Oil and Natural Gas Corp (ONGC), said on Monday that its oil and natural gas production was expected reach a total of about 1.2 million barrels per day of oil equivalent (boepd) by 2009. A senior ONGC official told media in Singapore that the company would spend about Rs 76000 crore ($18.6 billion), including Rs 453oo crore for overseas expansion, by fiscal 2012 to boost its production.

S K Jain, who heads planning and projects at ONGC, said that by the next fiscal year that ends in March 2009, domestic oil and natural gas annual production was expected to hit a total of 1.03 million boepd, including 580,000 barrels per day of crude.

Overseas production of oil and gas in the same period was likely to reach around 180,000 boepd. He said the Rs 76000 crore capex would be mostly funded by the company's internal resources.

Source : TET

MUMBAI: Jai Corp Ltd said on Monday Morgan Stanley & Co International Mauritius has bought an additional 1.51 per cent stake in the company to raise its holdings in the firm to 6.41 per cent.

Shares in the company were trading at Rs 599.05, down 5 per cent, in market.

Source : TET

Emkay Share and Stock Brokers has initiated coverage on Sunil Hitech Engineers with a ‘buy’ recommendation for a one year target price of Rs 280. Sunil Hitech is an emerging player in the business of fabrication, erection and commissioning related work for power plants.

The company is taking positive cues from the expected huge investment of Rs 4,109 billion in power generation, Rs 1,400 billion in transmission and Rs 2,870 billion in distribution space in the next five years. Leveraging on its engineering and execution capabilities in power plant related work, Sunil Hitech is planning to scale up in the value chain by undertaking turnkey balance of plant contracts.

Further, Sunil Hitech has diversified its area of operations to contracts related to power transmission & distribution, hydropower, steel plant and overhauling & maintenance of power plant.

Sunil Hitech has strong diversified order backlog of Rs 800 crore which are executable in the next 18-24 months. About 78 per cent of its order book consists of power generation related contracts, followed by 11 per cent from transmission, 5 per cent from hydro power, 4 per cent from steel structures and 2 per cent from overhauling and maintenance. Order inflows in October-December 2007-08 were at Rs 200 crore.

Looking at the sound execution track record along with the firm outlook for the order book position, Emkay expects the topline, bottomline and diluted EPS of the company to grow at a CAGR of 55.6 per cent, 62 per cent and 63.3 per cent respectively during FY07A-FY10E. The scrip currently discounts FY09E and FY10E fully diluted EPS of Rs 15 & Rs 20.5 by 14x & 10.3x respectively and is available at a discount to its peers. At the target price the scrip discounts FY09E & FY10E EPS by 18.6x & 13.7x respectively.

Source : TET

NEW DELHI: The Railways are all set to invite bids for its two mega IT projects—enterprise resource planning (ERP) and commercial portal management. IT biggies like Infosys, TCS, Wipro, Satyam, Microsoft, SAP, Oracle and IBM are in talks with the Railways for taking up the projects. The two projects would entail an investment of over Rs 600 crore. The bids would open on April 3.

The IT initiatives will be implemented to integrate freight, financial and employee management. “ The ERP is being considered as a boon for the Railways as it would manage our such a big employee resource of 17 lakhs,” a Rail Bhawan official said. The Indian Railways is the second largest employer in the world after the Chinese Army.

The IT companies will manage the database of about 30 lakh present and past employees (pensioners) of the Railways. Up till now, the largest government IT contract has been MCA-21 — the e-governance initiative of the ministry of company affairs — which cost the exchequer about Rs 345 crore. According to Railway officials, the Railways have the potential to become biggest customer for the IT giants.

In next five years, the Railways hope to be a $1.5-billion enterprise. The project will involve making an integrated system (which could be a portal) for tracking freight management, warehouse planning, financial management and billing. The solution will also include a human resource management system (HRMS).

Currently, all the database exists in paper files. Considering the size, it would be one of the largest IT deployments in the world. “We have also asked the IT companies to optimise Railway traffic through an efficient operation research software. However, it would be at a later stage,” the official said.

Source : TET

Future Capital Holdings has touched a 52-week low of Rs 435.55. At 11:31 am, the share was quoting at Rs 520.05, up Rs 38.55, or 8.01%.

It was trading with volumes of 104,093 shares. On Friday the share closed down 2.10% or Rs 10.35 at Rs 481.50.

The share is currently -56.3% below the 52-week high of 1,190. However, it is still 9.03% above the 52-week low of 477.

Source : MoneyControl

At 11:20 am, Megasoft was quoting at Rs 82.50, up Rs 2.70, or 3.38%. It has touched an intraday high of Rs 83.40 and an intraday low of Rs 77.90.

There was a block deal of 17 lakh Megasoft shares (4% Eq) on NSE at Rs 78 share.

It was trading with volumes of 17,108 shares. On Friday the share closed down 1.54% or Rs 1.25 at Rs 79.80.

Source : MoneyControl

At 11:08 am, Bharat Heavy Electricals, BHEL was quoting at Rs 1,794.90, down Rs 84.05, or 4.47%. It has touched an intraday high of Rs 1,878 and an intraday low of Rs 1,765.

The company has bagged order of Rs 2030 crore, qouting agencies, reports CNBC-TV18.

It was trading with volumes of 43,797 shares. On Friday the share closed down at Rs 1,878.95.

Source : MoneyControl

ICICI Bank has touched a 52-week low of Rs 809. At 10:29 am, the share was quoting at Rs 811.60, down Rs 66.6, or 7.58%.

The ADR was down 4.50%.

It was trading with volumes of 123,578 shares. On Friday the share closed up 4.81% or Rs 40.30 at Rs 878.20.

Currently the share is trading -44.6% below its 52-week high of Rs1,465.

Source : MoneyControl

Rahul Mohindar of Viratechindia is of the view that one can stay invested in Tata Steel & SAIL for long as a trader.

Mohindar told CNBC-TV18, "Metals, one has been upbeat for over last one month, we have been talking about stocks like Nalco which have been showing tremendous out performance, over the last 2-3 weeks, that stock just jumped to anywhere between Rs 150-200, so very interesting that if you look at Hindalco or a Nalco, from a trader’s point of view, if you are trying to bet this market 2-3 weeks down, maybe this is the space that you want to look at, even after the crack we saw yesterday, in Tata Steel or SAIL, makes me very comfortable at these levels to stay long as a trader, that two to three week type of a perspective on a short term trading point of view, metals is definitely one that I would like to be in."

Disclosure: It is safe to assume that analyst personally do not hold any of the stocks. However he may have recommended some of them to his clients.

Source : MoneyControl

Rahul Mohindar of Viratechindia is of the view that one can buy ITC on a correction.

Mohindar told CNBC-TV, "In longer term, the stock never really broke its major trend, so at every lower level you are going to see some kind of a bounce or buy coming in. Again, in no exponential or multiplication that I see, in terms of an up move, so I would look at the stock only on correction, it’s a relatively strong stock to get in longer term, this is one of those counters where getting a 30-35%, with a one year perspective shouldn’t be a big deal, so I would like to buy ITC on a correction".

Disclosure: It is safe to assume that analyst personally do not hold any of the stocks. However he may have recommended some of them to his clients.

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