CARE assigns ratings to the various bank facilities of Sabero Organics Gujarat

Credit rating agency, CARE has assigned ‘CARE BBB+’ ratings to Sabero Organics Gujarat (SOGL) long-term bank facilities for Rs 100.57 crore. The agency has also assigned ‘PR3+’ ratings to SOGL’s short-term bank facilities for Rs 173.75 crore.
Further, the agency has also assigned ‘CARE BBB+/PR3+’ ratings to SOGL’s long-term/short-term bank facilities for Rs 62.75 crore.
The ratings are further strengthened by modest financial position with moderate leverage and debt servicing indicators and healthy profitability margins.
Sabero Organics is an established player in the agrochemical industry which manufactures and sells a variety of specialty chemicals and crop protection products. It has a diversified product portfolio for insecticides, herbicides, fungicides and specialty chemicals.

Rishab Special Yarns to revive the texturising of Polyester Yarn

Rishab Special Yarns is in process of reviving the Texturising of Polyester Yarn, which is a part of its earlier business at Bhilwara, a new location identified by the management. The Company is in process of arranging funds for the project.
The company did not report any net sales income for the previous accounting year ended March 31, 2010 as its commercial/Manufacturing activities remains suspended except giving part of land and building on rent. However, other income for the 9 months ended December 31, 2010 includes profit on sale of land and building to the extent of Rs 35.49 lakhs of unit - II( i.e. B-130 A, Ambaji Industrial Area, Abu Road).

SesaGoa leads the gainer list of ‘BSE Metal’ space

SesaGoa is currently trading at Rs. 281.50, up by 6.75 points or 2.46% from its previous closing of Rs. 274.75 on the BSE.
The scrip opened at Rs. 275.60 and has touched a high and low of Rs. 283.10 and Rs. 275.10 respectively. So far 2,00,000 shares were traded on the counter.
The BSE group 'A' stock of face value Re. 1 has touched a 52 week high of Rs. 494.30 on 08-Apr-2010 and a 52 week low of Rs. 220.55 on 07-Mar-2011.
Last one week high and low of the scrip stood at Rs. 283.10 and Rs. 263.45 respectively. The current market cap of the company is Rs. 23995.89 crore.
The promoters holding in the company stood at 55.73% while Institutions and Non-Institutions held 28.84% and 15.43% respectively.
Recently, Sesa Goa, the largest exporter of iron ore, has acquired the assets of the upcoming steel plant unit of Bellary steel & alloys (BSAL) for an all cash consideration of Rs. 220 crore. The secured creditors to BSAL represented by IFCI had taken over possession of properties of the BSAL in association with the official liquidator. IFCI then conducted sale process for the asset of the BSAL under the SARFAESI Act, 2002.

Coal India lowered down its production target to 440 MT

Coal India (CIL) has lowered the production target to 440.20 million tonnes from 460.50 million tonnes for the current fiscal. This has been reviewed at the time of finalization of annual plan 2011-12. Though, the achievement made up to Feb 2011 is 380.625 million tonnes.

The Ministry of Coal has reviewed the production level of CIL at several levels including reviews at Planning Commission. Accordingly, the government will be continuing to intensify its efforts to provide the support required by the coal companies to achieve the targets.

CIL has planned to take some major steps to achieve the targets during the next financial year which includes increasing efficiency of the equipments, regular monitoring, mechanization as programmed and strict supervision of the existing mines and ongoing projects, capacity addition from new and future projects, and intensively pursuing with the Government for resolving issues of environmental and forestry clearances, land acquisition and law and order problems

CUA opts TCS BaNCS for core banking system overhaul

Tata Consultancy Services (TCS), a leading global IT services, consulting  and  business solutions firm, announced that CUA, Australia’s largest customer-owned financial institution has selected its world-leading TCS BaNCS banking platform to deliver CUA’s new core banking system.
CUA will revolutionize its core banking system and back office processes over the next two years to provide greater flexibility and integration across the business and deliver an enhanced customer experience. This major project will underpin CUA’s growth strategy.
TCS BaNCS Core Banking solution will not only assist CUA for driving new product development but will also improve its efficiencies. Further, the company will be utilizing its local industry knowledge and extensive global experience to ensure CUA’s new banking platform will be scalable and flexible enough to meet its long-term customer service expectations as well as its back-end operational and data management requirements.
A recent report by Forrester Research Inc - The Forrester WaveTM: Global Banking Platforms, Q4 2010 --rated TCS as a “leader” in world-leading banking platform products.  TCS BaNCS received high scores for banking platform functionality, deployment and operations, and both product and corporate strategy.
Australia’s largest customer-owned financial institution, CUA is emerging as a competitive force in Australian banking. CUA provides banking services to more than 400,000 Australians across the country.

Uflex to set up a polyester films project in USA

Uflex has decided to set up a polyester films project in USA through its wholly owned subsidiary. In this regard, the company will invest about $80-85 million.

Earlier in January this year, the company had received its board’s approval for its proposal for setting up a new plant for manufacturing of 30,000 MTs of polyester film at Poland through its wholly owned subsidiary - Flex Middle East FZE - Dubai (UAE).

Uflex manufactures flexible packaging solutions. Earlier known as Flex Industries, currently it is the largest flexible packaging company in India. Being one of the leading companies in Asia pacific region; UFLEX has capacity of 25000 TPA.

CRISIL Equities assigns fundamental grade 4/5 to eClerx Services

CRISIL Equities has assigned a CRISIL IER fundamental grade of 4/5 to eClerx Services. The grade indicates that the company’s fundamentals are superior relative to other listed equity securities in India. CRISIL Equities has assigned a valuation grade of 3/5 to the company, indicating that market price is ‘aligned’ with the fair value.
The assigned fundamental grade showcases eClerx’s strong domain focus, niche service offering and the resultant client stickiness. This has enabled it to grow at a much faster pace than the industry in past and is expected to support its future growth as well.
eClerx Services’ portfolio of services comprises data analytics, operations management, data audits, metrics management and reporting services. It provides service solutions using a mix of custom designed data processes, delivery teams comprising generalists and domain specialists, and in-house software to automate processes.

Essar Oil defers the planned shutdown of its refinery at Vadinar, Gujarat

Essar Oil has decided to defer the planned shutdown of its refinery at Vadinar, Gujarat during May - June 2011. The company has deferred the shutdown until September and October 2011, after the monsoon season due to requests from major public sector consumers mainly Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) to continue production due to tightness in the Asian market for petroleum products, particularly gasoil, following recent events in the Middle East and Japan.
However, the deferment will not impact the schedule for commissioning of Vadinar Phase I refinery expansion. The ramp up of the new units will commence in Q3 2011 with majority of the increased production expected from mid Q4 2011.
The planned 35 day shutdown is being undertaken to integrate and synchronize the existing refinery with the new units associated with the Vadinar Phase I refinery expansion. This expansion will increase the capacity from around 300,000 barrels per stream day to 375,000 barrels and increase the complexity from 6.1 to 11.8. The increase in complexity will allow the refinery to process ultra heavy and heavy crude oils, and to produce high grade Euro V fuels which can be sold into International Markets.

SREI Infrastructure gets IFC status from RBI

SREI Infrastructure Finance has been classified by the Reserve Bank of India (RBI) as Infrastructure Finance Company (IFC) within the overall classification of Non Banking Finance Company (NBFC).

IFC status provides more flexibility in terms of accessing debt and providing loans to the infrastructure sector compared to other lending agencies. An IFC can provide loans to any single borrower more than 10% of its owned fund while banks cannot.

At present, the company’s businesses include infrastructure equipment leasing and finance, infrastructure project finance, advisory and development, insurance broking, venture capital, capital market and Sahaj e -Village. It has a pan-India presence with a network of 73 offices and has also replicated its business model overseas with three offices in Russia.

Cals Refineries award Saipem with the detailed feasibility report for refinery project at Haldia

Cals Refineries and the Hardt group has awarded Saipem, Italy, a subsidiary of Eni S.p.A., and one of the largest and best balanced turnkey contractors in Oil and Gas industry, the detailed feasibility report for the 200,000 Barrels per day refinery project at Haldia, West Bengal.
The Company will award Saipem the lump sum Engineering-procurement-Construction -Commissioning (EPCC) contract for the Project if the parties would reach an agreement on the terms of proposed feasibility report within 80 days.
Cals Refineries’ business strategy is to create an independent value-added integrated refining / petrochemical business with significant economies of scale and operational efficiency, producing world-class refining and petrochemical products with competitive domestic and international marketing strategy.

Indiabulls Financial Services gets SEBI approval for Indiabulls Mutual Fund

Indiabulls Financial Services has received SEBI’s final approval for Indiabulls Mutual Fund sponsored by the company. This enables commencement of mutual fund business and launching of mutual fund schemes in due course. SEBI has granted its 'Certificate of Registration' on March 24, 2011.
SEBI has also granted its approval to Indiabulls Asset Management Company, a 100% subsidiary of the company to act as Asset Management Company to Indiabulls Mutual Fund.
In January, this year Indiabulls Financial Services has sold its 26% stake, held by it, in Indian Commodity Exchange (ICEX), to Reliance Exchangenext, a holding company of Reliance Spot Exchange (RSX) and a subsidiary of Reliance Capital. The company now holds 14% stake in ICEX.
Indiabulls Financial Services is engaged in the business of offering various services in the area of consumer finance, housing finance, commercial loans, life insurance, asset management and advisory services. It has reported a decline of 204.59% in net profit to Rs 173.98 crore for the quarter ended December 31, 2010 against Rs 57.12 crore for the quarter ended December 31, 2009.

Kajaria Ceramics commences commercial production at its U.P. facility

Kajaria Ceramics has successfully completed the conversion of part of ceramic tile production facility into vitrified at Sikandrabad (U.P.). The facility has commenced commercial production on March 28, 2011 with an effective capacity of 2.60 million square meter annually.
In February this year, Kajaria Ceramics has acquired 51% stake in Gujarat-based - Soriso Ceramic - for a total consideration of Rs 5.60 crore. Consequently, Soriso Ceramic became the subsidiary of Kajaria Ceramics.
Earlier in January this year, the company had signed a memorandum of understanding (MOU) with Eczacibasi Yapi Gerecleri A.S., (Eczasibasi), a Turkey based manufacturer of various products including the sanitary ware and CP Fittings under the brand name of 'VitrA', which they intend to market in India.
Kajaria Ceramics manufactures more than 400 options of flooring solutions such as wall tiles, floor tiles, vitrified tiles and Spanish and Italian tiles. The tiles major market these products under the brand name Kajaria, Kerrogres, Eternity, Aparici, Saloni ceramica, Ergon and GRESPANIA Ceramica.

Electrotherm (India) incorporates its wholly owned subsidiary

Electrotherm (India) has incorporated it’s wholly owned subsidiary - Electrotherm Mali SARL in the Republic of Mali, Africa.
Last year in June, Electrotherm (India) has acquired the 100% shareholding of Hans Ispat and remaining shareholding of Shree Hans Papers, a subsidiary of Hans Ispat. In April the company had agreed to buy entire stake in Shree Ram Electro Cast at a total consideration of up to Rs 85 crore.
Electrotherm India is engaged in the manufacture of a wide spectrum of products for the metal melting industry.

REC to set up 3 Projects Specific Purpose Vehicles

Rural Electrification Corporation’s (REC) wholly owned subsidiary - REC Transmission Projects Company (RECTPCL) - has been appointed as the bid process coordinator (BPC) for three transmission projects. Out of which, the first includes Transmission System Associated with IPPs of Vemagiri Area- Package A, Vemagiri Pooling Station-Khammam 765 kV 1xD/c (1st ckt.) line and Khamam - Hyderabad 765 kV D/C (1st ckt.) line. The Transmission System Associated with IPPs of Vemagiri Area- Package B, Vemagiri Pooling Station-Khammam 765 kV 1xD/C (2nd ckt.) line and Khamam - Hyderabad 765 kV D/C (2nd ckt.) line.
The third project includes Transmission System Associated with IPPs of Vemagiri Area- Package C and Wardha-Jabalpur Pooling Station 765 kV 1xD/c line. The company for the same is in process to incorporate three Special Purpose Vehicles (SPVs) as its wholly owned subsidiary companies.
Since, RECTPLCL is wholly owned subsidiary of REC, the company’s board of directors have approved the proposal of incorporation of three SPVs as subsidiary companies of RECTPCL, which will also be the subsidiaries of the company.

Markets likely to make a flat-to-cautious start

The Indian markets continued their bull run for the fifth straight day in previous trading despite weak global cues. While most of the sectoral gauges moved higher, the benchmarks added another more than half a percent. Today the start is likely to be cautious-to-flat for the markets and some consolidation may appear after a series of rally while some sectors may witness profit booking too. The F&O series expiry week is likely to bring volatility. Some of India’s leading industrialists like Ratan Tata and Anil Ambani will appear next week before Parliament’s Public Accounts Committee in the alleged 2G spectrum scam. Meanwhile, the Telecom Ministry will be taking a final decision on 2G spectrum pricing and on those holding airwaves beyond contracted limit of 6.2 Mhz, based on recommendations of TRAI, within next three months before seeking Telecom Commission’s approval.

The finance ministry has said that the draft guidelines for giving new banking licences would be announced by the Reserve Bank of India in the next few days. In Budget 2011-12, finance minister Pranab Mukherjee had said that the RBI plans to issue guidelines for the grant of new banking licences before the close of this financial year.

The US markets snapped the gaining streak on Monday on concerns of Japan’s nuclear crisis and violence in the Middle East and North Africa though, there were good economic reports but investors opted to remain sideways. The Asian markets have made a mixed start with Japanese Nikkei suffering on reports that most of the companies will not be able to report the financials on time while the dividend declaration too may be delayed.

Back home, stock markets in India extended the uptrend on the first day of the F&O expiry week, after vivaciously rallying over two percent on Friday, and managed to finish a choppy session of trade on an optimistic note as the joy of closing in the positive territory got quintupled. The benchmarks displayed resilience as they traded firmly in the green for most part of the day’s trade on the back of heavy buying in rate sensitive counters like Auto and Baking and managed to touch two month high levels. Investors traded with some conviction as growth concerns over Europe weighed on crude oil prices. However, the frontline indices met with stern resistance at the psychological levels of 5,700 and 19,000 as investors took profits off the table around those levels after reports of fierce retaliation between Western forces and forces loyal to Col Gaddafi emerged. The bourses climbed over half a percent in the session despite tepid leads from markets across the globe as investors speculated most of the headwinds have been factored in by the markets and that the companies will report strong quarterly earnings for the fourth quarter. Meanwhile, local sentiments also took cues from CII Survey which opined that the ongoing high inflation and resulting rapid increase in costs has so far been unable to significantly dent the performance of India Inc. Earlier on Dalal Street, the benchmark got off to a soft start as fresh worries over high levels of radiation in Japan emerged which delayed efforts to stabilize a crippled nuclear power plant and shoddier than expected earnings reported by some blue chips companies weighed on cautious investor mood. After hitting intraday lows in the early hours, the frontline indices rose to higher levels on the back of buying in blue chips and fertilizer stocks. However, the session largely remained characterized by choppiness as investors seemed reluctant to pile up hefty positions after the recent over five percent rally. On the sectoral front, rate sensitive Auto pocket surged by 1.52% led by heavyweight Tata Motors which zoomed over 3%, being the top gainer on Sensex while stocks like Maruti Suzuki and Cummins India too gained around 1.50% each. The Capital Goods index too remained amid the thick of things. Finally, the BSE Sensex surged by 127.50 points or 0.68% to settle at 18,943.14 while the S&P CNX Nifty climbed 33.00 points or 0.58% to end at 5,687.25.

US markets closed modestly lower on Monday despite some good economic reports as traders showed concern over Japan's nuclear crisis and violence in the Middle East and North Africa. Oil prices eased a bit as rebels in Libya, gained ground against Moammar Gadhafi with the help of international airstrikes against Gadhafi’s forces. On the domestic front, the Commerce Department said that consumer spending rose at its fastest pace in four months in February, though some of the increase was driven by higher gas prices.

On the same time, the National Association of Realtors said more Americans signed contracts to buy homes in February than economists were expecting. Sales rose in every region but the Northeast, but remained below what is considered a healthy level. Sales agreements for homes unexpectedly rose 2.1 percent last month to a reading of 90.8. Signings were 19.6 percent above June's index reading, the low point since the housing bust.

The Dow Jones industrial average lost 22.71 points, or 0.19 percent, to 12,197.88. The broader S&P 500 index dipped by 3.61 points, or 0.27 percent, to 1,310.19, while the Nasdaq composite declined by 12.38 points, or 0.45 percent, to 2,730.68.

Crude prices fell on Monday on report of Libya's rebels successes against forces loyal to Muammar Gaddafi. Qatar became the first Arab country to recognize Libya’s rebels as the people's sole legitimate representative, a day after a senior Libyan rebel official said Qatar had agreed to market crude oil produced from east Libyan fields no longer under the control of leader Muammar Gaddafi. However the dollar grew stronger which can pressure oil prices by making dollar-denominated commodities more expensive.

Benchmark crude for May delivery fell $1.78, or 1.7 percent, to $103.62 a barrel, after trading in a range of $103.60 to $105.76 on the New York Mercantile Exchange. In London, Brent crude futures for May delivery settled down 79 cents at $114.80 a barrel on the ICE.

ONGC, Hero Honda and Idea may be in limelight today

Oil and Natural Gas Corporation (ONGC) has emerged the provisional winner for close to 10 out of the 29 blocks it has bid for in the ninth round of the New Exploration Licensing Policy (NELP).

Reliance Industries has bid for six oil and gas exploration blocks while Cairn India submitted offers for two out of the 34 on offer in the 9th round of auction under the New Exploration Licensing Policy (NELP). Meanwhile, the oil regulator DGH said that Reliance Industries has not kept its commitment on drilling wells on the prolific eastern offshore KG-D6 field that has seen drastic fall in production.

The Union Cabinet is likely to approve tomorrow the induction of Rs 4,500 crore foreign equity by Hero Investments (HIPL), mainly to fund the buyout of 26 per cent stake of Japan's Honda in Hero Honda.

Kumar Mangalam Birla-led Idea Cellular would invest Rs 4,200-crore in 3G network infrastructure, including erecting around 16,000 towers by March, 2012.

SREI Infrastructure Finance is eyeing to clock up to 30 per cent growth both in profit as well as disbursement in FY12, driven by growing momentum in the sector.

ITC Hotels, the hotels division of the tobacco-to hospitality major ITC, is foraying into retail mall and service apartments. Most of the new mega hotel projects of the company will have luxury retail space and service apartments.

Delhi-based realtor Unitech had objected to Uninor India's proposed rights issue at a board meeting earlier this year and had demanded that a business plan be finalised before the modalities of fund raising are decided but its objection was over-ruled by its Norwegian partner, Telenor.

Country's largest software firm Tata Consultancy Services (TCS) has bagged an order from Australian financial institution CUA for deployment of its banking solution. Software education services provider Aptech plans to expand in Africa, Russia and Eastern Europe.

Market regulator Securities and Exchange Board of India (SEBI) has approved the $1.22 billion (more than Rs 5,400 crore) takeover of India's sixth largest IT firm Patni Computer by US-based iGate.

Tata Steel is working on a pilot project that will enable it to use waste material in iron ore.

Swift Fundamental Research and Education Society (SFRES), the education arm for the Rs 1,600-crore Ind Swift group (manufacturer as well as exporter of Active Pharmaceutical Ingredients (API) and finished doses) is geared to venture in global education with the plan of setting up of a college in the United Kingdom.

Back office services firm Firstsource Solutions expects to clock a growth of about 10% in FY11 and expects to improve on that next fiscal.

The government said Coal India has lowered the production target to 440.20 million tonnes from 460.50 million tonnes for the current fiscal.

SREI Infrastructure Finance has been classified as Infrastructure Finance Company (IFC) by the Reserve Bank.

India's Essar Oil may defer its planned refinery shutdown to September-October from a planned May-June.

Reliance Communications has introduced Star Talk, a mobile voice platform service to reach out to one’s favorite celebs. Star Talk service includes round the clock celebrity entertainment news, gossips, film news, star interviews, movie masala, movie reviews, archives, etc.

Tata Sponge Iron has decided to install an AFBC based 25 MW power plant, subject to obtaining all necessary and statutory approvals / clearances.

Natco Pharma’s novel anti-cancer drug has received Orphan Drug Designation from the United States Food and Drug Administration (US FDA) for three indications- Glioma (brain tumor), pancreatic cancer and chronic myelogenous leukemia.

Asian equities tread cautiously on Tuesday; Nikkei deposes 1.47%

Asian equity markets are treading in a cautious mood on a mixed note in Tuesday's morning session led by Japanese benchmark which fell the most in the space, on concerns over high levels of nuclear radiations from the ill fated Fukushima nuclear plant and the impact of the natural disaster on corporate earnings. Overnight leads from the Wall Street too remained subdued despite some good economic reports as traders showed concern over Japan's nuclear crisis and violence in the Middle East and North Africa. South Korean shares receded on the back of profit booking after the recent eight-session streak of net purchases by foreign funds. Stocks in China rose marginally as steelmakers provided the much needed support on expectations of higher exports to Japan for use in the country's post-earthquake reconstruction drive.

Shanghai Composite rose 3.89 points or 0.13% to 2,987.90, Hang Seng advanced 5.54 points or 0.02% to 23,073.73, KLSE Composite gained 2.00 points or 0.13% to 1,516.25, Seoul Composite added 0.35 points or 0.02% to 2,056.74 and Taiwan Weighted increased 16.34 points or 0.19% to 8,569.40.

On the other hand, Jakarta Composite shaved off 28.05 points or 0.78% to 3,574.81, Nikkei 225 plunged 139.55 points or 1.47% to 9,338.98 and Straits Times fell 3.54 points or 0.12% to 3,053.84.

US markets snap their winning streak on Monday

US markets closed modestly lower on Monday despite some good economic reports as traders showed concern over Japan's nuclear crisis and violence in the Middle East and North Africa. Oil prices eased a bit as rebels in Libya, gained ground against Moammar Gadhafi with the help of international airstrikes against Gadhafi’s forces. On the domestic front, the Commerce Department said that consumer spending rose at its fastest pace in four months in February, though some of the increase was driven by higher gas prices.

On the same time, the National Association of Realtors said more Americans signed contracts to buy homes in February than economists were expecting. Sales rose in every region but the Northeast, but remained below what is considered a healthy level. Sales agreements for homes unexpectedly rose 2.1 percent last month to a reading of 90.8. Signings were 19.6 percent above June's index reading, the low point since the housing bust.

The Dow Jones industrial average lost 22.71 points, or 0.19 percent, to 12,197.88. The broader S&P 500 index dipped by 3.61 points, or 0.27 percent, to 1,310.19, while the Nasdaq composite declined by 12.38 points, or 0.45 percent, to 2,730.68.

Indian ADRs made a mixed closing on Monday, Infosys was up by 0.18%, HDFC Bank was up by 0.70%, ICICI Bank was up by 0.93% and Tata Motors was up by 0.06%.
On the others hand MTNL was down by 0.02% and Wipro was down by 0.04%

ONGC rises on the bourses

ONGC is currently trading at Rs. 280.45, up by 1.25 points or 0.45% from its previous closing of Rs. 279.20 on the BSE.
The scrip opened at Rs. 280.50 and has touched a high and low of Rs. 281.35 and Rs. 280.15 respectively. So far 9,207 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 368.00 on 28-Sep-2010 and a 52 week low of Rs. 249.34 on 22-Apr-2010.
Last one week high and low of the scrip stood at Rs. 281.45 and Rs. 269.50 respectively. The current market cap of the company is Rs. 238869.28 crore.
The promoters holding in the company stood at 74.14% while Institutions and Non-Institutions held 12.30% and 13.56% respectively.
In the 9th round of auction under the New Exploration Licensing Policy (NELP), ONGC bid for 28 out of 34 oil and gas exploration blocks. In all, 75 bids were received for 33 out of 34 oil and gas blocks on offer with Oil India bidding for 17. Further, Reliance Industries bid for six while Cairn India submitted offers for two out of the 34 on offer.
The government has hired UK-based Fugro Data Solutions to market the NELP-IX blocks. There were total 34 oil and gas blocks which include eight in deepwater areas, seven in shallow water and nineteen onshore properties.
In the eight rounds of NELP since 1999, 235 blocks have been awarded till date. This has resulted in enhancement of exploration coverage from 11% to about 58 per cent of the total Indian sedimentary basin area in the country between 2000 and 2010.
Recently, ONGC is facing problems in getting Cairn India's approval for developing its KG basin discoveries, where the private energy firm is a minority partner. ONGC has made 10 gas discoveries in the block. However, Cairn has not signed the DOC (declaration of commerciality) of northern discovery in the KG-DWN-98 /2 blocks and has held back some budget approvals.

BANKNIFTY FOR SUPPORT 29/03/2011

BANKNIFTY (2nd Resistance) 11818.43
(1st Resistance) 11688.87
Pivot point 11512.43
(1st Support) 11382.87
(2nd support) 11206.43