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Video: RIL-RNRL gas battle ends, it's advantage RIL

Reliance Power Examines Setting Up Plants in Four Indian States

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BusinessWeek - Natalie Obiko Pearson - 1 day ago

... setting up natural gas- based plants in four states in India after the country's Supreme Court backed brother Mukesh Ambani in a row over fuel supplies. ...

India Digest: Tata Nano Gujarat Plant Opens Today

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Wall Street Journal (blog) - 16 hours ago

... the manufacturing plant of its dream car over a land row in West Bengal, ... the Ambani brothers announced the scrapping of their non-compete agreement, ...

Ambani Row: SC verdict is vindication of government's stance ...

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Indlaw.com - 10 May 2010

Delivering the judgement on the Krishna Godavari Basin Gas row between Anil Ambani's Reliance Natural Resources Limited (RNRL) and Mukesh Ambani's Reliance ...

NDTV Profit

Gas row: This round goes to Mukesh Ambani‎ - Times of India
Govt welcomes SC verdict on RIL-RNRL gas row‎ - NDTV.com
Hindustan Times - Hindu Business Line
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SC to hear ULIP case in July; may not decide jurisdiction issue

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Economic Times - 3 hours ago

... case pertaining to the row over control of ULIPs between market watchdog SEBI ... including those belonging to SBI and Reliance Life of the Anil Ambani ...

Gas row: Anil Ambani calls on PM to present case

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Economic Times - 12 May 2010

MUMBAI: Anil Ambani stepped up efforts to secure gas supplies for various power projects by presenting his case to the highest powers in the land. ...

Video: RIL to focus on shale gas

NDTV Profit

RNRL chief Anil Ambani meets Prime Minister‎ - Economic Times
Govt controls gas row in times of decontrol regime‎ - Commodity Online
all 148 news articles »

Position of Power

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Hindustan Times - 3 days ago

... backdrop of an enormous dressing-room mirror surrounded by bulbs lit in a row. ... And suddenly the equation changes and it is Mr Ambani this and Mrs ...

: RIL, RNRL begin talks on gas supply

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Financial Express - 18 May 2010

... talks for a possible gas supply agreement, in line with a Supreme Court verdict earlier this month on the row between Mukesh and Anil Ambani groups. ...

Judges who heard the Ambani gas row

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Financial Express - B Sudershan Reddy - 10 May 2010

He was enrolled as advocate at Hyderabad with the Bar Council of Andhra Pradesh on December 27, 1971. He has practiced in writ and civil matters in the ...

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Even as high inflation remains a major concern, India's economic performance has been the best in the world and every effort will be made to step up growth and tame rising prices, Prime Minister Manmohan Singh said on Tuesday.

"In the current financial year, the economy is expected to grow at 8.5 percent," he said, while releasing a 68-page report card on the first year of the United Progressive Alliance (UPA) government's second tenure.

"This is one of the best performances in the world and reflects the strong fundamentals which we have built over several years. There are uncertainties on the horizon. But on the whole, I look to the year ahead with cautious optimism," he said.

"One of the major problems we face at present is the pressure on prices. This is to a large extent the aftermath of the drought, but it needs firm action," he said at the event at his official 7, Race Course Road residence.

"I am happy prices have shown a moderating trend in recent weeks. I am hopeful this trend will continue. We will continue to monitor the situation carefully, and take whatever corrective steps are necessary to rein in inflation."

The prime minister, who was sworn in for the second term May 22, 2009, also released the document titled "Report to the People" in the presence of his council of ministers and top leaders of the alliance, sans any celebrations.

Others at the event included UPA chairperson and Congress president Sonia Gandhi, Leader of Lok Sabha and Finance Minister Pranab Mukherjee, Agriculture Minister and Nationalist Congress Party chief Sharad Pawar and Railway Minister and Trinamool Congress chief Mamata Banerjee.

The report was originally scheduled for release May 22, along with a dinner for all constituents of the alliance. But it was deferred due to the Air India Express air crash at Mangalore the same morning which claimed 158 lives.

The prime minister said that in the second term, his government would carry forward the pro-people policies initiated by the UPA since 2004. "We will also seek new frontiers and new directions that would strengthen our social and economic foundations."

The report card listed some achievements of UPA-II under 13 chapters, including those on social inclusion, rural renewal, transforming cities, economic resurgence, sustaining the environment, security and building bridges.

Just Remeber the scenerio! Benchmarks were perched well above psychological resistance levels Monday as sentiments turned bullish after warring brothers Mukesh Ambani and Anil Ambani decided to bury their differences and cancelled non-compete pacts signed in 2006.

"Nearly five years after the big Reliance empire was split, the warring Ambani brothers have decided to bury the hatchet. The new peace deal in the Ambani family will surely prove to be a sentiment-booster for our market, which was starved of positive triggers. It's a no-brainer that shares of the two Reliance groups will steal the limelight, although one is still not sure of the long-term impact of the truce. What's more, Asian markets, barring Japan, are mostly positive. The good news is that the rally is being led by China, which has been the worst-performing market this year.

If global cues remain supportive and there are no fresh mishaps, the markets will be able to regain some of the lost ground. Some risks may still persist mainly due to concerns about the European sovereign debt problems and possible overheating in China. In the immediate future, the key events to watch out for will be next week's GDP report and progress of monsoon," said India Infoline report.

Meanwhile Reuter reports that Oil prices slid below $72 a barrel on Wednesday and looked set to fall for a third straight session after a raft of negative data stoked concerns about the impact of the European debt crisis on the still fragile global fuel demand recovery. Investors have had less appetite for buying oil after a series of reports released the previous day showed manufacturing growth fell across the globe in May.

Falling European shares and the euro's slide to near four-year lows continued to quell buying interest on Wednesday. A weak euro makes dollar-denominated oil more expensive for holders of the currency. US crude prices for July fell 60 cents to $71.98 a barrel at 1045 GMT, after losing nearly 2 per cent on Tuesday in a volatile session where prices swung in a $4 range. ICE Brent dropped 45 cents to $72.26 a barrel.

"The path of least resistance still seems to be lower for energy prices given the headwinds emanating from a number of exogenous markets. These include a weaker euro...and a quesy US equity market," said analyst Edward Meir of MF Global. Sentiment in the oil market has been sour since US crude posted a 14 per cent monthly loss in May as the market weighed the impact of the spreading European debt crisis on demand in previously robust growth centres such as Asia. In late May, money managers flushed out long positions in crude oil and this contributed to the sharpest monthly fall in prices since 2008.

But for some, prices have already found a temporary floor and they now expect them to stabilise in a new range between $70-$75 a barrel. "We could have some stability. The current level takes into account the fact that the recovery appears to be slowing but also the fact that we are not going to have a double dip," said analyst Christophe Barret at Credit Agricole CIB, adding that the chances of a V-shaped recovery now seem remote.

Technical chart analysts think oil prices could fall towards the next key support cushion of $70 a a barrel. This level is also the low point of the $70-$80 range that the Organization of the Petroleum Exporting Countries (OPEC) deems satisfactory for both producers and consumers. OPEC's reference basket price on Tuesday was also above the critical $70 threshold at $70.98 a barrel, the group said on Wednesday.

Analysts said the market was likely to focus on weekly stocks data out of the US later on Wednesday for the next clue on demand prospects in the world's biggest oil consumer. While the data is always a key market mover, this week's results are likely to be more closely scrutinised ahead of the US gasoline season which officially began last weekend with the Memorial Day holiday.

US crude oil inventories are forecast to have slipped by 200,000 barrels last week and gasoline stocks are expected to fall by 500,000 barrels. Industry group American Petroleum Institute will issue its report at 2030 GMT on Wednesday while the more authoritative data from the US Energy Information Administration is delayed until 1500 GMT on Thursday because of a US holiday on Monday.

ONGC will be able to overcome under-recoveries after price rise: RS Sharma

Economic Times - ‎May 20, 2010‎

The government's decision to raise price of natural gas has come as a major relief for Oil & Natural Gas Corp (ONGC) which has been incurring losses in its ...

Government's fertiliser bill to increase

Economic Times - ‎May 20, 2010‎

NEW DELHI: The government's decision to do away with the current differential gas pricing in the Indian market by doubling the price of gas under the ...

A positive move for orderly growth of market: Analysts

Business Standard - Sanjay Jog - ‎May 20, 2010‎

A day after the government doubled the price of natural gas produced by public sector majors ONGC and OIL, analysts said the move was a positive development ...

Power minister Sushil Kumar Shinde said, "The hike in price will increase the cost of power. Power prices are always pass through, but we also have to consider that the oil companies too are in trouble. So this price hike was necessary."

more by Sushil Kumar Shinde - May 20, 2010 - NDTV.com (1 occurrences)

Telecom, oil stocks lead the show

Times of India - ‎May 20, 2010‎

COIMBATORE: With the auction for 3G spectrum finally over and oil prices hitting a new low, telecom and oil and gas stocks gained momentum on the bourses on ...

Govt's pricing boost for ONGC, OIL

NDTV.com - Raj Kumar Sahu - ‎May 20, 2010‎

State-owned oil and gas producers finally have something to cheer about, as the government has hiked the price of gas produced by both ONGC and Oil India. ...

ONGC, OIL can sell gas from new fields at market price

Hindu Business Line - ‎May 20, 2010‎

ONGC and Oil India Ltd (OIL) will now be able sell natural gas from the new fields of blocks given on a nomination basis at market-determined price. ...

Gas price hike boost for ONGC, OIL and GAIL

Hindu Business Line - ‎May 20, 2010‎

The Government's decision to more than double the price for gas under the administered pricing mechanism (APM) from $1.79/mBtu to $3.82/mBtu until March ...

Gas price hike: A game changer

Business Standard - Sarath Chelluri - ‎May 20, 2010‎

The government's move to increase administered price mechanism (APM) gas price to $4.2 per million British thermal unit (mBtu) – at par with Reliance ...

APM gas move: How will it impact consumer industries?

Moneycontrol.com - ‎May 20, 2010‎

It has taken 5 years for the Govt to finally give in to industrys demand of hiking APM gas prices at USD 4.2/mmbtu, prices are up over a 100%. ...

Petroleum scrips zoom on govt plan to up gas prices

Hindustan Times - ‎May 20, 2010‎

The government's decision to more than double the administered price of natural gas on Wednesday led to an immediate reaction from the stock market, ...

Oil and Natural Gas Corporation

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	Is gas price hike curse in disguise? ‎May 21, 2010‎ - Myiris.com
	Price hike in Delhi, Mumbai to be decided by cos: Oil Secy ‎May 19, 2010‎ - Moneycontrol.com
	CNG prices to rise 20% ‎May 19, 2010‎ - Times of India

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Rs 23500-cr chest to aid overseas acquisitions

Hindustan Times - ‎31 minutes ago‎

With cash reserves of $5 billion (Rs 23500 crore) behind it, the next big acquisition by Mukesh Ambani-led Reliance Industries Ltd (RIL) is expected to be ...

Coal to power RIL's future ambitions

Economic Times - ‎20 hours ago‎

NEW DELHI: Reliance Industries, freed from its non-compete agreement with the Anil Dhirubhai Ambani Group (ADAG) that barred it from investing in ...

Reliance Communications Says MTN Merger Report Is 'Speculation'

BusinessWeek - Ketaki Gokhale - ‎Jun 1, 2010‎

June 1 (Bloomberg) -- Reliance Communications Ltd., India's second-largest wireless operator, said reports that it may restart merger ...

Reliance Power Examines Setting Up Plants in Four Indian States

BusinessWeek - Natalie Obiko Pearson - ‎Jun 1, 2010‎

June 1 (Bloomberg) -- Reliance Power Ltd., owned by billionaire Anil Ambani, is considering setting up natural gas- based plants in ...

RIL-RNRL work at gas formula

Moneycontrol.com - ‎Jun 1, 2010‎

Talks between Reliance Industries (RIL) and Reliance Natural Resources (RNRL) on a new gas agreement are progressing, sources told CNBC-TV18's Nayantara Rai ...

JM Financial: No Ambani Deal; Shares Jump Anyway

Wall Street Journal (blog) - Amitha Rajan - ‎May 31, 2010‎

The scrapping of the non-compete agreement between Mukesh and Anil Ambani seems to have found a new beneficiary: JM Financial. ...

MTN, Reliance Communications May Restart Merger Talk, Times Says

Bloomberg - Tuhin Kar - ‎May 31, 2010‎

June 1 (Bloomberg) -- MTN Group Ltd. may consider restarting merger talks with Indian operator Reliance Communications Ltd. in a board meeting ...

Evolving policy to limit Ambani gas deal scope

Indian Express - ‎May 31, 2010‎

Mukesh Ambani-promoted Reliance Industries' (RIL) proposed agreement to supply natural gas to brother Anil's Reliance Natural Resources Ltd (RNRL) is ...

MTN, Reliance Comms could reopen talks - report

Moneycontrol.com - ‎May 31, 2010‎

South Africa's MTN, the continent's biggest cellphone carrier, could reopen merger talks with India's Reliance Communications at a board meeting on Tuesday, ...

1 Jun 2010, 0020 hrs IST,Rajeev Jayaswal & Subhash Narayan, ET Bureau

Economic Times - ‎May 31, 2010‎

NEW DELHI: Anil Dhirubhai Ambani Group company Reliance Power (R-Power) may substantially scale down its 7480 megawatt Dadri power project and instead set ...

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Anil Ambani

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	Rs 23500-cr chest to aid overseas acquisitions ‎31 minutes ago‎ - Hindustan Times
	Will RCom-MTN deal be resurrected? ‎May 31, 2010‎ - NDTV.com

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Brothers-in-Arms

25 May 2010, 0911 hrs IST,ET Bureau
We sincerely hope that the second instalment of brotherly truce between the Ambanis reflects genuine rapprochement rather than battle-weary convenience .

It is indeed striking that the statement issued by the companies says that harmony will prevail, now that they can compete against each other, with the decision to scrap the no-compete part of the family memorandum of understanding on the basis of which the assets controlled by the combined group had been demerged and divided up between the brothers.

And you thought competition created friction! The formulation that ridding the two of restraints on competing will create harmony holds great promise of creation of new value for the shareholders of both groups. For, along with the no-compete pact, what also goes is associated restrictions on sale of a company or stake without giving the brother a chance to pick up the stake first.

This would indeed create financial flexibility — RComm can, for example , place a largish stake with a foreign telco, without RIL raising objections. Not just that, India still remains starved of vital infrastructure, including financial. And opening up all areas of value creation for both groups will help deploy the entrepreneurial energies of two of India's largest industrial groups in meeting the demand.

It would help if the brothers keep shareholders in the loop on one vital factor. The Supreme Court said that natural gas belongs to the people and cannot be treated as a private asset in any family division of property. Given that the Dadri project had a fixed tariff, gas at a low price would have allowed the project to reap extra-large profits, which were to be part of Anil Ambani's share of the divided assets.

Now that gas will not be available at extra-low rates, Dadri or its replacement would be reworked to have fuel cost as a pass-through and a share of the assets that were to accrue to the younger Ambani no longer exists. Is this also being made up in some manner to end acrimony? If not, the second truce runs the risk of living up to the maxim that events and personages occur twice in history, first as tragedy, the second time as farce.
http://economictimes.indiatimes.com/opinion/editorial/Brothers-in-Arms/articleshow/5971047.cms

The oil and gas industry has been instrumental in fuelling the rapid growth of the Indian economy. India has total reserves of 775 million metric tonnes (MT) of crude oil and 1074 billion cubic metres (BCM) of natural gas as on April 1, 2009, according to the Ministry of Petroleum.

Petroleum exports during 2008-09 were US$ 26.2 billion according to the Ministry of Petroleum.

Under New Exploration Licensing Policy (NELP VIII), 1.62 sq km of area comprising 70 blocks was put up for bidding.

The Cabinet Committee on Economic Affairs (CCEA) has approved award of 33 out of 36 oil and gas blocks that were bid for in New Exploration Licensing Policy (NELP-VIII), for which bidding closed on October 12, 2009.

Production

By the end of the Eleventh Plan the refinery capacity is expected to reach 240.96 MMTPA.

Crude oil production during 2009-10 was 33.68 MT, compared to 33.50 MT in 2008-09.
Refinery production in terms of crude throughput was 160.03 MT in 2009-10.
The production of natural gas went up to 47.57 billion cubic metres tonnes (BCM) in 2009-10 from 32.84 BCM in 2008-09.

Consumption

The sales/consumption of petroleum products during 2008-09 were 133.40 MT (including sales through private imports), an increase of 3.45 per cent over sales of 128.94 MT during 2007-08, according to the Ministry of Petroleum.

India's domestic demand for oil and gas is on the rise. As per the Ministry of Petroleum, demand for oil and gas is likely to increase from 186.54 million tonnes of oil equivalent (mmtoe) in 2009-10 to 233.58 mmtoe in 2011-12.

The refining capacity in the country increased to 177.97 million tonnes per annum (MTPA) as on April 1, 2009 as compared to 148.968 MTPA as on April 1, 2008.

Gas

India's natural gas demand is expected to nearly double to 320 million standard cubic meters per day by 2015, according to a report released by global consultancy firm McKinsey at the VI Asia Gas Partnership Summit.

According to the report, the current demand of 166 million standard cubic metres per day (mscmd)—made up of nearly 132 mscmd supplies from domestic fields and the rest from imported LNG-- is likely to rise to at least a minimum of 230 mscmd and a maximum of 320 mscmd by 2015.

In January 2010, Gas Authority of India Ltd (GAIL) said that gas availability in India is expected to grow at 23 per cent compounded annual growth rate (CAGR) to 312 mscmd by FY14, buoyed by trebling of domestic production to 254 mscmd and doubling of regasified liquefied natural gas imports to 58 mscmd.

To capture the opportunity presented by the impending gas surge in India, GAIL is investing significantly in its pipeline network. Over the next three years, it will invest US$ 660.7 million –US$ 770.8 million, expanding its transmission capacity from the current 150 mscmd to 300 mscmd.

State-owned Oil and Natural Gas Corp (ONGC) has added 83 million tonnes of oil and gas reserves in the 2009-10 fiscal, the highest in two decades.

The ultimate reserve accretion of ONGC including its joint ventures (with firms like Cairn India) in domestic fields in 2009-10 has been 87.37 million tonnes of oil and oil equivalent gas against the target of 76.28 million tonnes.

ONGC on a standalone basis added 82.98 million tonnes of oil and oil equivalent gas reserves.

Can brotherly love buy you money?

Sify - ‎May 25, 2010‎

The reconciliation between billionaire brothers Mukesh and Anil Ambani has boosted stocks of several of the companies they control. ...

Reliance pack of stocks in red

Times of India - ‎May 25, 2010‎

MUMBAI: The day after, as reality struck Dalal Street investors and also a weak global market wave engulfed them, the whole of the Reliance pack stocks ...

Competitive rivalry

Sify - ‎May 25, 2010‎

Indians love happy families, even if fraternal rivalry is the stuff of popular epics, and the image of a loving mother bringing quarrelling brothers ...

A new beginning?

The Hindu - ‎May 25, 2010‎

When the most high-profile corporate war in recent Indian business history shows signs of ending there ought to be a sense of relief all round. ...

Reliance Chairman Drew Less Than Half Of Eligible Pay In Fiscal 2010

Wall Street Journal - ‎May 25, 2010‎

MUMBAI (Dow Jones)--Mukesh Ambani, chairman of Reliance Industries Ltd. (500325.BY), drew INR150 million ($3.2 million) as salary and allowances in the last ...

RIL, Reliance Infrastructure best bets in Reliance stocks: Angel Broking

Economic Times - ‎May 25, 2010‎

How the whole true story is playing out in Reliance with the kind of cross-holding avenues that we may be looking at, what stocks in particular would you be ...

Anil Ambani eyes Team India sponsorship

Times of India - ‎May 25, 2010‎

NEW DELHI: Anil Ambani may not own an Indian Premier League team like his brother Mukesh yet, but the industrialist is vying for other things - Team India's ...

RIL headcount dips by 1314 employees

Expressindia.com - ‎May 25, 2010‎

New Delhi Mukesh Ambani-led Reliance Industries shed more than 1300 employees during 2009-10 – making it the second straight fiscal year of declining ...

Long on Reliance Industries: Vikas Pershad

Economic Times - ‎May 25, 2010‎

As a pure trader, how would you play the entire Reliance Group, Reliance brothers' true story and where would you put your money out of which of the stocks? ...

Markets cheer Ambani reconciliation

NDTV.com - ‎May 24, 2010‎

On Monday, stocks of both Mukesh and Anil Ambanis companies saw a sharp rise, a day after the brothers announced they were going to scrap an agreement that ...

Timeline of articles

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	Can brotherly love buy you money? ‎May 25, 2010‎ - Sify
	RIL may pay Rs 9000 cr to RNRL: Experts ‎May 24, 2010‎ - Business Standard
	Brothers peace pact has group counters on fire ‎May 24, 2010‎ - Economic Times
	Altered scenario may prompt RIL to venture into financial services ‎May 23, 2010‎ - Economic Times
	Ambani brothers end war but agree to compete ‎May 23, 2010‎ - Hindu Business Line
	CORRECT: Ambani Brothers Scrap 5-Year Old Non-Compete Pact ‎May 23, 2010‎ - Wall Street Journal
	Ambanis bury hatchet; agree for cordial competition ‎May 23, 2010‎ - Business Standard

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US ranks India among top global partners

India and the United States are set to begin their strategic dialogue here with the US saying the talks elevate "India to the rank of our most important global partners" and Washington's ties with China and Pakistan would not be at the expense of India.

The strategic dialogue "elevates India to the rank of our most important global partners," US Under Secretary of State for Political Affairs William Burns said, suggesting the talks "are meant to deepen habits of collaboration and drive away lingering doubts."

He was speaking Tuesday at the Council on Foreign Relations, a Washington think tank, on "India's Rise and the Promise of US-Indian Partnership."

The strategic dialogue would formally open Thursday with Indian External Affairs Minister S.M. Krishna and US Secretary of State Hillary Clinton leading the talks aimed at broadening cooperation in areas ranging from climate change, education, poverty, counter-terrorism and trade.

The high-powered Indian delegation includes Human Resource Development Minister Kapil Sibal, Planning Commission Deputy Chairman Montek Singh Ahluwalia and Minister of State for Science and Technology Prithviraj Chavan.

Krishna would Wednesday outline his vision of the India-US relationship with an address at the India Business Council focusing on the theme of emerging opportunities in the field of innovation and knowledge industries.

Ahead of the Krishna-Clinton talks, Foreign Secretary Nirupama Rao and William Burns are to hold a foreign policy dialogue at the State Department, with officials saying it would set the tone for Thursday's dialogue.

"Never has there been a moment when India and America mattered more to each other," said Burns in his address Tuesday. "Never has there been a moment when the partnership between India and America mattered more to the rest of the globe."

Burns acknowledged that "some in India do worry today that the United States seeks to 're-hyphenate' relations with India...that we see India mainly through the prism of preoccupations in Afghanistan and Pakistan...that we won't push Pakistan hard enough on terrorists who kill and threaten Indians...that we will hurry toward the exit in Afghanistan and leave India holding the strategic pieces".

"Some in India worry that the new administration is tempted by visions of a 'G-2' world...that we've 'downgraded' India because we see Asia exclusively through the lens of an emerging China, with India's role secondary," Burns said.

At pains again to counter perceptions that President Barack Obama was not as warm towards India as his predecessor George Bush was, Burns noted that a third of the US cabinet has visited India since Obama took office almost a year-and-a-half ago and that Obama himself intends to visit this year.

Noting "India and the United States have both suffered devastating terrorist attacks, with the scars of 9/11 and 26/11 still fresh in both our societies," Burns said: "Since the horrific assault on Mumbai in November 2008, US-Indian cooperation in counter-terrorism has deepened rapidly, in the interests of both our countries."

Burns also sought to ease India's concerns over Afghanistan, saying Washington valued India's role there and saw its involvement as a "key part of that country's future success."

More investment from Tata group likely in Gujarat

The Tata's are mulling more investments in Gujarat, group Chairman Ratan Tata indicated here Wednesday.

He said Gujarat Chief Minister Narendra Modi had asked him about his future plans for Gujarat. "I told him that it will be a surprise."

Tata was speaking at the inaugural function of Tata Motors' new Nano plant here.

Modi, who inaugurated the plant, welcomed the homecoming of the Tatas. "He has promised to surprise me. I welcome him and his company with open arms. I hope he brings new projects to the state and thus contributes to both Gujarat and India's development."
"The revolution brought by Ford in the early 20th century with its small car is being replicated now by Ratan Tata with his Nano," he added.

The chief minister likened the setting up and commissioning of the Nano plant in Gujarat in record time as a joint venture of Gujarat and the Tatas.

"We in the government are also incorporating the corporate approach to make things happen in record time. That it was completed in 14 months to coincide with the golden jubilee of the state is proof of it. It will be our endeavour to match strides and make things happen in future as well," he added.

When Tata announced that his company was quitting Singur, Modi said: "I SMSed him to come to Gujarat. The one-rupee SMS did this wonder."

Mukesh Ambani may enter telecom business with Idea, Videocon

31 May 2010, 1136 hrs IST,Deepali Gupta,ET Bureau

opics:

All about the 3G in India
Top ten telecom deals

MUMBAI: Four years ago, the Ambani brothers parted ways dividing the Reliance Group into two with a promise they won't compete against each other. In that partition, Anil Ambani walked away with Reliance Communications (RCOM), today the second-largest telecom company in India, which was incubated by elder brother Mukesh. Amid speculation that Mukesh may now want to re-enter the business, analysts said Idea may be ideal. As the Idea commercial says, 'What an Idea, Sirji'.

Last week, the brothers annulled their no-compete agreement for all businesses, excluding gas-based power generation. The move opens oil exploration and refining to Anil, while power, financial services and telecommunications become available for the elder Ambani.

It is not clear whether Mukesh will enter the telecom business, or how. There is no publicly available information that any deal is in the works. ET spoke to a number of analysts to figure out the possible options before him.

"If Idea is available, RIL could get interested in re-entering the business," said Gaurav Dua, head research, Sharekhan. "I have my doubts that RIL may enter the business to build it from scratch."

Aditya Birla Group-owned Idea Cellular is the third-largest GSM service operator with 15%, or 65.3-million subscribers, as of April-end. It recently won third-generation, or 3G, bandwidth in 11 service areas, for a sum of Rs 5,769 crore.

The company also has an identity that is independent of the Reliance brand, which is currently associated with RCOM, the flagship company of Anil Dhirubhai Ambani Group (ADAG). It has often been said that Idea may be sold, given the right price, but what that is, only a few hazard a guess. Idea sold a stake to Axiata, formerly Telekom Malaysia, at around Rs 157 a share in June 2008. The stock is currently trading at Rs 50.

Axiata currently holds around 23% in Idea, 47% is held by promoters, while the rest is with institutional and retail investors.

Also Read

→ Not auctioning 2G spectrum costs govt over Rs 1 lakh cr

→ 4G wireless: It's fast, but outstripped by hype

→ Is Mukesh Ambani venturing into telecom sector?

→ ET Special: The Inside story of Ambani truce pact

"The Birlas will ask for at least Rs 49,500 crore (enterprise value) to even consider a sale," said a telecommunications analyst with a domestic broking house. At the current price, Idea's market capitalisation is Rs 16,565 crore.

"Funding something like Rs 50,000 crore will be no sweat to RIL," said Sandeep Randery, analyst tracking oil and gas at BRICS Securities. "In fact, at that size, it will be a meaningful opportunity for the company." It remains for the group to see value in it. "Idea won't be an easy buy," Mr Dua of Sharekhan said. For starters, several analysts questioned whether the two brothers will compete in an already beleaguered industry.

"If they compete, neither will make money," said an analyst with a domestic broking firm. "Their business sense is better than this." The Indian telecom industry that was in favour two years ago was de-rated by financial analysts in 2009, after Tata DoCoMo launched a calling plan at one paisa per second and triggered fierce pricing wars that led to over 50% erosion in realised revenue per minute.

Profitability and growth potential in the sector has come under immense pressure due to the tariff wars. So much so that Vodafone reduced the book value of its Indian arm Vodafone Essar by $3.3 billion earlier in May.

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Corporate

Duration: 01:50
Posted: 2 Jun, 2010, 2028 hrs IST

Tata-Salsol join hands for $10 bn motor fuel venture

Duration: 01:02
Posted: 2 Jun, 2010, 2020 hrs IST

RIL, ADAG officials meet to renegotiate gas deal: Sources

Duration: 01:42
Posted: 2 Jun, 2010, 1625 hrs IST

Bank of Ireland shortlists IBM, HCL for $600-mn deal

Duration:
Posted: 2 Jun, 2010, 1458 hrs IST

15-year KG gas pact for new power plants likely

‎
Economic Times - 19 hours ago

It is for the first time that gas will be allocated from RIL's KG basin fields to fresh power capacity. As of now, RIL only supplies to existing power ...

Gulf of Mexico Oil-Spill to be Game-Changer for Oil, Gas

‎
Outlook - 3 hours ago

Besides, Sharma said that discussions with foreign firms for a strategic JV for its Krishna Godavari (KG) basin gas block is still on and would take more ...

New power projects may get gas from RIL's KG basin

‎
Economic Times - 25 May 2010

A senior government official told ET that as opposed to the earlier policy of giving KG basin gas to only old projects that did not get enough gas, ...

ONGC to develop KG fields alone if talks fail

‎
Hindustan Times - Anupama Airy - 3 days ago

The Oil and Natural Gas Corporation (ONGC) may explore the ... The strategic tie-up talks failed for its KG basin blocks mainly due to lack of clarity over ...

Rs 4000-cr IPO from GSPC by July‎ end

‎
NDTV.com - Vijay Ganeshan - 23 hours ago

Senior company officials say majority of the funds raised from this IPO would be parked into the development of its gas reserves in KG basin which they ...

ONGC in talks with energy giants for tie-up for KG gas block

‎
The Hindu - 25 May 2010

PTI State-owned Oil and Natural Gas Corporation (ONGC) is in talks with energy ... We have opened our KG basin block data to global companies and have ...

Adoption of K-G basin's D-6 price is a step in the right direction

‎
Economic Times - 6 days ago

With most of this gas being utilised in the price-regulated sectors — 41 out of 55 ... On the policy front, this decision to price APM gas on the basis of ...

Trouble for Transocean: RIL dumps KG-basin rig

‎
Hindustan Times - 26 May 2010

Hardy Oil and Gas, which is RIL's partner in the KG-D3 block said there were "unresolved mechanical issues" with Transocean's rig "Deepwater Expedition" ...

RIL suspends drilling at KG D3 on technical snag‎ - Deccan Chronicle
Exploration well suspended in KG-D3 block: Hardy Oil‎ - India Infoline.com
RIL suspends drilling with Transocean equipment‎ - Press Trust of India
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Stockopedia

RK Batra & Ruchika Chawla: Added risks in gas exploration

‎
Business Standard - 2 days ago

The government needs to draw some lessons from the events pertaining to the KG basin gas discovery, so that we do not have a similar situation arising again ...

1 Jun 2010, 0020 hrs IST,Rajeev Jayaswal & Subhash Narayan, ET Bureau

‎
Economic Times - 1 day ago

Instead of the proposed 7480 mw gas-based Dadri project (the largest plant in the ... gas it is expecting to get from Reliance Industries' (RIL) KG basin. ...

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Reliance non-compete agreement: scrapped or extended?
May 31, 2010 05:01 PM

Moneylife Digital Team
Ambani brothers 5

Moneylife learns that the ADA group in fact negotiated a substantial extension of 12 years to the non-compete agreement on gas-based power projects. So it is 'Advantage Anil' on this deal.

Recent media reports suggest that Reliance Industries Ltd, led by Mukesh Ambani, and Reliance ADA group companies, led by Anil Ambani, have cancelled their earlier non-compete agreement relating to all businesses except gas-based power plants. Moneylife now learns that the ADA group has, in fact, negotiated a substantial extension of 12 years to the non-compete agreement on gas-based power projects. So, in effect, it is 'Advantage Anil' on this deal.

The original non-compete agreement signed between RIL and ADA group in January 2006 was for a period of ten years starting from 2006. In other words, after 2016, both Mukesh and Anil Ambani were free to enter into each other's territories.

According to industry experts and sources close to the developments from both groups, Anil Ambani has taken mileage out of the new deal by extending the non-compete clause for all of his ambitious gas-based power plants, including Dadri.

According to the new agreement, Reliance Natural Resources Ltd (RNRL) will get uninterrupted gas supply for 12 more years (until 2022), at $4.2 per million metric British thermal units (mmBtu).

In addition, during this period, the Mukesh Ambani group cannot bid for power projects based on gas, even though it has ample supply of natural gas at its disposal. The senior Ambani can bid for ultra-mega power projects provided they are not fired by gas.

According a release issued by both groups, the cancellation of the existing non-compete agreement will provide enhanced operational and financial flexibility to both groups, and greater ability to participate in high-growth sectors of the Indian economy, such as oil and gas, petrochemicals, telecommunications, power, and financial services.

However, both Ambani brothers cannot use the Reliance brand name in sectors opened up to either by the revocation of the non-compete agreement.

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Entrepreneurs see opportunity everywhere, even in scorching heat

28 May 2010, 0239 hrs IST,Tapash Talukdar & Anirvan Ghosh,ET Bureau
Entrepreneurs see an opportunity everywhere. Even in the scorching heat of the summer. While a report by American climate agency National Oceanic and Atmospheric Administration says the summer of 2010 could turn out to be the hottest in 100 years, to several businessmen this is the coolest season to make money and grow.

Ask Pandurang Taware, a Pune-based agri-entrepreneur who runs a cooperative society of agri-tourism centres in several villages of Maharashtra, about the rise in the tourism business during this season and he starts with a broad smile. "There is a spectacular 70% growth in our business against last year," says Mr Taware, chairman of Agri Tourism Development Centre (ATDC).

"More and more executives from the corporate world are visiting us and fuelling our business." Taware offers his tourists a unique village-life experience. In a two-night package this summer, one can get to pluck ripe mangoes from trees, eat to one's heart's content, swim in a decorated pond, enjoy traditional Maharashtrian cuisine, participate in village festivals, experience the harvesting season, take a farm-tour....

"We provide a complete eco-friendly ambience, so that the visitors can feel and breathe the country air and experience our rich tradition," says Mr Taware, who has set up over 150 such agri-tourism centres. Executives from large corporates such as Tata Motors, Infosys, John Deere and Geometric Solutions are his clientele.

This year, ATDC saw more than one lakh visitors visiting all centres, a rise of 70% against last year. Here, the tourism experience for visitors is very different from the regular hotel or resort experience. It is a self-involved experience. "People are increasingly preferring country-side experience rather than going to hotels," says Mr Taware. As per his estimates, each centre earned nearly Rs 4 lakh net profit this season. The ATDC team is now considering block-booking as their next attraction point to woo visitors.

In Bangalore, Phanindra Sama, CEO and co-founder of Redbus, is unable to get more then five hours of sleep a day but he is not complaining. The team at Redbus is busy managing calls for bookings during the vacation period. In April itself, Redbus booked over three lakh seats for travellers across the country.

"This month, we might double the figure as our penetration is getting deeper now," says Mr Sama, one of the three men behind India's first organised bus ticket booking service. Redbus' revenues have jumped more than 60% this season. With better comfort and faster journeys now available from private bus operators, the business of ticket booking has shot up.

"We expect to do Rs 12 crore by May-end against last year's Rs 3.5 crore, which would mean an over 300% jump in our turnover," he says. To cash in on the summer rush from other tier II cities, his team is now looking at expanding to 35 tier-II cities by the year-end, including Coimbatore, Nagpur, Aurangabad and Mangalore among others.

Swiss banks' love for Indian clients no secret, woo back depositors who withdrew funds on fear of action

28 May 2010, 0638 hrs IST,Sugata Ghosh,ET Bureau
MUMBAI: The famously secretive Swiss private banks are trying to persuade Indians to bring back the money they have pulled out from their numbered accounts in these banks.

In the last one year, more than a hundred Indians with secret accounts have shifted money from Switzerland to banks in Dubai Free Trade Zone and Singapore amid fears of regulatory and government action.

"The Swiss banks are now reaching out to these clients to get back the funds they have lost. There's no estimate of how much money has moved out, but it could be substantial in absolute terms," said a senior Mumbai-based professional dealing in tax and cross-border transactions.

And interestingly, some of the account holders have moved back money to Swiss banks because of their long relationship with these private wealth managers. "But there's a difference. The money that's going back may not be parked in a numbered account. Instead, it could be a corporate deposit," said a foreign exchange regulations expert who has advised clients on such fund transfers.

Individuals with numbered accounts have become used to a transaction convenience that is absent in most banking services.

While these accounts offer no interest and even charge a fee for holding the money, many depositors prefer them. The client does not have to write a cheque for any transaction, but simply call up a dedicated relationship manager and share a code given by the bank to complete the transaction.

"The manager uses a voice recorder to cross-check that the caller is indeed the holder of the numbered account. A client can call up from anywhere in the world to operate the account," said a private money manager. According to him, clients draw comfort from the belief that in case of enquiries, the bank will do whatever it takes to protect the account holders' identities. Till three years ago, these accounts offered an interest of 1-1.25%, but that has now stopped, he said.

It's learnt that most of the money has been transferred to Dubai, where the transaction is in the nature of a trading receipt with a company set up in the free trade zone.

I-T notice to 50 on German list

The company receives a commission or consultancy fee. After a decent interval, the company in Dubai can open a new account with the Swiss bank to bring back the money. Some have transferred the funds to banks in Singapore, which, bankers say, is becoming the new destination for parking cash.

"Despite the stigma attached to Dubai, many still prefer it to Singapore for tax reasons. Some of the Swiss banks don't have a branch in Dubai, so they want to get back such deposits. To them it's free fund," said the money manager.

Tax professionals as well as bankers know that legal complications make it difficult for governments and regulators to trace such fund flows. For instance, tax authorities have made little headway after Germany handed over names of secret account holders to Indian authorities.

Under Section 147 of the Income-Tax Act, the tax department can ask a person to file a return to take into account the income that has escaped assessment. However, under Section 148, the assessee can ask the department the reasons for reopening the file.
"It's here that our I-T people will face a problem. Germany, as per the treaty with India, has told Indian authorities not to initiate proceedings against these people unless criminal actions or links are established. So, it would be difficult to pull them up unless the authorities can spot activities such terror funding, drug running, etc. Tax evasion is not a criminal offence," said an income-tax expert.

So even though the income-tax department has sent notices to some 50 individuals a few months ago, it may end up achieving very little. Till then, the Swiss and other European banks will fish for clients and funds they have lost to other friendly, though less-efficient, offshore centres of the world.

India Petroleum Industry

Wednesday June 2, 11:10 PM

Global stocks, oil rebound after U.S. home sales data

Click to enlarge photo

By Herbert Lash

NEW YORK (Reuters) - Global stocks rebounded on Wednesday on favourable April U.S. home sales data, while the yen fell after Japanese Prime Minister Yukio Hatoyama resigned, because his likely successor has previously said he wanted a weaker yen.

Oil prices rose above $73 a barrel as the rally in U.S. stocks eased concerns that Europe's sovereign debt crisis could restrain a fragile economic recovery, including fuel demand.

U.S. government debt prices dipped as rising stocks offered a semblance of stability for jittery investors and curbed the appetite for safe-haven bonds.

Wall Street rallied more than 1 percent, boosted by a survey that showed pending sales of previously owned U.S. homes topped expectations in April to hit a six-month high, and as investors snapped up shares that tumbled during Tuesday's sell-off.

The National Association of Realtors said its Pending Home Sales Index, based on sales contracts signed in April, increased 6.0 percent, to 110.9, as prospective home owners took advantage of a popular home buyer tax credit. Eligible homeowners were required to sign sales contracts by April 30, and must close on the sales by June 30, to qualify for the federal tax credits.

Analysts polled by Reuters had forecast pending home sales would rise 5.0 percent.

"This report is a confirmation that there's housing demand out there and confirmation of an improving labour market," said Phil Orlando, chief equity market strategist at Federated Investors in New York. "All of this suggests that things are improving."

European shares also eked out gains in a choppy session on the upbeat U.S. housing data, and defensive drugmakers gained.

The pan-European FTSEurofirst 300 index closed up 0.1 percent at 1,003.58 points.

MSCI's all-country world equity index pared losses to rise almost 0.4 percent.

But persistent fears that the euro zone's debt crisis could jeopardize the region's recovery weighed on banking shares, pushing down Barclays 2.2 percent and Banco Santander 1.85 percent.

"Investors are still concerned that the euro zone debt problem is not over, and it will keep hanging over the equity market until the market gets to a more reasonable valuation," said Koen de Leus, economist at KBC Securities.

At 12:35 p.m., the Dow Jones industrial average was up 111.25 points, or 1.11 percent, at 10,135.27. The Standard & Poor's 500 Index was up 14.39 points, or 1.34 percent, at 1,085.10. The Nasdaq Composite Index was up 31.22 points, or 1.40 percent, at 2,253.55.

The Dow Jones U.S. Home Construction index rose 1.3 percent.

Energy shares were among the best-performing stocks, recovering after the latest failed attempt by BP Plc to halt the oil spill in the Gulf of Mexico and the news that the U.S. government had launched a criminal probe into the disaster.

U.S.-listed shares of BP still managed to climb, rising 2.5 percent to $37.44 as it worked on a new plan to halt the spill. The PHLX Oil Service Sector index climbed 3.7 percent as Halliburton Co jumped 9.8 percent to $23.21 and Schlumberger Ltd advanced 7.6 percent to $55.71.

YEN FALLS ON PM DEPARTURE

The U.S. dollar was up 1.2 percent at 92.10 against the yen after Hatoyama stepped aside as prime minister, making room for his expected replacement, Finance Minister Naoto Kan.

"Kan is a noted dove who has been an aggressive proponent of a lower yen in order to help stimulate Japanese exports," said Boris Schlossberg, a director of currency research at GFT, in New York.

"With Japanese political situation in state of flux, the dollar may be the only safe-haven instrument left in the currency market for the time being," he added.

Schlossberg also cited Japan's political turmoil, saying that it "has damaged some of the yen's safe harbor reputation as Hatoyama became the fourth Japanese prime minister in four years to leave the office."

The dollar was up against a basket of major currencies, with the U.S. Dollar Index up 0.11 percent at 86.74.

The euro was up 0.15 percent at $1.2243, paring earlier losses.

European Central Bank board member Christian Noyer was cited as saying the single currency's exchange rate against the greenback was around a 10-year average and "by no means an unusually low level."

U.S. crude prices for July rebounded to rise 93 cents to $73.51 a barrel after the pending home sales data.

ICE Brent rose $1.60 to $74.31 a barrel.

The benchmark 10-year U.S. Treasury note was down 14/32 in price to yield at 3.31 percent.

Spot gold prices fell $1.75 to $1,222.50 an ounce.

The MSCI index of Asia Pacific stocks outside Japan fell 0.6 percent. Japan's Nikkei stock average fell nearly 1 percent, surrendering some early gains.

Across Europe, Britain's FTSE 100 shed 0.2 percent, Germany's DAX was flat and France's CAC 40 fell 0.1 percent.

(Reporting by Ryan Vlastelica, Vivianne Rodrigues, Richard Leong in London; Harpreet Bhal, Emma Farge and Brian Gorman in London; Writing by Herbert Lash; Editing by Leslie Adler)

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Gas from KG basin in three years

The Reliance Industries Ltd will commence supply of gas from its KG Basin Block KG-DWN-98/3 in 2008-09. Though the company has estimated peak production ...
www.projectsmonitor.com/detailnews.asp?newsid=9567 - Cached - Similar
The Hindu Business Line : Reliance to double KG Basin gas output

3 Mar 2009 ... Reliance to begin trial production from KG basin next month · Supply of Reliance's D6 gas expected by April: Deora ...
www.thehindubusinessline.com/2009/03/.../2009030351010300.htm - Cached
Hope floats on KG basin gas

7 Sep 2008 ... Fertiliser, power plants plan expansion in anticipation Three companies with a combined investment of Rs 1,26000 crore ($30 billion) are at ...
www.business-standard.com › Home › Economy & Policy - Cached - Similar
Reliance finds oil, gas in Krishna Godavari basin

20 Dec 2005 ... Reliance finds oil, gas in Krishna Godavari basin ... on news of the discoveries in KG-OSN-2001/2, a 210 sq km (80 sq mile) block located ...
www.expressindia.com/fullstory.php?newsid=60212 - Yemen - Cached - Similar
RIL's KG basin gas has long term and indirect benefits-Investor's ...

13 Apr 2009 ... Although RIL's KG basin gas is positive for the fertiliser industry, the benefits are long term and indirect.
economictimes.indiatimes.com/...KG-basin-gas.../4393656.cms - Cached
Debate: How will KG Basin gas alter India's fuel economy?-Oil ...

31 Mar 2009 ... The domestic oil-gas consumption ratio will shift towards gas to become 65:35 in the next two years.
economictimes.indiatimes.com/news/news-by...gas//.../4338663.cms - Cached

Show more results from economictimes.indiatimes.com
KG gas basin spat claims Baijal as collateral? - Corporate News ...

14 Jul 2009 ... KG gas basin spat claims Baijal as collateral?, Baijal, however, denied any conflict of interest and maintained that he had resigned on 16 ...
www.livemint.com/.../KG-gas-basin-spat-claims-Baija.html - Cached - Similar
KG Gas Basin | InBn

KG Gas basin in located near Kakinada town in Andhra Pradesh. Reliance Industries of Makesh Ambani found huge gas reserves in Krishna Godavari basin. ...
www.indiabreakingnews.in/tag/kg-gas-basin/ - Cached
Reliance Krishna Godavari basin gas field project to get $ 5.2 billion

2 Nov 2006 ... Kerala to get impact budget 2007, to be presented by Thomas Isaac finance minister in the LDF government in Kerala.
www.dancewithshadows.com/.../reliance-krishna-godavari-gas.asp - Cached - Similar
Krishna Godavari Basin - Wikipedia, the free encyclopedia

Reliance gas-find 40 times bigger than Bombay High; ^ Record gas discovery in India could hit projects; ^ RIL strikes 2 more gas reserves in KG basin ...
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Global stocks, oil rebound after U.S. home sales data
- Reuters - Wed 02 Jun, 11:10 PM

NEW YORK (Reuters) - Global stocks rebounded on Wednesday on favourable April U.S. home sales data, while the yen fell after Japanese Prime Minister Yukio Hatoyama resigned, because his likely successor has previously said he wanted a weaker...
ANALYSIS - Oil refining margins to weaken, May boost was mirage
- Reuters - Wed 02 Jun, 08:50 PM

LONDON (Reuters) - Profits from refining crude oil will fall back globally in June after an upturn the previous month proved to be only temporary, confirming the trend to divest oil refining capacity in the developed...
Most ex-BP fuel oil traders to join China Brightoil
- Reuters - Wed 02 Jun, 05:10 PM

SINGAPORE (Reuters) - Most of the former BP fuel oil traders, who recently resigned from the major's Asian and U.S. units, are expected to join Chinese trading firm Brightoil Petroleum, four industry sources said on...
Oil falls below $72 after weak macro data
- Reuters - Wed 02 Jun, 05:00 PM

LONDON (Reuters) - Oil prices slid below $72 a barrel on Wednesday and looked set to fall for a third straight session after a raft of negative data stoked concerns about the impact of the European debt crisis on the still fragile global fuel...
BP tries again to curb oil spill, stock falls anew
- Reuters - Wed 02 Jun, 02:10 PM

VENICE, La. (Reuters) - BP Plc forged ahead with its latest effort to curb the flow of oil spewing into the Gulf of Mexico as its shares fell anew on Wednesday and the U.S. government launched criminal and civil probes into the...
Oil falls below $72 on dollar, awaits U.S. inventories
- Reuters - Wed 02 Jun, 01:00 PM

SINGAPORE (Reuters) - Oil fell below $72 on Wednesday in its third straight session of losses, as negative sentiment pervaded financial markets and investors favoured the safety of the dollar over riskier...

EARLIER HEADLINES

Reliance may invest in coal-based power plants - paper
- Reuters - Wed 02 Jun, 12:40 PM
BSE Sensex tad up, Reliance Comm surges 10 pct
- Reuters - Wed 02 Jun, 11:50 AM
Govt may price domestic coal at global rates - report
- Reuters - Wed 02 Jun, 11:30 AM
BP embarks on latest bid to capture gushing oil
- Reuters - Wed 02 Jun, 10:50 AM
U.S. has launched criminal probe into BP spill
- Reuters - Wed 02 Jun, 09:40 AM

» More Archived News

World Business News

World Business

Global stocks, oil rebound after U.S. home sales data
- Reuters - Wed 02 Jun, 11:10 PM

NEW YORK (Reuters) - Global stocks rebounded on Wednesday on favourable April U.S. home sales data, while the yen fell after Japanese Prime Minister Yukio Hatoyama resigned, because his likely successor has previously said he wanted a weaker...
French bid for euro zone "government" gains ground
- Reuters - Wed 02 Jun, 11:00 PM

BRUSSELS/PARIS (Reuters) - French-inspired plans to create an "economic government" for the euro zone took a step forward on Wednesday when European Council President Herman Van Rompuy threw his weight behind the...
Greece seeks billions from rail, water sales
- Reuters - Wed 02 Jun, 10:30 PM

ATHENS (Reuters) - Greece on Wednesday outlined plans to sell stakes in state-owned railway, water and real estate companies as part of a drive to raise billions of euros to help restore its ailing public...
Buffett distances himself from rating agencies
- Reuters - Wed 02 Jun, 10:00 PM

NEW YORK (Reuters) - Billionaire investor Warren Buffett distanced himself from embattled credit rating agencies, saying they have lost some of their appeal as an investment amid criticism over their role in propelling the financial...
EU promises to drive banking shake up before G20
- Reuters - Wed 02 Jun, 09:40 PM

BRUSSELS (Reuters) - The European Union announced plans on Wednesday to create a watchdog to control credit rating agencies and launched a review of the way banks are managed in a bid to accelerate reform of the financial...
U.S. pending home sales at 6-mth high, loan demand falls
- Reuters - Wed 02 Jun, 09:20 PM

WASHINGTON (Reuters) - U.S. pending home sales hit a six-month high in April but falling demand for home loans pointed to ebbing activity in the vital housing market with the expiration of a popular tax credit for...

EARLIER HEADLINES

Moody's analysts felt bullied to give rosy ratings
- Reuters - Wed 02 Jun, 08:50 PM
Yen eases as Japan PM quits; world stocks fall
- Reuters - Wed 02 Jun, 07:00 PM
Moody's execs split on ratings; Buffett looms
- Reuters - Wed 02 Jun, 06:20 PM
Rupee recovers from 1-week lows on local shares
- Reuters - Wed 02 Jun, 06:20 PM
Greece unveils privatisations, to sell rail, water stakes
- Reuters - Wed 02 Jun, 05:40 PM

» More Archived News

Wednesday June 2, 09:56 PM

Source: ANI

Narender Modi inaugurates new manufacturing plant of Nano in Gujarat

By ANI

Sanand (Gujarat), June 2 (ANI): Gujarat Chief Minister Narender Modi inaugurated the manufacturing plant of Nano at Sanand, a city and municipality in Ahmedabad district, on Wednesday.

The manufacturing unit at Sanand in Gujarat would produce up to 700 cars a day, and will eventually have a workforce of 10,000 employees.

The first car from this plant rolled out in the presence of Tata Group's Chairman Ratan Tata and other dignitaries.

Meanwhile, speaking on this occasion Modi said he was proud to reckon Sanand as the manufacturing land of Nano.

"An ordinary person always dreams of owning a car. The land of Sanand is trying to fulfill the dream of middle and lower middle class families. Today we are contributing to the nation," said Modi.

On his part, Ratan Tata thanked Modi for providing a new home for manufacturing his company's dream car, the Nano.

"We searched for another home for the Nano and we wanted to be sure that we could move in peace and harmony and be able to establish a new home for the plant. Mr Modi stood out amongst all the others in guaranteeing us whatever we needed to have this plant in place," said Ratan Tata.

Nano's main manufacturing unit was shifted from Singur in West Bengal in 2008 after its failure to commence production due to the protest by Trinamool Congress head Mamata Banerjee.

Meanwhile, later, strong and stormy winds, caused by cyclone Phet, forced cancellation of a scheduled conference related to the launching.

The gusty winds partially damaged a portion of the just inaugurated manufacturing unit of Tata Motors (TATAMOTORS.BO : 725.65 -29), spread over 1,100 hectare of land. (ANI)

Wednesday June 2, 11:50 AM

BSE Sensex tad up, Reliance Comm surges 10 pct

Click to enlarge photo

MUMBAI (Reuters) – The BSE Sensex (^BSESN : 16741.84 +169.81) gained 0.4 percent on Wednesday, led by gains in explorer Oil and Natural Gas Corp and mobile carrier Reliance Communications (RCOM.NS : 154.85 +16), but euro-zone debt fears kept investors wary.

Shares in Reliance Communications rose as much as 10 percent to their highest level in three weeks, after a newspaper reported that India's No. 2 mobile operator was in talks with Emirates Telecommunications (Etisalat) to sell a stake.

The main 30-share BSE index was up 0.35 percent at 16,635.70 by 10.57 a.m. (0527 GMT), with 18 components in the positive zone. The index had risen as much as 0.6 percent earlier in the session and then briefly turned negative.

"The investor mood is fairly cagey now because the overall global scenario is very uncertain and funds are not willing to invest large amounts of money," said Gajendra Nagpal, CEO of brokerage Unicon Financial.

The key stock market index posted its first monthly decline since January, as investors pared their exposure to risky assets in the wake of Europe's sovereign debt crisis.

Nagpal said the stock market was not expected to see a sharp surge in the near term due to the lingering worries about the euro zone debt crisis and in the absence of any positive buying trigger.

Shares in Reliance Communications were up 6.3 percent at 148.05 rupees by 0530 GMT after the Times of India said that Etisalat was in advanced talks to buy a quarter of the Indian mobile operator for 180 billion rupees ($3.8 billion).

If a deal is finalised, Abu Dhabi-based Etisalat would make an open offer to acquire an additional 20 percent stake in Reliance Communications from the public, the newspaper reported, citing market sources.

Shares in state-run Oil and Natural Gas Corp were up 2.2 percent at 1,170.05 rupees. An Oil India official said state explorers such as ONGC (ONGC.NS : 1182.35 +36.7) and Oil India began charging higher gas prices from Tuesday.

ONGC Chairman R.S. Sharma had said last week that the company would annually gain about 55 billion rupees in revenue and 35 billion rupees in net profit due to revised gas prices.

Shares in energy major Reliance Industries (RELIANCE.NS : 1011.05 +0.5), which has the highest weighting in the benchmark index, were up 0.6 percent at 1,017.60 rupees.

Reliance could invest in coal-based power plants due to the surging demand for electricity in the fast-growing country, the Economic Times reported on Wednesday.

In the broader market, 1,446 gainers led 915 losers on relatively low volume of 86 million shares.

The 50-share NSE (^NSEI : 5019.85 +49.65) Nifty index was up 0.2 percent at 4,977.75.

STOCKS ON THE MOVE

* Ambuja Cements Ltd (ACL.BO : 110.2 +3.2) was up 1.9 percent at 109 rupees after India's No. 3 cement maker reported May shipments rose 13.7 percent from a year ago to 1.86 million tonnes.

* GVK Power & Infrastructure Ltd was up 0.4 percent at 43.05 rupees after the company said its unit won a bid for a highway development project in Rajasthan costing around 8.5 billion rupees.

MAIN TOP THREE BY VOLUME

* Development Credit Bank on 6 million shares

* Reliance Communications on 4 million shares

* IFCI on 3 million shares

(Reporting by Sumeet Chatterjee; Editing by Unnikrishnan Nair)

Wednesday June 2, 12:00 PM

Source: ANI

Gold prices hit record high, deter buyers

By ANI

Mumbai, June 2 (ANI): Bullion prices in India touched a record high of 398.42 dollars for ten grams on Tuesday and closed at 398.11 dollars.

The skyrocketing rates of gold have severely constrained the budget of customers during the ongoing wedding season.

Gold futures on the Multi Commodity Exchange (MCX) were trading 1.88 percent higher, tracking strong overseas markets, where safe haven buying supported the yellow metal.

"Prices have soared a lot. They are no more worth it for buying. But we have to buy it in times of need, though rather than buying more we buy less now. That is why people are buying now," said Ashwini Bhinde, a customer.

Jewellery shop owners believe that the prices will continue to soar and touch almost 467.63 dollars by November during Deewali.

Ashwini Pethe, owner of a jewellery showroom said that the people are buying gold in the raw form rather than ornaments for future consumption and also reckoning its value in appreciation.

However, according to the World Gold Council, the demand for gold is expected to be strong during 2010 due to increasing interest for jewellery in India and China irrespective of high local prices.

"It (Gold) depends on the international market rate. The rates are fixed in London, although the maximum consumption is in India and China. China is purchasing gold to improve their capital while in India most of the people are purchasing gold for the ornaments.That is the basic difference between the two countries. Out of 100 per cent, say almost 30 per cent gold consumption is done by India," Pethe said. (ANI)

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Oil India declares 340 percent dividend

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Economic Times - 6 days ago

NEW DELHI: The state-owned Oil India Limited (OIL) declared a dividend of 340 percent in its fourth quarter results on Wednesday. ...

Oil India&Indian Oil Statement Re Gulfsands Petroleum‎ - Wall Street Journal
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At a conference to announce Oil India Limited's financial results, company officials got on to the dais around 20 minutes late. ...

THE HYDROCARBON MAFIA

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Calcutta Telegraph - Ashok V. Desai - 1 day ago

... put forward by the ministry of petroleum to raise the gas price to be paid by NTPC to Oil and Natural Gas Corporation and Oil India Limited to $4.20. ...

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CNG will become costly by about 20 per cent and the price of ...

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NDTV.com - 19 May 2010

The main producers are Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL). The revision was essential since low cost of gas was discouraging ...

Cabinet nod for hike in natural gas price‎ - The Hindu
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India, Venezuela ink pact to develop $20-billion oil project

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The Hindu - 13 May 2010

IOC and Oil India Limited will each have 3.5 per cent interest in the joint venture to develop the Carabobo 1 Norte and Carabobo 1 Centro blocks, ...

Oil PSUs ink agreement to develop Venezuelan fields‎ - Deccan Herald
Indian oil PSUs Sign JV Agreement for $20 Billion Carabobo-1 ...‎ - Press Information Bureau (press release)
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McLeod expects biofuel project to bear fruit in a year

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The world's largest tea producer McLeod Russel India Limited expects its investment ... group company Williamson Magor & Co Ltd and D1 Oil Plc of Britain. ...

Full text of the Supreme Court judgement: Part II

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Daily News & Analysis - 7 May 2010

... Oil & Natural Gas Corporation (in short 'ONGC') and Oil India Limited (in ... sector since the exploration and production of oil and gas is associated ...

Full copy of the judgement on Ambani gas row

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Association of Natural Gas & Others vs Union of India & Others, ... namely Oil & Natural Gas Corporation (in short 'ONGC') and Oil India Limited (in short ...

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Ambani brothers forced to negotiate‎ - BBC News
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Hydrocarbon diplomacy

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The Hindu - 17 May 2010

Last week, ONGC Videsh Ltd, IOC, and Oil India Limited committed themselves to investing more than $2 billion for their 18 per cent stake in the project ...

ONGC, Mahindra & Mahindra Net Rises

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123Jump.com - Mita Yagnik - 2 days ago

7:30PM Mumbai, India - Oil and Natural Gas Corporation Limited sales rose 7% and net profit rose 71%. Mahindra & Mahindra Limited sales rose 46% and net ...

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Cummins India reports Q4 net profit of Rs 118 cr

Economic Times - ‎May 29, 2010‎

29 May 2010, 2036 hrs IST, PTI MUMBAI: Engine manufacturer, Cummins India today reported a net profit of Rs 118.31 crore for the fourth quarter ended March ...

BEML Q4 net profit down at Rs 157 cr

Moneycontrol.com - ‎May 28, 2010‎

BEML has come out with its fourth quarter results of FY10. It has reported net profit of Rs 157 crore as against Rs 172 crore (YoY). ...

IOC profit rises 246% in 2009-10

Times of India - ‎May 28, 2010‎

NEW DELHI: Indian Oil Corp, the nation's largest oil firm, on Friday reported a 246% jump in net profit for 2009-10 fiscal and said it is considering ...

ONGC profit spurts 71 pc to Rs 3776 cr

Indian Express - ‎May 28, 2010‎

Despite a four-fold jump in fuel subsidy payouts, Oil & Natural Gas Corp posted its third straight rise in quarterly profit on higher oil prices with net ...

IndianOil net zooms 247% on higher refinery margins

Economic Times - ‎May 28, 2010‎

NEW DELHI: India's largest fuel retailer IndianOil Corporation (IOC) has reported a 247% jump in its net profit at Rs 10220 crore for 2009-10 despite ...

ONGC net jumps 71% despite fuel subsidies

Economic Times - ‎May 28, 2010‎

NEW DELHI: State-owned energy explorer Oil & Natural Gas Corp (ONGC) reported a 71% jump in net profit for the fourth quarter ended March 31, 20101, ...

IOC Q4 net down 16% on delay in subsidy compensation

Hindu Business Line - ‎May 28, 2010‎

The IOC Chairman, Mr BM Bansal (left), with Director-Finance, Mr SV Narasimhan, at a press conference in theCapital on Friday. - Ramesh Sharma Indian Oil ...

ONGC net up 71%

Business Standard - ‎May 28, 2010‎

Oil and Natural Gas Corporation (ONGC), the country's biggest oil exploration company, today reported a 71 per cent jump in March quarter net profit at Rs ...

Oil companies face fund worries

NDTV.com - Raj Kumar Sahu - ‎May 28, 2010‎

India's biggest state-run oil firms, Indian Oil Corporation (IOC) the refiner and Oil and Natural Gas Corporation (ONGC) the exploration firm, ...

Marginal rise in ONGC net

The Hindu - ‎May 28, 2010‎

Oil and Natural Gas Corporation Ltd. (ONGC) on Friday reported a 4 per cent increase in its net profit at Rs.16768 crore in 2009-10 as compared to Rs.16126 ...

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	Cummins India reports Q4 net profit of Rs 118 cr ‎May 29, 2010‎ - Economic Times
	ONGC Q4 net up 71 pct, sees upside on gas price ‎May 28, 2010‎ - Sify
	ONGC Q4 net surges 71 pc to Rs 3776 cr ‎May 28, 2010‎ - Economic Times
	Glenmark back in black, posts Q4 profit of Rs 103 cr ‎May 28, 2010‎ - Hindu Business Line
	SAIL Q4 profit jumps 40 pc to Rs 2085 cr ‎May 28, 2010‎ - Press Trust of India
	BPCL Q4 profit plunges 81%; Cairn net rises 12 fold ‎May 27, 2010‎ - Financial Express

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Coal to power RIL's future ambitions

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NEW DELHI: Reliance Industries, freed from its non-compete agreement with ... ADAG the freedom to enter the petroleum, refining, and petrochemicals sector. ...

Reliance non-compete agreement: scrapped or extended?‎ - Moneylife Personal Finance Magazine
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Reliance may invest in coal-based power plants

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Moneycontrol.com - 11 hours ago

Reliance will concentrate on offshore investments for its oil and gas and petrochemical businesses and the company's major focus on the domestic market will ...

Reliance Industries Said to Revive Plan to Build Chemical Plant

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BusinessWeek - Natalie Obiko Pearson - 8 hours ago

Reliance's board approved a proposal in February 2007 to build a $3 billion integrated cracker and petrochemicals complex at Jamnagar by 2011, according to ...

Reliance and Russia's Sibur in rubber venture

‎
Moneycontrol.com - 16 May 2010

The energy giant Reliance Industries Ltd and Russian petrochemical firm Sibur have agreed to set up a joint venture to make butyl rubber in India amid ...

India's Reliance,Russia's Sibur Eye Indian Synthetic Rubber JV‎ - Wall Street Journal
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India's stock index up on news Ambani brothers end family feud

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Vancouver Sun - Jonathan Manthorpe - 2 days ago

Thus Mukesh and the younger Anil who joined later were very much part of the family operation as Reliance diversified into petrochemicals, energy, ...

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RIL, Reliance Infrastructure best bets in Reliance stocks: Angel ...

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Economic Times - 25 May 2010

How the whole true story is playing out in Reliance with the kind of ... can be put into areas other than oil and petrochemicals and that to my mind is a ...

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Video: RIL-RNRL gas battle ends, it's advantage RIL

ESP Resources Reports Financial Results for the First Three Months ...

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Through its wholly owned subsidiary, ESP Petrochemicals, Inc., ... Readers are cautioned not to place undue reliance on the forward-looking statements made ...

Oil may cross $100 on Asian demand: Mukesh

‎
Times of India - 14 May 2010

MUMBAI: Reliance Industries chairman Mukesh Ambani, who runs one of the world's ... Projects of $5 billion will be a routine in petro-chemicals, Ambani said ...

Mukesh Ambani sees end of subsidy culture, encourages innovation‎ - Economic Times
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Full text of the Supreme Court judgement: Part I

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Daily News & Analysis - 7 May 2010

731 of 2005, Reliance Natural Resources Ltd. (in short "RNRL") has filed ... textile, yarn, polyster, petrochemicals and communication business with his two ...

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Key dates in Ambani brothers' dispute‎ - Moneycontrol.com
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IG Petrochemicals drops on lower Q4 net profit

‎
BloombergUTV - 20 May 2010

IG Petrochemicals declined 1.40% to Rs 42.20 at 11:38 IST on BSE, after net profit fell 15.4% to Rs 6.50 crore in Q4 March 2010 over Q4 March 2009. ...

Markets plunge on opening(09:30 am)‎ - Equitymaster.com (registration)
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European stocks cut losses on US housing data
2 Jun, 2010, 2224 hrs IST,

European stock markets bounced back from early lows Wednesday following a strong showing on Wall Street where investors cheered upbeat US housing data.

S&P, Nasdaq up 1 percent after home sales data
2 Jun, 2010, 2150 hrs IST,

Stocks extended gains on Wednesday, with the S&P and Nasdaq up more than 1 percent, after data showed pending home sales rose to a six-month high in a boost to the fragile economic recovery.

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Warren Buffett says rating agencies got it wrong

2 Jun 2010, 2250 hrs IST,REUTERS

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NEW YORK: Billionaire investor Warren Buffett distanced himself from embattled credit rating agencies, saying they have lost some of their appeal as an investment amid criticism over their role in propelling the financial crisis.

"I think they were wrong like everyone else," Buffett told CNBC television on Wednesday ahead of testimony to a government panel probing the causes of the crisis.

Some former officials at Moody's Investors Service told that hearing they felt intimidation from bosses to assign rosy ratings to risky debt products in an effort to win market business.

"It was very clear to me that my future at the firm and my compensation would be based on the market share," said Eric Kolchinsky, who once ran the Moody's Investors Service unit that rated subprime collateralized debt obligations and is now a "whistleblower" on Moody's alleged faults.

Also Read

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→ Buffett to testify before financial crisis panel

→ Berkshire confirms Buffett subpoenaed to testify

→ Buffett, Moody's CEO rate a date on market crisis

Wednesday's hearing by The Financial Crisis Inquiry Commission is examining the role of credit rating agencies in the financial crisis, and investors' reliance on ratings themselves to make investment decisions.

Credit raters such as Moody's Corp and McGraw-Hill Cos' have been widely faulted for fueling the crisis by assigning unreasonably high ratings for too long, and then downgrading them too fast. Congress is weighing legislation that could curb their power to win and retain business.

"Rating agencies sort of evolved into this national duopoly," said Buffett, whose company Berkshire Hathaway Inc is one of Moody's largest investors. "The market will continue to demand from the brand names. I wish it weren't the case," he told CNBC

DISTANCING HIMSELF

Buffett repeated that he loves the agencies' business model, but that investors like himself should do their own credit homework and not depend on agencies to do it for them. The 79-year-old has used a similar argument to defend Goldman Sachs Group Inc's marketing of securities that led to a US Securities and Exchange Commission civil fraud lawsuit against the Wall Street bank in April.

Buffett also distanced himself from Moody's management, saying he has had no recent contact with it, and did not know that Moody's in March got an SEC "Wells notice" indicating possible civil charges related to a failure to timely downgrade some European debt.

Berkshire owns a 13 percent stake in Moody's, down from nearly 20 percent less than a year ago, and sold some shares shortly after Moody's got the Wells notice. Buffett said Moody's is not as "bulletproof" as it once was, and that this is a reason for some of the sales. He said he wished he sold more shares sooner.

"NOT PRETTY"

Phil Angelides, a former California treasurer who chairs the crisis panel, opened the hearing by criticizing Moody's for bestowing thousands of high ratings on risky debt that later became unhinged.

"To be blunt, the picture is not pretty," Angelides said. He called Moody's a "'triple-A' factory" that expanded rapidly in structured finance, causing its stock to rise more than sixfold from 2000 to 2007. "Investors who relied on Moody's ratings did not fare so well," he said.

Gary Witt, a former Moody's managing director, expressed concern that before the crisis hit, Moody's lacked the resources to be sure that its ratings on complex debt, including in the mortgage area, were correct.

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India seen as too protective of Sonia Gandhi's image

2 Jun 2010, 1824 hrs IST,REUTERS

MUMBAI: Indian authorities have tried to crack down on portrayals of Sonia Gandhi in movies, books and cartoons, triggering criticism that the world's largest democracy is too reverent towards its most powerful politician.

Gandhi is a member of a family of Congress leaders that has dominated Indian politics since independence in 1947. As head of the ruling Congress party, she is widely seen as the power behind- -the-scenes in Prime Minister Manmohan Singh's government.

An upcoming Bollywood film "Rajneeti" (Politics), a political saga featuring a woman politician said to resemble Sonia Gandhi, has had trouble with the censor.

Filmmaker Prakash Jha denies his lead actor in "Rajneeti" -- seen in promotional material draped in a saree like Sonia Gandhi -- is modeled after her.

Jha said he had had difficulty getting his film classified "U/A" (universal) after first receiving an adult certification that would have drawn smaller audiences. A new controversy threatens to overshadow the movie's premiere on Friday.

A Spanish novel "El Sari Rojo" (The Red Sari), purporting to dramatise the "tale of the Nehru-Gandhi family told through the story of Sonia Gandhi", has recently come under fire from the powerful Congress party

There have been moves to block the English publication of the novel, which in some editions has pictures of Sonia Gandhi on the cover with folded hands.

Congress party spokesman Abhishek Singhvi was cited in the Indian Express daily as saying the work was "completely unauthorised, defamatory and salacious".

Congress has been blamed for shutting down the office of an Urdu-language newspaper in Kashmir over a caption under a picture of Sonia Gandhi deemed derogatory by local officials.

The main Hindu nationalist opposition, the Bharatiya Janata Party, says such censorship moves are a throwback to the Emergency in the 1970s when then Prime Minister Indira Gandhi banned books, movies and newspapers seen as anti-government.

Political observers say the Italian-born Sonia Gandhi is not quite the autocrat her mother-in-law was reputed to be and that the new censorship is a result of the Congress party's protective nature over the Gandhi family.

"It is the culture of sycophancy in the party that is to blame," said Suhel Seth, managing partner of marketing consultancy Counselage India. "The eager beavers in the party take it upon themselves to be custodians of what they perceive to be Brand Sonia to curry favour."

Sonia Gandhi has recently stepped up to a more public role after years of running the Congress party from the wings, with a cabinet-ranked post that gives her greater clout.

India's stock index up on news Ambani brothers end family feud

Vancouver Sun - Jonathan Manthorpe - ‎May 31, 2010‎

India's benchmark stock index, the delightfully named Nifty, broke through the 5000 barrier last week on ...

Mukesh Ambani may enter telecom business with Idea, Videocon

Economic Times - ‎May 31, 2010‎

MUMBAI: Four years ago, the Ambani brothers parted ways dividing the Reliance Group into two with a promise they won't compete against each other. ...

Mukesh Ambani in talks to buy India fund - source

Hindustan Times - ‎May 30, 2010‎

Indian billionaire Mukesh Ambani is in talks to buy a majority stake in JM Financial Asset Management, which oversees $1.8 billion in assets, a source with ...

Ambani brothers' truce fuels talk of fresh attempt at Reliance-MTN deal

Financial Times - Joe Leahy, Andrew Parker - ‎May 30, 2010‎

A week ago, the share price of MTN, South Africa's leading telecoms company and the biggest mobile ...

Tirumala visit: Anil stays at Mukesh's guest house

Times of India - ‎May 30, 2010‎

TIRUMALA: In a sign that recent truce reached between two Ambani brothers is working, ADAG chairman Anil Ambani rested in a guest house owned by elder ...

Anil Ambani treks to Tirumala

The Hindu - ‎May 30, 2010‎

PTI FIRST VISIT: RDAG Chairman Anil Ambani and his wife Tina outside the Lord Venkateswara temple on Sunday morning. Photo: PTI The Reliance Dhirubhai ...

Different stock market perceptions

The Hindu - ‎May 30, 2010‎

The stock markets reacted positively last Monday to the news of the Ambani deal. This is not surprising. Nor is the fact that nearly all analysts and ...

Anil Ambani forms equal joint venture with CBS for small-screen debut

Economic Times - ‎May 30, 2010‎

NEW DELHI: Billionaire Anil Ambani's Reliance Media World will form an equal joint venture with iconic American media company CBS Corporation to launch a ...

Mukesh Ambani may buy MF firm

Livemint - Anirudh Laskar, Sundaresha Subramanian - ‎May 30, 2010‎

Mumbai: Mukesh Ambani, who controls India's most valuable company Reliance Industries Ltd (RIL), is in talks to buy a majority stake in JM Financial Asset ...

Anil halts at Mukesh's Tirupati guest house

Hindustan Times - ‎May 30, 2010‎

On Saturday, when ADAG group Chairman Anil Ambani was on his way to the Lord Venkateshwara temple in Tirumala, he stayed at a guesthouse owned by his elder ...

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Number of sources covering this story

	Mukesh Ambani may enter telecom business with Idea, Videocon ‎May 31, 2010‎ - Economic Times
	Mukesh Ambani in talks to buy India fund - source ‎May 30, 2010‎ - Hindustan Times
	Mukesh Ambani may buy MF firm ‎May 30, 2010‎ - Livemint
	Anil Ambani-Mukesh Ambani asset-swap deals on? ‎May 28, 2010‎ - Daily News & Analysis
	The Ambani chutzpah ‎May 26, 2010‎ - Hindu Business Line

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Nifty ends above 5000; telecom, auto,realty up

Economic Times - ‎6 hours ago‎

MUMBAI: Indian markets ended a volatile session on a positive note on Wednesday, ignoring negative cue from Europe. The upmove was led by gains in telecom, ...

Nifty closes above 5K; telecom, auto, banks, cap goods up

Moneycontrol.com - ‎7 hours ago‎

The benchmark Nifty managed to recoup some of Tuesday's losses and closed above the 5000 mark despite weak European cues. Shares of telecom, auto, banking, ...

Sensex ends firm on late rally; RCom zooms 11%

Business Standard - ‎7 hours ago‎

Markets today displayed high volatility, before signing off on a postive note. The Sensex, after a flat opening, had gained on the back of auto and capital ...

Nifty closes above 5000; telecom stocks surge

Economic Times - ‎8 hours ago‎

MUMBAI: Indian markets ended volatile session on a higher note Wednesday led by gains in telecom, auto and realty stocks. Buying activity was also seen in ...

BSE Sensex provisionally ends up 1.2 percent

Reuters India - ‎8 hours ago‎

MUMBAI (Reuters) - The BSE Sensex provisionally closed 1.22 percent higher on Wednesday, led by Larsen and Toubro and Bharti Airtel, with a possible rebound ...

Sensex surges further; RComm, Tata Steel most active

Moneycontrol.com - ‎8 hours ago‎

At 14:46 hours IST - the 50-share NSE Nifty surged further after rangebound trade. However, the markets ignored weak European cues. ...

Nifty hovers near 5000, RCom surges

NDTV.com - ‎9 hours ago‎

Volatility ruled the roost as the key benchmark indices regained strength, soon after sharply cutting gains from the day's high in early afternoon trade. ...

Sensex volatile; RCom, ONGC, Bharti, RInfra gain

Economic Times - ‎9 hours ago‎

MUMBAI: Benchmarks turned volatile with positive bias on Wednesday as negative European markets hurt sentiments. Auto and IT stocks provided support while ...

Volatile trade continues

Business Standard - ‎10 hours ago‎

The Sensex is quoting at 16612, higher by 40 points and the Nifty is at 4977, up seven points . Volatile markets are trading in the green at this moment. ...

Nifty faces resistance at 5000; auto, oil & gas up

Economic Times - ‎11 hours ago‎

MUMBAI: Indices were witnessing a rangebound session with positive bias Wednesday after profit booking a day ago. Lack of cues from Asian peers arrested the ...

BSE Sensex

RIL

Bovine spongiform encephalopathy

Reliance Industries

Markets

Timeline of articles

Number of sources covering this story

	Reliance freak trade a concern: AK Prabhakar ‎3 hours ago‎ - Myiris.com
	RIL tanks after freak trade, sends Sensex crashing ‎20 hours ago‎ - Economic Times
	JM Financial soars 20 pc amid reports of MF stake sale to RIL ‎May 31, 2010‎ - Economic Times

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R-Com's urgent need for cash

Livemint - ‎26 minutes ago‎

Shares of Reliance Communications Ltd (R-Com) rose by over 12% based on a news report that Emirates Telecommunications Corp., known as Etisalat, ...

Time not ideal for consolidation in telecom: Analysys Mason

Moneycontrol.com - ‎2 hours ago‎

Reliance Communications was buzzing in trade today on talks of consolidation in the telecom space centred around the company. There were reports that UAE's ...

Etisalat in India talks; Reliance Comm surges

Hindustan Times - ‎2 hours ago‎

Abu Dhabi's Etisalat confirmed on Wednesday it is looking to buy a stake in an Indian mobile operator, after a report that it was in talks with Reliance ...

Reliance Communications surges 11 percent on reports of stake sale

Sify - ‎3 hours ago‎

Reliance Communciations, a part of the Anil Ambani group, saw its scrip soar 11.02 percent Wednesday after reports that the UAE-based Etisalat is in talks ...

RCom scrip surges on reports of stake sale

Economic Times - ‎4 hours ago‎

2 Jun 2010, 1936 hrs IST, PTI NEW DELHI: Reliance Communications on Wednesday said it was getting offers for equity participation from global telecom ...

Etisalat puts in a $4bn call to Reliance Communications

Financial Times (blog) - ‎4 hours ago‎

by FT Emirates Telecommunications is in talks with Reliance Communications over a 26 per cent stake in India's second largest mobile company by subscribers, ...

Etisalat in talks to take 26% stake in Reliance

Financial Times - Joe Leahy - ‎4 hours ago‎

Emirates Telecommunications is in talks with Reliance Communications over taking a 26 per cent stake in India's second-largest mobile ...

Reliance Communications Surges on Etisalat Investment Report

BusinessWeek - Ketaki Gokhale - ‎7 hours ago‎

June 2 (Bloomberg) -- Reliance Communications Ltd., controlled by billionaire Anil Ambani, rose the most in a year after the Times of ...

*UAE firm Etisalat in talks to buy Reliance Communications stake

Financial Times (blog) - ‎7 hours ago‎

Thailand's central bank kept its benchmark interest rate at the lowest level since July 2004 after the nation's deadliest political violence in almost two ...

Reliance Comm: getting proposals to invest in equity

Reuters India - ‎9 hours ago‎

Europe's brewing economic crisis is threatening to halt luxury's rebound, but the industry is banking on growth from China and a recovering US market. ...

Etisalat

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Financial Times...

Kipp Report

Siliconindia.co...

ITP.net

MediaMughals

Press Trust of ...

Reuters India

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R-Com's urgent need for cash

Livemint - ‎26 minutes ago‎

Shares of Reliance Communications Ltd (R-Com) rose by over 12% based on a news report that Emirates Telecommunications Corp., known as Etisalat, ...

Time not ideal for consolidation in telecom: Analysys Mason

Moneycontrol.com - ‎2 hours ago‎

Reliance Communications was buzzing in trade today on talks of consolidation in the telecom space centred around the company. There were reports that UAE's ...

Etisalat in India talks; Reliance Comm surges

Hindustan Times - ‎2 hours ago‎

Abu Dhabi's Etisalat confirmed on Wednesday it is looking to buy a stake in an Indian mobile operator, after a report that it was in talks with Reliance ...

Reliance Communications surges 11 percent on reports of stake sale

Sify - ‎3 hours ago‎

Reliance Communciations, a part of the Anil Ambani group, saw its scrip soar 11.02 percent Wednesday after reports that the UAE-based Etisalat is in talks ...

RCom scrip surges on reports of stake sale

Economic Times - ‎4 hours ago‎

2 Jun 2010, 1936 hrs IST, PTI NEW DELHI: Reliance Communications on Wednesday said it was getting offers for equity participation from global telecom ...

Etisalat puts in a $4bn call to Reliance Communications

Financial Times (blog) - ‎4 hours ago‎

by FT Emirates Telecommunications is in talks with Reliance Communications over a 26 per cent stake in India's second largest mobile company by subscribers, ...

Etisalat in talks to take 26% stake in Reliance

Financial Times - Joe Leahy - ‎4 hours ago‎

Emirates Telecommunications is in talks with Reliance Communications over taking a 26 per cent stake in India's second-largest mobile ...

Reliance Communications Surges on Etisalat Investment Report

BusinessWeek - Ketaki Gokhale - ‎7 hours ago‎

June 2 (Bloomberg) -- Reliance Communications Ltd., controlled by billionaire Anil Ambani, rose the most in a year after the Times of ...

*UAE firm Etisalat in talks to buy Reliance Communications stake

Financial Times (blog) - ‎7 hours ago‎

Thailand's central bank kept its benchmark interest rate at the lowest level since July 2004 after the nation's deadliest political violence in almost two ...

Reliance Comm: getting proposals to invest in equity

Reuters India - ‎9 hours ago‎

Europe's brewing economic crisis is threatening to halt luxury's rebound, but the industry is banking on growth from China and a recovering US market. ...

Etisalat

Images

Financial Times...

Kipp Report

Siliconindia.co...

ITP.net

MediaMughals

Press Trust of ...

Reuters India