Reliance Industries (RIL) is expected to post its first quarterly profit increase in five quarters on the back of higher gas production from fields off India’s east coast (KG Basin). RIL should benefit as refining margins recover after almost halving in the December quarter, and as gas output from the Krishna Godavari (KG) basin reaches a peak of 80 million standard cubic metres a day (mmscmd) by April. The gas business will help RIL’s bottomline for this quarter and for many years to come. New gas discoveries are also going to coming up frequently. Continue reading Reliance Industries (RIL) profit to rise for first time in five quarters
Govt Getting Ready To Sell 5 Percent Equity of NTPC for Rs 11000 Crore
The government plans to raise around Rs 11,000 crore by divesting 5% stake in NTPC, making it the second largest public offer in the financial year 2009-10. The issue will be launched in the first week of February and the prospectus with SEBI will be filed this week.
In the second supplement of the Budget 2009-10, the government had provided Rs 4,200 crore to be raised from disinvestment in the current fiscal. According to one estimate, now the government aims to raise Rs 27,400 crore more in the next three months till March 2010. So far, it raised around Rs 4,260 crore via sell off in Oil Inida and NHPC. In total, the government hopes to raise around Rs 32,000 crore in 2009-10, which is more than 50% of the money so far raised since 1991 through divestment programme (Rs 57,683 crore). Continue reading Govt Getting Ready To Sell 5 Percent Equity of NTPC for Rs 11000 Crore
Panacea Biotec BoD Approves Share Buy Back on 30 Dec 2009
Panacea Biotec Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 30, 2009, inter alia, considered and approved the buy-back of its Equity Shares of Re. 1/- each, by way of Open Market Purchases through Stock Exchanges, subject to the approval of Shareholders by way of Postal Ballot and exemption by SEBI under the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997.
The Board has also, inter-alia, decided on the following:
1. Appointment of M/s. SPA Merchant Bankers Ltd. as the Merchant Bankers for the proposed buy-back of Equity Shares.
2. Approved maximum buy-back price as Rs. 189/- per Share.
3. Approved the notice of Postal Ballot for obtaining the approval of Shareholders for buy-back of Equity Shares.
4. The maximum number of shares proposed for buy-back as 55,92,000 Equity Shares for an aggregate amount not exceeding Rs. 105.69 Crore