Stocks to Watch: ONGC, HPCL, Eveready Industries, NTPC, GHCL
Oil prices were up in Asia Friday after US markets rebounded from a heavy sell-off on hopes of economic recovery.
By ET Bureau |
MUMBAI: Oil prices were up in Asia Friday after US markets rebounded from a heavy sell-off on hopes of economic recovery. New York's main futures contract, light sweet crude for delivery in June, was up at $58.73 a barrel and Brent North Sea crude for July rose to $58.71.
The Rupee moved higher on expectations of capital inflows. The partially convertible Indian rupee was moved up by 15 paise at 49.62 against the dollar.
India���s largest producer of crude oil, ONGC, could report a drop in its profits for 2008-09, with the government planning to ask the company to stump up yet more cash to make good the losses of fuel retailers IOC, HPCL and BPCL.
HPCL may post a net loss of Rs 400-500 crore in 2008-09 despite the bailout package being offered by the government. However, the package will help the two other public sector oil marketing companies, Indian Oil Corporation and Bharat Petroleum post net profits.
Eveready Industries India (EIIL), the BM Khaitan Group flagship company, is buying out France���s rechargeable battery maker Uniross from CG Holding for e10 million (Rs 60 crore approx). This is EIIL���s first overseas acquisition in the offshore battery turf.
Even as several private sector power projects are finding it difficult to financially close their new projects, country���s largest power producer NTPC on Thursday entered into a loan agreement with State Bank of India (SBI) for Rs 8,500 crore. This is the largest-ever rupee loan facility given by SBI to the power utility.
GHCL has bought back FCCBs worth $ 6.1 million.
Results today: Ashok Leyland, Blue Star, Chambal Fertilizers, Everest Kanto Cylinder, ICI India, ICRA, Titagarh Wagons, Torrent Pharma, Usha Martin, Zuari Industries.
The Rupee moved higher on expectations of capital inflows. The partially convertible Indian rupee was moved up by 15 paise at 49.62 against the dollar.
India���s largest producer of crude oil, ONGC, could report a drop in its profits for 2008-09, with the government planning to ask the company to stump up yet more cash to make good the losses of fuel retailers IOC, HPCL and BPCL.
HPCL may post a net loss of Rs 400-500 crore in 2008-09 despite the bailout package being offered by the government. However, the package will help the two other public sector oil marketing companies, Indian Oil Corporation and Bharat Petroleum post net profits.
Eveready Industries India (EIIL), the BM Khaitan Group flagship company, is buying out France���s rechargeable battery maker Uniross from CG Holding for e10 million (Rs 60 crore approx). This is EIIL���s first overseas acquisition in the offshore battery turf.
Even as several private sector power projects are finding it difficult to financially close their new projects, country���s largest power producer NTPC on Thursday entered into a loan agreement with State Bank of India (SBI) for Rs 8,500 crore. This is the largest-ever rupee loan facility given by SBI to the power utility.
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GHCL has bought back FCCBs worth $ 6.1 million.
Results today: Ashok Leyland, Blue Star, Chambal Fertilizers, Everest Kanto Cylinder, ICI India, ICRA, Titagarh Wagons, Torrent Pharma, Usha Martin, Zuari Industries.
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