Tata Motors launches SUV Range Rover

The country's largest auto maker, Tata Motors, today launched sport utility vehicle 'Range Rover Model Year 2010' in India at a starting price of Rs 98.5 lakh (ex-showroom, Mumbai).The new model from the British marquee brand Land Rover will be available in both petrol and diesel engine options, Tata Motors said in statement."A powerful new engine, revolutionary interior technologies and enhanced driving dynamics reinforce the position of the 2010 Range Rover as Land Rover's most complete luxury 4x4. Land Rover’s flagship has been comprehensively updated to deliver more refined and efficient performance, along with the ultimate in interior comfort and craftsmanship," it said.The Tatas acquired Jaguar Land Rover (JLR) from American auto maker Ford Motor for about $2.3 billion last year. In the company's Annual Report for 2008-09, Tata Group chief Ratan Tata had said that Jaguar Land Rover will launch a number of new models, including hybrids, in the coming years.Several new models are under development and will be released in the market in the coming years. These will widen the project range and re-energise the range," Tata had said. Land Rover had earlier in June launched three of its models in India — Discovery 4, Range Rover Sport and Range Rover.

Govt may allow ONGC to auction off marginal fields

The government may allow state-run ONGC to auction small and marginal fields that it has not found economical to develop, so that the discoveries in the fields could be brought into production.Oil and Natural Gas Corp (ONGC) has a total of 165 marginal fields, out of which 144 fields have either been put on production or are in the process of monetisation. The remaining 21 fields may be auctioned for development through an international competitive bidding (ICB) route, company sources said.These 21 marginal fields comprise of 5 oilfields (4 on land and one offshore), 14 gas fields (9 on land and 5 offshore) and two offshore oil and gas fields, which have been estimated to cumulatively hold crude reserves of 496,900 tons and gas reserves of 1.519 billion cubic meters.Marginal fields are the oil and gas discoveries made by national oil companies in blocks awarded to them on nomination basis, but have not been exploited on the ground of commercial viability of technologial constraints.The sources said the Petroleum Ministry is likely to approach the Cabinet Committee on Economic Affairs (CCEA) soon for approval of the new Marginal Field Policy (MFP) under which ONGC and Oil India can auction off a large number of marginal fields, where discoveries have been made but not monetised, for development.Of the 21 marginal fields of ONGC, Gujarat has 5, Rajasthan has one and 7 in Andhra Pradesh. The remaining 8 are in shallow water off the west coast. OIL has 14 marginal fields.Public and private companies will be invited to bid for development of these marginal fields, the officials added, saying successful companies will be asked to begin production from onland fields within three years and from offshore fields in five years.The companies developing the fields may either get a fixed fee for their efforts or may share the output with the state-run firms in a pre-decided ratio.The proposed policy also provides for the companies paying only half of the applicable royalty on crude oil and gas they produce while being completely exempt from payment of Rs 2,500 per tonne cess on oil.As per a draft version of the policy, discoveries made after May 1, 2008, in nomination blocks held by ONGC and OIL, would auctioned if production does not commence by April 2013 in case of onshore fields and by April 2015 in case of offshore fields, the sources added.

Sept exports down 13.8 pct yr/yr - govt official

India's exports in September fell 13.8 percent year-on-year to $13.6 billion, but the declining trend may reverse by December or January, a government official told on Tuesday."December or January, it will go to the positive side. It (export growth) is still in negative, but there is a fall in deceleration," said G. Bhujabal,economic advisor in the Ministry of Commerce and Industry.He said exports fell 28.5 percent in the April-September period to $77.9 billion.

Govt may allow ONGC to auction off marginal fields

The government may allow state-run ONGC to auction small and marginal fields that it has not found economical to develop, so that the discoveries in the fields could be brought into production.Oil and Natural Gas Corp (ONGC) has a total of 165 marginal fields, out of which 144 fields have either been put on production or are in the process of monetisation. The remaining 21 fields may be auctioned for development through an international competitive bidding (ICB) route, company sources said.These 21 marginal fields comprise of 5 oilfields (4 on land and one offshore), 14 gas fields (9 on land and 5 offshore) and two offshore oil and gas fields, which have been estimated to cumulatively hold crude reserves of 496,900 tons and gas reserves of 1.519 billion cubic meters.Marginal fields are the oil and gas discoveries made by national oil companies in blocks awarded to them on nomination basis, but have not been exploited on the ground of commercial viability of technologial constraints.The sources said the Petroleum Ministry is likely to approach the Cabinet Committee on Economic Affairs (CCEA) soon for approval of the new Marginal Field Policy (MFP) under which ONGC and Oil India Ltd can auction off a large number of marginal fields, where discoveries have been made but not monetised, for development.

Banks' high cap need may hit credit flow - RBI

High capital requirements for banks carry the risk of hurting lending to productive sectors in emerging economies, a top Reserve Bank of India (RBI) official said on Monday.Managing financial risk for emerging economies is also trickier as most of the sources of risk lie outside their jurisdiction, said Shyamala Gopinath, deputy governor at the Reserve Bank of India."Emerging economies are faced with the challenge of managing volatile capital flows which is not a source of systemic vulnerability for developed economies," Gopinath said, at the FSA Turner Review conference in London.The speech was uploaded on the central bank's website on Tuesday.Although a harmonised framework is needed globally to deal with any major financial crisis, there are some key differences like a trade-off between financial stability and financial development in developed and emerging economies, Gopinath added."For instance, with regard to identification and mitigations of sources of systemic risk, the emerging market concerns are heightened because of the fact that many sources of systemic risk lie outside their jurisdictions," she said.Gopinath emphasised on the need to move to exchange traded platforms from over the counter markets in derivative transactions.To generate more income in exchange traded derivatives, there is need for more volumes and that can come only from leverage, the deputy governor said."There is, therefore, need to closely regulate the risk management systems and mandate margin requirements in the form of high quality liquid assets."

Reliance Natural jumps

Shares in Reliance Industries, India's most valuable listed firm, fell more than 4 percent on Tuesday while shares in Reliance Natural Resources rose more than 14 percent.A dispute between the two firms over the terms of a deal for Reliance Industries, controlled by Mukesh Ambani, to sell gas to Reliance Natural, run by Ambani's estranged younger brother Anil, is before the Supreme Court. The hearing of the case resumes on Wednesday after a break since last week.

RIL corrects sharply ahead of apex court hearing

India's largest private sector company by market capitalistion and oil refiner has an equity capital of Rs 1643.12 crore. Face value per share is Rs 10.The current price of Rs 1829.70 discounts the company's Q2 September 2009 annualised EPS of Rs 93.78, by a PE multiple of 19.51A dispute between Reliance Industries, controlled by Mukesh Ambani, to sell gas to Reliance Natural Resources, run by Mukesh's estranged younger brother Anil Dhirubhai Ambani, is before the Supreme Court.In the previous hearing on Tuesday, 27 October 2009, the Supreme Court had observed that gas is a national resource owned by the Government and, therefore, subject to Government policy.The Court also asked why the brothers cannot settle the matter through arbitration or mutual consensus.The two brothers are fighting a legal battle in the apex court over division of natural gas produced by RIL from KG-D6.RIL began production at the D6 block in the Krishna-Godavari basin off India's east coast last April 2009 and is currently producing about 42 million metric standard cubic meters of gas a day.Reliance Natural Resources wants gas to be delivered to the later at $2.34 per million metric British Thermal Unit (mmBtu), based on some contractual agreements. But RIL says it can sell gas only at the government-mandated price of $4.20 per mmBbtu.Late last month, RIL had signed a pact with state-run utility NTPC to supply gas for some of the power plants of NTPC, for five years. RIL will supply 0.61 mmscmd to NTPC at a price of $4.20 per mmBtu. The quantities and price of gas under the Gas Sale & Purchase Agreements (GSPAs) signed for five years are as approved by the government, RIL said.RIL manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyster stale fiber. The company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, Gujarat that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.Reliance Industries' net profit fell in Q2 September 2009 on shrinking refining margins. The result was announced after trading hours on Thursday, 30 October 2009.Reliance Industries' (RIL) net profit fell 6.4% to Rs 3852 crore on a 4.8% increase in sales to Rs 46848 crore in Q2 September 2009 over Q2 September 2008. Gross refining margins (GRM) fell to $6 a barrel, the lowest in at least five years, in Q2 September 2009 from $13.4 a barrel in Q2 September 2008. The GRM is the difference in the price of refined product and the cost of buying crude. The earnings met market estimates as gas production from its east coast field helped offset lower refining margins.RIL, controlled by billionaire Mukesh Ambani, agreed to buy crude at higher prices last year on hopes demand would remain robust. But a slowing global economy and a sharp fall in crude prices meant the cargoes were worth much less than when they were purchased, leading to inventory losses.Crude oil prices in the second quarter averaged $68 per barrel, down 43% year-on-year. Oil prices had touched their peak of $147 a barrel in July last year.RIL said the quarterly profit figure does not include the Rs 2941 crore profit from its recent sale of 1.5 crore treasury shares.RIL operates a 660,000-barrel-a-day refinery in Jamnagar in the western state of Gujarat. It began operations last December at a second refinery in the same complex that can process 580,000 barrels a day.RIL processed 27.63 million metric tonns of crude in the second quarter, compared with 16.34 million tonnes a year earlier.