Apollo Global Management has closed the Welspun Corp at Rs 225/share, although the share has dropped sharply since June, taking up the premium from 33% earlier to 74%.
News that the government is considering a dual pricing structure for diesel, by removing the subsidy for car-owners is untrue. So is speculation that the government may hike taxes to raise revenues, says the FM.
Reliance will get Rs 32,400 crore initially, but it also loses 30% of the profits from these 23 blocks to BP. Can BP’s entry lead to a jump in production, enough to offset the drop in its profit share?
Vedanta Resources’ troubles are getting bigger. ONGC has made official its stand on the Cairn India acquisition, claiming pre-emptive rights on its oil assets.
The company’s new refining capacity and its oil & gas fields contributed to a sharp rise in sales growth, but a steep fall in refining margins have affected its profit growth.
The petroleum major’s operating profit margins rose sharply during the June 2009 quarter but a falling price environment shrunk its absolute level of sales and profits. Gas business will become key to performance in 2009-10.
Oil companies got some relief with the government issuing bonds to them to compensate for under-recoveries in the sale of subsidised petroleum products like LPG and kerosene
Tata Motors is seeking to make use of JLR’s rising cash flows by leveraging its balance sheet, and refinance existing debt and potentially lower interest costs too.
State Bank of India’s reaction to the credit policy was swift, in a move which will see short term deposit rates spike and all loans will become expensive.
