Reliance Industries

ISPs block websites, Anonymous comes knocking

Thu, 17 May 2012 15:30:20 +0000

The Internet Service Providers (ISPs) in India are currently blocking websites in accordance to a Supreme Court directive. As of now Reliance Communications and Airtel are blocking The Pirate Bay, Vimeo, DailyMotion and a few other torrent sites across parts of India. The note users in India subscribed to the Internet through these ISPs are seeing is:

Access to this site has been blocked as per Court Orders

The reason behind this censorship is a John Doe order obtained by film distributor Relance Entertainment. Citing piracy concerns ahead of blockbuster releases, Reliance Entertainment has been using John Doe orders to get websites blocked. Since Reliance Entertainment and Reliance Communications are under the same leadership, the companies worked together in restricting access to the websites. Speaking to Rediff.com, Reliance Entertainment’s VP for anti-piracy said, “Our primary contention is that the copyright of our films should be protected, and that they should not be available for viewing or downloading on sites. But for Dangerous Ishhq, only our own affiliate will block the sites. We are not saying that the entire site should be blocked. Other ISPs should ensure that they block the availability of our films, not the entire site.”

As Airtel users started getting affected, infamous hacktivist group Anonymous decided to retaliate. The hacktivist group called for supporters to target websites of the Supreme Court of India, Ministry of Communications and Information Technology, data.gov.in, and All India Congress Committee (AICC). As of writing this only AICC is down. The attack is a Distributed Denial of Service Attack (DDoS) whereby the website is so inundated by visitors that it crashes. The official Twitter page for the co-ordinated DDoS @opindia_revenge seems to have backed down and are desperately trying to explain Indians that their actions do not harm the websites but only cause some downtime. Some updates from the group:

Namaste India – We see you’ve met some of the #Anonymous battle fleet’s infamous cannon fire. Tsk tsk for censoring #TPB & others. #OpIndia

— Anonymous (@YourAnonNews) May 17, 2012

We are not doing any permanent damage to the websites. We just want file sharing sites to be unblocked. #governemt must not censor internet.

— opindia (@opindia_revenge) May 17, 2012

Well #india doesn’t understand what is #DDOS. If we stop firing or have very few anons firing then the sites come back up. Simple as that!

— opindia (@opindia_revenge) May 17, 2012

We did message #newschannels about the hacks but guess they were sleeping back then.Happy #WAKEUP for #india

— opindia (@opindia_revenge) May 17, 2012

FOR those who were sleeping –>>aicc.org.in is DOWN and we have stopped firing at #SUPREMECOURT HAPPY #WAKEUP

— opindia (@opindia_revenge) May 17, 2012

This is the second time Anonymous members have tried to take down websites in India and like last time, their actions won’t achieve more than a few news headlines.

Reliance Power seeks removal of Sasan reference from CAG draft report

Thu, 17 May 2012 15:30:18 +0000

NEW DELHI: Reliance Power has requested CAG to remove from its draft report the observations about utilisation of excess coal from Sasan and Tilaiya projects.

Reliance Power’s request comes in the wake of an Empowered Group of Ministers (EGoM) deciding not to review the earlier decision allowing Reliance Power to use excess coal from the Sasan Ultra Mega Power Project (UMPP) mines for its another project, sources said.

The EGoM is believed to have decided that permission for use of surplus coal from Tilaiya UMPP would be governed by a new policy on excess coal usage. The policy would be formulated by the Coal Ministry, they added.

In a letter to Comptroller & Auditor General Vinod Rai, Reliance Power has requested the auditor to “consider dropping the audit para on undue benefits arising out of surplus coal from Sasan UMPP and Tilaiya UMPP”.

The CAG had made the observations in its draft of the report ‘Working of SPVs in PFC’.

Power Finance Corp (PFC) co-ordinates the award of UMPPs to developers.

Sources said the draft CAG report had stated that the decision to permit usage of surplus coal gave undue benefit to Reliance Power.

An EGoM on ultra mega power projects, headed by Finance Minister Pranab Mukherjee, on April 28, decided not to review the past decision after taking legal opinion from the Attorney General G E Vahanvati.

“Since the due process has been followed and CAG observations have now been fully acted up after deliberations and review at the highest levels in the government, it is requested that the audit observations pertaining to Sasan UMPP be dropped,” the letter to CAG said.

Excess coal from Sasan UMPP is to be used for Chitrangi project.

As per the letter, Chitrangi project — where the excess coal from Sasan is to be used — is still awaiting certain important clearances and hence it may be premature to quantify any benefit due to sale of power using surplus coal.

Reliance Power said that as per reported EGoM decision, the permission for surplus coal usage from Tilaiya UMPP would be as per the new policy and “hence it may not be appropriate to quantify losses or make observations on Tilaiya UMPP”.

Reliance Power has bagged three UMPPs — Sasan (Madhya Pradesh), Tilaiya (Jharkhand) and Krishnapatnam (Andhra Pradesh). UMPPs are generally referred to as projects having generation capacity of 4,000 MW.

Indian Shares Pare Early Gains

Thu, 17 May 2012 14:30:24 +0000

5/17/2012 7:30 AM ET
(RTTNews) – Indian shares pared some early gains on Thursday, as a further slide in European stocks on fears over Greek banks and a fall in rupee to a new record low against the dollar, reversing initial gains, prompted traders to take some profits off the table.

The benchmark 30-share Sensex hit an intra-day high of 16,240 before paring gains and ending up 40 points or 0.25 percent higher at 16,070, with only 14 of its component advancing.

FMCG player ITC led the gainers, climbing 3.1 percent on reports that it has acquired land to set up a luxury hotel in Colombo. Energy giant Reliance Industries gained 1.5 percent amid an ongoing share buyback program.

Metal stocks like Tata Steel and Jindal Steel rose 1-2 percent, property developer DLF gained 1.7 percent, mortgage lender HDFC added 1.6 percent, state-run lender SBI gained 1.5 percent and car maker Maruti Suzuki ended up 1.3 percent. Telecom major Bharti Airtel ended flat, erasing most of its early gains, after the company announced new 3G tariffs for its customers, slashing prices by as much as 70 percent under some plans.

Among those that fell, Mahindra & Mahindra and Larsen & Toubro paced the declines, falling around 4 percent each, while ICICI Bank, Tata Power, Hndalco, BHEL, Bajaj Auto and Cipla lost 1-3 percent. Bajaj Auto fell 2.7 percent as the motorcycle maker reported a 45 percent slump in fourth-quarter profit

Sterlite Industries and Sesa Goa ended little changed with a negative bias after group company London-listed Vedanta Resources said its profit for the fiscal year 2012 was hurt by higher operating costs and increased export duty rates on iron ore.

The broader Nifty index ended up 12 points or 0.25 percent at 4,870, while the BSE mid-cap and small-cap indexes edged up marginally. The market breadth was neutral, with gaining shares nearly equaling declining shares.

Piramal Healthcare edged up marginally as it agreed to buy U.S.-based Decision Resources Group for around Rs.3,400 crore, marking its entry into the healthcare information management space. IDBI Bank tumbled 2.9 percent after finance minister Pranab Mukherjee said he would try to arrive at an agreed solution over the issue of wage revision in the bank.

Elsewhere, other Asian stocks recovered a bit from the previous session’s sell-off, as solid economic data from the U.S. and Japan and fresh hopes that the Federal Reserve will consider further policy easing if necessary gave investors reasons to cherry-pick battered stocks.

However, European stocks lost ground, with key benchmark indexes in France, Germany and the U.K. last trading down about half a percent each, on jitters over Greece’s problems.

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SNAPSHOT-India stocks, bonds, rupee, swaps, call closing levels

Thu, 17 May 2012 13:30:43 +0000

Thu May 17, 2012 8:38am EDT

STOCKS

———————–

India’s benchmark index ended up 0.25 percent to 16,070.48, while the 50-share NSE index rose 0.25 percent to 4,870.20 points, as bargain hunting emerged after recent falls, though sentiment remained hit by the weakening rupee

Reliance Industries led gainers after it was seen stepping up a buyback of shares.

GOVERNMENT BONDS

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The benchmark 2021 bond ended at 8.49 percent lower than the previous close of 8.52 percent, as oil prices continued to slump and as risk aversion remained, but concerns about the liquidity impact from central bank interventions prevented further falls.

RUPEE

————–

The rupee slumped to a new life low of 54.60 to the dollar, surpassing the previous session low of 54.52, sparking the central bank to step in to defend the currency, multiple dealers said.

The cross settled at 54.48/49, in range with Wednesday’s close of 54.49/50, as per State Bank of India data.

INTEREST RATE SWAPS

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The 1-year OIS rates closed down 1 basis point at 8.00 percent and the 5-year fell 2 basis point to 7.44 percent.

CALL MONEY

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The inter-bank call money rate ended at 8.15/8.20 percent, higher than Wednesday’s close of 7.80/7.85 percent as demand for funds inched up a day before banks report their reserve requirements. ———————- Double click on codes in Reuters MIOR/MIBOR NSE MIBID/MIBOR Reuters Corporate Bond Yield/Spread For Reuters Benchmarks South Asia markets technicals – (www.reuterstechnicals.com) (Compiled by Archana Narayanan; Editing by Rafael Nam)

Buy BPCL; target of Rs 835: AC Choksi

Thu, 17 May 2012 13:30:41 +0000

A C Choksi is bullish on Bharat Petroleum Corporation (BPCL) and has recommended buy rating on the stock with a target of Rs 835 in its May 16, 2012 research report.

“Bharat Petroleum Corporation Limited (BPCL), a fortune 500 oil refining, exploration and marketing PSU with Navratna status. On 24th January 1976, the Burmah Shell Group of Companies was taken over by the Government of India to form Bharat Refineries Limited. On 1st August 1977, it was renamed Bharat Petroleum Corporation Limited. Post Nationalisation, BPCL changed gears and embarked upon a rapid growth path. Massive expansion and modernizations provided a tremendous boost to the company’s performance.”

“BPCL holds 10% stake in Rovuma basin gas asset in Mozambique which has discovered 59 meters of natural gas in Rovuma concession Area 1. As per the operator of the gas field Mr. Anadarko Mozambique, there is estimated potential to add up to 7 to 20 trillion cubic feet (tcf) to the already discovered 17 to 30 tcf of recoverable natural gas reserves in the area. It will make total reserves of 50 tcf which can produce 180 million metric standard cubic meter of gas per day and can support LNG with capacity of 50 million tonnes annually. The major advantage for BPCL is that it increases its strength to raise money from market for further capex. According to the estimates these reserves is way above the Reliance Industries’ 6.11 tcf.”

“As per Mr. Pranab Mukherjee, Finance Minister, it is impossible for the government to maintain the current level of fuel subsidies and government will address under-recoveries of oil marketing company which is 1.8 lakh crore for the financial year. Prices of diesel, LPG and kerosene are expected to increase after Budget session of Parliament which is scheduled to end on 22 May,2012. Petrol price is also likely to increase. Hence, this will result into reduction in under-recoveries forBPCL growth. Thus we are bullish on BPCL as we feel that it provides a good investment opportunity for short-term investment horizon. Therefore, we recommend BUY rating onBPCLwith a price target of Rs. 835,” says A C Choksi research report.

Bodies Corporate holding more than 50% in Indian cos

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To read the full report click on the attachment

ESP Resources' Subsidiary Enters Into Shareholder Agreement to Form Joint …

Thu, 17 May 2012 13:30:33 +0000

SCOTT, La., May 17, 2012 (GlobeNewswire via COMTEX) — ESP Resources, Inc. /quotes/zigman/273081/quotes/nls/espi ESPI -4.35% (the “Company” or “ESP Resources”), an oil and gas services company, today announced that on May 11, 2012, the Company, through its newly-formed and wholly-owned subsidiary, ESP Corporation, S.A. (“ESP”), a company incorporated under the laws of Panama, entered into a shareholders’ agreement to form a joint venture called ESP KUJV Limited with Komo Umbrella Joint Venture Limited (“KUVJ”), a company incorporated in Papua New Guinea (“PNG”), for the development of the Komo international airport.

Owned 30% by KUJV and 70% by ESP, respectively, ESP KUJV Limited was formed to pursue, undertake and realize business opportunities within the Komo project area in PNG. Through the terms of the joint venture, ESP KUJV Limited has the opportunity to be engaged by the world’s largest international and publicly traded oil and gas company to carry out specific project work related to the development of the Komo international airfield. The Komo airfield is being developed to support the $15.7 billion PNG liquid natural gas project (“PNG LNG”) currently under construction.

With a four year construction schedule that began in 2009, the PNG LNG is one of the largest liquid natural gas development projects ever undertaken. Currently the project employs over 14,300 people and includes gas production and processing facilities in the Southern Highlands and Western Provinces of PNG, as well as liquefaction and storage facilities with capacity of 6.6 million tons annually.

For more information regarding this announcement, please refer to the corresponding Form 8-K filed with the Securities and Exchange Commission.

About ESP Resources, Inc.:

ESP Resources, Inc. is a publicly-traded oil and gas services company /quotes/zigman/273081/quotes/nls/espi ESPI -4.35% headquartered in Scott, LA. Through its wholly owned subsidiary, ESP Petrochemicals, Inc., the Company manufactures, blends, distributes and markets specialty chemicals and analytical services to the oil and gas industry. ESP Resources supplies retail and wholesale specialty chemicals for a variety of oil field applications including production, drilling, waste remediation, cleaning, and waste water treatment. From its blending and distribution facilities, the Company distributes its product line throughout the oil and gas producing regions of Louisiana, Texas, Mississippi, Alabama, Arkansas and Oklahoma, both onshore and offshore. The wholesale division of the Company supplies specialty chemicals to several retailers operating in West Africa. The Company’s senior management has over 100 years of combined operating experience in the petrochemical industry. More information is available on the Company’s Website at www.espchem.com .

Legal Notice Regarding Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Forward-looking statements are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and actual results could differ materially from those in such forward-looking statements.

Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release. In evaluating these statements, you should consider the risks discussed, from time to time, in the reports we file with the U.S. Securities and Exchange Commission. For a discussion of some of the risks and important factors that could affect the Company’s future results and financial condition, see the Company’s Form 10-Ks and 10-Qs on file with the U.S. Securities and Exchange Commission.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: ESP Resources, Inc.

 CONTACT: David Dugas, President ESP Resources, Inc. david.dugas@espchem.com (337) 706-7056 Howard Gostfrand, President American Capital Ventures info@amcapventures.com (305) 918-7000

/quotes/zigman/273081/quotes/nls/espi

Indian Stock Futures Gain on Fed Stimulus Optimism, Crude

Thu, 17 May 2012 13:30:25 +0000

Indian stocks rebounded from their lowest level in four months amid optimism the U.S. Federal Reserve will do more to stimulate the world’s biggest economy, and as tumbling oil prices offset a weakening Indian currency.

ITC Ltd. (ITC), the nation’s biggest cigarette company, jumped 3.3 percent. Reliance Industries Ltd. (RIL), owner of the world’s largest refining complex, rose the most in five weeks. The two companies make up 19 percent of the benchmark index. State Bank of India (SBIN), the biggest lender, gained the most in than a week.

The BSE India Sensitive Index (SENSEX), or Sensex, rose 0.3 percent to 16,070.48 at close. The 30-stock measure is valued at 12.5 times estimated earnings, the lowest level in more than three years, data compiled by Bloomberg show. That compares with a multiple of 9.9 times for the MSCI Emerging Markets Index. The Sensex has lost 13 percent from its Feb. 21 high, exceeding the 10 percent slump that signifies a correction to some investors.

“Given the valuations it seems to be a market in which you are better off being invested rather than being out of,” Prasun Gajri, who oversees $5.3 billion as chief investment officer at HDFC Standard Life Insurance Co. (HDUGTHL), told Bloomberg UTV today. “We don’t know where the bottom is but valuations are looking compelling. It’s a good time to buy.”

Minutes from the Fed’s last meeting showed several policy makers said a deteriorating economic outlook could warrant more monetary stimulus to keep the recovery on track. Brent crude, the benchmark for India, slumped as low as $109 a barrel today, set for the lowest close this year and making imports cheaper for a country that buys about 80 percent of its oil from abroad.

Dollar Demand

The Reserve Bank of India is considering selling dollars directly to oil importers to ease demand for the greenback in the market, a central bank official said, asking not to be identified, citing policy.

Concern India’s outlook has worsened because of trade and fiscal deficits, policy gridlock, elevated consumer prices and faltering global growth has pressured the rupee. The currency fell to a record low of 54.585 today. It has dropped 17 percent in the past year and is the worst performer in Asia.

“Inflation lower than the real GDP growth rate, growing foreign-exchange reserves, rising rupee and lower borrowing costs” are the ingredients for a bull market, Anoop Bhaskar, head of equities at UTI Asset Management Co., said yesterday in an interview in Mumbai. “While the rates are set to decline, we don’t have the other three right now and therefore it will be a struggle for markets to meet new highs.”

The RBI last month cut interest rates for the first time in three years and signaled inflation might limit the room for further cuts. Consumer prices unexpectedly quickened in April and factory output contracted in March as weaker demand and tumbling exports hurt the economy.

VIX Index

India VIX, which measures the cost of protection against losses in the S&P CNX Nifty (NIFTY) Index, fell 0.5 percent to 23.59. The Nifty Index added 0.3 percent to 4,870.20. The gauge pared an intraday gain of 1.3 percent and changed directions at least 10 times today.

The Nifty will trade between 4,800 and 5,500 in the next 18 months, UTI’s Bhaskar said. UTI is India’s fifth-biggest money manager with $10.8 billion in assets.

The BSE-200 Index (BSE200) added 0.1 percent to 1,983.95. A total of 839 million shares traded on the BSE and NSE yesterday, 7 percent less than the 12-month daily average.

ITC, which has the biggest weighting on the Sensex, jumped 3.3 percent to 234.75 rupees, extending this year’s rally to 17 percent. Reliance rose 1.3 percent to 685.15 rupees, rebounding from a three-year low touched yesterday. DLF Ltd. (DLFU), the biggest developer, increased 1.7 percent to 184.8 rupees.

State Bank advanced 1.1 percent to 1,848.35 rupees. HDFC Bank Ltd., (HDFCB) the third-biggest lender, increased 0.5 percent to 497.8 rupees, ending a four-day decline. Housing Development Finance Corp. (HDFC), the biggest mortgage lender, gained 2.1 percent to 633.85.

Overseas investors sold a net 4.82 billion rupees ($88.7 million) of Indian stocks yesterday, paring their investment in equities this year to 432.2 billion rupees, according to the nation’s market regulator.

To contact the reporter on this story: Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net

To contact the editor responsible for this story: Allen Wan at awan3@bloomberg.net

Indian Shares Pare Early Gains

Thu, 17 May 2012 12:32:34 +0000

(RTTNews.com) – Indian shares pared some early gains on Thursday, as a further slide in European stocks on fears over Greek banks and a fall in rupee to a new record low against the dollar, reversing initial gains, prompted traders to take some profits off the table.

The benchmark 30-share Sensex hit an intra-day high of 16,240 before paring gains and ending up 40 points or 0.25 percent higher at 16,070, with only 14 of its component advancing.

However, European stocks lost ground, with key benchmark indexes in France, Germany and the U.K. last trading down about half a percent each, on jitters over Greece’s problems.

IMF Managing Director Christine Lagarde said that a Greek exit would be “extremely expensive” and hard, but the IMF has to be “technically prepared for anything.” Outgoing World Bank President Robert Zoellick said that he’s concerned about the “ripple effects” reminiscent of 2008, if Greece leaves.

The euro paused for breath after tumbling to a four-month low against the greenback the day before on persisting worries over Greece’s future in the euro zone.

European Central Bank President Mario Draghi said in a speech that the central bank has a strong preference for Greece to stay in the euro zone, but the ultimate resolve to stay in euro must come from the Greek people. The statement assumes significance in the wake of news that Greeks have withdrawn hundreds of millions of euros from banks in recent days, fearing a decline in their purchasing power if Greece were to leave the euro.

Meanwhile, a Spanish debt auction received mixed response, with the nation successfully raising debt at the upper end of its target at a higher borrowing rate.

For comments and feedback: contact editorial@rttnews.com

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Indian shares gain; key earnings due on Fri

Thu, 17 May 2012 12:32:17 +0000

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Heidelberg, Century Textiles stars of cement biz: Tulsian

Thu, 17 May 2012 12:32:05 +0000

Market analyst SP Tulsian of sptulsian.com, explains to CNBC-TV18, during his analysis of the day’s trading, about the increased volatility in Voltas and picks Heidelberg and Century Textiles as the best buys in the cement sector.

He says that the market scenario is risky thanks to the increasing disconnect between a company’s results and the performance of its stock on the bourse.

He says that it was the prerogative of the EGoM to revise gas prices and the move would greatly Reliance Industries which has been crying out for an increase in prices. He advises against trying to ride the momentum on Dish TV and calls Tulip Telecom an “unworthy stock” to invest in.

Below is an edited transcript of the analysis on CNBC-TV18. Also watch the accompanying video.

Q: What did you make of Essar Shipping’s results?

A: Both Essar Oil and Essar Shipping have been volatile. I do not think that the results are reliable due to the variations such as a more-than 50 crore PAT for Q4 and the less than Rs 40 crore PAT for the whole year.

Maybe after corporate restructuring at some level the company has to settle in its business performance as it largely caters to the in-house requirement of the Essar group.

I do not think Essar Shipping will get stuck at levels higher than Rs 35-36 but profit booking or liquidations will make it fall to about Rs 30 again.

So it’s risky to enter the merely on good Q4 results.

Q: Oil ministry sources say that the law ministry concludes that the gas price could be revised even before 2014.

The KG-D6 gas price of USD 4.2/mmbtu had been fixed till 2014, but now the oil ministry sources say that the price could be revised if both the government of India and Reliance agree.

What would the implications be? If the price does come below USD 4.2 then it will not make Reliance very happy. What do you make of this?

A: It’s very strange that prices can be revised and I presume that it will be revised upwards as that that will increase the subsidy burden, but this administered price gas is supplied to the fertiliser sector.

About maybe 30% of the output at the KG basin is supplied to the fertiliser sector. Obviously, if the prices are revised upwards that will increase the subsidy burden of the government because ultimately the urea for which it is used is the controlled commodity at which it is sold.

So, cost of production and the selling price at present is about Rs 7-8 per kg and this obviously will increase, but the press release says that if the government of India and Reliance Industries agree - Reliance Industries has been shouting for the past one year that prices need to be revised upwards.

Though the law ministry though has opined that the price could be get revised upwards, I am unable to understand whether the decision will be taken by the EGoM. I don’t think that there was any legal embargo or the bar on revision of prices.