Infy Q2 marginally above estimates, RIL gas block has 40 Tcf gas reserves

Infy Q2 marginally above estimates
Infosys Q2 net up 30.2%, will not increase bid for Axon
Infy plays it safe
Infosys Q2 net up at Rs 1432 cr Declares 200% interim Infosys headcount rises above 1 lakh
Infosys FY09 dollar term guidance seen under pressure

The Spetember’08 quarter results of Infosys Technologies are marginally above analyst estimates. A weaker rupee against the dollar aided 11.6 per cent sequential growth in revenue while net profit rose by 10 per cent.

Infosys also reported improved operating profitability during the September quarter. Operating margin expanded by 264 basis points sequentially (QoQ) and 184 bps year-on-year to 33.1 per cent. Net margin showed a marginal drop of over 40 bps to 26.4 per cent sequentially and annually.

As hinted by a report in ET today, Infosys recorded a decline in its new client additions. These reduced to 40 in the September quarter from 49 a quarter ago and 48 a year ago. Though Infosys has given robust number for the latest ended quarter, it has cut its dollar guidance for FY’09 by over 5 per cent citing the global macroeconomic turmoil. For FY’09, it expects EPS to be $2.24, down from $2.32 earlier. Revenue is expected to be $4.72-4.81 billion, down from earlier estimation of $4.97-5.05 billion. Going by its revised guidance, Infosys now expects its revenue to grow by just over 13 per cent annually for FY’09. The stock was down 6 per cent to Rs 1,176 on BSE in the early morning trade.
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RIL gas block has 40 Tcf gas reserves

Reliance Industries' prolific D6 block in Krishna Godavari basin off the east coast contains in-place reserves of 40 Trillion cubic feet, said the firm's junior partner Niko Resources.

The company has made 20 gas and one oil discovery in the 7,645 sqkm KG-DWN-98/3 or D6 block in deep-sea of Bay of Bengal, said Edward S Sampson, Chairman of Board, President and CEO of Niko in analyst calls. These discoveries have resulted "in 40 Tcf gas in-place," he said.

Reliance is the operator of the block with 90 per cent stake, while Niko has the remaining 10 per cent. Dhirubhai-1 and 3 gas finds, the two discoveries that are being put into production in the first phase, would start pumping gas by December/January and by 2010 would almost double availability of gas in the country. The two fields would by mid-2009 produce 40 million standard cubic meters per day of gas, which would be doubled by 2010. Development plan has been submitted for nine out of the 15 satellite discoveries in the block, Sampson said. "40 additional exploration prospects are being targeted." Reliance is investing USD 5.2 billion in developing Dhirubhai-1 and 3 discoveries and would pump in an additional USD 3.5 billion to extend the peak output to 7-8 years.

The satellite fields would produce about 25 mmscmd, while another 9 mmscmd gas would be produced from the MA oil field in the same block. Reliance, last month started producing oil from the MA field and the output is expected to reach 20,000 barrels per day in one month from the current 5,500 bpd. Gas flowing along with the oil is currently being re-injected into the wells and this gas would flow together with Dhirubhai-1 and 3 gas. Peak oil output of 40,000 bpd from MA would be achieved in 6-8 quarters, he said.

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Source:SIfy,ET,BS etc