Date : 23.05.2008 Comparison dt: 31.07.2008 Returns%(approxi)Points
Sensex 16649 14355 -15.98
Nifty 4946 4332 -14.14
Sai72Stocks 1565 1317 -17.30
All of you know that i have created a portfolio of SAI72STOCKS for Return comparison with SENSEX and NIFTY returns from the concept of IIM-L 60 Stocks.
Before that i am submitting previous articles/links on SAI72stocks to you.
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Sai72Stocks Vs Nifty,Sensex
Hi all... I am again here to provide Interesting articles in and around Market, Corporates, World Business and etc. From the content of below article [ IIM-L 60 beats Nifty 50 gains ], I wish to create New portfolio of 72 Stocks in the Name of SAI72Stocks to check my ability in Portfolio Mgmt Services. I have created this portfolio by picking some stocks in Nifty, Sensex [as they have strong fundamentals] and other Midcap stocks. Lets us see how this portfolio performs Vs Sensex, Nifty.I will compare my portfolio with Sensex, Nifty in a regular Intervals. I will give the returns of My portfolio in the coming weeks. I will publish the next return {Avg.Return}comparison on July 31, 2008 [ Nearly 70 days from 24.05.2008].I have taken my portfolio points by averaging 72 stocks. I didn’t give any weightage to Stocks. And I have taken Stock values, Nifty, Sensex points as on 23.05.2008 to make my debut Vs Sensex, Nifty.Hope all of you will have interest in this article/concept. Also listed my Stock portfolio.
Date : As on 23.05.2008 Next comparison date: 31.07.2008 [ July 31,2008]
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From the above you can know it is the time to submit the Returns of SAI72stocks with SENSEX and NIFTY. I have taken share values to rounded one. And SAI72stocks value is given by average value multiplied by 2 (to make number into 4 digits). All the readers are requested to excuse our team if any calculation mistakes persists.
Date : 23.05.2008 Comparison dt: 31.07.2008 Returns%(approxi)
Points
Sensex 16649 14355 -15.98
Nifty 4946 4332 -14.14
Sai72Stocks 1565 1317 -17.30
Despite some points loss in my portfolio stocks, I manage my stocks returns just behind (less than 1-2% ) the SENSEX and NIFTY returns of the above period.
SAI72Stocks value on both the dates:
1 Axis Bank 799.85 654
2 ACC 667.45 584
3 Bharti Airtel 836.80 799
4 BHEL 1747.20 1679
5 Bank of India 325.35 273
6 Bajaj Holdings 673.75 350
7 Cipla 203.50 219
8 Cairn India 306.15 242
9 Chennai Petro 341.40 302
10 Corporation Ban 344.25 258
11 DLF 609.75 509
12 Dr Reddys Labs 686.75 569
13 Essar Oil 246.80 189
14 Grasim 2289.00 1800
15 GMR Infra 138.50 93
16 GE Shipping 499.20 408
17 HDFC 2678.30 2276
18 HUL 235.75 240
19 HDFC Bank 1383.00 1095
20 Hindalco 192.95 141
21 Hero Honda 797.50 804
22 HDIL 758.60 450
23 HT Media 136.45 111
24 ITC 213.60 188
25 ICICI Bank 863.75 635
26 Infosys 1826.40 1583
27 Idea Cellular 107.10 88
28 India Cements 164.30 145
29 Indiabulls 413.50 286
30 IDFC 156.05 92
31 IOC 420.05 403
32 Jaiprakash Asso 237.65 157
33 Jindal Steel 2387.15 2070
34 JSW Steel 1077.10 734
35 Jet Airways 526.65 467
36 Kotak Mahindra 700.85 531
37 Larsen 2844.75 2602
38 Lupin 683 738
39 Maruti Suzuki 789.60 575
40 NTPC 176.95 170.45
41 Nestle 1771.95 1632
42 Neyveli Lignite 143.55 116
43 Nicholas Pirama 357.60 321
44 NALCO 534.45 424
45 ONGC 902.05 996
46 PNB 514.15 452
47 Power Grid Corp 100.40 95
48 Power Finance 143.05 134
49 Reliance 2554.80 2207
50 Reliance Comm 572.30 500
51 Ranbaxy Labs 496.50 499
52 Reliance Infra 1290.40 965
53 Reliance Petro 184.05 165
54 Rajesh Exports 95.20 51
55 Rel Capital 1321.05 1302
56 REC 115.00 88
57 SBI 1573.25 /1415
58 Suzlon Energy 296.90 /223
59 Sun Pharma 1328.85 /1411
60 Sterlite Ind 903.75 /632
61 SAIL 172.60 /140.6
62 Sesa Goa 4065.85 /3372
63 Tata Steel 896.50 /655
64 Tata Motors 637.55 /404
65 Tata Power 1440.45 /1160
66 Titan Industrie 1200.70 /1127
67 Tata Chemicals 384.10 /320
68 TV 18 328.30 /220
69 Unitech 268.00 /164
70 Videocon Indust 386.75 /287
71 Voltas 158.10 / 122
72 Welspun Guj 377.00 /330
Despite some points loss in my portfolio stocks, I manage my stocks returns just behind (less than 1-2% ) the SENSEX and NIFTY returns of the above period.
Date : 23.05.2008 Comparison dt: 31.07.2008 Returns%(approxi)Points
Sensex 16649 14355 -15.98
Nifty 4946 4332 -14.14
Sai72Stocks 1565 1317 -17.30
Thank you for viewing /supporting this concept.
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Next we will compare this SAI72stocks of period from 01.08.2008 to 30.10.2008 again with SENSEX and NIFTY returns of the same period.
01 August 2008
Sensex ends 300 pts up after heavy buying
Sensex ends 300 pts up after heavy buying
Tracking weak global markets, equities opened on a highly negative note on the major Indian bourses this morning. Barring a few stocks from the metal and PSU sectors, stocks from other sectors were seen struggling for support for well over an hour.
However, as the cautious mood gave way to some optimism as the session progressed, key stocks from capital goods, information technology, power and oil stocks started attracting attention. Thereafter, it was a one way trip up north for the benchmark indices Sensex and Nifty in afternoon trade today.
Expectations of brighter days for the power and infrastructure sector post implementation of Indo-US civilian nuclear deal triggered some hectic buying in quite a number of front line stocks this afternoon.
The Sensex, which had slipped by nearly 325 points to 14,032.87 in early trade, ended the session with a gain of 300.94 points or 2.1% at 14,656.69, near its intra-day high of 14,682.33. The Nifty closed with a gain of 80.60 points or 1.86% at 4413.55. The NSE barometer touched a high of 4422.95 and a low of 4235.70 in intra-day trades today.
So sharp were the gains posted by stocks from capital goods, power, PSU, oil and banking sectors that the respective sectoral indices moved up by 3% - 4% today. The IT index ended nearly 3% up. BSE Metal (2.62%) and Realty (2.37%) also ended stronger. Select consumer durables and pharma stocks edged up while auto and FMCG stocks had a sluggish outing.
Jaiprakash Associates flared up by 8.7% on strong buying support today. State Bank of India, which opened on a weak note this morning, rallied sharply in afternoon trade and ended with a handsome gain of 6.05%. HDFC spurted 5.55%.
Reliance Infrastructure (4.75%), BHEL (4.65%), Reliance Industries (4.25%), Wipro (4%), Tata Steel (3.95%), NTPC (3.7%), Infosys Technologies (3.6%), Larsen & Toubro (3.45%), Satyam Computer Services (2.85%), Bharti Airtel (2.5%), Ranbaxy Laboratories (2.15%), DLF (2.15%), Grasim Industries (up nearly 2%) had a bright outing.
ICICI Bank and HDFC Bank rebounded sharply from their lower levels and ended stronger by 1.15% and 1.1% respectively. Tata Consultancy Services and Mahindra & Mahindra closed with modest gains. ONGC and Sterlite Industries ended flat. Reliance Communications (down 12.65%) opened weak and remained so right till the end. Tata Power lost 3.75%. Maruti Suzuki ended 2.5% down at Rs 560.50. Hindustan Unilever (down 1.9%), ACC (down 1.3%) and Tata Motors (down 1.15%) also ended with sharp losses. Hindalco and ITC settled slightly behind their previous closing levels.
Punjab National Bank (up 7.1%) was the biggest gainer from the Nifty pack. Suzlon Energy ended with a gain of a little over 7%. Siemens moved up by around 5%. GAIL India, ABB, HCL Technologies, Unitech, Zee Entertainment, Power Grid Corporation, SAIL, Reliance Petroleum, Dr. Reddy's Laboratories, Sun Pharmaceuticals and BPCL also ended with impressive gains.
HMT, India Infoline, IFCI, Gujarat Minerals, JSW Steel, Indian Bank, Bank of Baroda, Chambal Fertilizers & Chemicals, Bajaj Hindustan, Jindal Saw, Canara Bank, GMR Infrastructure, Jet Airways, Federal Bank, IDFC and Bank of India went up by 6% - 10% today.
Jai Balaji Industries, Prakash Industries, Renuka Sugars, Opto Circuit, Kalpataru Power, Kesoram, Electrosteel Castings, Development Credit Bank, Omaxe and ING Vysya Bank were among the prominent gainers in the midcap space today. The market breadth turned positive in afternoon trade. When the session ended, out of 2732 stocks traded on BSE, 1551 stocks were up in the positive territory and 1108 stocks had eased into the negative zone. 73 stocks ended flat.
Source: Sify
Tracking weak global markets, equities opened on a highly negative note on the major Indian bourses this morning. Barring a few stocks from the metal and PSU sectors, stocks from other sectors were seen struggling for support for well over an hour.
However, as the cautious mood gave way to some optimism as the session progressed, key stocks from capital goods, information technology, power and oil stocks started attracting attention. Thereafter, it was a one way trip up north for the benchmark indices Sensex and Nifty in afternoon trade today.
Expectations of brighter days for the power and infrastructure sector post implementation of Indo-US civilian nuclear deal triggered some hectic buying in quite a number of front line stocks this afternoon.
The Sensex, which had slipped by nearly 325 points to 14,032.87 in early trade, ended the session with a gain of 300.94 points or 2.1% at 14,656.69, near its intra-day high of 14,682.33. The Nifty closed with a gain of 80.60 points or 1.86% at 4413.55. The NSE barometer touched a high of 4422.95 and a low of 4235.70 in intra-day trades today.
So sharp were the gains posted by stocks from capital goods, power, PSU, oil and banking sectors that the respective sectoral indices moved up by 3% - 4% today. The IT index ended nearly 3% up. BSE Metal (2.62%) and Realty (2.37%) also ended stronger. Select consumer durables and pharma stocks edged up while auto and FMCG stocks had a sluggish outing.
Jaiprakash Associates flared up by 8.7% on strong buying support today. State Bank of India, which opened on a weak note this morning, rallied sharply in afternoon trade and ended with a handsome gain of 6.05%. HDFC spurted 5.55%.
Reliance Infrastructure (4.75%), BHEL (4.65%), Reliance Industries (4.25%), Wipro (4%), Tata Steel (3.95%), NTPC (3.7%), Infosys Technologies (3.6%), Larsen & Toubro (3.45%), Satyam Computer Services (2.85%), Bharti Airtel (2.5%), Ranbaxy Laboratories (2.15%), DLF (2.15%), Grasim Industries (up nearly 2%) had a bright outing.
ICICI Bank and HDFC Bank rebounded sharply from their lower levels and ended stronger by 1.15% and 1.1% respectively. Tata Consultancy Services and Mahindra & Mahindra closed with modest gains. ONGC and Sterlite Industries ended flat. Reliance Communications (down 12.65%) opened weak and remained so right till the end. Tata Power lost 3.75%. Maruti Suzuki ended 2.5% down at Rs 560.50. Hindustan Unilever (down 1.9%), ACC (down 1.3%) and Tata Motors (down 1.15%) also ended with sharp losses. Hindalco and ITC settled slightly behind their previous closing levels.
Punjab National Bank (up 7.1%) was the biggest gainer from the Nifty pack. Suzlon Energy ended with a gain of a little over 7%. Siemens moved up by around 5%. GAIL India, ABB, HCL Technologies, Unitech, Zee Entertainment, Power Grid Corporation, SAIL, Reliance Petroleum, Dr. Reddy's Laboratories, Sun Pharmaceuticals and BPCL also ended with impressive gains.
HMT, India Infoline, IFCI, Gujarat Minerals, JSW Steel, Indian Bank, Bank of Baroda, Chambal Fertilizers & Chemicals, Bajaj Hindustan, Jindal Saw, Canara Bank, GMR Infrastructure, Jet Airways, Federal Bank, IDFC and Bank of India went up by 6% - 10% today.
Jai Balaji Industries, Prakash Industries, Renuka Sugars, Opto Circuit, Kalpataru Power, Kesoram, Electrosteel Castings, Development Credit Bank, Omaxe and ING Vysya Bank were among the prominent gainers in the midcap space today. The market breadth turned positive in afternoon trade. When the session ended, out of 2732 stocks traded on BSE, 1551 stocks were up in the positive territory and 1108 stocks had eased into the negative zone. 73 stocks ended flat.
Source: Sify
10 nations with high inflation
10 nations with high inflation
1) Zimbabwe – Over 1 million per centWeary Zimbabweans are facing a new wave of price increases that will put many basic goods even further out of their reach: A loaf of bread now costs what 12 new cars did a decade ago.According to an AP report, independent finance houses said in an assessment recently that annual inflation rose in May 2008 to 1,063,572 per cent based on prices of a basket of basic foodstuffs. Economic analysts say unless the rate of inflation is slowed, annual inflation will likely reach about 5 million per cent by October.A small pack of locally-produced coffee beans now cost just short of 1 billion Zimbabwe dollars. A decade ago, that sum would have bought 60 new cars.
2) Burma – 40%Burma comes in second behind Zimbabwe with its inflation rate hovering around 40 per cent. It has been termed a ‘least developed country’ and continues to struggle as one of the poorest countries in Asia.According to 2007 estimates, 32.7 per cent of the Burmese people live in poverty. Per capita GDP in Burma is $1,900 compared with $8,000 in neighboring Thailand, $26,400 in South Korea, and $33,800 in Japan.
3) Iran – 25.3%Iran’s annual inflation rate rose to 25.3 per cent in May compared with the previous month, when it reached 24.2 per cent, the central bank said. The statistics highlight the economic problems facing President Mahmoud Ahmadinejad’s government, under pressure from many lawmakers, media and the public over its failure to rein in the strength of inflation in the world’s fourth-largest oil producer. The central bank said that prices rose by 1.7 per cent in the Iranian month to May 20, pushing up the year-on-year rate to more than 25 per cent, according to a Reuters report.Monthly prices increased 3.1 per cent the previous month, to April 19, when the year-on-year rate was 24.2 per cent. The year-on-year rate was 22.5 per cent in March, showing a steadily climbing trend. Iran’s inflation rate was about 12 per cent in mid-2005, when the conservative president came to power pledging to share Iran’s oil wealth more fairly.
4) Vietnam – 25.2%Vietnam’s ruling Communist Party is facing one of its biggest challenges with yearly inflation in double-digits for seven consecutive months, hitting 25.2 per cent in May.Despite authorities’ efforts to control inflation, including interest rate hikes, consumer prices were 4 percentage points higher than last month, according to the Government Statistics Office, news agency AP reported.Vietnam’s inflation rate is among the highest in Asia, and higher food prices in particular are hurting the country’s poor. Soaring imports have tripled the trade deficit this year to $14.4 billion, while the Vietnamese stock market has lost 60 per cent, making it the world’s worst-performing market.
5) Egypt – 21%The Egyptian government has reported that inflation rates in the country rose to over 21 per cent in May, as a direct result of rising prices that have worsened the North African nation’s food crisis.The official news agency, MENA, quoted an Egyptian government official as saying that inflation in rural areas had "increased even higher to 22.9 per cent" for the month, raising concerns over widespread discontent.“The May figures are in stark contrast to the already high inflation rate reported in March of around 14 percent. This does not bode well for approximately 20 percent of the nations almost 80 million people, who live below the poverty line of US$2 per day,” the official was quoted as saying.
For full article:10 nations with high inflation
Source:ET
1) Zimbabwe – Over 1 million per centWeary Zimbabweans are facing a new wave of price increases that will put many basic goods even further out of their reach: A loaf of bread now costs what 12 new cars did a decade ago.According to an AP report, independent finance houses said in an assessment recently that annual inflation rose in May 2008 to 1,063,572 per cent based on prices of a basket of basic foodstuffs. Economic analysts say unless the rate of inflation is slowed, annual inflation will likely reach about 5 million per cent by October.A small pack of locally-produced coffee beans now cost just short of 1 billion Zimbabwe dollars. A decade ago, that sum would have bought 60 new cars.
2) Burma – 40%Burma comes in second behind Zimbabwe with its inflation rate hovering around 40 per cent. It has been termed a ‘least developed country’ and continues to struggle as one of the poorest countries in Asia.According to 2007 estimates, 32.7 per cent of the Burmese people live in poverty. Per capita GDP in Burma is $1,900 compared with $8,000 in neighboring Thailand, $26,400 in South Korea, and $33,800 in Japan.
3) Iran – 25.3%Iran’s annual inflation rate rose to 25.3 per cent in May compared with the previous month, when it reached 24.2 per cent, the central bank said. The statistics highlight the economic problems facing President Mahmoud Ahmadinejad’s government, under pressure from many lawmakers, media and the public over its failure to rein in the strength of inflation in the world’s fourth-largest oil producer. The central bank said that prices rose by 1.7 per cent in the Iranian month to May 20, pushing up the year-on-year rate to more than 25 per cent, according to a Reuters report.Monthly prices increased 3.1 per cent the previous month, to April 19, when the year-on-year rate was 24.2 per cent. The year-on-year rate was 22.5 per cent in March, showing a steadily climbing trend. Iran’s inflation rate was about 12 per cent in mid-2005, when the conservative president came to power pledging to share Iran’s oil wealth more fairly.
4) Vietnam – 25.2%Vietnam’s ruling Communist Party is facing one of its biggest challenges with yearly inflation in double-digits for seven consecutive months, hitting 25.2 per cent in May.Despite authorities’ efforts to control inflation, including interest rate hikes, consumer prices were 4 percentage points higher than last month, according to the Government Statistics Office, news agency AP reported.Vietnam’s inflation rate is among the highest in Asia, and higher food prices in particular are hurting the country’s poor. Soaring imports have tripled the trade deficit this year to $14.4 billion, while the Vietnamese stock market has lost 60 per cent, making it the world’s worst-performing market.
5) Egypt – 21%The Egyptian government has reported that inflation rates in the country rose to over 21 per cent in May, as a direct result of rising prices that have worsened the North African nation’s food crisis.The official news agency, MENA, quoted an Egyptian government official as saying that inflation in rural areas had "increased even higher to 22.9 per cent" for the month, raising concerns over widespread discontent.“The May figures are in stark contrast to the already high inflation rate reported in March of around 14 percent. This does not bode well for approximately 20 percent of the nations almost 80 million people, who live below the poverty line of US$2 per day,” the official was quoted as saying.
For full article:10 nations with high inflation
Source:ET
The world's top 10 companies
The world's top 10 companies
World's top 10 companies
July 31, 2008
HSBC Holdings tops the Forbes 2000 list, it's followed by General Electric and Bank of America.
The rankings are based on a combination of the sales, profits, assets and market capitalisation of these companies. Check out the world's top ten companies
1. HSBC Holdings
2. General Electric
3. Bank of America
4. JPMorgan Chase
5. ExxonMobil
6. Royal Dutch Shell
7. BP
8. Toyota Motor Co
9. ING Group
10. Berkshire Hathaway
For full article: The world's top 10 companies
Source:Rediff
World's top 10 companies
July 31, 2008
HSBC Holdings tops the Forbes 2000 list, it's followed by General Electric and Bank of America.
The rankings are based on a combination of the sales, profits, assets and market capitalisation of these companies. Check out the world's top ten companies
1. HSBC Holdings
2. General Electric
3. Bank of America
4. JPMorgan Chase
5. ExxonMobil
6. Royal Dutch Shell
7. BP
8. Toyota Motor Co
9. ING Group
10. Berkshire Hathaway
For full article: The world's top 10 companies
Source:Rediff
Selling gas to RNRL will lead to loss of $900 mn: RIL
Selling gas to RNRL will lead to loss of $900 mn: RIL
Reliance Industries on Thursday informed the Bombay High Court that it would incur losses in the range of $600-900 million annually if it supplies gas to Anil Ambani-owned Reliance Natural Resources Ltd at 2.34 dollars per mmBtu. Mukesh Ambani-owned RIL told the court that it could not promise a fixed quantity of gas to RNRL at 2.34 dollars, which is much lower than the price fixed by the government at 4 dollars per mmBtu. If RIL entered into a contract to supply the fixed quantity of gas at 2.34 dollars, it would incur annual losses ranging from $600 to 900 million, RIL told the high court. Division bench of Justices J N Patel and K Tated is hearing the dispute over gas supply from the Krishna-Godavari basin between RIL and RNRL.
RIL's counsel Harish Salve argued that RNRL's power plant was not going to commence before 2010 and till then, RIL could not be restrained from extracting gas. As such, RIL could not wait for RNRL's power plant to come up and so they had to enter into gas sale purchase agreements (GSPA) with third parties. Once RNRL notified it that their plant was working, they could enter into GSPA between them.
"The country needs the gas and if we keep waiting for RNRL, the government which owns the natural resource, will take us out of contract by 2025 anyway when the lease ends," said Salve. RNRL has already given up its right on the gas for trading earlier, which they are trying to revive, he contended and added that the Gas Supply Master Agreement between RIL and RNRL specifically includes supply of gas on a suitable agreement for RNRL's power plants. Regarding supply of gas for the RNRL power plant when it comes up, the quantity can be decided in accordance with a formula considering the total resource of gas available, the tenure for which the extraction will be carried out less the share that has to be given to the government on an annual basis, Salve contended.
RNRL is entitled to 28 mmscmd of gas when the production reaches 40 mmscmd. If RNRL want to procure more in case when the production increases, it will have to purchase it at market price, he said. The GSPA has to be revised in accordance with the annual production of gas, he further said.
Also, just because RIL and RNRL are in dispute, the production sharing contract (PSC) with the government cannot be compromised, added Salve. "We are ready to give the gas at the fixed price provided the government approves such price," he said. RNRL has been citing the memorandum of understanding between the two companies regarding the fixed quantity of gas at the said price but the MOU cannot supercede the PSC with the government, he contended. Also, the government has specifically said that the prices of gas to any third party other than itself has to be at arms-length prices, Salve argued.
RIL has invested $8 billion in the project, he told the court. Salve will continue to argue on the MOU, the documents in connection with the MOU and what is the scope of the company's jurisdiction regarding gas supply in the next hearing on August 5.
Gas production from RIL's D6 field delayed
India Reliance refinery trial runs by Sept
ONGC to invest $3 bn for exploration in KG basin
----------------------------------------
Other Top news from ET:
Tata Steel Q1 net up to Rs 1,488 cr
Inflation marginally up at 11.98 per cent
'RCom looks for global acquisitions'
Sintex buys 90 pc in German component maker
Brokers to let you trade directly
Rain Commodities under funds radar
India's top 10 asset management firms
Source:ET
Reliance Industries on Thursday informed the Bombay High Court that it would incur losses in the range of $600-900 million annually if it supplies gas to Anil Ambani-owned Reliance Natural Resources Ltd at 2.34 dollars per mmBtu. Mukesh Ambani-owned RIL told the court that it could not promise a fixed quantity of gas to RNRL at 2.34 dollars, which is much lower than the price fixed by the government at 4 dollars per mmBtu. If RIL entered into a contract to supply the fixed quantity of gas at 2.34 dollars, it would incur annual losses ranging from $600 to 900 million, RIL told the high court. Division bench of Justices J N Patel and K Tated is hearing the dispute over gas supply from the Krishna-Godavari basin between RIL and RNRL.
RIL's counsel Harish Salve argued that RNRL's power plant was not going to commence before 2010 and till then, RIL could not be restrained from extracting gas. As such, RIL could not wait for RNRL's power plant to come up and so they had to enter into gas sale purchase agreements (GSPA) with third parties. Once RNRL notified it that their plant was working, they could enter into GSPA between them.
"The country needs the gas and if we keep waiting for RNRL, the government which owns the natural resource, will take us out of contract by 2025 anyway when the lease ends," said Salve. RNRL has already given up its right on the gas for trading earlier, which they are trying to revive, he contended and added that the Gas Supply Master Agreement between RIL and RNRL specifically includes supply of gas on a suitable agreement for RNRL's power plants. Regarding supply of gas for the RNRL power plant when it comes up, the quantity can be decided in accordance with a formula considering the total resource of gas available, the tenure for which the extraction will be carried out less the share that has to be given to the government on an annual basis, Salve contended.
RNRL is entitled to 28 mmscmd of gas when the production reaches 40 mmscmd. If RNRL want to procure more in case when the production increases, it will have to purchase it at market price, he said. The GSPA has to be revised in accordance with the annual production of gas, he further said.
Also, just because RIL and RNRL are in dispute, the production sharing contract (PSC) with the government cannot be compromised, added Salve. "We are ready to give the gas at the fixed price provided the government approves such price," he said. RNRL has been citing the memorandum of understanding between the two companies regarding the fixed quantity of gas at the said price but the MOU cannot supercede the PSC with the government, he contended. Also, the government has specifically said that the prices of gas to any third party other than itself has to be at arms-length prices, Salve argued.
RIL has invested $8 billion in the project, he told the court. Salve will continue to argue on the MOU, the documents in connection with the MOU and what is the scope of the company's jurisdiction regarding gas supply in the next hearing on August 5.
Gas production from RIL's D6 field delayed
India Reliance refinery trial runs by Sept
ONGC to invest $3 bn for exploration in KG basin
----------------------------------------
Other Top news from ET:
Tata Steel Q1 net up to Rs 1,488 cr
Inflation marginally up at 11.98 per cent
'RCom looks for global acquisitions'
Sintex buys 90 pc in German component maker
Brokers to let you trade directly
Rain Commodities under funds radar
India's top 10 asset management firms
Source:ET
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