Bharat Heavy Electricals (Bhel) said it bagged a prestigious contract for the supply and installation of the electrostatic precipitator (ESP) package for the 2x800 megawatts (MW) Darlipali Super Thermal Power Project (STPP). The order, valued at around Rs 220 crore, has been placed on Bhel by NTPC for the upcoming Darlipali STPP in Sundargarh district of Odisha.
Public sector oil marketing companies (PSU OMCs) have cut petrol and diesel prices with effect from 1 November 2014. Indian Oil Corporation (IOCL) on Friday, 31 October 2014, said it has cut retail selling price of petrol by Rs 2.41 per litre at Delhi (including state levies) with corresponding decrease in other states. Retail selling price of diesel was slashed by Rs 2.25 a litre at Delhi (including state levies) with corresponding decrease in other states. Since the last price changes, the international prices of both petrol and diesel have continued to be on a downtrend. The rupee-dollar exchange rate has appreciated slightly since the last price change. The combined impact of both these factors warrant the said decrease in retail selling prices of petrol and diesel, IOCL said in a statement.
Meanwhile, aviation stocks will be watched after aviation turbine fuel (ATF), or jet fuel, rates were on Saturday, 1 November 2014, cut by a steep 7.3%, the fourth straight reduction in prices since August on back of falling international oil rates. The price of aviation turbine fuel (ATF), or jet fuel, at Delhi was cut by Rs 4,987.7 per kilolitre, or 7.3%, to Rs 62,537.93 per kl.
Cairn India after market hours on Friday, 31 October 2014, initiated polymer injection at the Mangala field. Mangala Enhanced Oil Recovery (EOR) project, which is amongst the largest polymer flood EOR programmes in the world, commences well ahead of the guidance provided by the company, Cairn India said. The polymer injection activity would gradually be ramped up, the company added.
Cairn India said it had recognised the potential for chemical EOR at an early stage of development in its Mangala, Bhagyam and Aishwariya (MBA) fields. The reservoir quality, oil properties and ambient temperature make these fields ideal for the application of chemical flooding EOR methods such as polymer or alkaline surfactant polymer (ASP) flooding, the company said. The chemical EOR programme has a potential to enhance recoveries from the Mangala, Bhagyam and Aishwariya fields by around 300 mmbbls, it added.
The Mangala ASP pilot programme, the next phase of EOR has also yielded excellent results so far, suggesting better mobilization of oil post polymer flooding, Cairn India said in a statement.
Sudhir Mathur, CFO Cairn India said, "Injecting the polymer at our world class polymer flood EOR project, ahead of schedule is a testament to our execution skills and team work. This will enable us to further unlock the potential of the prolific Rajasthan block and help contribute significantly towards the nation's energy security."
JSW Steel after market hours on Friday, 31 October 2014 said that the approval of the Competition Commission of India has been received for the acquisition of WMSL by the company. The company on 31 October 2014 has completed the acquisition of the entire shareholding of WEL held in WMSL.
Separately, JSW Steel after market hours on Friday, 31 October 2014 said that the company, is contemplating issuing of debt instruments in the form of US Dollar denominated senior notes (Notes). The Notes, if issued, will be listed on the Singapore Stock Exchange. A Preliminary offering circular (OC) has been prepared and shall be made available to the prospective investors in relation to the contemplated issue of Notes. The Notes will not be offered or sold in India or in the United States of America. The OC contains certain material information about the company that has not been disclosed to the public. In order to comply with the company's disclosure obligations on account of its securities being listed in India, the company would like to make such unpublished information available to the public, JSW Steel said.
NMDC's net profit rose 18.83% to Rs 1566.75 crore on 20.32% growth in total income to Rs 3631.89 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Friday, 31 October 2014.
NMDC's board of directors at its meeting held on Friday, 31 October 2014, approved interim dividend of Rs 3 per share for the year ended 31 March 2015. The board has fixed 14 November 2014 as record date for the purpose of payment of interim dividend.
Bank of Baroda after market hours on Friday, 31 October 2014 said it has revised the rates of interest payable on term deposits of below Rs 1 crore, applicable to the renewal of existing deposits and fresh deposits, with effect from 1 November 2014. The interest rate on domestic term deposits & NRO deposits of below Rs 1 crore with a maturity bucket of 1 year and above upto 2 years was revised to 8.9% from earlier 9.05%. Interest rate on deposits with maturity of above 2 years and upto 3 years was revised to 8.9% from earlier 9.05%. The interest rate on 1,111 days maturity bucket (Baroda Maha Utsav Deposit Scheme) was revised to 8.75% from earlier 9.05%. Also the maturity buckets for (i) above 3 years and upto 5 years (ii) above 5 years and upto 8 years and (iii) above 8 years and upto 10 years were all revised to 8.75% from earlier 9.05%.
The interest rate on NRE term (rupee) deposits of below Rs 1 crore with maturity bucket of (i) 1 year and above upto 2 years and (ii) above 2 years and upto 3 years were revised to 8.9% from earlier 9.05%. Similarly, the interest on maturities (i) above 3 years and upto 5 years (ii) above 5 years and upto 8 years and (iii) above 8 years and upto 10 years were all revised to 8.75% from earlier 9.05%.
CESC after market hours on Friday, 31 October 2014 said that in respect of issue, the QIP Committee of board of directors of the company has, as its meeting held 31 October 2014, inter alia, declared the closure of the qualified institutional placement (QIP) on 31 October 2014. The Committee determined and approved the issue price of Rs 644 er equity share, for the equity shares to be allotted to eligible qualified institutional buyers in the QIP. The Committee approved the issuance of 76.21 lakh equity shares to eligible QIBs and approved and adopted the placement document dated 31 October 2014, in connection with the lssue. The QIP opened on 28 October 2014.
KEC International's consolidated net profit declined 8.1% to Rs 20.30 crore on 22.08% growth in total income to Rs 2173.77 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Friday, 31 October 2014.
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