V-Mart Retail debuts on the secondary equity market today, 20 February 2013. The company had priced the initial public offer (IPO) at Rs 210 as against price band of Rs 195-215 per share. The initial public offer (IPO) of V-Mart Retail received bids for 45.70 lakh shares. The IPO was subscribed 1.20 times. The issue closed on Tuesday, 5 February 2013.
Nestle India, Abbott India and Rain Commodities will declare their October-December 2012 quarter results today, 20 February 2013.
ICICI Bank and Bank of Baroda will be in focus after Finance Minister, Mr. P. Chidambaram on Tuesday, 19 February 2013, launched the operations of India Infra Debt (Infradebt) promoted by ICICI Bank, Bank of Baroda, Citibank and Life Insurance of Corporation (LIC). ICICI Bank (together with a wholly-owned subsidiary) is the largest shareholder in Infradebt with 31% holding followed by Bank of Baroda at 30%, Citibank at 29% and LIC at 10%. Infradebt would seek to raise debt capital from domestic as well as foreign resources and would invest in infrastructure projects under the Public-Private Partnership model that have completed one year of operations, the Ministry of Finance said in a statement on Tuesday, 19 February 2013. Infradebt will expand and diversify the domestic and international sources of debt funding to meet the large financing needs of the infrastructure sector, thereby giving an impetus to the creation of the infrastructure necessary to drive India's growth, the finance ministry said.
Reliance Industries (RIL) after market hours on Tuesday, 19 February 2013, said that Bob Dudley, BP Group Chief Executive and Mukesh Ambani, Chairman and Managing Director of Reliance Industries met with the Indian Minister of Petroleum and Natural Gas, Dr Veerappa Moily in Delhi on Tuesday, 19 February 2013. They updated the Minister on their joint future plans in India, including the KG D6 block enhancement plan designed to increase production from the block.
Under the KG D6 block enhancement plan, BP and RIL are planning to invest in a series of projects to develop around 4 trillion cubic feet of discovered natural gas resources from the block. At current international liquefied natural gas (LNG) prices, it would cost more than $50 billion to import this volume of gas into India. This plan, when implemented, would entail a potential total investment in excess of $5 billion over the next three to five years.
Leading the largest-ever trade delegation from the UK to any country, British Prime Minister David Cameron said: BP is already the largest single British investor in India and the decision to join forces with Reliance Industries to invest $5 billion in the next few years into India's gas markets reinforces how two of Britain's and India's leading companies can work together to invest in and supply the energy needs of the future, creating jobs and boosting prosperity."
"Gas from these projects will deliver energy to millions of Indians and would significantly help India in reducing import dependence. My ministry is committed to provide necessary support to promote such investment in the domestic Oil & Gas sector. We will do the needful to fast track these projects and help them attain economic viability," assured Dr Veerappa Moily, Minister of Petroleum and Natural Gas, Government of India.
Welcoming the Minister's statement, both Ambani and Dudley agreed to accelerate the pace of exploration and development activities as soon as necessary approvals are received.
Mukesh Ambani said: "The BP and RIL partnership is focused on finding more hydrocarbons and addressing the complexities of the geology along the east coast of India. We hope to significantly contribute to India's domestic production and help the country attain energy security."
Bob Dudley said: "We will bring all our expertise in deep water to explore the prolific gas basins in India and BP looks forward to a rewarding and successful exploration programme in the coming years."
Implementation of the plan will require deployment of advanced skills, processes and technologies through the combined partnership of RIL and BP to produce gas from water depths of more than 1,500 metres.
RIL and BP are confident that development of the existing discoveries, together with exploration prospects in KG D6 have the potential to enhance domestic production significantly.
In an historic partnership with RIL in 2011, BP took a 30% stake in multiple oil and gas blocks in India, including the producing KG D6 block and the formation of a 50:50 joint venture to source and market gas in India - India Gas Solutions.
The implementation of the various projects in the KG D6 enhancement plan is subject to regulatory and Government approvals, RIL said.
The National Stock Exchange (NSE) announced exclusion of futures and options (F&O) contracts of Welspun Corporation (WELCORP). Accordingly no contracts shall be available for trading in WELCORP with effect from 26 April 2013. However, the existing unexpired contracts of expiry months February 2013, March 2013 and April 2013 would continue to be available for trading till their respective expiry and new strikes would also be introduced in the existing contract months.
Tata Motors has reportedly halved production at its Jamshedpur plant and is reviewing its expansion plans as slowing economic growth has crimped demand for its medium and heavy commercial vehicles (CVs). According to reports, the company has also asked some of its employees at the Jamshedpur plant to work every alternate month as production has been scaled down.
Jet Airways (India) on Tuesday, 19 February 2013, reportedly slashed domestic airfares on two million seats by more than half for travel through the year, seeking to attract passengers away from rivals and raise an immediate cash buffer of up to Rs 600 crore. According to reports, the move came after a potential investment of up to $330 million (around Rs 1800 crore) by Etihad Airways PJSC into Jet Airways for a $24% stake ran into an unexpected snag that may force a deal to be put off until after the next fiscal year starts on 1 April. Jet Airways reportedly said passengers will need to book their tickets by 24 February to avail of the discount.
Gujarat NRE Coke's board has authorised the management committee for issuing foreign currency convertible bonds for an amount not exceeding $60 million.
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