.88 per barrel, down from $119 a barrel price on June 4 when petrol, diesel and domestic cooking gas prices were raised.
Private and public sector oil producers, who will face a "super profits" tax on output when their selling price for crude oil touches $75 per barrel if the B K Chatruvedi committee's recommendations are accepted, say there is lack of clarity on whether they will continue to pay the current royalty of 20 per cent along with the proposed tax.
The high-level Chaturvedi Committee has recommended raising petrol prices by Rs 2.50 a litre per month till March 2009 and diesel prices by Rs 0.75 per litre till 2010 to eliminate subsidies on the two fuels.
The Prime Minister-appointed B K Chaturvedi panel is believed to have suggested raising fuel prices every month to bring them at par with production cost and has sought imposition of a 'Super Profit Tax' on oil fields awarded before 1999.
Given it is in a completely different business, it's a question if Vedanta can seamlessly implement the optimal strategy for Cairn
Prime Minister Dr Manmohan Singh on Saturday said that a needless controversy had been created over the Pokhran II nuclear tests that took place in May 1998.
Terming as 'malicious, baseless, mischievous and ill-informed' the advertisement propaganda by Anil Ambani Group on its gas field capex, Reliance Industries has stated that the development cost was the lowest in the world and compares favourably to any other project in India.
A consortium of British Gas, Oil and Natural Gas Corporation and Reliance Industries, which controls the PMT fields off the west coast, is spending about Rs 2,500 crore (Rs 25 billion) for reviving the reserve in this fiscal, while new wells are being drilled at the Cairn-operated Ravva field (off the Andhra coast) for small-sized additional discoveries. The Tapti field has witnessed 'natural decline in the production profile' during the first quarter ended June 2009.
Clearing the last hurdle, the Union home ministry has given unconditional approval for United Kingdom's BP to buy a 30 per cent stake in Reliance Industries' oil and gas blocks, including the showcase KG-D6 gas fields, for $7.2 billion.
Criticising the government for 'keeping quiet' for long on the Ambani pact that provides for dividing a national resource, former oil minister Ram Naik on Thursday said the ministry should have made a stronger case in the Bombay High Court to protect its policy.
The visit of External Affairs Minister S M Krishna's to Australia has evoked a mixed response from the Indian community, amid fresh attacks on them as they hoped it would put greater pressure on the government to provide more security to the minority community.
Replying to a calling-attention motion in Rajya Sabha, oil minister Murli Deora said the $4.2 per million British thermal unit price fixed for gas produced from KG-D6 fields of RIL was lower than the average of $5.51 per mmBtu charged by UK's BG-led consortium for Panna/Mukta and Tapti gas. It was also lower than the $4.3 per mmBtu price of gas produced from Cairn's Ravva Satellite fields and $4.75 per mmBtu for the UK firm's Lakshmi fields.
Rising oil prices and inflation worries pushed the index into a negative zone to touch a day's low of 14,846 - down 726 points from its previous close. Realty, IT, banking and oil & gas stocks suffered the most today. The index recovered partially and touch a day's high of 15,203. The NSE Nifty ended (provisional) with a loss of 108 points at 4,520.
The index could not hold the gains and fell sharply in late noon deals to touch a day's low of 15,526 - down 445 points from day's high. The market breadth was negative - out of 2,717 stocks traded, 1,524 declined, 1,125 advanced and 68 were unchanged on Friday. The NSE Nifty ended with a loss of 49 points at 4,628.
The increase in liability towards MAT will be matched by an incremental deferred tax credit.
Unabated selling in the banking, metal and capital goods stocks saw the index tumble to a low of 16,300 - down 349 points from its previous close. The Sensex finally ended with a loss of 301 points at 16,348. The market breadth was negative - out of 2,758 stocks traded, 667 advanced, 2,043 declined and 48 were unchanged on Monday. The NSE Nifty settled with a loss of 71 points at 4,875.
The index, however, could not hold gains and soon slipped into the negative zone. The index dropped to a low of 16,626 - down 428 points from the day's high in late noon deals. The Sensex finally ended with a loss of 257 points at 16,650. The market breadth was negative - out of 2,790 stocks traded, 796 advanced, 1,922 declined and 72 were unchanged on Friday. The NSE Nifty settled with a loss of 79 points at 4,946 points.
The index moved in a range of 242 points between 16,863 (low) and 16,105 (high) before finally settling with a loss of 336 points at 16,907. The market breadth was negative - out of 2,791 stocks traded, 1,040 advanced, 1,684 declined and 67 were unchanged on Thursday. Tata Steel and Reliance Infrastructure tumbled 4% each to Rs 661 and Rs 1,322, respectively.
The index touched a day's high of 17,293 in noon deals. The Sensex finally ended with a gain of 13 points at 17,243. The market breadth was positive - out of 2,795 stocks traded, 1,710 advanced, 1,009 declined and 76 were unchanged on Wednesday. The NSE Nifty settled with a gain of 13 points at 5,118 points.
Prime Minister Stephen Harper couldn't have been more forthright in offering his apology to members of the Air India victim's families. 'I stand before you to offer on behalf of the Government of Canada, and all Canadians, an apology for the institutional failing of 25 years ago and the treatment of the victims' families thereafter.'
The market breadth was fairly positive - out of 2,789 stocks traded, 1,431 advanced, 1292 declined and 66 were unchanged on Tuesday. The NSE Nifty settled with a loss of 53 points at 5,105 points.
Official sources in the Ministry of External Affairs on Sunday downplayed the controversy related to Chinese activities in the northern most part of Sikkim. Both sides are expected to meet formally to settle the new friction at the border.According to reports, China tried to grab a small tract of land, also known as finger area, in northern Sikkim, which overlooks the Himlayan Valley Sora Funnel.
The index moved in a range of 388 points between 16,697 (low) and 17,086 (high) before finally settling with a loss of 108 points at 16,753. The index moved in a range of 388 points between 16,697 (low) and 17,086 (high) before finally settling with a loss of 108 points at 16,753. The market breadth was marginally positive - out of 2,784 stocks traded, 1,410 advanced, 1,304 declined and 70 were unchanged on Tuesday.
The breadth was negative. Out of 2,747 stocks traded today - 1,768 declined, 926 advanced and the rest were unchanged. The NSE Nifty closed 30 points higher at 5,013.
The Sensex opened with a negative gap of 127 points at 17,212. It finally ended with a loss of 258 points at 17,081. The NSE Nifty closed 54 points lower at 5,082. ITC plunged over 5% to Rs 215, and Satyam Computers slumped 3.7% to Rs 471. ICICI Bank and Reliance Energy dropped 3% each to Rs 891 and Rs 1,394, respectively. Infosys and Larsen & Toubro tumbled nearly 3.5% each to Rs 1,780 and Rs 2,886, respectively. BHEL, DLF and ONGC were down over 1% each.
The Sensex opened 31 points higher at 17,404. Though it went a bit higher to 17,414, the higher levels could not be sustained. The index slipped into the negative zone, losing 143 points. It finally ended with a loss of 34 points at 17,339. The NSE Nifty shed 8 points to end at 5,135.50. Bhel was the biggest Sensex loser, declining 4.12%. TCS was the biggest gainer in the index, up 3%. Reliance Capital topped the value chart with a turnover of Rs 240.15 crore.
"We require eight million cubic metres for overall expansion which is almost half the gas available at Panna-Mukta-Tapi. At present, for the 655 mw, we are using three million cubic metres a day," said Rajiv Mishra, managing director of CLP Power India, which is a 100 per cent subsidiary of the Hong Kong-based CLP Group. The company had received the required environment clearance from the Gujarat Pollution Control Board in 2007.
M&A activity of India Inc has fallen 71 per cent in value terms in the first three months of this calendar year, compared with the same period in 2007. Even though the M&A drive of India Inc has witnessed a slowdown, India Inc's acquisition spree is restless with outbound deals continuing to steal the show. And if experts are to be believed, 2008 will see more outbound deals than inbound ones. Number of outbound deals increased from 12 to 15 since February 2007.
The ICL World booked their place in the final of the Indian Cricket League's World Series Twenty20 competition by beating ICL Pakistanis by six wickets in Hyderabad on Monday. The Chris Cairns-led World team will now face ICL India in Tuesday's title clash. Inzamam-ul-Haq won the toss but his team could manage only 113 before being bowled out in 19.4 overs. In reply, ICL World achieved the target without much trouble and finished with 117 for four in 17.2 overs.
XLRI Jamshedpur's general management programme, the one-year full-time executive MBA course, has concluded a successful season of placement for its 2008 batch. The batch has been offered plum roles highlighting the potential of the participants for middle and senior management roles. Nearly 30 per cent of the batch went for a change from their earlier work experience.
In the short run, ONGC and OIL should both reap a bonanza given the government hike.
A dazzling unbeaten half century by Damien Martyn (67) and Lou Vincent's 43 helped ICL World XI beat ICL India XI by eight wickets in the ICL 20s World Series, at the Lal Bahadur Shastri Stadium in Hyderabad, on Wednesday night. ICL World XI, replying to India XI's 141 for 5 in 20 overs, hit up 145 runs for the loss of two wickets in 18.3 overs.
"Women bring in their own perspectives and also a diverse set of views to flow onto the table. We are giving a lot of preference to women and give them equal opportunities in all programmes," Oil exploration and production firm Cairn India director (HR and administration) P Senthil Kumar told PTI.
Three teams -- ICL India, ICL Pakistan and ICL World -- will play the 'ICL 20s World Series 2008', in Hyderabad from April 9 to 15. The tournament will have seven matches, with each team playing against each other twice, followed by the final.
Richard Heald, Vice-Chairman and Amitabh Malhotra, Director of Rothschild spoke about the volatile market, its implications and how this is an opportunity for Rothschild in India. Heald said that rising commodity prices are worrisome. The inflationary pressures are a concern. He advised that corporates should be open to all financing options. Investors in general want to invest in cash generating assets and commodities. With no decoupling other markets will impact India too.
The 22nd match of the Edelweiss 20s Challenge was played at the sparkling new venue at Tau Devi Lal Stadium, Gurgaon, and featured Chandigarh Lions against the Kolkata Tigers in what was a virtual quarter final.
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