RIL to begin production from KG-D6 block in Q3 of 2008
Reliance Industries will begin oil and gas production from its prolific eastern offshore D6 block in the third quarter of 2008 calendar year, the company's junior partner Niko Resources of Canada has said.
Reliance is investing $5.2 billion to bring to production Dhirubhai-1 and 3 gas fields - two of the 18 finds made in the KG-DWN-98/3 (D6) block in Krishna Godavari basin. Alongside, it is also developing the MA oil field in the same block. Both "oil and natural gas production is expected to commence in the third calendar quarter of 2008," Niko said in its regulatory filing.
Volumes will ramp up to a targeted rate of 2.8 billion cubic feet per day (80 million standard cubic meters per day) of gas within first year of production. Peak oil output is seen at 40,000 barrels per day (2 million tons per annum).
Yesterday, the government had said that Reliance will pump 25 mmscmd gas from D6 from September and 40 mmscmd from March 2009. "The wells and facilities are substantially complete," Niko, which holds 10 per cent in D6, said. Niko said R1 exploration well in KG-D6 block added 2.2 Trillion cubic feet of reserves, while proved natural gas reserves in Dhirubhai-1 and 3 fields have more than doubled to 9.2 Tcf. Proven plus probable gas reserves in the two fields has risen by 15 per cent to 13 Tcf.
For oil field development, Reliance and Niko are investing $1.5 billion while in the second phase of gas development, the two firms would invest another $3.6 billion. Niko said conceptual studies are underway for the development of eight of the natural gas discoveries in the prolific Block. These discoveries are adjacent to Dhirubhai 1 and 3 gas fields that are currently under development. It is intended that these satellite discoveries be tied back to the Dhirubhai 1 and 3 facilities. Numerous other prospects have been identified in deeper water areas of the block, where further upside potential will be evaluated.
Reliance is currently drilling MK-1 Cretaceous exploration well, which is 11 km from the MA oil development. Of the $5.2 billion Phase-I investment, Reliance and Niko had sunk-in 2.58 billion dollar by March 31, 2008. In September 2007, the government approved the pricing formula for the sale of natural gas to be produced from the D6 Block, which currently results in a gas price of USD 4.2 per million British thermal unit.
Niko said the wells, the floating production, storage and offloading vessel (FPSO) and other facilities for the MA oil field are substantially complete. The initial field development costs, excluding the FPSO, are estimated at USD 1.5 billion and USD 400 million had been spent until March 31, 2008. The expected oil production from the MA field in the D6 Block will be sold at international market prices. Reliance, which holds 90 per cent sake in the 7,645 sq km KG-D6 block, won the block in the government's first international bid round in 1999. "Development of the Dhirubhai 1 and 3 natural gas fields and the MA oil field is substantially complete and exploration is ongoing on this block," Niko added.
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26 June 2008
Tata Steel FY08 net zooms 195%
Tata Steel FY08 net zooms 195%
Mumbai: Tata Steel Group has posted a three-fold jump in its consolidated net profit at Rs 12,349.98 crore for the year ended March 31, 2008 (FY08) when compared with Rs 4,177.27 crore for FY07.
According to an official release issued by the company to the BSE today, total income has increased to Rs 1,32,110.09 crore for the year ended March 31, 2008, from Rs 25,650.45 crore for the year ended March 31, 2007.
On a stand-alone basis, the company has posted a net profit of Rs 4,687.03 crore for FY08 as compared to Rs 4,222.15 crore for the year ended March 31, 2007.
Total income has increased to Rs 20,028.28 crore for FY08 from Rs 17,984.76 crore for FY07.
The board of the company has recommended a dividend of 160%, i.e. Rs 16/share for FY08.UTVi spoke exclusively to Philip Varin, CEO, Corus, who said that the increase in whole material costs is inevitable.
While , B Muthuraman, MD of Tata Steel, believes that India's demand for steel would increase, despite stagnant growth."We have contracts...one year contracts. In a situation when an increase in the material costs happen, in time it will become comfortable as we are able pass this cost increase to our consumers," said Philip Varin, CEO, Corus.
"Growth could go down to 6-6.5%. If you look at steel, India imported 6-7 million tonne last year as opposed to 8-9 million tonne this year. India's demand for steel will increase irrespective of stagnant growth," said B Muthuraman , MD, Tata Steel.
---------------------------------------------
Other Corporate stories from Reuters INdia
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Wall St drops on banking worries, tech outlook
SBI raises lending rate by 50 basis points
Tata Steel profit rises on Corus /India's Tata Steel FY08 consol net $2.9 bln
Union Bank raises prime lending rate by 50 bps
S&P cuts India 08/09 GDP growth forecast to 7.8 pct
Rupee at 3-wk high on firm stocks, softer oil
Source: http://www.utvi.com and http://in.reuters.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information
Mumbai: Tata Steel Group has posted a three-fold jump in its consolidated net profit at Rs 12,349.98 crore for the year ended March 31, 2008 (FY08) when compared with Rs 4,177.27 crore for FY07.
According to an official release issued by the company to the BSE today, total income has increased to Rs 1,32,110.09 crore for the year ended March 31, 2008, from Rs 25,650.45 crore for the year ended March 31, 2007.
On a stand-alone basis, the company has posted a net profit of Rs 4,687.03 crore for FY08 as compared to Rs 4,222.15 crore for the year ended March 31, 2007.
Total income has increased to Rs 20,028.28 crore for FY08 from Rs 17,984.76 crore for FY07.
The board of the company has recommended a dividend of 160%, i.e. Rs 16/share for FY08.UTVi spoke exclusively to Philip Varin, CEO, Corus, who said that the increase in whole material costs is inevitable.
While , B Muthuraman, MD of Tata Steel, believes that India's demand for steel would increase, despite stagnant growth."We have contracts...one year contracts. In a situation when an increase in the material costs happen, in time it will become comfortable as we are able pass this cost increase to our consumers," said Philip Varin, CEO, Corus.
"Growth could go down to 6-6.5%. If you look at steel, India imported 6-7 million tonne last year as opposed to 8-9 million tonne this year. India's demand for steel will increase irrespective of stagnant growth," said B Muthuraman , MD, Tata Steel.
---------------------------------------------
Other Corporate stories from Reuters INdia
India may see snap poll after nuclear deal end game
Chidambaram: double digit inflation to last some weeks - TV
Wall St drops on banking worries, tech outlook
SBI raises lending rate by 50 basis points
Tata Steel profit rises on Corus /India's Tata Steel FY08 consol net $2.9 bln
Union Bank raises prime lending rate by 50 bps
S&P cuts India 08/09 GDP growth forecast to 7.8 pct
Rupee at 3-wk high on firm stocks, softer oil
Source: http://www.utvi.com and http://in.reuters.com . We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information
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Tata Steel FY08 net zooms 195%
Mkts: Sensex gains over 200 pts; RIL shines
Mkts: Sensex gains over 200 pts; RIL shines
Taking cues from firm global markets, equities opened on a rousing note on the major Indian bourses this morning. But a strong wave of selling that erupted in late morning trades, pushed the Sensex by over 200 points from an early high and down into the red around noon.
However, thanks to some frenzied buying - largely on short-covering due to expiry of June series derivatives contracts - in a few blue chip stocks, including heavyweight Reliance Industries, the barometer bounced back smartly and signed off on a positive note this afternoon. Besides a few oil majors, some key stocks from information technology, metal and auto sectors also ended on a high note today.
While the Sensex ended with a gain of 201.75 points or 1.42% at 14,421.82, around 28 points down from its intra-day high of 14,449.81, the Nifty settled at 4315.85 with a gain of 63.20 points or 1.49%. In intra-day trades today, the Nifty hit a high of 4324.75 and a low of 4230.
Reliance Industries ended the day with a handsome gain of 4.9% on strong volumes. Ambuja Cements, the top gainer among Sensex stocks, closed 6% up at Rs 87.50. Wipro moved up by 5.15%. Cipla ended stronger by 4.4%.
Satyam Computer Services, Tata Motors and HDFC gained 3% - 3.5%. ITC and Mahindra & Mahindra advanced by 2.7% and 2.35% respectively. Larsen & Toubro, Tata Steel, Infosys Technologies, Reliance Infrastructure and State Bank of India gained 1% - 2%. ACC and ONGC ended with modest gains while ICICI Bank and Tata Consultancy Services closed flat.
Reliance Communications, Maruti Suzuki, Hindalco, Ranbaxy Laboratories, DLF, Hindustan Unilever, Bharti Airtel, HDFC Bank and NTPC closed with sharp losses. Jaiprakash Associates, Grasim Industries and BHEL also finished on a weak note.
Tata Communications (up 9.3% to Rs 394.15) was the biggest gainer in the Nifty pack. Power Grid shot up by 5.7%. HCL Technologies notched up a handsome gain of 5.4%. GAIL India, Sun Pharmaceuticals, SAIL, Nalco, Reliance Petroleum, Hero Honda, ABB, Tata Power, Unitech, Sterlite Industries, Cairn India and Siemens also ended on a highly positive note today.
Following the Union Cabinet approving the new fertiliser policy, fertiliser stocks had a nice ride up the charts today. Chambal Fertilizers, Nagarjuna Fertilizers & Chemicals, Gujarat State Fertilizers, Rashtriya Chemicals & Fertilizers, National Fertilizers and Tata Chemicals, all had a good run in the positive zone today.
Despite enjoying a good spell in the positive territory, several midcap stocks ended the day on a weak note due to selling at higher levels. However, a number of smallcap stocks held on to their gains. The market breadth was positive. Out of 2698 stocks traded on BSE, 1483 stocks ended on a winning note. 1143 stocks closed with losses and 72 stocks ended at their previous closing levels.
Source: http://www.sify.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information .
Taking cues from firm global markets, equities opened on a rousing note on the major Indian bourses this morning. But a strong wave of selling that erupted in late morning trades, pushed the Sensex by over 200 points from an early high and down into the red around noon.
However, thanks to some frenzied buying - largely on short-covering due to expiry of June series derivatives contracts - in a few blue chip stocks, including heavyweight Reliance Industries, the barometer bounced back smartly and signed off on a positive note this afternoon. Besides a few oil majors, some key stocks from information technology, metal and auto sectors also ended on a high note today.
While the Sensex ended with a gain of 201.75 points or 1.42% at 14,421.82, around 28 points down from its intra-day high of 14,449.81, the Nifty settled at 4315.85 with a gain of 63.20 points or 1.49%. In intra-day trades today, the Nifty hit a high of 4324.75 and a low of 4230.
Reliance Industries ended the day with a handsome gain of 4.9% on strong volumes. Ambuja Cements, the top gainer among Sensex stocks, closed 6% up at Rs 87.50. Wipro moved up by 5.15%. Cipla ended stronger by 4.4%.
Satyam Computer Services, Tata Motors and HDFC gained 3% - 3.5%. ITC and Mahindra & Mahindra advanced by 2.7% and 2.35% respectively. Larsen & Toubro, Tata Steel, Infosys Technologies, Reliance Infrastructure and State Bank of India gained 1% - 2%. ACC and ONGC ended with modest gains while ICICI Bank and Tata Consultancy Services closed flat.
Reliance Communications, Maruti Suzuki, Hindalco, Ranbaxy Laboratories, DLF, Hindustan Unilever, Bharti Airtel, HDFC Bank and NTPC closed with sharp losses. Jaiprakash Associates, Grasim Industries and BHEL also finished on a weak note.
Tata Communications (up 9.3% to Rs 394.15) was the biggest gainer in the Nifty pack. Power Grid shot up by 5.7%. HCL Technologies notched up a handsome gain of 5.4%. GAIL India, Sun Pharmaceuticals, SAIL, Nalco, Reliance Petroleum, Hero Honda, ABB, Tata Power, Unitech, Sterlite Industries, Cairn India and Siemens also ended on a highly positive note today.
Following the Union Cabinet approving the new fertiliser policy, fertiliser stocks had a nice ride up the charts today. Chambal Fertilizers, Nagarjuna Fertilizers & Chemicals, Gujarat State Fertilizers, Rashtriya Chemicals & Fertilizers, National Fertilizers and Tata Chemicals, all had a good run in the positive zone today.
Despite enjoying a good spell in the positive territory, several midcap stocks ended the day on a weak note due to selling at higher levels. However, a number of smallcap stocks held on to their gains. The market breadth was positive. Out of 2698 stocks traded on BSE, 1483 stocks ended on a winning note. 1143 stocks closed with losses and 72 stocks ended at their previous closing levels.
Source: http://www.sify.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information .
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