RIL, ONGC and Sun Pharma to see some action today

State-owned Oil and Natural Gas Corporation (ONGC) stated that its surprise move to sue Reliance Industries (RIL) for alleged theft of natural gas from its Bay of Bengal block, was to protect its commercial interest. ONGC had on May 15 moved the Delhi High Court alleging that RIL may have drawn natural gas worth thousands of crores of rupees from its fields that sit next to Mukesh Ambani-run firm's KG-D6 block Krishna Godavari basin. The company believes its Godavari Block (known as G-4) and New Exploration Licensing Policy (NELP-1) discovery block KG-DWN-98/2 are contiguous to RIL-operated NELP-1 Block KG-DWN-98/3 (KG-D6). ONGC believes that RIL’s D6-A5, D6-A9 and D6-A13 wells drilled close to the block boundary may be draining gas from G-4 field of Godavari block while the well D6-B8 may be draining gas from DWN-D-1 field of KG-DWN-98/2 block. The US Food and Drug Administration (USFDA) has continued its import ban on Sun Pharmaceutical Industries’ Karkhadi plant in Gujarat. The US drug regulator had issued a warning letter to Sun Pharma in March this year for not complying with the goods manufacturing norms practice. However, the recent inspection by the FDA found that Sun Pharma has not plugged the gaps which were raised while issuing the warning letter. The investigation did not include a comprehensive review of all records in the waste area or a thorough review of Sun Pharma’s practice of destroying CGMP records. Sun Pharma has 15 days time to reply to the various concerns raised by the FDA related to the plant. ONGC Videsh, the overseas investment arm of explorer Oil and Natural Gas Corporation (ONGC) , aims to produce 3.6 percent more oil and gas during the fiscal year to March 2015. ONGC Videsh is aiming for 8.66 million tonnes of oil and gas in 2014/15, compared with 8.36 million tonnes produced in the previous fiscal year. ONGC’s arm - Mangalore Refinery & Petrochemicals’ 0.65 MMTPA Coker Heavy Gas Oil Hydro Treating Unit (CHTU), a secondary processing facility of the Phase III Upgradation and Refinery Expansion Project of the company went on stream. The CHT Unit has been built with an investment of about Rs 443 crore with technology supplied by UOP and executed by Technimont ICB India. Abu Dhabi-based Union National Bank (UNB) has implemented country’s second largest software services firm Infosys’ Finacle Treasury solution.  UNB has implemented Infosys Finacle solution to empower its treasury and capital markets business as well as integrate its trading, risk management and back office operations. The solution will also enable UNB to extend its fixed income offering to newer markets in Europe and South East Asia and manage more asset types effectively. Finacle Treasury solution will help UNB process trades faster and also aggregate risk across multiple asset classes seamlessly. The Finacle management modules implemented at UNB include forex, money market, fixed income securities, equities, derivatives, VaR and limits and risk tracking. Private carrier Jet Airways will enhance air connectivity to Kathmandu from New Delhi by launching one more direct flight from May 23. The airline presently operates two daily flights each out of Delhi and Mumbai and the addition of a third service from Delhi will boost connectivity and help tourists choose flights at their convenience. With the introduction of this additional service from the national capital, the airline will operate five daily flights to Kathmandu from India. The airline will operate Boeing 737-800/900 Next Generation aircraft on this additional route, offering premiere and economy class seats. The new flight would also help connect passengers flying the Delhi-to-Kathmandu route and vice-versa to its domestic and international network. Canara Bank has entered South Africa by opening a branch in Johannesburg as a part of its global expansion plans. The bank has 4,750 branches across India apart from a presence in London, Hong Kong, Shanghai, Bahrain and Moscow. 1,027 branches were added last year across the country and this year the bank will be opening another 1,200 branches. The bank plans to go into Tanzania and Mozambique in Southern Africa as well as Germany, Dubai, Mexico, Australia and New Zealand. These are among 20 proposals which have already been approved by the Reserve Bank of India. A branch in New York will be opened next month. Power supply is unlikely to be affected in the national capital with two BSES discoms already in touch with a number of banks to make payments of Rs 690 crore in dues to state-owned electricity generating company NTPC by May 31 as directed by the Supreme Court. The power distribution companies BSES Rajdhani and BSES Yamuna were making efforts to clear the dues to the NTPC at the earliest. The Supreme Court refused to extend the deadline to pay the arrears to the NTPC for electricity supplied to the BSES discoms in the last four months. The two discoms have been maintaining that they do not have money to pay the dues and even asked power regulator Delhi Electricity Regulatory Commission to help it financially by making provision for recovery of past losses. Private equity fund SAIF Partners is set to acquire 10% stake in Atul, a Lalbhai Group company. The PE firm has started buying stake from the open market and will end up with 10% by June-end. SAIF will invest Rs 250-300 crore in the company and will then become the largest non-promoter entity in the company. The company has indicated that capex for FY15 will be Rs 100 core and it will focus on improvements in margin and working capital. International business contributes approximately 50% to its total revenue which is helping the company reduce its dependence on domestic growth. Gujarat-based Atul, a leading producer of chemicals, is part of the group that owns leading textile firm Arvind Mills. UT has not been able to pay the electricity bills of CFSC who have therefore, disconnected the supply to the company's factory premises at Budge Budge Trunk Road. Kolkata. The company has been unable to pay the bills due to huge cash loss. UT is leader in the business of hydraulic cylinders for over four decades. The company diversified in full scale hydraulic cylinder manufacturing segment in 1971. Today, company has the experience in entire earthmoving, material handling and industrial segments.