ONGC Videsh to foray into West Africa
Mumbai: After successful forays into Russia and Sudan, ONGC Videsh Ltd (OVL), the wholly owned overseas subsidiary of Oil and Natural Gas Corporation, is planning to foray into West Africa, says a report. OVL is planning to pick up a substantial stake in two exploration and production fields in a West African country and has initiated talks with a European company.

It is planning to pick up a 50 per cent stake in one of the fields. Atul Chandra, managing director of ONGC Videsh, confirmed the company was looking at West Africa, including Angola, for exploration and production of oil. However, he pointed out no decision had been taken as yet. "We are talking to a few companies that are willing to divest their stakes in the fields," Chandra said. The company is going ahead with plans to have a global presence and oil equity abroad.
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Maruti January sales rise 30%
New Delhi: Maruti Udyog Ltd on Monday said that its sales in January rose 30 per cent to touch a monthly record, propelled by compact cars, Zen, WagonR and Alto. The company sold 49,140 vehicles in January - its highest monthly sales ever - compared to 37,738 vehicles it sold in the same month a year ago. This includes export of 4,831 units, a company spokesman said.

WagonR and Alto also notched up their highest sales in a month - 5,882 units and 8,377 units, respectively. Zen sold 7,236 units in the month to take the total sales of `A2' segment to 21,495 units, up 86.5 per cent year-on-year from 11,523 units. Maruti's entry-level car, the 800, however, suffered a minor dip during the month as sales fell to 15,301 units from 15,628 units a year ago. Omni and Versa vans recorded a growth of 11.5 per cent at 6,016 units, while the Baleno and Esteem Sedans grew 46 per cent to 1,344 units. Utility vehicles, Vitara and Gypsi sold 153 units in the month, down from 252 units.
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Hero Honda sales up 35% in January
New Delhi: Hero Honda Motors Ltd on Monday said that its sales in January rose 35 per cent year-on-year to 1.95 lakh units. Retail sales of the company in the month is expected to be over two lakh units, Hero Honda said in a statement here. In January, Hero Honda sold 1,95,982 vehicles. "This is the third instance in the last four months when the company has come close to, or exceeded, the two-lakh motorcycle mark," the statement said.

Cumulative sales of Hero Honda in the April-January period of the fiscal stood at 16.73 lakh motorcycles, up 17 per cent from 14.27 lakh units it sold in the corresponding period last year.
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CESC to come out with rights issue
Kolkata: The RPG group flagship CESC Ltd is planning a rights issue. The proposal is slated to be taken up at a meeting of the board of directors here on February 9. Company sources declined to give any further details saying things were still under discussion. The company has also issued a statement to this effect to the BSE.

Indications are that the issue would be at a premium, given the prices that CESC have been commanding of late. The power utility closed its third quarter with a Rs 15-crore net profit against a Rs 40-crore loss in the same period of 2002-03. Net profit during April-December 2003 stood at Rs 53 crore compared with Rs 75 crore loss incurred in the same period of the previous year.The company had a nearly five-year spell of losses mainly owing to absence of tariff revision.
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Computershare to buy 50% stake in Karvy
Bangalore: Computershare Ltd plans to buy 50 per cent equity stake in Karvy Consultants Ltd for A$10 million, a company release said. The purchase, subject to certain conditions that are expected to be satisfied shortly, will mark Computershare's entry into the Indian financial markets. Karvy's existing registry business will be renamed Karvy Computershare Pvt Ltd post-buy, the release added.

"The Indian securities market infrastructure and regulatory environment have developed very rapidly over the past few years and provide an excellent environment in which to offer Computershare services," Mr Stuart Crosby, Asia Pacific Managing Director, Computershare, said in the release. "The equities markets are undergoing rapid growth, with a significant number of large IPOs in the pipeline. The rapid internationalisation of the Indian economy offers outstanding opportunities to showcase Computershare's global capabilities," he added.
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Reliance increases petrochemical prices
Mumbai: Reliance Industries Ltd has hiked prices of fibre intermediates, polyester and polymer products from February 1. Among fibre intermediate products, purified terephthalic acid prices are up 9.4 per cent to Rs 37.20 per kg (Rs 34) and mono ethylene glycol prices are up 7.9 per cent to Rs 43.65 per kg (Rs 40.45). Partially oriented yarn prices have been hiked by 8.6 per cent to Rs 76 per kg (Rs 70), polyester staple fibre is up 3.2 per cent to Rs 65 per kg (Rs 63) while polyethylene terehthalate prices are up 7.2 per cent to Rs 59.50 per kg (Rs 55.50).

Among polymers, polyethylene prices are up 6.4 per cent to Rs 50.20 per kg (Rs 47.20) and polypropylene to Rs 50.85 per kg (Rs 48.85), 4.4 per cent dearer. Polyvinyl chloride prices are 4.6 per cent higher to Rs 45.50 per kg (Rs 43.50). Linear alkyl benzene prices have been slashed 3.6 per cent, to Rs 53.90 per kg (Rs 55.90).
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