PSU OMCs in focus after announcing hike in petrol and diesel prices
Shares of public sector oil marketing companies (PSU OMCs) will be in focus after announcing a hike in petrol and diesel prices. Indian Oil Corporation (IOCL) yesterday, 31 May 2016, announced an increase in the price of petrol and diesel with effect from the midnight of 31 May 2016. Petrol price was hiked by Rs 2.58 per litre and diesel price was raised by Rs 2.26 a litre at Delhi (including state levies) with corresponding price revision in other states. After the latest revision, petrol in Delhi costs Rs 65.60 per litre and diesel costs Rs 53.93 a litre.
Reliance Industries (RIL) announced that due to lower release of dam water and the significantly increased salinity of water supply to the company's Dahej manufacturing complex in district Bharuch of Gujarat, there is shortage of the right quality of industrial water at Dahej complex. As a response, RIL is running on reduced capacity in some of the plants and has temporarily shut down its PTA and PET plants. RIL has 2.3 MMTPA of PTA capacity and 650 KTPA of PET capacity at its Dahej manufacturing complex. RIL said it has initiated alternative arrangements for water and is closely monitoring the situation. It has also used the current situation to carry out planned maintenance and reliability activities. It is in a state of readiness to resume full supplies as soon as the water availability and water quality issues are resolved, the company said. RIL said it is ensuring a continued supply of PTA to the domestic market from its Hazira and Patalganga manufacturing complexes. The announcement was made after market hours yesterday, 31 May 2016.
ONGC announced after market hours yesterday, 31 May 2016, that its wholly-owned subsidiary, ONGC Videsh (OVL), on 31 May 2016 completed the acquisition of 15% stake in Russia's JSC Vankorneft from Rosneft Oil Company. JSC Vankorneft is a company organized under the law of Russian Federation, which is the owner of Vankor Field and North Vankor license. Rosneft, the national oil company of Russia continues to hold the remaining 85% shares of JSC Vankorneft.
Earlier in September 2015, OVL had signed an agreement to acquire not less than 15% shares in JSC Vankorneft for $1,268 million.
Vankor is Rosneft's (and Russia's) second largest field by production and accounts for 4% of Russian crude oil production. The daily peak production from the field is around 442,000 barrels of oil per day (bopd). With 15% shareholding, ONGC Videsh's share of daily oil production would be about 66,000 bopd.
The present transaction strengthens ONGC Videsh presence in Russia and is consistent with its stated strategic objective of adding high quality international assets to its existing exploration & production (E&P) portfolio. This acquisition also has significant strategic importance to India, both in terms of augmentation of India's Energy Security, as well as adding a new dimension to the relationship between Rosneft and ONGC Videsh besides further strengthening the cooperation between the two countries, the Indian company said.
Maruti Suzuki India (MSIL) announced after market hours yesterday, 31 May 2016, that it will resume manufacture of vehicles at its Gurgaon facilities from second half of 1 June 2016. Certain operations in the Manesar campus, including casting and manufacture of transmissions, will also resume in the second half on 1 June 2016, MSIL said. Subros and MSIL are jointly working on options to obtain supply of components from other facilities and gradually bring operations back to normal, MSIL said. The company had to suspend operations at its facilities from second half of 29 May 2016, owing to a fire accident at the Manesar facilities of its supplier Subros.
Axis Bank will be in focus after the Reserve Bank of India (RBI) yesterday, 31 May 2016, notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 62% of the paid-up capital of Axis Bank, from existing 49% under the Portfolio Investment Scheme (PIS). The central bank further notified that the total foreign investment from all sources i.e. Foreign Institutional Investors (FII)/Registered Foreign Portfolios Investors (RFPIs)/Foreign Direct Investment (FDI)/Non-Resident Indians (NRI)/ Persons of Indian Origin (PIO)/American Depository Receipts (ADR)/Global Depository Receipts (GDR) in the bank shall not exceed 62% of paid-up capital. The central bank has stated that Axis Bank has passed resolutions at its board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges, RBI said.
Glenmark Pharmaceuticals announced after market hours yesterday, 31 May 2016, that the issuance committee of the company approved raising of up to $200 million through foreign currency convertible bonds (FCCBs) to be listed on the Singapore Stock Exchange. The FCCB issue was launched yesterday, 31 May 2016. The floor price for conversion of the FCCBs shall be Rs 861.84.
The company had earlier received approval from its board and its shareholders to raise up to $500 million through issuance of securities including equity shares or equity linked securities, including through qualified institutional placement (QIP), convertible bonds, warrants, depository receipts.
Great Eastern Shipping Company (GE Shipping) announced after market hours yesterday, 31 May 2016, that it delivered its 1999 built Aframax Crude Carrier "Jag Laxmi" to the buyers. The vessel was contracted for sale in April 2016. The company's current fleet (excluding "Jag Laxmi") stands at 31 vessels, comprising 22 tankers (7 crude carriers, 14 product tankers, 1 LPG carrier) and 9 dry bulk carriers (4 Kamsarmax, 5 Supramax) with an average age of 10.1 years aggregating 2.4 million deadweight tonnage (dwt).
Andhra Bank announced after market hours yesterday, 31 May 2016, that its board of directors has reviewed the projections of ICAAP (Internal Capital Adequacy Assessment Process) requirements for the financial year 2016-2017 and estimated the requirement of capital/funds of Rs 2700 crore by way of equity/tier 1/tier 2 bonds. The raising of capital will be made at an appropriate time depending on the market conditions, to meet the additional capital requirements during 2016-2017, the bank added.
Gayatri Projects announced after market hours yesterday, 31 May 2016, that it has executed agreements with MG Goyal Gases for sale of 1.8 megawatts (MW) Machine, Make V- 100, located at Kutch District in Gujarat and 1.5x5 MW, Total 7.5 MW, Vensys V77 make (WECS) located at Theni District in Tamilnadu for a consideration amounting to Rs. 7.73 crore and Rs. 26.36 crore respectively.
The wind energy plant, installed in collaboration with Suzlon Energy, will be inaugurated on 2 June 2016. The 8.4 MW wind energy power plant is expected to generate around 170 to 180 lakh units of power per annum. This is in addition to about 98 lakh units power generated per annum by the existing 5.5 MW wind power plants of BEL. All these plants put together are expected to generate around 270-280 lakh units in the coming years, meeting about 90% of BEL's power consumption through renewable energy resources. The estimated reduction in carbon emission per annum is around 26,500 kgs equivalent of carbon dioxide (Co2). With this green initiative, BEL's Bengaluru Complex is all set to achieve carbon neutral status, the company said.
Reliance Industries (RIL) announced that due to lower release of dam water and the significantly increased salinity of water supply to the company's Dahej manufacturing complex in district Bharuch of Gujarat, there is shortage of the right quality of industrial water at Dahej complex. As a response, RIL is running on reduced capacity in some of the plants and has temporarily shut down its PTA and PET plants. RIL has 2.3 MMTPA of PTA capacity and 650 KTPA of PET capacity at its Dahej manufacturing complex. RIL said it has initiated alternative arrangements for water and is closely monitoring the situation. It has also used the current situation to carry out planned maintenance and reliability activities. It is in a state of readiness to resume full supplies as soon as the water availability and water quality issues are resolved, the company said. RIL said it is ensuring a continued supply of PTA to the domestic market from its Hazira and Patalganga manufacturing complexes. The announcement was made after market hours yesterday, 31 May 2016.
ONGC announced after market hours yesterday, 31 May 2016, that its wholly-owned subsidiary, ONGC Videsh (OVL), on 31 May 2016 completed the acquisition of 15% stake in Russia's JSC Vankorneft from Rosneft Oil Company. JSC Vankorneft is a company organized under the law of Russian Federation, which is the owner of Vankor Field and North Vankor license. Rosneft, the national oil company of Russia continues to hold the remaining 85% shares of JSC Vankorneft.
Earlier in September 2015, OVL had signed an agreement to acquire not less than 15% shares in JSC Vankorneft for $1,268 million.
Vankor is Rosneft's (and Russia's) second largest field by production and accounts for 4% of Russian crude oil production. The daily peak production from the field is around 442,000 barrels of oil per day (bopd). With 15% shareholding, ONGC Videsh's share of daily oil production would be about 66,000 bopd.
The present transaction strengthens ONGC Videsh presence in Russia and is consistent with its stated strategic objective of adding high quality international assets to its existing exploration & production (E&P) portfolio. This acquisition also has significant strategic importance to India, both in terms of augmentation of India's Energy Security, as well as adding a new dimension to the relationship between Rosneft and ONGC Videsh besides further strengthening the cooperation between the two countries, the Indian company said.
Maruti Suzuki India (MSIL) announced after market hours yesterday, 31 May 2016, that it will resume manufacture of vehicles at its Gurgaon facilities from second half of 1 June 2016. Certain operations in the Manesar campus, including casting and manufacture of transmissions, will also resume in the second half on 1 June 2016, MSIL said. Subros and MSIL are jointly working on options to obtain supply of components from other facilities and gradually bring operations back to normal, MSIL said. The company had to suspend operations at its facilities from second half of 29 May 2016, owing to a fire accident at the Manesar facilities of its supplier Subros.
Axis Bank will be in focus after the Reserve Bank of India (RBI) yesterday, 31 May 2016, notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 62% of the paid-up capital of Axis Bank, from existing 49% under the Portfolio Investment Scheme (PIS). The central bank further notified that the total foreign investment from all sources i.e. Foreign Institutional Investors (FII)/Registered Foreign Portfolios Investors (RFPIs)/Foreign Direct Investment (FDI)/Non-Resident Indians (NRI)/ Persons of Indian Origin (PIO)/American Depository Receipts (ADR)/Global Depository Receipts (GDR) in the bank shall not exceed 62% of paid-up capital. The central bank has stated that Axis Bank has passed resolutions at its board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. The purchases could be made through primary market and stock exchanges, RBI said.
Glenmark Pharmaceuticals announced after market hours yesterday, 31 May 2016, that the issuance committee of the company approved raising of up to $200 million through foreign currency convertible bonds (FCCBs) to be listed on the Singapore Stock Exchange. The FCCB issue was launched yesterday, 31 May 2016. The floor price for conversion of the FCCBs shall be Rs 861.84.
The company had earlier received approval from its board and its shareholders to raise up to $500 million through issuance of securities including equity shares or equity linked securities, including through qualified institutional placement (QIP), convertible bonds, warrants, depository receipts.
Great Eastern Shipping Company (GE Shipping) announced after market hours yesterday, 31 May 2016, that it delivered its 1999 built Aframax Crude Carrier "Jag Laxmi" to the buyers. The vessel was contracted for sale in April 2016. The company's current fleet (excluding "Jag Laxmi") stands at 31 vessels, comprising 22 tankers (7 crude carriers, 14 product tankers, 1 LPG carrier) and 9 dry bulk carriers (4 Kamsarmax, 5 Supramax) with an average age of 10.1 years aggregating 2.4 million deadweight tonnage (dwt).
Andhra Bank announced after market hours yesterday, 31 May 2016, that its board of directors has reviewed the projections of ICAAP (Internal Capital Adequacy Assessment Process) requirements for the financial year 2016-2017 and estimated the requirement of capital/funds of Rs 2700 crore by way of equity/tier 1/tier 2 bonds. The raising of capital will be made at an appropriate time depending on the market conditions, to meet the additional capital requirements during 2016-2017, the bank added.
Gayatri Projects announced after market hours yesterday, 31 May 2016, that it has executed agreements with MG Goyal Gases for sale of 1.8 megawatts (MW) Machine, Make V- 100, located at Kutch District in Gujarat and 1.5x5 MW, Total 7.5 MW, Vensys V77 make (WECS) located at Theni District in Tamilnadu for a consideration amounting to Rs. 7.73 crore and Rs. 26.36 crore respectively.
The wind energy plant, installed in collaboration with Suzlon Energy, will be inaugurated on 2 June 2016. The 8.4 MW wind energy power plant is expected to generate around 170 to 180 lakh units of power per annum. This is in addition to about 98 lakh units power generated per annum by the existing 5.5 MW wind power plants of BEL. All these plants put together are expected to generate around 270-280 lakh units in the coming years, meeting about 90% of BEL's power consumption through renewable energy resources. The estimated reduction in carbon emission per annum is around 26,500 kgs equivalent of carbon dioxide (Co2). With this green initiative, BEL's Bengaluru Complex is all set to achieve carbon neutral status, the company said.
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