NTPC Clarifies Issues Related to Gas Supply Contract with RIL

It is to be informed that recently certain issues relating to NTPC’s gas supply contract with RIL (Reliance Industries Ltd) have been raised in the media. In this connection, NTPC would like to inform you the following:

1. NTPC is a customer-focused power utility and it very well understands the impact of fuel price in the overall cost of electricity and always makes efforts to source fuel at competitive price. NTPC had planned to add 2600 MW capacity at its existing gas power plants at Kawas and Gandhar during the 10th Plan (2002-2007). As per NTPC’s investment policy, approval of the Board is accorded when availability of fuel is ensured for the life of the plant. Accordingly, NTPC invited International Competitive Bids (ICB) through RFQ and RFP process for sourcing RLNG / Natural Gas in the year 2002. Continue reading NTPC Clarifies Issues Related to Gas Supply Contract with RIL

Reliance Capital AGM 2009 Presentation by Anil Ambani

Following is the transcript of Anil Ambani presentation during today’s Reliance Capital AGM
My dear fellow Reliance Capital shareowners,

I am delighted to welcome each one of you to this 23rd Annual General Meeting of our Company. It has been a year of substantial achievements for our company, in the face of one of the toughest global economic downturn ever witnessed in history.

I am delighted to say that we have emerged from the crisis stronger, leaner and even more productive and efficient. We remain one of the most valuable private sector companies in India, and top 3 private sector companies in financial services.

Reliance Capital is today one of India’s fastest growing financial services powerhouses, with well over 17 million customers.

Our customer base, amongst the largest in India in financial services, is spread across 5,000 towns and cities, and served by over 12,000 distribution outlets and over 500,000 business partners. Continue reading Reliance Capital AGM 2009 Presentation by Anil Ambani

Can Investors Beat S&P500 with Market Timing?

Approximately 75% fund managers do not beat the S&P500 Index year in and year out. How can a basket of 500 hundred stocks beat the majority of actively managed mutual funds? The people who manage these funds are mostly brilliant people, highly educated, with access to the most advanced information and decision support systems in the world. So why can’t they outperform the S&P500 Index?

A Quick Test:
Here’s a very crude test of management performance: Let’s compare the domestic-equity mutual fund performance supplied by Morningstar against the S&P 500 index for one, three, five and ten-year periods, looking back from April 30, 1995. The S&P 500 index is a fair comparison for large, domestic companies.

Our results:
–Of the 1,097 funds Morningstar covered for the one-year period, 110 beat the S&P 500, while 987 fell short. Results ranged from 46.84% to -32.26%, while the S&P 500 attained a 17.44% return.

–During the three-year period, the S&P 500 returned 10.54%, while results in the funds varied from 29.28% to -15.02% compounded annually. Of the total 609 funds, only 266 beat the S&P 500.

–Shifting to the five-year period, of 470 funds, 204 beat the S&P 500. Results ranged from 27.35% to -8.51%, while the index racked up 12.62%.

–At ten years, only 56 of 262 funds managed to beat the index, and results varied from 24.77% to -4.06% compounded annually against 14.78% for the S&P 500. Continue reading Can Investors Beat S&P500 with Market Timing?