ONGC after market hours on Friday, 27 June 2014 said that its board has approved the proposal for redevelopment of its giant offshore field - Mumbai High (North) involving a capital investment of Rs 5706.47 crore, including foreign exchange component of Rs 4421.76 crore ($743.15 million at exchange rate of Rs 59.501USD). The implementation of the project will lead to incremental gain of 6.997 million tonne (MMT) crude oil and 5.253 billion cubic metres (BCM) gas by 2030. This project is designed to carry forward the success of the previous two editions of redevelopment projects and give a new lease of life to the giant field which is so vital for the economy of the country, ONGC said. The total CAPEX includes creation of surface facilities for Rs 2586.42 crore, new oil and gas wells for Rs 1992.11 crore and sidetracking of existing wells for Rs 1127.94 crore.
ONGC's board has also taken note of a new pool discovery at Gandhar # 699 which has already been notified to DGH. This new pool discovery in GS-6B sand in the south western part of Gandhar field opens up the sector for further field growth, ONGC said. Exploratory well Gandhar # 699 in Gandhar Ext-VI PML, Western Onshore Basin in Gujarat, was drilled to a depth of 2904 m. The interval 2580 2577m in Hazad Member of Ankleshwar formation of Middle Eocene age, on conventional testing, produced oil at a rate of 38 m3/day and gas at 20,069 scmd (standard cubic meter per day). With this, ONGC has notified 5 new discoveries during the financial year 2014-15, ONGC said in a statement.
GAIL (India) announced that on 27 June 2014 morning around 5:45 IST a fire incident was reported along its Tatipaka-Kondalpalli natural gas pipeline (204 KM). Location of incident was near ONGC/GAIL Tatipaka installation. The pipeline section (17 KM) was isolated and preliminary reports suggest damage of the pipeline to the extent of 1.5 meters length. Fire was extinguished.
GAIL said it was covered under public liability insurance upto Rs 15 crore per annum and industrial insurance upto Rs 400 crore per annum insurance was taken for the gas in the pipelines, however, insurance for pipeline was not taken as per company's policy. Loss in revenue is expected to be nominal. The exact cause of the incident is yet to be ascertained, the company said.
Marico separated its Kaya beauty and wellness chain into a listed company to boost shareholders' value. The new company, called Marico Kaya Enterprises, will be listed on BSE and NSE today, 30 June 2014. Pursuant to the scheme of demerger of Kaya Business of Marico into Marico Kaya Enterprises, 1 equity shares of Rs 10 each of Marico Kaya Enterprises was issued for every 50 equity shares of Re 1 each held in Marico.
Havells India board will meet today, 30 June 2014, to consider stock split.
Reliance Capital after market hours on Friday, 27 June 2014, clarified on published news that it is continuously engaged in discussions with various international players for potential strategic partnerships in relation to its business. As and when these discussions result in a disclosable event, the company will promptly inform the stock exchanges as required in law, Reliance Capital said.
Reliance Communications said after market hours on Friday, 27 June 2014, that the qualified institutional placement (QIP) Committee of the Board of Directors of the company at its meeting held on 27 June 2014, closed the QIP issue and approved the issuance of 33.82 crore shares to qualified institutional buyers (QIBs) at an issue price of Rs 142.14 per share, including a premium of Rs 137.14 per share, aggregating approximately Rs 4808 crore. The issue had opened on 24 June 2014.
Torrent Pharmaceuticals (TPL) said before market hours the company has completed acquisition of Elder Pharmaceuticals' (Elder) branded domestic formulations business in India and Nepal (India Business) on a slump sale basis. This transaction was in pursuance of the Business Transfer Agreement entered into between TPL and Elder on 13 December 2013.
Ceat said that the workmen of the company's Nasik plant went for a flash strike from second shift on 26 June 2014 which has been called off by the second shift on 27 June 2014, with the intervention of Deputy Labour Commissioner.
Nitin Fire Protection Industries after market hours on Friday, 27 June 2014 in a clarification with regard to news item titled "Company in talks to dilute stake and had bagged 270 Crores order from UAE International Airport for Fire protection", said that the board of directors of the company at their meeting held on 17 May 2014, has proposed to pass a special resolution in the ensuing annual general meeting pursuant to Section 62 and other applicable provisions of the Companies Act, 2013, for allotment of shares. In this connection the company as informed both the stock exchanges the outcome of board meeting on 17 May 2014 and the company has a subsidiary company in Dubai, UAE, which got the order worth Rs 270 crore from UAE International Airport for fire protection. Further, the company clarified that the company will provide the detailed explanation for the order got by a subsidiary company at the earliest.
Essel Propack turns ex-dividend today, 30 June 2014, for dividend of Rs 1.25 per share for the year ended 31 March 2014. Before turning ex-dividend, the stock offered a dividend yield of % based on the closing price of Rs on Friday, 27 June 2014.
Unique Organics turns ex-dividend today, 30 June 2014, for dividend of Rs 2 per share for the year ended 31 March 2014. Before turning ex-dividend, the stock offered a dividend yield of % based on the closing price of Rs on Friday, 27 June 2014.
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