Markets lose further
The 30-share index is continuing to trade weak in the current session owing to selling pressures in frontline stocks. Auto, IT and telecom sectors lost ground.The BSE Sensex is currently trading at 13,881.50, down 133 points.
Zee Telefilms advances 3.53% on Rs 3 bn investment plans
The shares of Zee Telefilms are trading higher 3.53% at the BSE on news of Rs 3 billion investment in its cable business.Currently, the shares are trading at Rs 293.30 at the BSE compared to the previous day`s close of Rs 283.30 (Wednesday). A total of 260,127 shares changed hands at the bourses.
Zee, provider of television services, is planning to invest Rs 3 billion in its cable television services arm, Wire & Wireless India (WWIL). In the cable business, the group is connecting directly with subscribers by taking control of the last-mile connections and the investments will go into setting up and acquiring infrastructure. WWIL is a high-investment operation. The company already invested Rs 1.5 billion in it during the restructuring and now plans to invest Rs 3 billion more.The stock has shown a rise of 0.27% over the week and fall of 20.98% over the month.
RIL, GAIL join hands for oil and gas projects
Reliance Industries (RIL) has tied up with GAIL (India). The two companies are planning to undertake projects such as gas pipeline infrastructure, gas marketing, exploration and production (E&P) in shallow, deepwater and coal bed methane (CBM) blocks, reports Financial Express.
GAIL had signed a two-year memorandum of understanding (MoU). The company has also informed its board regarding the tie-up on Dec. 20. The two companies would look at the possibility of setting up joint venture firms to undertake projects in these areas.
Reliance Industries has also been in talks with the Indian Oil Corporation (IOC) for setting up a joint venture for city gas distribution projects in various states. However, no formal agreement has been signed in this regard.
GAIL is looking at booking capacity by RIL on its HVJ and DVPL pipeline systems to carry gas from RIL`s fields in the KG basin to the northern region. RIL is ready to join hands with GAIL in marketing mutually agreed volumes of natural gas.It also entails co-operation between the two in the purchase, sale, swap and marketing of gas and import of gas through transnational pipelines. Sharing of pipeline capacity in Andhra Pradesh, Maharashtra and Gujarat on mutually agreed terms is also included in the agreement between the two companies.The companies have agreed to discuss transportation of gas produced from RIL`s Sohagpur CBM block in Madhya Pradesh by GAIL to local markets, sources said.
The shares of RIL were last trading at Rs 1280.85, down Rs 3.95, or 0.31% at the BSE. Total volumes of shares traded were 118,453.
Shares of oil marketing firms edged higher after crude oil futures fell below $59 a barrel.HPCL surged 4.2% to Rs 288.40, Indian Oil Corporation rose 3.5% to Rs 465.45 and BPCL gained 2.7% to Rs 347.70.
Mefcom Agro Industries Ltd surged 5% to Rs 178.70 on deciding to issue 4,25,000 share on preferential basis at a premium of Rs 225 per share to strategic investors.
Hindalco, Sterlite Industries lose sheen as copper sees setback on LME
Hindalco Industries dropped 3% to Rs 174 and Sterlite Industries shed 2.4% to Rs 533.95 following continued fall in copper price on the London Metal Exchange (LME).
Shanghai copper futures fell by the 4 percent daily limit on Thursday (4 January 2007) when the market reopened after New Year holidays. The most active March contract was 2,700 yuan softer at 57,380 yuan a tonne as the market tried to catch up with the 7.7 percent drop in LME futures since the start of the year.
Over the last 15 days, LME copper price has continuously slumped from $7,600 per tonne to below $6,000 per tonne. The price started falling in mid-December with rising inventories in the warehouses and the slowing of the US economy, which could reduce the demand for copper as construction would be slower.
The metal had gained 44 percent in calendar 2006, a fifth consecutive annual increase, after years of underinvestment and supply disruptions at the world's two largest copper mines, Escondida in Chile and Grasberg in Indonesia
Zee Telefilms advances 3.53% on Rs 3 bn investment plans
The shares of Zee Telefilms are trading higher 3.53% at the BSE on news of Rs 3 billion investment in its cable business.Currently, the shares are trading at Rs 293.30 at the BSE compared to the previous day`s close of Rs 283.30 (Wednesday). A total of 260,127 shares changed hands at the bourses.
Zee, provider of television services, is planning to invest Rs 3 billion in its cable television services arm, Wire & Wireless India (WWIL). In the cable business, the group is connecting directly with subscribers by taking control of the last-mile connections and the investments will go into setting up and acquiring infrastructure. WWIL is a high-investment operation. The company already invested Rs 1.5 billion in it during the restructuring and now plans to invest Rs 3 billion more.The stock has shown a rise of 0.27% over the week and fall of 20.98% over the month.
RIL, GAIL join hands for oil and gas projects
Reliance Industries (RIL) has tied up with GAIL (India). The two companies are planning to undertake projects such as gas pipeline infrastructure, gas marketing, exploration and production (E&P) in shallow, deepwater and coal bed methane (CBM) blocks, reports Financial Express.
GAIL had signed a two-year memorandum of understanding (MoU). The company has also informed its board regarding the tie-up on Dec. 20. The two companies would look at the possibility of setting up joint venture firms to undertake projects in these areas.
Reliance Industries has also been in talks with the Indian Oil Corporation (IOC) for setting up a joint venture for city gas distribution projects in various states. However, no formal agreement has been signed in this regard.
GAIL is looking at booking capacity by RIL on its HVJ and DVPL pipeline systems to carry gas from RIL`s fields in the KG basin to the northern region. RIL is ready to join hands with GAIL in marketing mutually agreed volumes of natural gas.It also entails co-operation between the two in the purchase, sale, swap and marketing of gas and import of gas through transnational pipelines. Sharing of pipeline capacity in Andhra Pradesh, Maharashtra and Gujarat on mutually agreed terms is also included in the agreement between the two companies.The companies have agreed to discuss transportation of gas produced from RIL`s Sohagpur CBM block in Madhya Pradesh by GAIL to local markets, sources said.
The shares of RIL were last trading at Rs 1280.85, down Rs 3.95, or 0.31% at the BSE. Total volumes of shares traded were 118,453.
Shares of oil marketing firms edged higher after crude oil futures fell below $59 a barrel.HPCL surged 4.2% to Rs 288.40, Indian Oil Corporation rose 3.5% to Rs 465.45 and BPCL gained 2.7% to Rs 347.70.
Mefcom Agro Industries Ltd surged 5% to Rs 178.70 on deciding to issue 4,25,000 share on preferential basis at a premium of Rs 225 per share to strategic investors.
Hindalco, Sterlite Industries lose sheen as copper sees setback on LME
Hindalco Industries dropped 3% to Rs 174 and Sterlite Industries shed 2.4% to Rs 533.95 following continued fall in copper price on the London Metal Exchange (LME).
Shanghai copper futures fell by the 4 percent daily limit on Thursday (4 January 2007) when the market reopened after New Year holidays. The most active March contract was 2,700 yuan softer at 57,380 yuan a tonne as the market tried to catch up with the 7.7 percent drop in LME futures since the start of the year.
Over the last 15 days, LME copper price has continuously slumped from $7,600 per tonne to below $6,000 per tonne. The price started falling in mid-December with rising inventories in the warehouses and the slowing of the US economy, which could reduce the demand for copper as construction would be slower.
The metal had gained 44 percent in calendar 2006, a fifth consecutive annual increase, after years of underinvestment and supply disruptions at the world's two largest copper mines, Escondida in Chile and Grasberg in Indonesia
posted by SY at 1:41 PM
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