NEWS UPDATES of 10th February 2014
Oil and Natural Gas Corp. Ltd (ONGC) may have to dip into its reserves to help it meet its capital expenditure requirements for 2013-14 and 2014-15, indicating the challenges facing the state-owned explorer whose fields are ageing, yields diminishing, and which ends up funding some part of the subsidy the government extends to oil marketing companies. It is likely the country’s largest hydrocarbon explorer will have to seek loans for its domestic operations in 2014-15, ONGC had cash reserves of Rs.13,200 crore on its books as on 31 March. The firm has a capital expenditure plan of Rs.35,000 crore and Rs.36,000 crore for the current and next fiscal years,respectively. At the government’s insistence, ONGC plans to acquire a 5% stake in Indian Oil Corp., part of an effort to contribute to the former’s disinvestment programme.
As the commercial vehicle industry continues to see pressure, Ashok Leyland Limited Managing Director Vinod KDasari will take a cut on his salary. His salary will come down by around 21%. The company has called for postal ballot to approved the revision in the remuneration. The company has issued a postal ballot notice seeking approval from the shareholders for the remuneration of Dasari at Rs 2,20,52,000 (Rs 2.20 crore) for 2013-14 as against Rs 2,79,31,000 (Rs 2.79 crore) in 2012-13 and Rs 2,48,34,000 (Rs 2.48 crore) in 2011-12.
India’s largest realty firm DLF announced that it has received arefund of Rs 675.81 crore from DDA following the scrapping of a project to develop an international convention centre in the national capital. In July 2007, DLF had bagged Rs 6,000 crore contract from DDA for constructing the convention and exhibition centre at Dwarka. However, the project got scrapped. DLF would now return the 35 acre land that it had got from DDA for Rs 900 crore to develop this project. The realty firm would get a refund of Rs 675.81 crore from the DDA.
Thomas Cook company may merge Sterling Holiday with an arm at the last stage of a three-stage deal. The deal size for the recent Thomas Cook-Sterling Holidays merger stands around Rs 872 crore. in the first phase, Thomas Cook will invest Rs 187 crore through a preferential allotment into Sterling Holiday Resorts, which will help the company in acquiring 23 percent stake. In the second phase, Thomas Cook will buy shares from Sterling’s existing shareholders for Rs 176 crore (another 23 percent stake). The last step in the whole transaction, will be to merge Sterling Holiday Resorts into one of the companies in the group and go for share swap offer.
DLF Global Hospitality (DGHL) announced that it has sold its Amanresorts chain of luxury resorts to owner Adrian Zecha and Peak Hotels for USD 358 million (Rs 2,215 crore). The deal excludes the iconic Lodhi Hotel in Delhi which will remain a part of DLF . The move will help the real estate company trim its net debt and exit from non-core businesses.
Auto maker Mahindra & Mahindra has tied up with Canara Bank to provide loan facility to its customers. The company has entered into a preferred financier tie-up with Canara Bank. The Memorandum of Understanding will enable Mahindra customers to avail of a car loan from any of the 4,600 branches of the bank, The tie-up will enable both M&M Ltd and Canara Bank to leverage on the inherent strengths of each other’s vast pan-India network of 4,600 branches and 250 dealers.
Stock Brokers India
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http://swastika.co.in/Admin/ResearchReport/Evening%20News%20Letter%20of%2010th%20February%202014.pdf
Oil and Natural Gas Corp. Ltd (ONGC) may have to dip into its reserves to help it meet its capital expenditure requirements for 2013-14 and 2014-15, indicating the challenges facing the state-owned explorer whose fields are ageing, yields diminishing, and which ends up funding some part of the subsidy the government extends to oil marketing companies. It is likely the country’s largest hydrocarbon explorer will have to seek loans for its domestic operations in 2014-15, ONGC had cash reserves of Rs.13,200 crore on its books as on 31 March. The firm has a capital expenditure plan of Rs.35,000 crore and Rs.36,000 crore for the current and next fiscal years,respectively. At the government’s insistence, ONGC plans to acquire a 5% stake in Indian Oil Corp., part of an effort to contribute to the former’s disinvestment programme.
As the commercial vehicle industry continues to see pressure, Ashok Leyland Limited Managing Director Vinod KDasari will take a cut on his salary. His salary will come down by around 21%. The company has called for postal ballot to approved the revision in the remuneration. The company has issued a postal ballot notice seeking approval from the shareholders for the remuneration of Dasari at Rs 2,20,52,000 (Rs 2.20 crore) for 2013-14 as against Rs 2,79,31,000 (Rs 2.79 crore) in 2012-13 and Rs 2,48,34,000 (Rs 2.48 crore) in 2011-12.
India’s largest realty firm DLF announced that it has received arefund of Rs 675.81 crore from DDA following the scrapping of a project to develop an international convention centre in the national capital. In July 2007, DLF had bagged Rs 6,000 crore contract from DDA for constructing the convention and exhibition centre at Dwarka. However, the project got scrapped. DLF would now return the 35 acre land that it had got from DDA for Rs 900 crore to develop this project. The realty firm would get a refund of Rs 675.81 crore from the DDA.
Thomas Cook company may merge Sterling Holiday with an arm at the last stage of a three-stage deal. The deal size for the recent Thomas Cook-Sterling Holidays merger stands around Rs 872 crore. in the first phase, Thomas Cook will invest Rs 187 crore through a preferential allotment into Sterling Holiday Resorts, which will help the company in acquiring 23 percent stake. In the second phase, Thomas Cook will buy shares from Sterling’s existing shareholders for Rs 176 crore (another 23 percent stake). The last step in the whole transaction, will be to merge Sterling Holiday Resorts into one of the companies in the group and go for share swap offer.
DLF Global Hospitality (DGHL) announced that it has sold its Amanresorts chain of luxury resorts to owner Adrian Zecha and Peak Hotels for USD 358 million (Rs 2,215 crore). The deal excludes the iconic Lodhi Hotel in Delhi which will remain a part of DLF . The move will help the real estate company trim its net debt and exit from non-core businesses.
Auto maker Mahindra & Mahindra has tied up with Canara Bank to provide loan facility to its customers. The company has entered into a preferred financier tie-up with Canara Bank. The Memorandum of Understanding will enable Mahindra customers to avail of a car loan from any of the 4,600 branches of the bank, The tie-up will enable both M&M Ltd and Canara Bank to leverage on the inherent strengths of each other’s vast pan-India network of 4,600 branches and 250 dealers.
Stock Brokers India
Read More Info
http://swastika.co.in/Admin/ResearchReport/Evening%20News%20Letter%20of%2010th%20February%202014.pdf