• ONGC plans to spend Rs14000 cr on exploration
ONGC plans to spend about Rs14,000 crore on exploration this fiscal and is seeking partnerships to develop its deepwater assets. The low oil prices have made technology and talent cheaper.An exploration technique called 3D seismic uses sound waves to form sharp three-dimensional images of underground reserves, facilitating the location of oil and gas deposits. The spending will also go to other exploration activities, including drilling of wells.
• Sahyadri Industries to invest Rs140 crore in NAFS plant
Sahyadri Industries Limited (SIL) plans to invest Rs140 crore to set up an ultra-modern non-asbestos flat sheets (NAFS) integrated plant at Vijaywada. The plant will be set up at an investment of Rs140 crore and produce NAFS with an annual installed manufacturing capacity of 1,00,000 tonne.
• Amara Raja plans to expand two wheeler battery capacity
As per media report, Amara Raja management is planning to significantly increase its two wheeler battery manufacturing capacity. Under its current expansion the company would be increasing two wheeler battery capacity from 7mn to 11mn by the year end. The management is planning to further double capacity with another manufacturing plant of 11mn units per annum over the next 18 months. The company is aiming for a turnover of Rs6,000 crore by FY2017.
• SEBI approves introduction of F&O contracts in 7 securities
SEBI has approved introduction of the future and option contracts in 7 securities from 29th May 2015. List of securities are Bajaj Finance, Pidilite Industries, SRF, Amara Raja, Page Ind, CEAT and Castrol.
• IOC sets up new propylene recovery unit in Mathura
State-owned Indian Oil Corporation (IOC) has said that it has started its propylene recovery unit at its Mathura Refinery, as per reports. Propylene is one of the major components used in the petrochemical industry to manufacture a wide-range of products like automobile headlights, disk brake pads, bumpers, carpets, CDs, clear film food wrap, eyeglasses and moulded plastic goods such as buckets and food containers.
• Greaves Cotton Q4 net profit affects on inventory write-off
Greaves Cotton Stock update - First-cut analysis of Q4FY2015 results; net profit affected by inventory write-off .Revenues under pressure; inventory write-off of Rs9.8 crore: Greaves Cotton Ltd (GCL)’s revenues for Q4FY2015 contracted by 9.5% year on year (YoY) to Rs394 crore. The engine division’s revenues, which were under pressure in the preceding couple of quarters, contracted by 1.4% YoY during the quarter.
• RPower 4,000-Mw Sasan UMPP may lose surplus coal block
Reliance Power’s 4,000-Mw Sasan UMPP may lose surplus coal block – Negative for Reliance Power. The coal ministry is considering a proposal to de-allocate a surplus coal block attached to Reliance Power's 4,000-Mw Sasan UMPP and is working on modalities to cancel possible diversion of another four million tonnes per annum in the project's other two mines that are now operational.
• Union Cabinet raises approval limits by FIPB
The Union Cabinet changed rules to speed up approvals for foreign investment proposals, aiming to boost inflows and make it easier for firms to do business. Under the new rules, investments up to Rs3000 crore will not require the approval of the cabinet and can be cleared by the Foreign Investment Promotion Board ( FIPB). Until now, the FIPB had the authority to clear investments that were below Rs 2000 crore.
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