Reliance Industries (RIL) said after market hours on Monday, 21 February 2011, that British Petroleum (BP) will take 30% stake in 23 oil and gas blocks of the firm. The deal would fetch Reliance Industries $7.2 billion. RIL would also be entitled to future performance payments of up to $1.8 billion based on exploration success that results in development of commercial discoveries. These payments and combined investment could amount to $20 billion, RIL said in a statement.
The two petroleum majors have also entered into a 50-50 joint venture for sourcing and marketing of gas in India. The joint venture is also aimed at creating infrastructure for transportation and marketing of natural gas in India. The RIL stock had risen 2.04% on Monday ahead of the announcement.
The Central Bureau of Investigation on Monday reportedly questioned Videocon group chairman Venugopal Dhoot and his brother Rajkumar Dhoot as part of the ongoing investigations into allegations irregularities in the allocation of 2G spectrum and telecom licences in 2008.
NMDC is reportedly in talks with Tata Steel to sign an equal joint venture for setting up a 2-million tonnes per annum steel plant at Bastar in Chhattisgarh.
The Additional Solicitor General of India has reportedly held Idea Cellular guilty for violating the merger and acquisition norms and has suggested stringent penalties including a Rs 300-crore fine, withdrawal of 3G spectrum in four circles and cancelling 2G licences in six circles.
Oberoi Realty has denied media reports that the company is in talks with D B Realty in a transfer of development right (TDR) deal of 30,000 square metres.
United Bank of India's board of directors have approved allotment of equity shares aggregating up to Rs 308 crore to the Ministry of Finance, Government of India. The bank proposes to issue up to 2.79 crore equity shares to the Government of India at Rs 110.04 per share on preferential basis.
Amtek Auto's allotment committee of board of directors has allotted 72 lakh equity shares upon conversion of warrants into equivalent number of equity shares at Rs 180 each, aggregating to Rs 129.60 crore to the promoters group companies by way of preferential allotment..
Net profit of Fulford India declined 10.48% to Rs 12.05 crore in the year ended December 2010 as against Rs 13.46 crore during the previous year ended December 2009. Sales rose 3.43% to Rs 190.21 crore in the year ended December 2010 as against Rs 183.90 crore during the previous year ended December 2009.
Net profit of Goodyear India rose 2.35% to Rs 74.81 crore in the year ended December 2010 as against Rs 73.09 crore during the previous year ended December 2009. Sales rose 27.79% to Rs 1297.23 crore in the year ended December 2010 as against Rs 1015.10 crore during the previous year ended December 2009.
Net profit of Ennore Coke rose 31.25% to Rs 2.10 crore in the quarter ended December 2010 as against Rs 1.60 crore during the previous quarter ended December 2009. Sales rose 12.51% to Rs 139.57 crore in the quarter ended December 2010 as against Rs 124.05 crore during the previous quarter ended December 2009.