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http://blogs.ft.com/beyond-brics/2012/02/28/cove-indians-


may-top-thais-and-shell/#ixzz1seOclgn1

Last week, the Thais topped the Dutch. This week, it may be 


the Indians’ turn.

Two state-run resources companies, Oil and Natural Gas


Corporation and GAIL India, may be considering bidding 


$2bn for the UK’s Cove Energy, according to the Times of 


India on Tuesday, in a move that would trump both 


Thailand’s PTT Exploration & Production’s $1.7bn bid and 


Royal Dutch Shell’s $1.6bn bid.

Analysts said that Cove would be a tricky purchase for the


 Indian companies: on one hand, they would gain for gas-


deficient India a stake in what is potentially one of the 


world’s largest gas reserves; on the other, the field is a 


deepwater project, full of technological challenges (as, 


closer to home, India’s Reliance Industries and BP have 


discovered in the Bay of Bengal).

“I don’t think it’s prudent to get into a bidding war to 


acquire it because it’s a deepwater asset and there is some 


uncertainty there,” Dikshit Mittal, analyst at SBI Capital 


Markets, told beyondbrics. “The kind of reserve they’re 


talking about is the second or third largest in the world and 


it’s deepwater so it would need huge amounts of 


investment.”

“If you see what has happened with RIL’s [Bay of Bengal] 


blocks,” he added, “initial estimates were very high and now 


it is much lower production.”

Following a report in Tuesday’s Times of India ONGC 


Videsh, the overseas arm of ONGC, India’s largest oil 


company, acknowledged in a statement that it and GAIL ,


 India’s dominant gas group, were “currently participating


 in the formal sale process announced by Cove”, but sources 


at both companies declined to elaborate.

ONGC’s release continued:

At this stage, no decis        

                        ion has been made by the Consortium

whereher to make an offer for Cove or the price at

 which any such offer may be made. Therefore, there can be 


no certainty that the Consortium will make an offer for 


Cove, or as to the terms of any offer.

The Indian bid would value Cove shares at 245 pence, well 


above state-controlled PTT Exploration’s 220p bid and 


Shell’s 195p offer – and slightly above where the shares


were trading by 10:57am UK time, at 239 pence.

Cove’s key asset, and the main reason for the bidding war, is


 its 8.5 per cent interest in Mozambique’s Rovuma offshore 


gas basin – which the operators, US-based Anadarko 


Petroleum, with a 36.5 per cent working interest, have 


dubbed “one of the most important natural 


gasfieldsdiscovered in the last 10 years”.

The Indian consortium could join two other Indian 


companies – state-owned Bharat Petroleum and privately 


owned Videocon Industries, which each already have a 10 


per cent stake in the field
.

Venugopal Dhoot, chairman of Videocon Industries, told the 


Times of India he thinks it could make India major players 


in the field: “If ONGC comes in, Indian companies will hold 


28.5 per cent and will have more say in the gigantic gas 


find. It will provide us economies of scale.”

The market took news in their stride. Cove shares rose 1.70 


per cent by 11:08am, while shares in ONGC and GAIL closed 


up 0.84 per cent and 0.71 per cent, respectively. But it’s clear


 that the battle for Cove is far from over. It may have only 


just begun.

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susan polgar chess Daily News and Information Top seeds struggle at Thai Open

   Top seeds struggle at Thai Open

Top Seeds Struggle at Thai Open

After a day of upsets, only 5 players, and only 2 of the top 10 


seeds, have survived the first three rounds of the 2011 


ThaiOpen in Pattaya unscathed.




Following a smooth ride in the first round, the 10 


participating Grandmasters found life much tougher in 


Tuesday's second and third rounds.


In round 2 the fourth fifth and sixth seeds all failed to win.


 Defending 2010 Thai Open Champion Sune Berg Hansen 


from Denmark was held to a draw by unfancied Singapore 


teenager Jarred Neubronner, while Indian GMs Abhijit 


Kunte and Tejas Bakre were also held to draws.


In the third round, third seed Jan Gustafsson of Germany 


struggled to draw with Indian International Master Atanu 


Lahiri while his countryman, Gerhand Schebler was also 


held, by Australia's Max Illingworth.


Tournament favourites Paco Vallejo and Nigel Short both 


achieved maximum 3/3 scores with fine attacking wins in 


the third round. They are joined in the lead by two Woman 


Grandmasters, Swathi Ghane of India and Alina l'Ami of 


Romania, who scored a upset wins over IMs Yang Kaiqi and 


Roy Saptarshi respectively, as well as Burmese 


Grandmaster Zaw Win Lay.


The Thai Open, with a first prize of 100,000 Baht, is being


 played at the luxurious Dusit Thani Resort and continues 


until Sunday, with admission for spectators gratis. Games


 may be followed live via with results at 

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beyondbrics Sen sex: smoke over gas

Sensex: smoke over gas

beyondbrics

A glance at the Bombay Stock Exchange’s benchmarkSensex on Tuesday might have given the impression that more Indians than ever are lighting up.

glance at the Bombay Stock Exchange’s benchmark

Sen sex 

on Tuesday might have given the impression that more 

Indians than ever are lighting up.

ITC – formerly the Indian Tobacco Company, and, before 

that, the Imperial Tobacco Company India – overtook 

Reliance Industries as the index’s top-weighted stock.

But while a recent study estimates that 120m Indians smoke, 

not to mention the many who chew their weed, analysts said 

ITC’s BSE advance had more to do with stock market 

conditions than cigarette sales.

Faced with growing financial uncertainty, investors pushed 

ITC above energy group RIL and Infosys, the IT services 

company,  on the grounds that tobacco is a safe bet in 

difficult times.

“I think that the consumer sector has done extremely well 

over the last 12-18 months because I think a lot of fund 

managers have increased their positions in defensive sectors 

and stock, meaning those with great deal of earnings 

visibility,” said Girish Pai, head of research at 

Cent rum

Broking. “They’ve reduced positions in sectors and stocks 

where they believe earnings are going to be at risk.”

Those include RIL, where well-publicised production

problems in the Bay of Bengal have sent its stock 

Dow

n nearly 26 per cent in the last 1 year, and Infosys, which 

has seen a disappointing growth forecast for the coming 

fiscal year send its stock down nearly 17 per cent since 

Thursday.

ITC also has interests in hospitality (including the ITC 

Maurya in Delhi, home of Bukhara, often cited as one of 

Asia’s best restaurants), apparel (menswear shop John 

Players), and toiletries (Fiama di Wills, makers of soaps and 

shampoos) – but its real business is tobacco, where analysts 

said it generates more than 80 per cent of its revenues.

Of the four companies that control nearly all of India’s 

tobacco market, ITC is by far the largest, with over 60 per

 cent of total production, and 80 per cent of sales and

 market share, according to the World Health Organiz

ation

.

ITC also benefited from the maths by which the Sen sex 

determines weight: solely by stock that is floated on the 

market.  Stakes controlled by founding families and top 

executives are excluded. So, because billionaire Musketry 

Ambani owns around 45 per cent of RIL, only 55 per cent of 

the company is accounted for in the BSE’s index weighting.  

In the case of Infosys, some 16 per cent is owned by the 

founders are excluded.  At ITC, 31 per cent is controlled by 

BAT, the UK-based tobacco group, so it’s percentage free 

float is smaller than that of Infosys but both are much 

higher than RIL’s.

ITC’s triumph was short-lived. After its shares slipped on 

Wednesday and RIL’s rose, RIL was back on top. According 

to BSE figures, at Wednesday’s close the full market cap of 

RIL was Rs2.4  trillion $bun) and the free-float Rs1.35 

trillion ($26.1bn).  The numbers for Infosys were Rs1.36 

trillion ($26.3bn) and Rs1.16 trillion ($bun), and for ITC 

Rs1.89 trillion ($36.5bn) and Rs1.32 trillion ($25.6bn).

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Mid-Market Blooms: Opportunities In The Indian SME Space

Mid-Market Blooms: Opportunities In The Indian SME Space

By Nusrat Hassan & Santosh Pai

Small and Medium Enterprises constitute almost 90% of the industrial enterprises in India.  Together they contribute 45% of the country’s industrial output and 40% of its total exports.  This vast segment is comprised of private enterprises which report annual turnover figures between Rs. 10 crore (US$ 2.2 million) and Rs. 700 crore (US$ 155 million).  They are active in diverse fields such as manufacturing, precision engineering and design, food processing, pharmaceuticals, textiles and garments, retail, IT and ITES, to name a few. 


This segment was dominated by ‘small scale’ units which were nurtured through protective measures in the pre-1991 socialist era of India politics.  For example, several products were reserved for this sector and larger players were not permitted to compete with small scale units.  Post-liberalisation, these small scale enterprises had to ‘compete or perish’ as the number of products reserved for the small-scale industry were reduced from 842 in 1991 to 239 in 2007.  This has resulted in the weeding out of inefficient units and dramatically improved competitiveness of SMEs over the last two decades. 


Despite their growing economic stature, flourishing SMEs have found it difficult to harness opportunities and maximise their growth potential in recent years.  Two primary obstacles have stemmed their flow - a) lack of access to technology; and b) efficient means to raise funds.


In recent months, a string of policy announcements and legal developments appear to suggest a change of fortunes for SMEs in India.  We will take a look at some of these developments which might make the mid-market segment in India more attractive for foreign investors and domestic players alike.


A) No prior approval in case of existing joint ventures/technical collaborations


Foreign investors who had an existing joint venture or tie-up in India on or prior to January 12, 2005 were prohibited from making investments into new ventures that could be construed as being in the “same” field as the existing one unless they obtained governmental approval.  In most cases, they needed to obtain the consent of their existing Indian partner.


These restrictions protected the interests of the few Indian partners who had an existing joint venture but prevented the rest of the field from gaining access to valuable foreign technology or investment which could hold the key to their growth.


In April 2011, the Government abolished these restrictions while noting that it will promote India’s competitiveness and be instrumental in attracting higher levels of foreign investment and technology inflows.


B) Pricing of Convertible Instruments


Debt-like securities convertible to equity at a later stage have been the security of choice for foreign investors in many parts of the world.  The price and ratio at which such conversion takes place is often a function of the company’s performance post-investment.  Nonetheless, in India, prior to April 1, 2011, the price and the number of shares arising upon conversion of convertible instruments issued to foreign investors were required to be determined “upfront” i.e. at the time of issue.  Furthermore, the conversion price could not be set lower than fair value determined as per Discounted Cash Flow method (for unlisted companies) or market quoted prices (for listed companies) (such ‘fair value’ is popularly referred to as ‘floor price’).


This requirement offered no flexibility to the company or the foreign investor to dynamically align pricing of an instrument with future performance.


Starting April 1st 2011, this restriction has been eliminated by allowing parties to agree to a price/conversion formula at the time of issuance; provided that price at the time of conversion should not be lower than the fair value worked out, at the time of issuance of such instruments. The positive implications are – firstly, parties can now negotiate a pricing formula, instead of fixing an absolute price; secondly, fair value norms will apply with reference to the date of issue of convertible instruments.  This policy change brings the Indian legal framework closer to market practice around the world and makes investing in Indian companies more attractive to foreign investors.


C)     Issuance of shares to foreign investors against non-cash consideration


Until recently, shares in Indian companies could be issued to foreign investors only against cash remittances subject to a few exceptions that included payment obligations towards repayment of external commercial borrowings or lump-sum fee or royalty payments in technical collaborations.


With effect from April 1st 2011, the number of exceptions, to this rule have been increased. Indian companies are now also allowed to issue equity shares against - (i) import of capital goods/ machinery/ equipment (including second-hand machinery); and (ii) pre-operative/ pre-incorporation expenses (including payments of rent etc.).


Although such issuance is subject to specified conditions and regulatory approvals it provides a new avenue for SMEs to enter capital intensive industries which otherwise would have required them to raise funds through expensive collateralized borrowings from banks.  For manufacturers of heavy machinery and equipment around the world this provides an opportunity to expand the market for their products in India and participate in the growth of their customers in a high-growth economy such as India.


D) Guidelines to set up SME Exchanges


SEBI, the securities regulator in India has long been toying with the idea of setting up an exclusive exchange for SMEs.  SEBI intends to create a simplified listing platform modelled after the Alternative Investment Market (AIM) of the London Stock Exchange for Indian companies with post-issue paid-up capital of less than Rs. 250 million. The two national stock exchanges, NSE and BSE, have now received ‘in-principle‘ approvals to set up  SME platforms and are looking to operationalize them by the end of this financial year.


SMEs seeking a listing on these bourses will benefit from a more relaxed regulatory framework.  They will not be required to file their offer documents with SEBI but only with the SME exchange and Registrar of Companies.  Detailed annual reports will not be required and half-yearly financial reporting will suffice.  


The launch of the SME exchanges will provide a huge impetus to SMEs in India as it will offer them an opportunity to raise funds from the public at a very low cost compared to existing alternatives.  This will in turn allow them to embark on ambitious strategies for growth such as domestic and overseas acquisitions which might be out of bounds today on account of insufficient access to funds.


As a result of these measures, it is expected that SMEs in India will experience a surge in their growth momentum and will attract a lot more foreign investment and technology than they have received in the past.





D. H. Law Associates is a full-service Indian law firm headquartered in Mumbai which is well-positioned to support foreign clients looking to identify and tap mid-market opportunities in India.


Nusrat Hassan is a Partner at D.H. Law Associates.  Nusrat commenced his legal career in 1993 with one of the largest law firms in India.  He has also worked at a large London law firm on a chevening scholarship at College of Law, UK.  He then qualified as a Solicitor with the Law Society of England & Wales (NP).  He co-founded D.H. Law Associates in 1997 and has since been instrumental in the firm’s prolific growth within a relatively short time span. Nusrat has advised several international clients on their investments in India.  He has provided extensive support to multinational clients on their corporate transactions and commercial arrangements in India.  He has been advising clients from the post liberalizations days on foreign direct investment in India including structuring their entry strategies into India.  Mr. Hassan can be contacted 


Santosh Pai is a Partner at D.H. Law Associates.  He obtained his law degree from NLSIU, Bangalore, India’s most reputed law school.  He commenced his legal career with a top-tier Indian law firm in Mumbai where he was involved in advising several multinational and blue-chip clients on mergers, acquisitions, joint ventures and technical collaborations.  Santosh then moved to London and worked at the headquarters of an international law firm where he was involved in providing transcriptional and regulatory support to FTSE listed corporate clients and private equity investors across Europe.  With his experience, knowledge and wide network of business contacts, Santosh is well positioned to support foreign clients in India and domestic clients on their expansion plans overseas.  He assists several private equity investors and funds in identifying, screening and executing deals in India.  He also mentors start-ups and early stage businesses looking to attract investment.  Mr. Pai can be contacted .

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India has successfully launched PSLV Rocket with 5 Satellites

 India has successfully launched PSLV Rocket with 5 Satellites

 The Polar Satellite Launch Vehicle,usually known by its abbreviation PSLV is the first operational launch vehicle of ISRO. PSLV is capable of launching 1600 kg satellites in 620 km sun-synchronous polar orbit and 1050 kg satellite in geo-synchronous transfer orbit. In the standard configuration,it measures 44.4 m tall, with a lift off weight of 295 tonnes. PSLV has four stages using solid and liquid propulsion systems alternately. The first stage is one of the largest solid propellant boosters in the world and carries 139 tonnes of propellant. A cluster of six strap-ons attached to the first stage motor, four of which are ignited on the ground and two are air-lit.

Typical Parameters of PSLV

Lift-off weight 295 tonne

Pay Load 1600 kg in to 620 km Polar Orbit,

1060 kg in to Geosynchronous Transfer Orbit (GTO)

Height 44 metre

PSLV Milestones

PSLV-C15 launched CARTOSAT-2B, ALSAT-2A, NLS 6.1 & 6.2 and STUDSAT on July 12, 2010 (Successful)

PSLV-C14 launched Oceansat - 2 and Six Nanosatellites on September 23, 2009 (Successful)

PSLV-C12 launched RISAT-2 and ANUSAT on April 20, 2009 (Successfully)

PSLV-C11 launched CHANDRAYAAN-I, on October 22, 2008 (Successful)

PSLV-C9 launched CARTOSAT-2A, IMS-1 and Eight nano-satellites on April 28, 2008 (Successful)

PSLV-C10 launched TECSAR on January 23, 2008 (Successful)

PSLV-C8 launched AGILE on April 23, 2007 (Successful)

PSLV-C7 launched CARTOSAT-2, SRE-1, LAPAN-TUBSAT and PEHUENSAT-1 on January 10, 2007 (Successful)

PSLV-C6 launched CARTOSAT-1 and HAMSAT on May 5, 2005 (Successful)

PSLV-C5 launched RESOURCESAT-1(IRS-P6) on October 17, 2003 (Successful)

PSLV-C4 launched KALPANA-1(METSAT) on September 12, 2002 (Successful)

PSLV-C3 launched TES on October 22, 2001 (Successful)

PSLV-C2 launched OCEANSAT(IRS-P4), KITSAT-3 and DLR-TUBSAT on May 26, 1999 (Successful)

PSLV-C1 launched IRS-1D on September 29, 1997 (Successful)

PSLV-D3 launched IRS-P3 on March 21, 1996 (Successful)

PSLV-D2 launched IRS-P2 on October 15, 1994 (Successful)

PSLV-D1 launched IRS-1E on September 20, 1993 (Unsuccessful)

The reliability rate of PSLV has been superb. There had been 16 continuously successful flights of PSLV, till July 2010. With its variant configurations, PSLV has proved its multi-payload, multi-mission capability in a single launch and its geosynchronous launch capability. In the recent Chandrayaan-mission, another variant of PSLV with an extended version of strap-on motors, PSOM-XL, the payload haul was enhanced to 1750 kg in 620 km SSPO. PSLV has rightfully earned the status of workhorse launch vehicle of ISRO.


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Spoon Feeding - Freelance Web Designer, SEO Expert & Photographer in Hyderabad, India

Spoon Feeding - Freelance Web Designer, SEO Expert & Photographer in Hyderabad, India



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[Sat-news] An Indian rocket will carry a 1,850kg indigenous surveillance satellite—Radar Imaging Satellite (Risat-1)—to the skies...




this month. The launch will be controlled by the new mission control centre at Sriharikota, said a senior official of Indian space agency ISRO. "The second mission control centre was inaugurated by President Pratibha Patil this January. The forthcoming rocket launch would be controlled and monitored from the new mission control centre. The rocket will fly off the first launch pad," S. Satish, director (publications and public relations), Indian Space Research Organisation (ISRO), told agencies.


ISRO has its rocket port at Sriharikota in Andhra Pradesh. A senior ISRO official not wanting to be named told agencies, "The new mission control centre is modern and has larger area to accommodate more space scientists, officials, VIPs and others." ISRO officials stated that the rocket Polar Satellite Launch Vehicle (PSLV) carrying remote sensing satellite Risat-1 is slated for launch from April 25-30. "The exact launch date depends on the readiness of the rocket and satellite systems. Normally it will take 12-14 days for the rocket launch after carrying out all the tests," an ISRO official told agencies.


ISRO officials said that Risat-1 systems are being checked at Sriharikota and it will be mated with the rocket later. Once the satellite is loaded on to the rocket, the entire rocket systems would again be tested. The PSLV rocket is in a fully assembled condition and is waiting for Risat-1, the heaviest microwave remote sensing satellite to be built by India. The satellite has all weather, day and night imaging capability. The satellite would be used for disaster prediction and agriculture forestry, and the high resolution pictures and microwave imaging could also be used for defence purposes.


The satellite's synthetic aperture radar (SAR) can acquire data at C-band. In 2009, ISRO had launched the 300kg Risat-2 with Israeli built SAR enabling Earth observation in all weather, day and night conditions. Remote sensing satellites send back pictures and other data for use. India has the largest constellation of remote sensing satellites in the world, providing imagery in a variety of spatial resolutions, from more than a metre ranging up to 500 metres, and is a major player in vending such data in the global market. According to ISRO officials, the rocket that would sling Risat-1 would be PSLV's upgraded variant called PSLV-XL. The rocket would weigh around 320 tons at lift-off and would be the third such expendable rocket to be sent up by ISRO.



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Bring photos to life with music 'Paoli Dam has exposed more than me in Hate Story'

A Ganesh Nadar in Mumbai
Starlet Bhairavi Goswami did a cameo in the comedy Bheja Fry, acted in six movies after that. Only two of them have released so far.


This week, she will feature in the very bold film Hate Story.


The trailer of Vikram Bhatt's production Hate Story is already creating a buzz for heroine Paoli Dam's uninhibited performance, and the film's many steamy scenes.


So how will Bhairavi add to that? A Ganesh Nadar finds out.




Image: Bhairavi Goswami


Tags: Bhairavi Goswami , Paoli Dam , Bheja Fry , OPaoli Dam , Hate Story



You are the second heroine of Hate Story?


No, I am only doing a song in that movie.


Is it true that Paoli Dam and you were competing to be sexier?


No! Paoli is far sexier than I am. 


She has exposed more than me. She has been very clinical about it. Hats off to her! She is bolder than I am. What she has done, I do not have the guts to do, very honestly.




Image: Bhairavi Goswami


Tags: Paoli Dam , Hate Story , OPaoli



Two of the movies released, My Friend Ganesha and Kacha Limbu. My Friend Ganesha is the longest running movie on television. They play it every Sunday and other holidays. Kids love me because of this movie.


What happened to the Anupam Kher movie, Mr Bhatti on Chutti? Amitabh Bachchan did a cameo and the promos came out, then what happened?


The producers got greedy. They hiked the price because Amitabhji had done a cameo and the distributers backed out.




Image: Bhairavi Goswami


Tags: Amitabh Bachchan , Mr Bhatti , Bheja Fry , Kacha Limbu , Vivek Agnihotri

How did you get the role?


I know the director Vivek Agnihotri and I asked him for a role. He said there was only one heroine in this movie and also a song. I told him that I would do the song.


What happened to the six movies you acted in after Bheja Fry?



You ride at the Mahalakshmi race course (in Mumbai) and sometimes in Pollachi in Tamil Nadu. How is that?


Many of the movies that I signed were shelved. Many of the movies I acted in were not released. If I had not done something apart from films I would have gone cuckoo. 


I took to riding and also compered shows. Horse riding is a passion and it is addictive. I have seven horses.


Are you very rich?


No. Five of my horses are sponsored. One horse I use to play polo. 




Image: Bhairavi Goswami


Tags: Tamil Nadu , Mahalakshmi , Mumbai , Pollachi








Have you signed on for any movie? Any more songs?


I have not signed any movie. I will not do any more songs. I am not an item girl. 


That was a one-off. Nothing had been happening in two years and so I did it.




Image: Bhairavi Goswami

Apart from movies, compering, and horse-riding, what else are you doing?

I have signed on for a coffee table book about the Kamasutra, in which I pose for 200 photographs. We have started shooting in studios and will also shoot in Khajuraho (in Madhya Pradesh).

You are going to make a lot of money with the Kamasutra book.

No, not a lot of money. But I am sure to get a lot of publicity. I will be immortalised in 200 images.  

Image: Bhairavi Goswami

Tags: Madhya Pradesh , Khajuraho , Kamasutra

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