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ONGC Videsh Raises $2.21 Billion To Finance Mozambique Deal

Updated: August 2, 2015 12:03 pm

Oil and Natural Gas Corp Videsh (OVL), the overseas arm of state-run explorer ONGC, has raised a record $2.21 billion by selling bonds to foreign investors. Proceeds of the bond sale, the biggest ever from Asia, will be used to repay short-term bridge loan that OVL had taken to finance acquisition of 16 per cent stake in a giant gas field off Mozambique. “These Bonds are guaranteed by ONGC,” the company said in a statement. “The Reg S Bonds will be issued in dual currency with two tranches of $750 million each for 5-year and 10-year tenors, respectively and one tranche of Euro 525 million for 7 year tenor.” The company said it raised $750 million by selling bonds of 5-year tenure and another $750 million by selling 10-year bonds.

Citibank India’s net profit rises

Citibank said that the net profit of its India business for the year ended March 31, increased 6.4 per cent to Rs 2,893 crore. “We are pleased to have delivered another set of quality earnings amidst a very challenging external environment, both in India and globally. During the financial year ended March 31, we saw consistent improvement in our retail bank earnings, maintained the profitability of our institutional client business and saw growth in the commercial banking segment, with a clear focus on managing our expenses. We are well poised to support the growth needs of our clients in the months ahead,” said Pramit Jhaveri, chief executive officer of Citi India. Citibank India’s total assets were at Rs 144,981 crore at the end of March with advances growing nine per cent during the year. Deposits were up 18 per cent and the share of low-cost current account savings account deposits was at 48 per cent.

Maruti enhances market share in Q1

Country’s largest carmaker Maruti SuzukiIndia (MSI) has increased its market share in passenger vehicle segment in the first quarter of the current fiscal to 42 per cent. In the April-June period, the company sold 2,41,812 units of passenger cars and utility vehicles out of an industry total of 5,73,038 units, garnering 42.19 per cent market share, according to latest SIAM data. During the same period last fiscal, MSI had sold 2,22,645 units of passenger car and utility vehicles out of industry total of 5,58,416 units, securing a market share of 39.87% in the period. “Some of the strategies such as focus on first time buyers, on exchange, on urban markets, on rural opportunities have started giving us results,” said MSI COO (Marketing and Sales) Mayank Pareek. After long time, the company crossed the milestone of over 45% market share in monthly sales.

Tata Chemicals MD R Mukundan appointed as president of EFI

Tata Chemicals Managing Director R Mukundan has been appointed as the national president of the Employers’ Federation of India (EFI). EFI is one of the bodies representing India at the International Labour Organisation (ILO) in Geneva. Mukundan started his career with Tata Group and has been associated with the company for the last 24 years. He joined Tata Administrative Service in 1990, after completing his MBA from Faculty of Management Studies (FMS) in Delhi University. Tata Chemicals, a part of the over $ 100 billion Tata Group, is a global company with interests in businesses that focus mainly on industrial and farm essentials.

 Siemens bags order worth Rs 52 cr

Engineering and electronics conglomerate Siemens has bagged an order worth Rs 52 crore from NTPC for supply of Distributed Control System to their power plant in Bihar. Siemens Limited has also been the equipment supplier for three of NTPC’s super thermal power projects— 3×660 MW Super Thermal Power Project at Nabinagar, Bihar; 2×800 MW Super Thermal Power Project Stage-I at Gadarwara, Madhya Pradesh; and 2×800 MW Super Thermal Power Project Stage-I at Lara, Chhattisgarh.

JSW Steel Q1 output up over 8%

JSW Steel’s production rose more than eight per cent to 3.1 million tonnes (MT) in the first quarter ended June 30. The Sajjan Jindal-led firm had produced 2.86 MT crude steel in the April-June quarter of last fiscal. Production of flat products was at 2.43 MT during the reporting quarter compared to 2.23 MT a year ago, clocking a growth of nine per cent. However, the rate of growth in the production of long products was better than flat products. JSW Steel produced 0.52 MT long products during the quarter compared to 0.45 MT a year earlier. Flat products are generally used in automobile and consumer durables sectors. Long products find application in the construction sector.

LIC hikes stake in Infosys

State-owned life insurer LIC has shored up its stake in Infosys to 3.82 per cent, purchasing shares worth about Rs 1,100 crore in the April-June quarter. The share purchase came after LIC had lowered stake in the country’s second largest software services firm during the past three preceding quarters. Life Insurance Corporation of India, the biggest institutional investor in the stock market, which held 3.25 per cent stake in Infosys during the January-March quarter, has increased holding to 3.82 per cent as of June 30, 2014.

IBM signs Rs 550 crore deal with microfinance firm

International Business Machines (IBM) has signed a deal worth Rs 550 crore with microfinance firm Janalakshmi Financial Services. IBM’s consulting division, along with its Institute of Business Value, is leading the engagement, a person familiar with the transaction said. The deal involves application development, maintenance and infrastructure management for Janalakshmi Finance. “We’re making an announcement in a couple of days,” said Ramesh Ramanathan, chairman of Janalakshmi Financial. IBM India is expected to make an announcement on July 15. The company has not responded to an email query sent last week. Janalakshmi is promoted by former investment banker Ramanathan. The firm has in the past worked with Wipro and recently outsourced its back-office work to the Indian unit of Accenture.

Cera net up to Rs 13.63 crore

Premium bathroom solutions provider Cera SanitarywareLimited recorded 28 per cent growth in top line and 22 per cent growth in bottom-line in the first quarter of current financial year 2014-15 ended June 30. The net profit for the first quarter of the current fiscal stood at Rs 13.63 crore against Rs 11.18 crore in Q1 last fiscal, adding that profit from operations before other income and finance costs for Q1 totalled Rs 20.78 crore against Rs 17.06 crore in Q1 of last year.

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