Oil & Natural Gas Corporation (ONGC) has decided to set up a Rs 5,000-crore urea manufacturing unit in North Tripura district in a joint venture with a private company. Khobal was selected as the site for setting up the project considering the close proximity to Khobal gas field from where natural gas (hydrocarbon) would be supplied. Last year, ONGC had discovered huge gas reserves at Khobal near the Assam-Agartala National Highway (NH-44). With the commissioning of the project, the demand for urea will be met not only for Tripura but also for the entire north-east region and a large chunk of the fertilizer could be exported to neighbouring Bangladesh.
State-run Coal India (CIL) dispatched 98% of the targeted supply to power companies up to June this year. The company has been dispatching more than 90% of the targets fixed in the supply plan finalised as part of the annual plan by coal ministry and Planning Commission. Dispatches to power utilities have improved to 98% in the current year up to June 2012. CIL had made 96%, 91% and 95% of targets in 2009-10, 2010-11 and 2011-12 respectively. More dispatches could not be made due to problems like transportation constraints in moving coal from mines to railway sidings, law and order problems, seasonal adversities like heavy rains and less wagon supply by railways.
SAIL has proposed to supply 50,000 tonne of iron plates for an ambitious project related to the country's nuclear science research. The 'India based Neutrino Observatory' (INO) project, considered to be one of the biggest experimental nuclear physics projects undertaken in the country, will have an underground observatory in Tamil Nadu. On the request of Bhabha Atomic Research Centre (BARC), the Steel Authority of India (SAIL) agreed to supply 50,000 tonne soft iron plate for the INO project. A trial production of the plates has already been carried out at the Bhilai steel plant, as per the composition and process parameters decided jointly by SAIL and BARC.
Reliance Communications (RCOM) will invest Rs 1,500 crore in optimising telecom network and data services this fiscal. The investment will be made across the company's network in India as well as its global cable network. The company is aiming to increase its market share in India data (internet) services market to the tune of 20-24 percent over next 4-5 years. There is huge incremental data revenue market opportunity which is likely to grow from Rs 7,000 crore (currently) to over Rs 35,000 crore in next 4-5 years. RCOM is aiming at data leadership to increase it's data market share from 20-24 percent. The company reported a 3.1 percent increase in its net profit at Rs 162 crore for the first quarter ended on June 30 compared to net profit of Rs 157 crore for the same period a year ago.
Shipping Corporation of India (SCI) has initiated fresh talks with the country's biggest public sector oil company, Oil and Natural Gas Corporation (ONGC), to form a joint venture to help the explorer in its offshore oil exploration activities. SCI, which plans to tap into the upper segment of the offshore sector, had earlier signed a memorandum of understanding (MoU) with ONGC in 2006, but the project was later shelved. This time around though, the country's largest shipping company is hopeful that the joint venture could be formed soon. According to the plan, SCI will provide vessels and other stuff for ONGC's offshore exploration activities and is looking to cater to nearly 40-50% of ONGC's equipment requirements.
Valecha Engineering has bagged four major deals aggregating to the worth of Rs 362.93 crore. Firstly, the company has secured 3 projects from Surat Municipal Corporation. The company secured project for construction of 2x3 lane fly over bridge at Varacha Road worth Rs 80.80 crore, ROB on Western Railway near Pramukh Park Society worth Rs 60.50 crore and ROB above RC No 454 near Manisha Society worth Rs 48.40 crore. Secondly, the company has secured Guna-Ishagarh State Highway project in MP aggregating to the worth of Rs 105.10 crore on BOT basis from MPRDC. Further, order for Diaphragm Wall works and Pilling / Plunge Columns for Delhi Metro Rail Corporation, which is estimated to worth Rs 9.31 lakh has been bagged by the company. Lastly, the company has secured piling projects worth Rs 58.82 crore. Valecha Engineering is engaged in the construction of major infrastructure and engineering projects such as irrigation dams, reservoirs and canals, roads, highways and expressways, bridges and tunnels, railways, airports and foundation and piling works.
Gammon Infrastructure Projects and Simplex Infrastructure (Simplex) have entered into an understanding for taking up 49% equity stake in two of each other's projects. As per the agreement, the company will take up 49% equity stake in Maa Durga Expressways promoted by Simplex for implementing the project for four laning of Mahulia to Bahragora section on NH-33 and Bahragora to Kharagpur on NH-6 in the states of Jharkhand and West Bengal respectively under NHDP phase III on DBFOT (toll) basis. Simplex will take up 49% equity stake in Vijayawada Gundugolanu Road Project promoted by the company for implementing the project for six laning of Vijayawada - Gundugolanu section of NH-5 in the state of Andhra Pradesh under NHDP phase V on DBFOT (toll) basis. The National Highways Authority of India, the authority which awarded the project, has approved the equity tie-up for the project. The tie-up will enable the companies to leverage on each other's strengths in project execution, financial planning, project development and management.
Maruti Suzuki, which has suffered a huge fall in sales due to its Manesar lock out, is now looking to fast track the launch of its New Alto 800 to push up volumes. The New Alto 800 will be rolled out of Gurgaon plant. The New Alto could be priced at around 2 lakhs and will compete with Hyundai Eon and Tata Nano. Besides, the company has deferred till Friday taking a final call to reopen of its violence-hit Manesar plant following a meeting of the company's top brass. The company had declared a lockout at the Manesar plant on July 21 following violence and arson in which one senior executive was killed and 100 others were injured.
Puneet Resins has received the status of Export House from the Ministry of Commerce and Industry, Government of India vide their certificate dated August 06, 2012. The company has received the said certificate in accordance with the provisions of the Foreign Trade Policy 2009-2014, for a period of 5 years starting from April 01, 2012 to March 31, 2017. Puneet Resins has been a pioneer in introducing various grades of rubber compounds in India. Currently its products are exported to various developed markets across the globe. The company has been manufacturing rubber & PVC compounds which have specialised properties such as oil resistance, flame retardancy, ozone resistance, fuel and solvent resistance, etc.
Ice cream and frozen foods company, Vadilal Industries board has given approval for undertaking capital expenditure of Rs 30.62 crore towards expansion-cum-modernisation of its ice-cream production facilities situated at Pundhra in Gujarat and at Bareilly in Uttar Pradesh, as well at its processed food division situated at Dharampur in Gujarat. The company has reported a 59% jump in net profit at Rs 13.78 crore for the first quarter ended June 30 as against Rs 8.66 crore in the Q1 of previous year. Net sales in Q1 of 2012-13 have gone up by 25% to Rs 133.37 crore over previous fiscal's first quarter turnover of Rs 106.75 crore.