ongc

ongcIndian equity benchmarks recovered early trade losses amid volatility, supported by heavyweights like ITC, ONGC, Infosys, ICICI Bank, SBI and L&T. Even market breadth turned in favour of advances a bit. Ambareesh Baliga, chief operating officer, Way2Wealth continues to hold that the Nifty will stay in a range. "More or less we would be in a range of 5,350-5,400 to 5,600-5,650. But for the next one week - we should head lower. In fact, I am looking at levels more close to 5,450-5,500," Baliga said.


The 30-share BSE Sensex was trading at 18,539, up 36 points and the 50-share NSE Nifty was flat at 5,567. Reliance Industries, TCS, HDFC Bank, BHEL, NTPC and DLF were putting pressure on the market. Crompton Greaves, Petronet LNG, TTK Healthcare, SBI, LIC Housing Finance and Exide Industries were most active shares on exchanges. Midcaps like MindTree and Petronet LNG shot up 10% & 5%, respectively post strong numbers. SKS Microfinance gained 5% on short covering. Crompton Greaves gained 4% on short covering after about 30% fall in previous two days. 3M India and Page Industries were up 5%. However, Shree Global, Coromandel International, Infotech Enterprises and Amara Raja Batteries lost 2-5%. Biocon fell 5% on In the smallcap space, Ruby Mills jumped 14%. Marathon Nextgen, Aptech, Sandur Manganes and Sterling Holiday were up 4-5%. However, Hinduja Foundries, Goodricke Group, Hinduja Global, Ingersoll Rand and R M Mohite lost 5-10%.

ongc

ONGC

ONGCIn signs of a souring relationship, state-owned Oil and Natural Gas Corp (ONGC) has withheld consent for internal restructuring of Cairn India Ltd for the past one year. Cairn wants the stakes that its different subsidiaries, including some registered abroad, hold in various oil and gas properties, including the showpiece Rajasthan oilfields, to be transfered into one India-based company. Since ONGC is partner in six of those properties, Cairn procedurally sought a no-objection from ONGC, but the state-run oil giant has so far not agreed to the proposal, sources privy to the development said. The restructuring is separate from London-listed mining group Vedanta Resources' USD 9 billion buyout of Cairn India. While the Vedanta deal, where Edinburgh-based Cairn Energy Plc is selling 40 per cent of its interest in Cairn India, was announced in August, 2010, the restructuring began in 2009.

When contacted, two top ONGC officials were not aware why the consent was withheld. Sources said the restructuring, which was approved by the board of Cairn India and boards of its subsidiaries in December, 2009, has no bearing on the Vedanta deal. In December, 2009, itself, Cairn got no-objection certificates for the restructuring from the National Stock Exchange (NSE) and Bombay Stock Exchange , where it is listed, and the company's shareholders approved the scheme in February, 2010. In April last year, the Chennai High Court approved the scheme of restructuring and the Bombay High Court sanctioned the scheme in June, 2010.

ONGC