Why Murli Deora wants reconstitution of EGoM for RIL KG gas ?
After being criticized for disproportionate allocation of RIL KG basin gas, Petroleum minister Murli Deora has suggested reconstitution of the empowered group of ministers (EGoM) to decide on allocating gas to new customers.
After meeting with principal secretary to the Prime Minister, Deora has formally written to the Cabinet Secretary urging reconstitution of the eGoM on the lines of the previous ministerial group. Why does Murli Deora want this ? We believe someone in h current group is getting tough on Murli Deora. Read more
Geodesic eyeing acquisition in the commercial and social networking space
Geodesic, the mobile, desktop communications and entertainment solutions provider, is eyeing an acquisition in the commercial and social networking space to expand its global presence.
The board of the company has approved the proposal for the same.
In May this year, the company had acquired South America based Interactive Networks Inc.
Geodesic, founded in the year 1999, operates in a niche area of developing various innovative products in the information, communication and entertainment space
Bombay Dyeing – Mumbai Land Bank
Bombay Dying has a landbank of 64 acres across the two sites in Dadar and Worli, premium locations in Mumbai, which, according to management, carry at least 7msf (saleable) potential (based on current rules). Thus far, BD has developed roughly a total of 0.9msf
(equally between two sites).
So far, BD has developed a residential tower of about 0.43 msf (largely sold out, 18 apts left), which should be ready for handover in three months. The project was launched in September 2006 at BSP of about Rs10.5k psf, which peaked at 25k psf and is presently quoting at 18.5k psf. The company is planning another two residential blocks (0.45 msf each) at this location, with the first tower likely to be open for booking by March 2010. Read more
GAIL signs GSPA with Reliance Industries for KG Basin Gas – GAIL Under Loss
Government owned-gas transmission and marketing major GAIL India, on Friday, signed a Gas Sales and Purchase Agreement (GSPA) with Mukesh Ambani-controlled Reliance Industries to source gas from the latter’s oil fields in the Krishna Godavari basin in the eastern offshore.
The agreement envisages purchase of 2.6 million standard cubic meters per day (mmscmd) of gas from RIL’s KG-D6 fields at government approved price of $4.2 per million British thermal unit (mBtu). Gas supplies are expected to begin from September 3, according to GAIL sources. However, in our opinion, the Government / GAIL should be entitles to the GAS at a much lower price of $2.4 per mBtu. Read more
Indian Monsoon Failure – Kharif harvest set to decline 20%
Poor rains are set to hit India’s farm output even as the government reiterates it had enough reserves to ensure food security. India’s finance minister Pranab Mukherjee said on Thursday that the country was likely to see 15-20% decline in summer (kharif) crop harvest due to the poor rains.
The minister said that about 252 out of India’s 626 districts had been declared drought impacted as a result of the weak southwest monsoon. Cumulative rainfall in the June-September monsoon season so far was about 26% below the long period average (LPA). Read more
India Food Price Index Surges to 13.3% – What is th Government Doing ?
India’s food prices continue their run unrestricted even as the wholesale price inflation remains in the negative zone. Headline inflation, as indicated by the wholesale price index (WPI), stood at -0.95% during the week ended August 15 compared with -1.53% in the previous week. The rate had turned negative for the week ended June 6 for the first time since the new WPI series started in 1995.
Despite the negative number, there is no respite from the surge in food prices as the food index surged 13.3% from a year ago level. Poor monsoon has pushed up the supply-demand issues in the food sector resulting in rising prices of many commodities including sugar and pulses. Read more
ICICI Bank home loan rates starting 8.75%
India’s largest private sector lender, ICICI Bank has unveiled new home loan product effective from August 20, 2009.
As per the new scheme, home loans of up to Rs 20 lakh will now be available at 8.75% while the lender will charge 9.25% and 9.75% for loans of Rs 20-Rs 50 lakh and above Rs 50 lakh, respectively.
Recently, other major lenders like State Bank of India (SBI) and Housing Development Finance Corporation (HDFC) have also launched similar kind of products to attract the borrowers during the festive season.
Infrastructure growth slows to 1.8% in July
India’s core sector growth has slowed down again in July after improving consistently through the first quarter of the current fiscal. The group of six infrastructure industries posted a poor growth of 1.8% in the month of July compared with 2.8% in May and 6.5% in June. Growth in the corresponding month last year was 5.1%.
Main culprits for pulling the growth down were crude and steel. Crude oil production dipped by 0.4% in July while steel output expanded by only 1.2% against 6% a year ago. On the other hand, coal output expanded by 9.7% against 5.5% last year, electricity by 3.3% compared with 4.5% and cement by 10.6% against 5.5% the year ago period. Read more
Maruti Suzuki launches Estilo with K-series engine and bold new design
Maruti Suzuki India, the country’s leading passenger car maker, on Tuesday launched the Estilo with all-new looks and advanced technological features.
The Estilo represents Maruti Suzuki matching pace with the changing taste and lifestyle of vibrant India. The bolder new Estilo, designed to meet the aspirations of the Indian customer, is a heady mix of sculpted features, bold designs, new exciting colours. Read more
Mukesh Ambani Reliance accepts Cost Escalation in KG Basin – Shady Government Deals
In a stunning admission, RIL has released defending the cost escalation of KG basin project.
As against the ADAG’s claim, RIL says the capital expenditure for the KG-D6 fields has increased from $2.47 billion in 2003 to $8.83 billion due to a 2.5 times increase in reserves, trebling of production facilities, doubling of peak production, hike in number of wells, field life and inflation in the equipment and services industry. Read more