Nik's Diary
Indian markets opened in the
red tracking negative opening trades in SGX Nifty and most of the Asian
markets. The US markets moved mostly lower on Thursday, offsetting the gains
posted in the previous session. The correction came as worries about the situation
in Cyprus overshadowed a batch of largely upbeat US economic data. The major
averages ended the day in negative territory but off their lowest levels of the
session. Meanwhile the European markets also finished in negative territory on
Thursday. Uncertainty surrounding Cyprus continued to weigh on investor
sentiment after the country's lawmakers blocked a bank tax and the ECB gave the
country an ultimatum. Weaker-than-expected European economic data also
contributed to the negative mood Indian shares ended a volatile session lower
on Thursday amid worries that the ongoing political uncertainty may derail
reforms. Investors fear that the government may resort to populist measures
with an eye on elections scheduled in early 2014. Global cues were subdued,
further dampening investor sentiments.
ONGC strikes three new
discoveries
Oil
and Natural Gas Corp (ONGC), India’s biggest energy explorer,on Thursday
announced discovery of three new assets – two in Krishna-Godavari basin and the
third in Agartala in Tripura. A company official called thesediscoveries
“substantial”, but refused to divulge any information regarding their tentative
reserve base. “We will disclose some numbers after April 18,” he said. Analysts
said while these discoveries may not be as substantial when compared with
ONGC’s base of oil and gas production, on a standalone basis these were good
ones. They, however, refused to hazard a guess on the estimated reserve base.
ONGC produced 26.92 million tonne of oil and 25.51 billion cubic metres of gas
in fiscal 2012, which is expected to rise marginally in the current fiscal. The
company plans to invest Rs4,050 crore toupgrade its Arabian Sea infrastructure
to extend the assets’ life and boost production. “With the implementation of
various redevelopment projects in western offshore, the fields are expected to
be on production beyond 2030,” it said. ONGC’s western offshore operations
comprise the flagship Mumbai High assets, Neelam and Heera, and the Bassein
& satellite fields. These assets are located in the Arabian Sea, towards
the western part around Maharashtra and Gujarat. Currently, the company is
producing a little above 30 million tonne per annum of oil from the western
offshore and has been pumping in money to maintain the production plateau at
that level. The company will invest around Rs2,913 crore on revamping 48
platforms across Mumbai High, and Neelam and Heera. The company will also spend
another Rs1,140 crore on reconstruction of two process complexes in the
prolific Bassein and satellite fields. These fields were commissioned in 1987
and 1989, respectively. These complexes handle and process acidic and corrosive
gas for onward dispatch to ONGC’s Hazira gas processing plant, and have already
reached their normal design life of 25 years. Work on these complexes would be
completed by 2014-15, the company said. The total revamp is expected to be
completed by pre-monsoon 2016. “We are well funded internally for this kind of
capex at least for the next two years, beyond that we will see. If our internal
accruals are good, we will continue to use our cash to fund all the expansion,”
said a senior company official. Source: DNA
L&T
bags order worth `2,080cr
Larsen & Toubro Ltd. said L&T Construction has bagged
orders aggregating to Rs.2,080 crore across various business segments
in February and March 2013. The Building & Factories Business has won new
orders for Rs.1,385 crore for the construction of residential towers in cities
in North India. The Power Transmission & Distribution Business has won new
orders aggregating to Rs.585 crore from various customers. It secured a major
order from Bangalore Metrorail Corporation Ltd. (BMRC) for electrical and
mechanical work for seven underground stations and associated tunnel sections
of North-South and East-West corridors of BMRC Phase-I. For the Power Grid
Corporation of India Ltd., L&T will construct a 400kV double circuit (Quad)
transmission lien between Kurukshetra-Jallandhar and a 400kV double circuit
(Triple) transmission line for Abdullapur-Sonepat at Kurukshetra associated
with a WR-NR HVDC interconnector. L&T Construction also secured a new order
from Transmission Corporation of Andhra Pradesh Ltd. for 220kV underground
cable laying between Malkaram and Ghanapur substation to Moulali substation in
Andhra Pradesh. The company also bagged additional order worth Rs.110 crore
from various ongoing jobs in the Water and Solar and Infrastructure Business.
At the BSE, Larsen & Toubro shares are currently trading at Rs.1,446.40, up
0.62 percent from the previous close. Source: rttnews
Sadbhav Engineering bags `1,210cr road BOT project from NHAI
Sadbhav
Engineering Ltd. said it had been declared as the successful bidder in respect
of the bid invited by National Highways Authority of India (NHAI), New Delhi,
for 4 laning of Rohtak to Hissar Section of NH-10 from Km 87.000 to km 170.000
including connecting link from km 87.000 (NH-10) to km 348.000 (NH-71) to be
executed as BOT (Toll) project on DBFOT pattern under NHDP Phase III in the
state of Haryana. The estimated total cost for the development of the said
project was Rs.1210.00 crore. The Concession Period of the project is 22 years
from the "Appointed Date". The company has quoted Rs.211.50 crore
towards Grants for the said project. At the BSE, Sadbhav Engineering
shares are currently trading at Rs.113.95, down 1.06 percent from the previous
close. Source:
rttnews
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