BSE | NSE
BSE | NSE
Larsen & Toubro has informed that a meeting of the Board of Directors of the Company will be held on July 28, 2014, to consider a
The government has slapped an additional penalty of $579 million on Reliance Industries (RIL) for producing less tha
Larsen & Toubro has informed that a meeting of the Board of Directors of the Company will be held on July 28, 2014, to consider and take on record the unaudited financial results of the Company for the quarter ended June 30, 2014 (Q1). Further, the Company confirms that as per the Company’s internal Code for Prevention of Insider Trading, the trading window for dealing in the securities of the Company is closed for the Company’s Directors/Officers and designated employees of the Company from July 01, 2014 till 24 hours after the announcement of financial results, i.e. July 29, 2014.
The above information is a part of company’s filings submitted to BSE.
The government has slapped an additional penalty of $579 million on Reliance Industries (RIL) for producing less than targeted natural gas from its KG-D6 block. With this, the total penalty on RIL for missing the target in four fiscal years beginning April 1, 2010 now stands at a cumulative $2.376 billion. The penalty is in the form of disallowing costs incurred. The production sharing contract (PSC) allows RIL and its partners BP Plc and Niko Resources to deduct all capital and operating expenses from the sale of gas before sharing profit with the government. Disallowing costs will result in government’s profit share rising by $195 million from 2010-11 to 2013-14. The gas output from the Dhirubhai-1 and 3 gas field in the eastern offshore KG-D6 block was supposed to be 80 million standard cubic meters per day but actual production was only 35.33 mmscmd in 2011-12, 20.88 mmscmd in 2012-13 and 9.77 mmscmd in 2013-14. This year the output has been only 8.05 mmscmd.
L&T Hydrocarbon, a wholly-owned subsidiary of L&T, has secured a contract valued at $846 million (Rs 5,076 crore) from Kuwait Oil Company (KOC). L&T Hydrocarbon will execute a complete engineer-procure-construct contract for a gathering centre for KOC. KOC is a subsidiary of Kuwait Petroleum Corporation (KPC) and is fully owned by the State of Kuwait. Located in north Kuwait, the oil gathering facilities will receive crude from the Raudhatain fields. The centre is designed for a multi-stage process that will separate 100,000 BOPD (barrels of oil per day) of crude oil, 240,000 BWPD (barrels of water per day) of water and 62.5 MMSCFD (million standard cubic feet of gas per day) of associated gas to meet the quality requirements of downstream operations.
The Central Electricity Regulatory Commission has rejected power producer NTPC’s plea to consider a change in the tariff norms for the 2014-19 period. In the power sector the fuel cost is pass-through and CERC’s order could mean a cut in electricity bills for consumers by 32 to 82 paise, depending on the distance from the plant. For NTPC, this would mean profits taking a hit of Rs 1,200-1,300 crore annually. The power producer had approached the CERC seeking a review of the basis of calculating the cost of the fuel coal while deciding the tariff. It also wanted the Commission to review the incentives being linked to the plant load factor (PLF), among other points. NTPC had stated that due to the grossed up 15.5 percent return on equity and PLF-linked incentive, there would be an aggregate loss of internal resources of Rs 14,500 crore during the 2014-19 period.
GMR Infrastructure, a publicly held firm that manages the Delhi international airport, is set to kick-start the second phase of monetization of its 230-acre land parcel near the airport. The price it might get for its land is estimated to tip over Rs 100 crore per acre and go in the range of Rs 105-110 crore an acre. In the first phase of monetization in 2009, GMR had sold 45 acres of the parcel at Rs 75-90 crore an acre to various hospitality majors. This time, it could try to get approvals for also selling to other players besides hospitality one. Delhi's international airport is a landmark public-private partnership project that has been a flagship for Bangalore-based GMR Infra. After the company won this contract through international bidding in 2006, the airport was upgraded and expanded with a project cost of Rs 12,800 crore in the first phase, which was completed in record time.
In a bid to increase its market share Maruti Suzuki India (MSIL) has embarked on a game plan to get closer to consumers both in terms of selling new cars and for post-sales support. For instance, the company has decided to expand its initiatives for providing service-at-the-doorstep to Maruti car owners. Maruti has launched mobile workshops which car owners can use to get services like washing, oil changes and body polish right where they are. The other big idea that’s working well for Maruti is the go-to-market strategy focussed on specific segments. For example, the auto maker sent its sales force to look for new customers among the blue pottery industry of Jaipur or orange growers of Nagpur. Maruti is working on 372 niche customer segments already and have sold 60,000 cars in such markets over the last few months.
ICICI Bank, the largest private sector lender in the country, has outpaced its rivals in growing its credit card base during financial year 2013-14 (April-March). The lender, which had reduced its unsecured lending following the global financial crisis, has now started offering credit cards selectively to individuals who did not have a prior banking relationship with it. But its primary focus remains offering cards to its existing customers. ICICI Bank net added a net of 0.3 million cards to its portfolio during the year - more than any other lender in the country. This is in sharp contrast to HDFC Bank, the largest issuer of credit cards in India. HDFC Bank trimmed its credit card base by 1.39 million during this period, as the lender cleaned up inactive and dormant cards in its portfolio.
Mahanadi Coalfields (MCL), a subsidiary of Coal India, resumed operation at three open cast mines, which were closed since July 11 due to protest by locals. These mines have a combined daily production of about one lakh tonnes - a third of MCL's daily output. MCL halted operations at the mines after over a hundred people, who are staying in the mining zone, launched an indefinite shutdown in the area four days ago demanding relocation to a site which lies among the three coal mines. The mining operations were resumed after police chased the protesters away from the site and arrested eight of them.
Lenovo India and HCL Infosystems has tied up to strengthen Lenovo’s consumer retail and commercial business by leveraging HCL’s sales, distribution and after-sales support network. This is part of HCL Infosystem’s strategy of focussing around retail and servicing of computer peripherals after it discontinued its personal computer manufacturing business last year. According to the partnership, HCL Infosystems will sell and support Lenovo’s entire portfolio of PCs and tablets, as well as enhance their existing cooperation in the distribution of tablets, through its wholly owned subsidiary -- Digilife Distribution and Marketing Services.
OCL India, the flagship associate company of Dalmia Cement Bharat, has commissioned its 2 million tonne per annum and Rs 615 crore cement unit in West Midnapore of West Bengal. Built on 154.43 acres, the grinding and mixing unit was formally operationalised at an event attended by Chief Minister Mamata Banerjee. The unit is located at the West Bengal Industrial Development Corporation established Godapiasal Industrial Park, 81 km west of Kolkata. This is the first unit of OCL in the state. The company has two cement plants at Cuttack and Rajgangpur in Odisha with a combined production capacity of 5.35 MTPA. OCL already markets cement in West Bengal.
Public sector lender Corporation Bank has tied up with Atul Auto for financing commercial vehicles manufactured by the Gujarat-based company. For this, the bank has signed a Memorandum of Understanding with the three-wheeler maker to facilitate finance for those buying its commercial vehicles across India. The tie up makes Corporation Bank as the preferred financier for financing commercial vehicles of the company. The bank will offer financing facilities to the eligible customers for purchasing commercial vehicles of the company through its branches. The bank had recently introduced incentives for vehicle dealers and their sales executives for sourcing vehicle loan.
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