ONGC joint venture with cairn

Oil & Natural Gas Corporation (ONGC) has approved a Cairn India plan to increase investment into their jv(joint venture) Rajasthan oilfields, media The total cost of developing the three oil fields, in which the Indian unit of Britain's Cairn Energy owns 70 percent, has increased to $3.8 billion from $2.93 billion, ONGC would invest $350 million more into the fields operated by Cairn India.
India is Asia's third-largest oil consumer. It imports 70 percent of the oil it consumes and is keen to tap domestic reservoirs to help bring down its dependence on imports.
The revised investment plan for Mangala, Bhagyam and Aishwariya oilfields includes $940 million for a pipeline to send away the crude to coastal part of Gujarat.ONGC owns the remaining 30 % in the venture and it has to pay the royalty on the entire crude oil production. The state-owned refiner will ask the Indian government to pay back the royalty payment it has to pay for Cairn as the new plan is economically unviable.

NHPC Limited -IPO

NAME:NHPC Limited
Public Issue Open: August 7,2009 to August 12, 2009
Public Issue Type: 100% Book Built Issue (Initial Public Offer IPO)
Public Issue Size: 1,67,73,74,015 Equity Shares of Rs. 10/-
Face Value: Rs. 10/-
Public Issue Price: Rs 30/- to Rs 36/-
Bid Lot: 175 equity shares
Maximum Subscription Amount for Retail Investor: Rs 100,000/-
Listing: BSE, NSE
Lead Manager: ENAM Securities, Kotak Mahindra
Registrar: Karvy Computershare Pvt Limited (Ph: +91-40-23420815 )
Email: nhpcipo@karvy.com

India's IT growth

The domestic(India) market seems to be coming to the aid of the IT-BPO industry, because it is projected to grow 15-18%, even as the export market is likely to grow a mere 4-7%. Damn sure that the export market is about thrice as much as the domestic market.
The National Association of Software and Services Companies (Nasscom) on Wednesday(July 29) said that the industry’s exports are expected to grow to between $48 billion and $50 billion, compared with $46.3 billion last year. Last year(2008-2009), the industry’s export revenues grew 16.3 %, says Nasscom, but calculations show only a 14.6% growth, from $40.4 billion in the previous year.
The root of the discrepancy lies in Satyam's Computer accounts, which are yet to be restated.Disclosing Nasscom’s projections at the body’s annual meet here, the Chairman, Mr Pramod Bhasin, stressed that even a 4-7 per cent growth is good, given the economic environment. He noted that core markets such as North America and verticals such as the banking and financial services industry “have started to stabilise”.
The domestic IT-BPO market is projected to grow at a higher rate — between 15 and 18% — to reach around Rs 67,000 crore, compared with Rs 57,000 cr last year. In dollar terms, domestic revenues were $12.5 billion in FY-09, Nasscom said. Fiscal 2009 figures grew 21 per cent over Rs 47,000 crore in fiscal 2008. The domestic market witnessed enhanced focus in the year ended March 2009 with “large transformational deals in telecom and e-governance, with contract value of outsourcing deals growing by 32%, Mr Bhasin told newspersons after releasing the Nasscom outlook for the industry in 2009-10.

India's export is growing sharply

After two consecutive years of growth, India’s exports contracted sharply to register a growth of 3.4 % in dollar terms in 2008-09. The decline was due to the global slowdown and the financial meltdown(RECESSION) in the second half of 2008 that hit overseas demand substantially. The Government announced export-friendly measures in two stimulus packages in Dec 2008 and Jan 2009, followed by one in the Interim Budget in February and another in the full-fledged Budget.Taking over as the Commerce Secretary in June, Dr Rahul Khullar, who worked in different capacities in the same Ministry before he became the Disinvestment Secretary for a brief period, spoke to Business Line about the various issues impinging on the export sector and the forthcoming 5 year Foreign Trade Policy at this critical juncture.