Reliance Petroleum Limited (“RPL”) has successfully
completed the second year of implementation of its complex refinery, coming up in a Special
Economic Zone at Jamnagar. RPL has achieved 82% overall progress in just 24 months
since commencement of the Project. Based on the progress so far, RPL is on course to
complete the project ahead of its initial schedule of December 2008.
During the quarter, project implementation gained further momentum and led to achievement
of several significant milestones, including the following;
• Engineering activities are nearing completion.
• Overall procurement progress exceeded 97%.
• More than 75% of equipments and tagged items already received at site.
• Deliveries of over dimensional cargos (ODC) and super ODCs are nearing completion.
• Over 40% of equipments have been erected; Project skyline changed dramatically.
• Overall construction progress crossed the 60% mark for the complex.
• Structural and pipe fabrication activities progressing at an accelerated pace.
• Sufficient site infrastructure mobilised to sustain equipment installation and fabrication
activities on the fast track.
During the quarter, the project engineering activities were completed with all drawings for
concreting, structural steel, underground piping as well as electrical and instrumentation
released for construction. Residual engineering activities to support ongoing construction are
continuing. Successful completion of this massive engineering effort in less than two years
has set a new global record in the refining sector. It also reflects the success of a team effort
that involved over 7,500 engineers, working from several interconnected locations across the
world.
The quarter witnessed near completion of procurement activities for the project as well. The
procurement and contracting for equipments, tagged items and bulk materials is now
complete. Equipment deliveries have gained enhanced momentum with over 3,800
equipments, including several ODCs and super heavy equipments, delivered at site already.
Thursday, February 21, 2008
Gold
The correction from the April 2007 high in gold gave us an extraordinary opportunity last summer to accumulate mining shares while they were truly undervalued. Simplicity, our premier gold timing model, was the key. Nevertheless, gold and silver investments still remain all but undiscovered by the mainstream investment community.
The most underbelieved asset class today is precious metals, but they are beginning to gain serious investor attention again as gold moves to all-time highs over $850. The next major move is just beginning. Once the current rally takes a brief rest, gold will advance to at least $1,000 during 2008 on its way to eventually hitting $1,600.
Gold will soon become popular cocktail conversation as the mainstream begins to catch on.
This August, we received a rare buy signal from our gold timing model, “Simplicity.” The previous time Simplicity gave a buy signal was in May 2005 when gold was $440. The average annualized gain after Simplicity buy signals is 89.6% … and they say no one rings a bell!
The time is ripe again for precious metals.
Fundamentally, gold and silver couldn’t be more bullish. The U.S. dollar is weak; and as the dollar falls, gold will rise. That is cast in stone.
China (as I mentioned) is on a buying spree with billions of dollars in excess cash. To come up to speed with the rest of the central banking world, it is estimated they will need to purchase 2,000 to 3,000 tonnes of gold.
Although the mainstream has not warmed up to the metals yet, we are experiencing the third great gold bull market of the last 100 years. The first was from 1929 to 1932 where we saw the price of the average mining stock increase 650%. In the second, from 1969 to 1980, the typical mining stock appreciated by 1,000%.
The third secular bull market in gold is under way (it's far from over), yet the Philadelphia Gold and Silver Index (XAU) has but barely begun to perform. You will likely see the XAU double this year and appreciate 300% from current levels by the decade’s end.
The most underbelieved asset class today is precious metals, but they are beginning to gain serious investor attention again as gold moves to all-time highs over $850. The next major move is just beginning. Once the current rally takes a brief rest, gold will advance to at least $1,000 during 2008 on its way to eventually hitting $1,600.
Gold will soon become popular cocktail conversation as the mainstream begins to catch on.
This August, we received a rare buy signal from our gold timing model, “Simplicity.” The previous time Simplicity gave a buy signal was in May 2005 when gold was $440. The average annualized gain after Simplicity buy signals is 89.6% … and they say no one rings a bell!
The time is ripe again for precious metals.
Fundamentally, gold and silver couldn’t be more bullish. The U.S. dollar is weak; and as the dollar falls, gold will rise. That is cast in stone.
China (as I mentioned) is on a buying spree with billions of dollars in excess cash. To come up to speed with the rest of the central banking world, it is estimated they will need to purchase 2,000 to 3,000 tonnes of gold.
Although the mainstream has not warmed up to the metals yet, we are experiencing the third great gold bull market of the last 100 years. The first was from 1929 to 1932 where we saw the price of the average mining stock increase 650%. In the second, from 1969 to 1980, the typical mining stock appreciated by 1,000%.
The third secular bull market in gold is under way (it's far from over), yet the Philadelphia Gold and Silver Index (XAU) has but barely begun to perform. You will likely see the XAU double this year and appreciate 300% from current levels by the decade’s end.
Hexaware Technologies reports net loss of Rs 72.92 crore
Hexaware Technologies reports net loss of Rs 72.92 crore in the December
2007 quarter
Sales rise 18.54% to Rs 127.39 crore
Hexaware Technologies reported net loss of Rs 72.92 crore in the quarter
ended December 2007 as against net profit of Rs 42.82 crore during the
previous quarter ended December 2006. Sales rose 18.54% to Rs 127.39 crore
in the quarter ended December 2007 as against Rs 107.47 crore during the
previous quarter ended December 2006.
For the full year, net loss reported to Rs 10.76 crore in the year ended
December 2007 as against net profit of Rs 118.66 crore during the previous
year ended December 2006. Sales rose 13.60% to Rs 468.80 crore in the year
ended December 2007 as against Rs 412.69 crore during the previous year
ended December 2006.
CAPMKT
2007 quarter
Sales rise 18.54% to Rs 127.39 crore
Hexaware Technologies reported net loss of Rs 72.92 crore in the quarter
ended December 2007 as against net profit of Rs 42.82 crore during the
previous quarter ended December 2006. Sales rose 18.54% to Rs 127.39 crore
in the quarter ended December 2007 as against Rs 107.47 crore during the
previous quarter ended December 2006.
For the full year, net loss reported to Rs 10.76 crore in the year ended
December 2007 as against net profit of Rs 118.66 crore during the previous
year ended December 2006. Sales rose 13.60% to Rs 468.80 crore in the year
ended December 2007 as against Rs 412.69 crore during the previous year
ended December 2006.
CAPMKT
Platinum Goes Ballistic crosses $ 2174 an Ounce
Platinum Shines, Will Gold Follow Suit?
Natural resources markets exploded higher yesterday. Crude oil closed above the $100-a-barrel mark for the first time. And platinum's move was even more dramatic ... the price soared to a record high of $2,173!
Watching platinum has been like watching a missile take off. The metal's run-up has been nothing short of astonishing — 41% so far in 2008 and about 75% in the past 12 months!
And as high as platinum is right now, some analysts are now calling for the metal to hit $3,000 per ounce by the end of the year!
I think what's happening in platinum could be foreshadowing of what will soon happen to other precious metals like gold. More on that in a moment.
First ...
What's Driving Platinum?
That's the question traders and end users are asking themselves right now. Is this a short-term blowout or a long-term shift in pricing?
Robin Bhar, a respected metals analyst at UBS, recently summed up the dramatic move in platinum this way:
'It's panic, panic, panic. If you are a platinum
consumer, you are not going to sleep at night. The price move shows you the unprecedented nature of the market. People can see actual physical shortages somewhere down the road and prices moving away from them. It's not a case of just speculation. There is genuine demand coming through.'
Other analysts say the platinum deficit could widen to more than 400,000 ounces by the end of 2008, compared with about 265,000 ounces in 2007. The market had a surplus of 65,000 ounces in 2006, following seven successive years of deficits. Inventories are at historically low levels.
There is no doubt that the supply/demand squeeze in platinum is real! Platinum prices are fueled by inelastic industrial demand as well as from investment demand. (Jewelry demand for platinum is pretty flat, and should go down as the price of the metal goes through the roof.
The industrial demand is for catalytic converters for diesel engines. Until very recently, platinum was the only metal that could be used for this purpose, and the number of diesel vehicles around the world is growing dramatically. In 2000, diesel accounted for only 18% of global production of light vehicles. By 2007, 24% of vehicles were diesels.
And while there is no platinum ETF in the U.S., there is one in Britain. The metal held by London-based ETFS Physical Platinum (PHPT on the London Stock Exchange) rose by 42,000 ounces in a week to 267,000 ounces — an 18% climb in just one week. If growth continues at half of this recent rate, then the ETF will hold a million ounces in the fourth quarter of 2008.
THAT is how you get to $3,000-an-ounce platinum!
There Is Also a Crisis
On the Supply Side
South Africa produces about 75% of the world's platinum, and it is in the grips of a power crisis that is punishing the mining industry.
The South African state power utility, Eskom, has to build enough power plants to keep up with South Africa's growing economy and increasingly plugged-in population.
Power demand has increased 50% since apartheid ended in 1994 as the government provided more homes with electricity.
South Africa is also boosting infrastructure spending on roads, railways and stadiums as it prepares to host the 2010 soccer World Cup.
As a result, Eskom is now chronically short about 1.5 gigawatts of electrical generation (about 1 and a half good-sized power plants). Eskom expects the power outages to continue until at least 2013.
Eskom's solution is rolling power outages that result in about a 25% national power outage per month. In practical terms, this is a forced reduction in power usage of 10% for big users like mines. The mines were completely shuttered for five days last month!
This means on those days, the mines are unable to pump excess ground water from deep shafts while other maintenance programs are cut back. And how would you like to be a miner caught underground when random power cuts hit, stopping elevators and bringing ventilation to a halt? That kind of brown-out could lead to a deadly accident.
Bottom line: South African platinum miners were ratcheting down their production forecasts anyway, and the power outages are hastening the slide.
Sure, a lot more platinum is being recovered from junked catalytic converters. And new advances in fuel technology should allow palladium to substitute for up to about 25% of the platinum used in catalysts for diesel-powered engines.
But neither of these developments is going to completely solve the platinum crunch anytime soon. So platinum prices could go much higher.
More importantly ...
This Supply/Demand Squeeze Shows
You How Quickly Metals Prices Can Soar!
Here's Why Gold Might Be Next in Line ...
If $2,000 platinum is rocking the markets, imagine how shocking $2,000 gold would be? Well, we might not have to wait too long to find out.
Because the fact is, like platinum, gold has longer-term supply/demand fundamentals that are very bullish, including ...
Global gold production fell to a 10-year low of 2,444 metric tonnes in 2007, according to Gold Fields Mineral Service. This year production will likely drop again. While China is producing more gold — up 12% — South Africa's output is falling off a cliff, down 8.1%.
Exchange traded funds that hold gold are an important new force in the market. The most active gold ETF, the streetTracks Gold Shares (GLD), held 630 tonnes of gold at the end of January — more than the European Central Bank or China's central bank. What's more, a new gold ETF in India is planned for this year, after 4 successful ETFs came into being in FY08.
The U.S. Federal Reserve is likely going to keep cutting interest rates. This in inherently inflationary — and inflation is bullish for gold. We're already seeing more inflation in the U.S., with producer and consumer prices skyrocketing. And now we're importing inflation from China. U.S. import prices reached a record high in January, up 1.7% — twice as much as had been expected.
The best part is that gold hasn't really taken off yet. Let me explain ...
Look at the chart I made. You can see that gold is consolidating after its most recent rally.
I expect we could see more consolidation before gold takes off, but, when it finally breaks out, it should rally and rally hard.
So rather than chase platinum, I would use this consolidation to add to gold positions in anticipation of their upside breakout. That way, you're in before any meteoric rise!
Statement:
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.
Nothing in this article is, or should be construed as, investment advice.
Natural resources markets exploded higher yesterday. Crude oil closed above the $100-a-barrel mark for the first time. And platinum's move was even more dramatic ... the price soared to a record high of $2,173!
Watching platinum has been like watching a missile take off. The metal's run-up has been nothing short of astonishing — 41% so far in 2008 and about 75% in the past 12 months!
And as high as platinum is right now, some analysts are now calling for the metal to hit $3,000 per ounce by the end of the year!
I think what's happening in platinum could be foreshadowing of what will soon happen to other precious metals like gold. More on that in a moment.
First ...
What's Driving Platinum?
That's the question traders and end users are asking themselves right now. Is this a short-term blowout or a long-term shift in pricing?
Robin Bhar, a respected metals analyst at UBS, recently summed up the dramatic move in platinum this way:
'It's panic, panic, panic. If you are a platinum
consumer, you are not going to sleep at night. The price move shows you the unprecedented nature of the market. People can see actual physical shortages somewhere down the road and prices moving away from them. It's not a case of just speculation. There is genuine demand coming through.'
Other analysts say the platinum deficit could widen to more than 400,000 ounces by the end of 2008, compared with about 265,000 ounces in 2007. The market had a surplus of 65,000 ounces in 2006, following seven successive years of deficits. Inventories are at historically low levels.
There is no doubt that the supply/demand squeeze in platinum is real! Platinum prices are fueled by inelastic industrial demand as well as from investment demand. (Jewelry demand for platinum is pretty flat, and should go down as the price of the metal goes through the roof.
The industrial demand is for catalytic converters for diesel engines. Until very recently, platinum was the only metal that could be used for this purpose, and the number of diesel vehicles around the world is growing dramatically. In 2000, diesel accounted for only 18% of global production of light vehicles. By 2007, 24% of vehicles were diesels.
And while there is no platinum ETF in the U.S., there is one in Britain. The metal held by London-based ETFS Physical Platinum (PHPT on the London Stock Exchange) rose by 42,000 ounces in a week to 267,000 ounces — an 18% climb in just one week. If growth continues at half of this recent rate, then the ETF will hold a million ounces in the fourth quarter of 2008.
THAT is how you get to $3,000-an-ounce platinum!
There Is Also a Crisis
On the Supply Side
South Africa produces about 75% of the world's platinum, and it is in the grips of a power crisis that is punishing the mining industry.
The South African state power utility, Eskom, has to build enough power plants to keep up with South Africa's growing economy and increasingly plugged-in population.
Power demand has increased 50% since apartheid ended in 1994 as the government provided more homes with electricity.
South Africa is also boosting infrastructure spending on roads, railways and stadiums as it prepares to host the 2010 soccer World Cup.
As a result, Eskom is now chronically short about 1.5 gigawatts of electrical generation (about 1 and a half good-sized power plants). Eskom expects the power outages to continue until at least 2013.
Eskom's solution is rolling power outages that result in about a 25% national power outage per month. In practical terms, this is a forced reduction in power usage of 10% for big users like mines. The mines were completely shuttered for five days last month!
This means on those days, the mines are unable to pump excess ground water from deep shafts while other maintenance programs are cut back. And how would you like to be a miner caught underground when random power cuts hit, stopping elevators and bringing ventilation to a halt? That kind of brown-out could lead to a deadly accident.
Bottom line: South African platinum miners were ratcheting down their production forecasts anyway, and the power outages are hastening the slide.
Sure, a lot more platinum is being recovered from junked catalytic converters. And new advances in fuel technology should allow palladium to substitute for up to about 25% of the platinum used in catalysts for diesel-powered engines.
But neither of these developments is going to completely solve the platinum crunch anytime soon. So platinum prices could go much higher.
More importantly ...
This Supply/Demand Squeeze Shows
You How Quickly Metals Prices Can Soar!
Here's Why Gold Might Be Next in Line ...
If $2,000 platinum is rocking the markets, imagine how shocking $2,000 gold would be? Well, we might not have to wait too long to find out.
Because the fact is, like platinum, gold has longer-term supply/demand fundamentals that are very bullish, including ...
Global gold production fell to a 10-year low of 2,444 metric tonnes in 2007, according to Gold Fields Mineral Service. This year production will likely drop again. While China is producing more gold — up 12% — South Africa's output is falling off a cliff, down 8.1%.
Exchange traded funds that hold gold are an important new force in the market. The most active gold ETF, the streetTracks Gold Shares (GLD), held 630 tonnes of gold at the end of January — more than the European Central Bank or China's central bank. What's more, a new gold ETF in India is planned for this year, after 4 successful ETFs came into being in FY08.
The U.S. Federal Reserve is likely going to keep cutting interest rates. This in inherently inflationary — and inflation is bullish for gold. We're already seeing more inflation in the U.S., with producer and consumer prices skyrocketing. And now we're importing inflation from China. U.S. import prices reached a record high in January, up 1.7% — twice as much as had been expected.
The best part is that gold hasn't really taken off yet. Let me explain ...
Look at the chart I made. You can see that gold is consolidating after its most recent rally.
I expect we could see more consolidation before gold takes off, but, when it finally breaks out, it should rally and rally hard.
So rather than chase platinum, I would use this consolidation to add to gold positions in anticipation of their upside breakout. That way, you're in before any meteoric rise!
Statement:
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.
Nothing in this article is, or should be construed as, investment advice.
Refinery report
Govt to consider refinery project at Allahabad: Deora
Rae Bareli (UP), Feb 20: With the general elections approaching, the government will consider reviving the long pending project to set up a refinery at Allahabad in Uttar Pradesh.
"We will discuss the possibility of setting up of the refinery in the next one week and a decision will be taken," Petroleum Minister Murli Deora said at the foundation stone laying ceremony of Rajiv Gandhi Institute of Petroleum Technology here.
Bharat Petroleum Corporation Ltd had in early 1990s proposed to set up a six million tonne refinery at Allahabad to feed the northern market.
However, the project was put on cold storage with domestic refining capacity far exceeding the full demand in the country. Against a demand of 119 million tons of fuel in 2006-07, the refining capacity in the country was 147 million tons.
BPCL is also setting up a six million tonne refinery at Bina in Madhya Pradesh to feed the central and northern markets. The project is to be completed by 2011.
HPCL is also setting up a 9 million tonne refinery at Bhatinda in Punjab; to complete by 2011-12, that will make the northern region surplus in capacity.
Deora said the prospect of the refinery in Allahabad will be studied in the next one week and a decision will be taken based on the study.
Bureau Report
Rae Bareli (UP), Feb 20: With the general elections approaching, the government will consider reviving the long pending project to set up a refinery at Allahabad in Uttar Pradesh.
"We will discuss the possibility of setting up of the refinery in the next one week and a decision will be taken," Petroleum Minister Murli Deora said at the foundation stone laying ceremony of Rajiv Gandhi Institute of Petroleum Technology here.
Bharat Petroleum Corporation Ltd had in early 1990s proposed to set up a six million tonne refinery at Allahabad to feed the northern market.
However, the project was put on cold storage with domestic refining capacity far exceeding the full demand in the country. Against a demand of 119 million tons of fuel in 2006-07, the refining capacity in the country was 147 million tons.
BPCL is also setting up a six million tonne refinery at Bina in Madhya Pradesh to feed the central and northern markets. The project is to be completed by 2011.
HPCL is also setting up a 9 million tonne refinery at Bhatinda in Punjab; to complete by 2011-12, that will make the northern region surplus in capacity.
Deora said the prospect of the refinery in Allahabad will be studied in the next one week and a decision will be taken based on the study.
Bureau Report
41% rise in net direct tax collections
The Centre’s direct tax revenues continued to be buoyant, with collections during the period April 1, 2007 to February 15, 2008 recording 41.4 per cent increase to Rs 2,28,745 crore. This collection level constituted 85 per cent of the budgeted direct tax target of Rs 2,67,490 crore for 2007-08.
The strong growth in direct tax collections so far in the current fiscal has raised hope among taxpayers that the Finance Minister, Mr P Chidambaram, would moderate direct tax rates in the forthcoming budget.
While corporate tax collections grew 38.78 per cent for the period under review at Rs 1,38,073 crore, up from Rs 99,488 crore in the same period during the previous fiscal, personal income tax (including FBT, STT and BCTT) grew by 45.64 per cent at Rs 90,356 crore, up from Rs 62,040 crore.
An official statement said that securities transaction tax (STT) collections recorded 84.64 per cent growth to Rs 7,878 crore (Rs 4,267 crore). Fringe benefit tax (FBT) collections were up 29.75 per cent to Rs 5,216 crore (Rs 4,020 crore). Banking cash transaction tax (BCTT) collections grew 16.81 per cent to Rs 478 crore (Rs 409 crore)
The strong growth in direct tax collections so far in the current fiscal has raised hope among taxpayers that the Finance Minister, Mr P Chidambaram, would moderate direct tax rates in the forthcoming budget.
While corporate tax collections grew 38.78 per cent for the period under review at Rs 1,38,073 crore, up from Rs 99,488 crore in the same period during the previous fiscal, personal income tax (including FBT, STT and BCTT) grew by 45.64 per cent at Rs 90,356 crore, up from Rs 62,040 crore.
An official statement said that securities transaction tax (STT) collections recorded 84.64 per cent growth to Rs 7,878 crore (Rs 4,267 crore). Fringe benefit tax (FBT) collections were up 29.75 per cent to Rs 5,216 crore (Rs 4,020 crore). Banking cash transaction tax (BCTT) collections grew 16.81 per cent to Rs 478 crore (Rs 409 crore)
Asian market up on 21 feb 2008
Stocks rallied on Thursday as solid earnings and expectations of further US interest rate cuts outweighed worries about inflation even as oil hit a record high above $101 a barrel. Gold also hit a record above $945 an ounce, and silver touched a 27-year high, as funds poured into a wide range of commodities, betting they will outperform in an environment where growth is slowing and prices are rising.
Data on Wednesday showed a faster-than-expected rise in US consumer prices last month and further weakness in the housing market there.
"The US is entirely focused on the economic data that is coming out and we're getting revised forecasts for their economic growth in the downward trend," said Savanth Sebastian, equities economist at CommSec in Sydney. "(The Federal Reserve) will have to cut rates and the possibility of that is boosting sentiment."
The weak housing market and problems in the credit market prompted the Fed to lower its 2008 US economic growth forecasts on Wednesday, with analysts interpreting comments as paving the way for further reductions in borrowing costs. Japan's benchmark Nikkei rose 2.1 per cent, trimming most of Wednesday's losses, while MSCI's index of other Asian stocks gained 1.2 per cent by 0247 GMT.
Since tumbling more than 10 per cent in January, Asia stocks have endured choppy, volatile trade and investors are wary of calling an end to that. "It's like a Japanese saying about a winter season around this time; three cold days and four warm days," said Katsuhiko Kodama, senior strategist at Toyo Securities.
Taiwan stocks rose 1.6 per cent, in line with Hong Kong, but Shanghai fell more than 2 per cent on concerns about further new share issues flooding the market. Australian stocks added 1 per cent, helped by solid earnings from phone company Telstra, pallet maker Brambles and national carrier Qantas.
Data on Wednesday showed a faster-than-expected rise in US consumer prices last month and further weakness in the housing market there.
"The US is entirely focused on the economic data that is coming out and we're getting revised forecasts for their economic growth in the downward trend," said Savanth Sebastian, equities economist at CommSec in Sydney. "(The Federal Reserve) will have to cut rates and the possibility of that is boosting sentiment."
The weak housing market and problems in the credit market prompted the Fed to lower its 2008 US economic growth forecasts on Wednesday, with analysts interpreting comments as paving the way for further reductions in borrowing costs. Japan's benchmark Nikkei rose 2.1 per cent, trimming most of Wednesday's losses, while MSCI's index of other Asian stocks gained 1.2 per cent by 0247 GMT.
Since tumbling more than 10 per cent in January, Asia stocks have endured choppy, volatile trade and investors are wary of calling an end to that. "It's like a Japanese saying about a winter season around this time; three cold days and four warm days," said Katsuhiko Kodama, senior strategist at Toyo Securities.
Taiwan stocks rose 1.6 per cent, in line with Hong Kong, but Shanghai fell more than 2 per cent on concerns about further new share issues flooding the market. Australian stocks added 1 per cent, helped by solid earnings from phone company Telstra, pallet maker Brambles and national carrier Qantas.
ADAG wins 6000 cr order
Anil Amabni group company Reliance Energy today outbid elder brother Mukesh's consortium to win the prestigious Rs 6,000-crore trans-harbour link project in Mumbai.
Only Reliance Energy and a consortium led by Mukesh Ambani were in the fray for the prestigious project.
Anil's bid was first rejected by the state government on technical grounds at the pre-qualification stage but the government had to issue the bid document to him after a directive from the Supreme Court.
The 22-km long bridge that will connect Sewri in Mumbai with Nhava-Sheva across the harbour will be the second longest seaway in the world, next to the one in China which is about 36 km long.
Earlier, Reliance Energy had won the the Rs 3,800 crore metro link project for connecting the New Delhi Railway Station and the Indira Gandhi International airport. In the previous year, the company had Maharashtra's Minister for Public Works Anil Deshmukh told reporters that the work on the five-year project is expected to start by December this year.
Only Reliance Energy and a consortium led by Mukesh Ambani were in the fray for the prestigious project.
Anil's bid was first rejected by the state government on technical grounds at the pre-qualification stage but the government had to issue the bid document to him after a directive from the Supreme Court.
The 22-km long bridge that will connect Sewri in Mumbai with Nhava-Sheva across the harbour will be the second longest seaway in the world, next to the one in China which is about 36 km long.
Earlier, Reliance Energy had won the the Rs 3,800 crore metro link project for connecting the New Delhi Railway Station and the Indira Gandhi International airport. In the previous year, the company had Maharashtra's Minister for Public Works Anil Deshmukh told reporters that the work on the five-year project is expected to start by December this year.
Rcom in global market
Reliance Communications Ltd on February 21, 2008 has announced the acquisition of Uganda based Anupam Global Soft (U) Ltd a Company holding Public Infrastructure Provider License (PIPL) and Public Service Provider License (PSPL) issued by Uganda Communications Commission. The acquisition, made through a subsidiary of Reliance Communications Ltd, marks the first step in the Company's plans in the International Mobile market.
Under the existing Licenses, Reliance Communications targets to offer Mobile, Fixed Line, Internet, National and International Long Distance services, in addition to WiMax and Wifi services in Uganda.
This Company has received Spectrum allocation and plans to launch its Mobile services by end of 2008. Reliance Communications Group is targeting to invest upto US$ 500 million (Rs 2000 crore) in establishing a high quality, fully-IP enabled integrated telecom network in Uganda to capture the significant growth potential in this emerging African market.
Punit Garg, President, Global Business, Reliance Communications said, "Uganda telecom market is similar to what India was 8 years back. Our expertise in managing among worlds largest integrated telecom network, and deep understanding of diverse consumer segments makes us confident to achieve a significant position to add further value for our 2 million shareholders."
The Company plans to connect the African continent with rest of the world by laying a submarine cable system through its arm Reliance FLAG plans to spend USD1.5 Billion (Rs 6000 crore) in building a 1,15,000 Kms fully-IP enabled optic network to reach 2/3rd of World population.
Reliance Communications has ambitious global expansion plans and is concentrating on opportunities in emerging Asian and African markets. The Company has established a pan-India, next generation, integrated (wireless and wireline), convergent digital network that is capable of supporting best-of-class services spanning the entire Infocomm value chain.
Uganda has a population of approx. 30 million with a significant literacy rate of approx. 62%. There were 3.016 million mobile subscribers by end-March 2007 (source: UCC), equivalent to a penetration rate of 10%, providing ample scope of expansion. The existing telecom players have been witnessing healthy subscriber and ARPU growth recently.
Under the existing Licenses, Reliance Communications targets to offer Mobile, Fixed Line, Internet, National and International Long Distance services, in addition to WiMax and Wifi services in Uganda.
This Company has received Spectrum allocation and plans to launch its Mobile services by end of 2008. Reliance Communications Group is targeting to invest upto US$ 500 million (Rs 2000 crore) in establishing a high quality, fully-IP enabled integrated telecom network in Uganda to capture the significant growth potential in this emerging African market.
Punit Garg, President, Global Business, Reliance Communications said, "Uganda telecom market is similar to what India was 8 years back. Our expertise in managing among worlds largest integrated telecom network, and deep understanding of diverse consumer segments makes us confident to achieve a significant position to add further value for our 2 million shareholders."
The Company plans to connect the African continent with rest of the world by laying a submarine cable system through its arm Reliance FLAG plans to spend USD1.5 Billion (Rs 6000 crore) in building a 1,15,000 Kms fully-IP enabled optic network to reach 2/3rd of World population.
Reliance Communications has ambitious global expansion plans and is concentrating on opportunities in emerging Asian and African markets. The Company has established a pan-India, next generation, integrated (wireless and wireline), convergent digital network that is capable of supporting best-of-class services spanning the entire Infocomm value chain.
Uganda has a population of approx. 30 million with a significant literacy rate of approx. 62%. There were 3.016 million mobile subscribers by end-March 2007 (source: UCC), equivalent to a penetration rate of 10%, providing ample scope of expansion. The existing telecom players have been witnessing healthy subscriber and ARPU growth recently.
Rate cut
State Bank of India, the country's biggest lender, said on Wednesday it had cut its prime lending by 25 basis points to 12.25 percent from February 27, lowering the rate for the second time this month.
Last week, the government-run bank had said it had reduced the rate by a quarter point to 12.50 percent from February 16.
Last week, the government-run bank had said it had reduced the rate by a quarter point to 12.50 percent from February 16.
parsvanath
Parsvnath Developers Ltd on February 21, 2008 has announced the beginning of construction of its prestigious Mall at Rohini christened as "Parsvnath Mall". Parsvnath will invest approx. Rs 280 crores in the project. The Company performed the earth-breaking ceremony today.
Spread over Lower Ground, Ground and five floors, Parsvnath mall is located at a strategic location of North West Delhi at Twin District Centre of Rohini. Parsvnath mall is spread over a total area of approximately 7,300 sq. meters offering a saleable area of approx. 2.63 lac sq. ft. Parsvnath had won the bid for land in an auction by Delhi Development Authority (DDA) last year.
The Parsvnath Mall along with basic amenities will also offer the facility of an exclusive club with provisions for fitness centre, spas, swimming pool besides making the mall an ideal place for shopping, entertainment with elaborate food courts.
The mall will be equipped with banquet and will be an ideal place for holding seminars, workshops and conferences. It will also host festivals, carnivals and will be a finest avenue for exhibitions, launch events and cultural events.
Apart from Parsvnath Mall, Parsvnath Developers is also developing malls on six DMRC stations on BoT basis in the city and has successfully handed over 7 DMRC Projects.
Spread over Lower Ground, Ground and five floors, Parsvnath mall is located at a strategic location of North West Delhi at Twin District Centre of Rohini. Parsvnath mall is spread over a total area of approximately 7,300 sq. meters offering a saleable area of approx. 2.63 lac sq. ft. Parsvnath had won the bid for land in an auction by Delhi Development Authority (DDA) last year.
The Parsvnath Mall along with basic amenities will also offer the facility of an exclusive club with provisions for fitness centre, spas, swimming pool besides making the mall an ideal place for shopping, entertainment with elaborate food courts.
The mall will be equipped with banquet and will be an ideal place for holding seminars, workshops and conferences. It will also host festivals, carnivals and will be a finest avenue for exhibitions, launch events and cultural events.
Apart from Parsvnath Mall, Parsvnath Developers is also developing malls on six DMRC stations on BoT basis in the city and has successfully handed over 7 DMRC Projects.
Japan grows
Japan's export growth unexpectedly quickened in January, as rising demand for cars and steel from China and Russia made up for falling U.S. sales.
Exports, the engine that drove almost half of the economy's expansion last quarter, rose 7.7 percent, from December's 6.9 percent gain, the Finance Ministry said today in Tokyo. The median estimate of 18 economists surveyed by Bloomberg was for a 6.6 percent increase.
Shipments to Asia and Europe rose to records for the month, as growing consumer classes in China, India and Russia create new customers for exporters including Mitsubishi Motors Corp. and Matsushita Electric Industrial Co. Exports to the U.S. fell for a fifth month amid the worst housing slump in 26 years.
``The good news is the destinations for Japan's export products have become far more diversified,'' said Jan Lambregts, head of Asia research at Rabobank International in Hong Kong. The bad news is that ``a protracted U.S. recession would be much harder to shelter from.''
The yen was little changed, trading at 108.10 per dollar at 12:13 p.m. in Tokyo from 107.99 before the report was published.
The International Monetary Fund last month forecast emerging economies will expand 6.9 percent in 2008, compared with 1.5 percent growth in the U.S. China will expand 10 percent.
Waning demand in the U.S., the world's biggest economy, will eventually take its toll on the emerging markets where Japan ships about half its goods, Economic and Fiscal Policy Minister Hiroko Ota said last week.
Exports, the engine that drove almost half of the economy's expansion last quarter, rose 7.7 percent, from December's 6.9 percent gain, the Finance Ministry said today in Tokyo. The median estimate of 18 economists surveyed by Bloomberg was for a 6.6 percent increase.
Shipments to Asia and Europe rose to records for the month, as growing consumer classes in China, India and Russia create new customers for exporters including Mitsubishi Motors Corp. and Matsushita Electric Industrial Co. Exports to the U.S. fell for a fifth month amid the worst housing slump in 26 years.
``The good news is the destinations for Japan's export products have become far more diversified,'' said Jan Lambregts, head of Asia research at Rabobank International in Hong Kong. The bad news is that ``a protracted U.S. recession would be much harder to shelter from.''
The yen was little changed, trading at 108.10 per dollar at 12:13 p.m. in Tokyo from 107.99 before the report was published.
The International Monetary Fund last month forecast emerging economies will expand 6.9 percent in 2008, compared with 1.5 percent growth in the U.S. China will expand 10 percent.
Waning demand in the U.S., the world's biggest economy, will eventually take its toll on the emerging markets where Japan ships about half its goods, Economic and Fiscal Policy Minister Hiroko Ota said last week.
Intra day trading stocks for 21st Feb, 2008
GMR Infrastructure, Buy around Rs 173, Target1 -Rs180, Target 2 - Rs. 185, Stop Loss- Rs 170
Gujrat NRE Coke, Buy around Rs 157, Target 1- Rs. 164, Target 2- Rs 167, Stop Loss- Rs 152
Gujrat NRE Coke, Buy around Rs 157, Target 1- Rs. 164, Target 2- Rs 167, Stop Loss- Rs 152
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