Energy Sector

GMR Infrastructure Mounts Following the Acquisition of 30% Stake in GEMS

GMR Infrastructure Mounts Following the Acquisition of 30% Stake in GEMSAfter the announcement of the GMR Energy (GEL) to take 30% stake in T Golden Energy Mines Tbk (GEMS), a Sinar Mas Group company in Indonesia, the shares of GMR Infrastructure went up 1.68% at Rs. 30.35 on BSE.

However, the BSE Sensex dropped 11.06 points, or 0.06%, to 17,048.34.

SUEL to Pay Its Bondholders Soon: Chairman

SUEL to Pay Its Bondholders Soon: Chairman

The third- largest wind turbines maker of Asia, Suzlon Energy Ltd. (SUEL) will be soon paying its bondholders, once they decide to redeem the convertible securities next year.

The India’s biggest wind-turbine maker’s $389 million bonds will mature next year and then the bondholders will be paid easily. Next year, four foreign currency convertible bonds of Suzlon will be maturing and the base price of their conversion would range between 76.68 and 97.26 rupees.

Robust Exports Eased Trade Deficit, Slowdown Expected Ahead

Despite of the US debt problem and Euro Crisis, India’s exports remained fierce for Q2.

India’s exports grew at a faster pace of 46.45% to $29.21 billion for the month of June. Merchandise export rose to $19.94 billion. According to data release by Ministry of Commerce, in Q1 the shipments also grew by 45.7% to $ 79 billion.

ONGC Rises By 12%

The country’s leading oil and gas producer, Oil and Natural Gas Corporation (ONGC), claimed that in its net profits recorded for the first quarter, the company traced an increase of 12%, which definitely challenged the increased subsidy burden.

They further claimed that in the month of April, the net sales also recorded a great jump of 16,268.

In the mean time, on its 221st company meeting, the officials announced that till the quarter end during the month of June, the company recorded an amount of Rs 12,046 crore, as the financial funding lumbers.

Suzlon Hansen Deal

There has been a deal struck between Suzlon Energy and Hansen Transmissions Internationals NV from Belgium. It has been revealed that Suzlon shall be liable to a certain amount of refund after the stakes from Hansel have been sold. This might be able to fetch them a sum of $187 m.

BP's Technical Expertise Likely to Work Wonders for RIL

BP's Technical Expertise Likely to Work Wonders for RILThe Reliance Industries Ltd. on Friday received the much-needed government approval for its proposed $7.2 billion asset sale to BP PLC.

The approval is likely to blossom the way for the largest venture of the UK oil behemoth in the South Asian nation.

Iran Says No Shipment for Indian Customers Until Outstanding Bills Are Paid

Iran Says No Shipment for Indian Customers Until Outstanding Bills Are Paid

Iran is reported to have told customers in India that they would not receive shipments next month until outstanding bills are paid, as Indian refiners have expressed that the global sanctions against Iran regarding its nuclear program, made banks reluctant to transfer oil payments.

Also, Iran might stop exporting oil to India from the 1st of August, and the country is yet to issue export permits for crude shipments to India for August, as India owes $5 billion for oil shipments.

Powergrid Up For Expansion

Powergrid Up For Expansion

There has been a proposal made by the Powergrid Corporation of India about a transmission network expansion plan. They are offering a sum of as much as Rs. 17,000 crore for the purpose of materializing a number of plans during this financial year. There is going to be the setting up of as many as nine transmission corridors that can lead to high level transmission voltages of about 1,200 kv AC.

Reliance Defends Its KG-D6 Deal after Being Blamed For ‘Gold Plating’

Reliance Defends Its KG-D6 Deal after Being Blamed For ‘Gold Plating’It seems that the allegation of “gold plating” on Reliance Industries over its KG-D6 gas field had once again sparked the long running controversy surrounding the malicious smear campaign being done by private lobbyists.

While the Company maintained its defense strong against the reports submitted by the top auditor CAG, the government seems to be closely monitoring the turn of events.

Kerala cuts sales tax component on diesel

On Monday the UDF government in Kerala has determined to decline the state tax to be increased as the recent increase on diesel price.

Chief Minister Oommen Chandy has made the announcement in the state assembly when he was asked to reply to an adjournment notice given by opposition LDF on the issue.

There will be plummeting in the diesel price by 75 paise due to the decision.

He has said that the state government would lose nearly Rs 142.2 crore by giving up the tax. Earlier, this month the Kerala has raised its hand the tax when petrol price was hiked by the Centre.