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We will hear when Essar hear. I guess all we do is wait. Either way Essar have the money so no worries.
The government really need to act with headlines like these http://economictimes.indiatimes.com/news/economy/infrastructure/power-grid-failure-deadly-train-fire-higlight-indias-crumbling-infrastructure/articleshow/15283530.cms
Could be an opportunity here for Essar with regarding the power outage.
Hello mate. Thank you. As always much appreciated. I am good and dandy and enjoying this weather even though we had a couple of showers here this afternoon. How are you mate. Hope things are good at your end and you too are enjoying the weather.
http://economictimes.indiatimes.com/news/news-by-industry/energy/oil-gas/essar-oil-ltds-accounts-de-frozen/articleshow/15210844.cms NEW DELHI: Essar Oil Ltd today said Gujarat government has de-frozen its bank accounts after it paid Rs 1,000 crore in sales tax dues. "Essar Oil Ltd today has been informed by the office of Assistant Commissioner of Commercial Tax, Jam Khambaliya, Gujarat, of release of the bank accounts frozen on July 9, 2012," the company said in a press statement here. The Supreme Court had in January said Essar Oil was not entitled to defer payment of sales tax, an incentive offered by the Gujarat government for the company to start production at its Vadinar refinery in the state by August 15, 2003. Since the deadline was missed, the company lost right to defer sales tax payment by 17 years and was ordered to pay Rs 6,169 crore in dues. To recover dues, the Gujarat government had on July 9 attached three bank accounts of Essar Oil in Jamnagar. There after the company approached the Supreme Court which asked Essar Oil to deposit Rs 1,000 crore out of the sales tax dues by July 31. "Essar Oil has complied with the Supreme Court direction and deposited Rs 1,000 crore with the state government," it said. "As per the order, the bank accounts have been rendered operational with immediate effect".
http://in.reuters.com/article/2012/07/27/barclays-oil-idINL6E8IRGXU20120727 Global commodities chief sees prospects in Europe, U.S. * Deal with Essar is bigger than any so far by Barclays By Dmitry Zhdannikov and Simon Falush LONDON, July 27 (Reuters) - European refiners will increasingly choose to have oil supply deals with banks to reduce price volatility risks and ease burdens on working capital, Barclays said on Friday after its first major oil supply deal in Europe this week. "We see more transactions like this for clients looking to mitigate their capital and commodity risks," John Eleoterio, global head of commodities structured origination at Barclays, told Reuters. "There are opportunities in Europe and globally, with a particular emphasis in Europe and the U.S. market," he added. Big commodities trading banks such as Goldman Sachs, JP Morgan, Morgan Stanley, Deutsche and Barclays have clinched several landmark deals in the United States in the past years to supply independent refiners. Banks have also agreed to finance oil inventories to minimise the burden on refiners' balance sheets amid stubbornly high oil prices. This week, Barclays became the first bank to do a similar large-scale deal in Europe with India's Essar Energy. Barclays will hold the inventories of crude oil and petroleum products at Essar's Stanlow, the second largest UK refinery, and will also supply crude to the refinery for three years. "The nature of the agreement is more dynamic than a traditional crude supply in that Barclays will be storing crude and managing the commodity volatility associated with the inventory under the crude supply agreement," said Eleoterio. The Stanlow deal is bigger than any other deal Barclays had previously, including in the U.S. market. It will be holding roughly 3 million barrels of product in storage at Stanlow. "In this difficult refining margin environment, refineries have significant working capital burdens. This is a tool that works well for them and allows them to optimise the refinery costs," he said. "This type of product is something we look to expand on a global basis," said Eleoterio. Europe has seen a number of refiners closing or being turned into storage facilities in the past years due to poor refining margins. Earlier this year, Europe's largest independent refiner Petroplus filed for bankruptcy. Traders have speculated that sovereign debt problems in Southern Europe might encourage independent refiners there to seek to optimise their supply deals. Eleoterio declined to say where else in Europe Barclays was looking to clinch similar supply and inventory deals. REGULATORY NEWS
http://timesofindia.indiatimes.com/business/india-business/Rupee-gains-as-stocks-rally-awaits-RBI-decision/articleshow/15206529.cms Lets just hope the the RBI cut rates - fingers and legs crossed.
http://www.investegate.co.uk/Article.aspx?id=201207271500027165I Just details of the AGM -
http://wrd.mydigitalfc.com/news/essar-sell-40-aegis-pe-funds-011
Read my 14:58 post. Just to add - I would place a bet on it that there is a clause.
The way which I view things is that Essar may have lost one court battle but doesn't mena to say they will lose another. Afterall it's in us all to only fight for what you believe is right. If you just say "oh well" then in my eyes it is a very pessimistic view of things and the situation which you have been confronted with. If ONGC can't accept Essar's explanation for not giving them the rig then that is their prerogative but Essar feel strongly about being left out of £2 billion worth of tenders and I for one don't blame them for going after ONGC for possible lost earnings. We all fall down and we get back up and that is what Essar are good at doing. They have faced mighty headwinds but are overcoming them all. Never ask yourself the question "what if?". It's the worst question possible in my eyes and will always come to haunt you. If you don't try then you will never know. Fair play to Essar.
http://www.bloomberg.com/news/2012-07-26/india-s-rupee-rises-most-in-2-weeks-on-global-stimulus-optimism.html July 26 (Bloomberg) --India’s rupee rose the most in almost two weeks on speculation central banks in the world’s largest economies will take more steps to support growth, bolstering demand for higher-yielding assets. The currency climbed to the highest level in almost a week after European Central Bank President Mario Draghi signaled officials are prepared to do whatever is needed to preserve the euro. Foreign investors added $10.2 billion to holdings of Indian shares this year, compared with outflows of $512 million in 2011, exchange data show. Asia’s third-largest economy expanded 5.3 percent in the first three months of the year, faster than Brazil’s 0.75 percent and Russia’s 4.9 percent. “Capital inflows will be better this year than last as India is still one of the world’s relatively fast growing economies,” said Sujan Hajra, chief economist at Anand Rathi Financial Services Ltd. in Mumbai. “However, we are unlikely to see an avalanche of funds as capital preservation is more important for investors than generous returns, considering the external environment is quite bad.” The rupee advanced 1.2 percent to 55.5150 per dollar in Mumbai, the biggest jump since July 13, according to data compiled by Bloomberg. It touched 55.5125 earlier, the strongest level since July 20. One-month implied volatility, a measure of exchange-rate swings used to price options, decreased 10 basis points, or 0.10 percentage point, to 11.70 percent. Policy makers from the U.S. Federal Reserve, the European Central Bank and the Bank of England all meet next week, before the fifth anniversary of the financial crisis in August. Citigroup Inc. estimated, before Draghi’s comments, that there is a 90 percent chance Greece will exit the euro within 18 months, having previously given odds of 50 percent to 75 percent. Rate Outlook The rupee will be supported as the highest yields among major Asian economies will attract global funds, according to Anand Rathi. The government’s 10-year bonds yield 669 basis points more than comparable U.S. Treasuries, according to data compiled by Bloomberg. The Reserve Bank of India will keep its benchmark repurchase rate unchanged at 8 percent at a review on July 31, according to 27 of 28 analysts in a Bloomberg News survey. One predicts a 25 basis point cut. Central bank Governor Duvvuri Subbarao said on July 16 that inflation, which measured 7.25 percent last month, is “way above” the monetary authority’s threshold of around 5 percent. Three-month onshore rupee forwards traded at 56.75 per dollar, compared with 57.18 yesterday, and offshore non- deliverable contracts were at 56.74 from 57.21. Forwards are agreements to buy or sell assets at a set price and date. Non- deliverable contracts are settled in dollars.
http://uk.reuters.com/article/2012/07/26/markets-oil-idUKL4E8IQ13720120726
http://m.economictimes.com/news/news-by-industry/energy/oil-gas/essar-oil-shifts-from-gas-to-coal-move-likely-to-improve-margin-at-vadinar-refinery-by-1-per-barrel/articleshow/15133530.cms off my phone so i hope it works.
Any chance of you posting up the Times article. Pretty please. :-)