2:55 pm ONGC arm capex:
2:55 pm ONGC arm capex:The foreign investment arm of India’s top oil explorer ONGC is targeting USD 10-USD 12 billion of oil and gas asset purchases over the next three years, including more corporate acquisitions, its managing director said.
ONGC Videsh (OVL) hopes to capitalise on cheaper assets after a slump in oil prices and Prime Minister Narendra Modi’s diplomatic efforts to boost the global presence of Indian firms.
“Earlier it was an asset-based (strategy) but now we are giving good consideration to M&A,” Narendra K Verma, managing director of OVL, told the Reuters Global Commodities Summit.
“Our mandate is huge and we can acquire a larger portfolio through the corporate acquisition route,” added Verma, who has overseen USD 7 billion in deals over four years.
OVL, which produces about 175,000-180,000 barrels per day (bpd) from its overseas assets, wants to double output by 2018 and increase it six-fold by 2030.
2:40 pm Market Update: Equity benchmarks extended losses in last hour of trade. The Sensex declined 95.82 points to 27269.10 and the Nifty fell 28.95 points to 8246.10.
About 1356 shares have advanced, 1331 shares declined, and 172 shares are unchanged on the BSE.
2:35 pm Earnings: Kajaria Ceramics reported a 47.79 percent increase in consolidated net profit at Rs 58.75 crore for the quarter ended September 30, 2015.
The company had posted a consolidated net profit of Rs 39.75 crore for the same quarter a year ago. Kajaria Ceramics follows July-June fiscal year.
The company’s net sales in the quarter under review rose to Rs 607.45 crore, up 13.42 percent, from Rs 535.54 crore in the year-ago period, the company said in a BSE filing.
Its overall expenses stood at Rs 508.86 crore in the July-September quarter, up 7.89 percent compared with Rs 471.64 crore in the same period a year ago.
2:20 pm Vedanta’s Goa capacity: Vedanta expects its iron ore exports from Goa to be much higher than its permitted mining capacity of 5.5 million tonnes in the fiscal year to March, as it bids for ore in government-run auctions.
The country’s biggest private miner has resumed operations in Goa following a three-year gap after court action against illegal mineral extraction closed mining in the country’s top iron ore exporting state.
Vedanta, a unit of metals tycoon Anil Agarwal’s Vedanta Resources, is in the process of shipping 88,000 tonnes of the steelmaking ingredient to China, with other customers there eager for cargoes, said a company spokesman. That could stoke a global iron ore glut that has hit prices hard.
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2:00 pm Market Check
The market continued to be volatile in afternoon trade. The Sensex declined 36.48 points to 27328.44 and the Nifty fell 11.65 points to 8263.40 while broader markets outperformed benchmarks.
The BSE Midcap and Smallcap indices gained 0.5 percent and 0.2 percent, respectively. Advancing shares outnumbered declining ones by a ratio of 1461:1165 on the BSE.
Bajaj Finance surged more than 5 percent after reporting more than 40 percent year-on-year growth in profit and net interest income for July-September quarter.
Adani Transmission also reacted strongly to its quarterly earnings, up 17 percent. Consolidated profit in Q2FY16 sequentially shot up to Rs 153 crore from Rs 29.6 crore and revenue increased to Rs 564.24 crore from Rs 468.15 crore.