ONGC plans to invest Rs 16,000 crore: reports

ONGC Ltd is planning to develop 45 drilling wells at a block in Krishna-Godavari basin at an estimated cost of Rs over Rs 16,000 crore, according to reports.

Report stated that the company has approached the Ministry of Environment and Forests seeking clearance for preparing terms of References.

ONGC will begin production in 2019, with a peak output of 4.5 million tonnes a year.

Nifty above 8,500 levels

At 11:30AM, the S&P BSE Sensex is trading at 28,368 down 89 points, while NSE Nifty is trading at 8,514 down 23 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading up at 1%.

Auto, Consumer Durables, Power, banking, Healthcare, Metal, capital goods, FMCG, Oil and gas indices are the gainers, while Bankex, IT, Realty, Teck  indices are losers.

Coal India, ITC, Sun Pharma, BHEL, Tata Steel, Maruti are among the gainers, whereas Infosys, TCS, Bajaj Auto are losing sheen on BSE.

State Bank of India has reportedly said that the final decision on the US$1 bn (Rs 6,200 crore) loan agreement with Adani Group for Australian mining project would be taken by the executive committee of the bank in 2-3 months.Earlier SBI signed the pact with Adani Group on the sidelines of Prime Minister Narendra Modi's visit to Australia.

The mutual fund industry saw a net outflow of INR25,628 crore, with redemptions reaching over INR9.12 lakh crore, according to data released by the Association of Mutual Funds in India.

According to the report, Welspun India planning to invest Rs 2,500 crore to expand manufacturing capacities over the next 12 months.

Shares of Thermax was up 4% to Rs 1,109 after the company bagged another order worth Rs. 351 crore in Africa: to build and commission a captive power plant

Shares of Spicejet Ltd slipped 8% at Rs14 after the company has given clarifications on reports.The airline said that it has been reported is some newspapers that SpiceJet's international flying rights may be in jeopardy as our fleet may fall to below 20 aircraft. This is absoutely incorrect and false information, as our fleet is currently 37 aircraft, well above the limit of 20. 

Shares of Jet Airways Ltd surged 8% at Rs393 on reports that company announced cancellation of four flights to and from Brussels, following a strike called by all major trade unions in Belgium.

Shares of Jubilant Foodworks Ltd was up 1% at Rs1408 after report stated that promoter group entity Weston Investment Ltd has reduced its stake in the company by 2.44 per cent by selling 15.97 lakh shares in the open market 

Sensex, Nifty on a negative zone

At 10:28AM, the S&P BSE Sensex is trading at 28,400 down 31 points, while NSE Nifty is trading at 8,521 down 16 10.

The BSE Mid-cap Index and BSE Small-cap Index was trading up at 1%.

Auto, Consumer Durables, Power, banking, Healthcare, Metal, capital goods, FMCG, Oil and gas indices are the gainers, while Bankex, IT, Realty, Teck  indices are losers.

Coal India, ITC, Sun Pharma, BHEL, Tata Steel, Maruti are among the gainers, whereas Infosys, TCS, Bajaj Auto are losing sheen on BSE.

State Bank of India has reportedly said that the final decision on the US$1 bn (Rs 6,200 crore) loan agreement with Adani Group for Australian mining project would be taken by the executive committee of the bank in 2-3 months.Earlier SBI signed the pact with Adani Group on the sidelines of Prime Minister Narendra Modi's visit to Australia.

The mutual fund industry saw a net outflow of INR25,628 crore, with redemptions reaching over INR9.12 lakh crore, according to data released by the Association of Mutual Funds in India.

According to the report, Welspun India planning to invest Rs 2,500 crore to expand manufacturing capacities over the next 12 months.

Shares of Thermax was up 4% to Rs 1,109 after the company bagged another order worth Rs. 351 crore in Africa: to build and commission a captive power plant

Shares of Spicejet Ltd slipped 8% at Rs14 after the company has given clarifications on reports.The airline said that it has been reported is some newspapers that SpiceJet's international flying rights may be in jeopardy as our fleet may fall to below 20 aircraft. This is absoutely incorrect and false information, as our fleet is currently 37 aircraft, well above the limit of 20. 

Top corporate news of the day - December 08, 2014

Maruti Suzuki India Limited (MSIL) has bagged its single largest order of over 4,000 units of its sports utility vehicle Gypsy from the Indian Army. (BS)
 
State Bank of India has said the final decision on the controversial US$1 bn loan agreement withAdani Group for its Australian mining project would be taken by the executive committee of the bank in 2-3 months. (BS)
 
Regulators in France, Germany, Belgium and Luxembourg are suspending the marketing approval of 25 generic drugs due to concerns over the quality of data from clinical trials conducted by GVK Biosciences. (BS)
 
Jet Airways will likely drop a plan to transfer the airline's ATR turboprop aircraft fleet to its subsidiaryJetLite for now. The move has been prompted by regulatory complexities and costs issues, a person familiar with the development said. (BS)
 
Chennai Super Kings (CSK), the Indian Premier League (IPL) franchisee of India Cements, will be floated as a new wholly-owned subsidiary, effective January 1 next year.
 
Infosys is planning to set up a marketplace of short-term internal projects that may be offered to clients. 
 
Isuzu Motors India is looking at scaling up its production to 1,20,000 units per annum in the country with an investment of Rs30bn by 2016. 
 
Welspun India plans to invest Rs25bn to expand manufacturing capacities over the next 12 months. 
 
With the government expected to bid out nearly Rs500bn worth of road projects in the next 12 months, EPC firm Atlanta is eyeing around Rs20bn  contracts, according to a senior company official. 
 
Ashiana Housing said it will invest about Rs7.5bn in the next 3-4 years to develop four new housing projects in Haryana and Rajasthan. 
 
Inter-ministerial panel Telecom Commission is likely to take a call  on allowing extended use of spectrum by Airtel and Vodafone to avoid disruption in their services in Delhi, Mumbai and Kolkata, besides deciding on base price for the next round of auction. 

Spicejet stock slips 8%...board to meet today

Shares of Spicejet Ltd slipped 8% at Rs14 after the company has given clarifications on reports

The stock has hit a high of Rs14 and a low of Rs13.

The airline said that it has been reported is some newspapers that SpiceJet's international flying rights may be in jeopardy as our fleet may fall to below 20 aircraft. This is absoutely incorrect and false information, as our fleet is currently 37 aircraft, well above the limit of 20. 

These newspapers neglect that fact we also have 15 Bombardier Q400s in our fleet in addition to 22 Boeing 737s.  

The airline also stated that it has also been reported in some publications the SpiceJet's fleet reduction is somehow related to its discount fare sales strategy.  Once again we want to emphasize that it has nothing to do with our pricing strategy or operational performance.  Our new business and pricing strategy, adopted in early 2014, looks to boost loads through advance purchase sales to ensure we fly as few empty seats as possible, and boost yields through close-in pricing.

The board will meet today.

Sensex opens on a weak note

At 9:19AM, the S&P BSE Sensex is trading at 28,438 down 20 points, while NSE Nifty is trading at 8,535 down 3 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading up at 1%.

Auto, Consumer Durables, Power,  Healthcare, Metal, capital goods, FMCG, Oil and gas indices are the gainers, while Bankex, IT, Realty, Teck  indices are losers.

Coal India, ITC, Sun Pharma, BHEL, Tata Steel, Maruti are among the gainers, whereas Infosys, TCS, Bajaj Auto are losing sheen on BSE.

State Bank of India has reportedly said that the final decision on the US$1 bn (Rs 6,200 crore) loan agreement with Adani Group for Australian mining project would be taken by the executive committee of the bank in 2-3 months.

Earlier SBI signed the pact with Adani Group on the sidelines of Prime Minister Narendra Modi's visit to Australia.

The focus will shift to global cues and important economic data which are scheduled this week. Among the vital macro data are the November CPI and the October IIP data. In addition November import & export data will also be closely scrutinised.

The mutual fund industry saw a net outflow of INR25,628 crore, with redemptions reaching over INR9.12 lakh crore, according to data released by the Association of Mutual Funds in India.

To encourage participation of small investors in PSU disinvestments, the Government has decided to double the quota reserved for retail investors to 20 per cent for the forthcoming stake sales in bluechip companies like ONGC and Coal India. The decision assumes significance following the enthusiastic response from retail investors in the Friday's stake sale in steel major SAIL, which fetched the government Rs. 1,715 crore, says a report.

Asian cues are mostly positive. On Friday, the Dow and S&P 500 closed a seventh straight month as a better-than-expected jobs report indicated strong economic growth. Payrolls rose by 321,000 in November, , while the unemployment rate held steady at 5.8 percent, a six-year low, says report.