Category Archives: Corporate

IndianOil launches Indane NANOCUT – A superior ‘Make in India’ LPG metal cutting solution

Newsroom24x7 Desk

IndianoilNew Delhi: In another pioneering move, Indian Oil Corporation, India’s flagship energy major, has introduced Indane NANOCUT, a high-therm cutting gas for industrial applications in metal cutting segment. While launching the product, B Ashok, Chairman, IndianOil, said, “The breakthrough nanotechnology additive developed by IndianOil R&D Centre shall give a huge boost to the use of LPG in metal cutting segment. For the first time in India, there is a product available that is technically superior with high flame temperature advantage, and is a much safer option within this industry segment.” Chairman added that the customers themselves have certified the effectiveness and efficiency of the product during the extensive field trials conducted by IndianOil.

The metal cutting market in India will be revolutionized with the entry of Indane NANOCUT, a cutting-edge technology that is cost-effective as well as environment-friendly. Packed in 19 kg cylinders, Indane NANOCUT shall be available through the extensive distribution network of Indane distributors across India.

The innovative product has been developed indigenously by IndianOil’s Research & Development Centre. The superior performance of the product has been proven through the extensive field trials and testing in prestigious laboratories over the last few years. The product ensures faster, cleaner and sharper cuts, with reduced slag and wastage at a thermal temperature that is much higher than the similar products available in the market.

Emitting soot-free and low-glare flame at lower operating pressures, this technically advanced product has low oxygen consumption and heat throughput, and thus is a more environment-friendly option for the end-users and compatible with both automated and manual hand-held torch systems. A product that can be easily transported and stored at site, Indane NANOCUT is a much safer alternative for metal cutting applications as compared to the conventionally used oxy-acetylene, which is fraught with the potential hazard of explosion during usage/ storage.

In the first phase, the product shall be marketed in the major metal cutting Indian markets of Mandi Gobind Garh (Punjab) and Alang (Gujarat) from IndianOil’s LPG bottling plants at Nabha and Bhavnagar. The product shall be made available on a pan-India basis thereafter.

Indane is today one of the largest packed-LPG brands in the world. Its reputation is built on the bedrock of trust that Indane has developed with successive generations of users. Its multi-pronged platform of Safety, Convenience and Reliability has been an integral part of the brand’s growth and success.

Potential Applications:

  • Highly recommended for sectors involving metal cutting, heating, straightening, hardening, welding, soldering, brazing, coating, etc., that is currently using either oxy-acetylene or standard LPG.
  • Cutting of carbon steel, low, medium & high alloy steel plates / ingots of any desired thickness
  • Flame hardening applications
  • Other industrial heating applications

Goodyear collaborates with Plan India to improve the lives of children

Newsroom24x7 Desk

Rajeev Anand, VC and MD Goodyear India handing over cheque to Plan India
Rajeev Anand, VC and MD Goodyear India handing over cheque to Plan India

New Delhi, Delhi: Goodyear in India has extended its campaign of spreading joy on the road to now also spread joy off the road for many children in New Delhi and Mumbai. The leading tyre manufacturer has partnered with Plan India, a child centered community development organization, to support Plan India’s “Early Childhood Care Development Centers” (ECCDs) in both cities.

Goodyear’s collaboration with Plan will benefit hundreds of children, who will receive immunizations and have their health monitored regularly. It will also ensure they will get age appropriate nutrition through regular meals each day.

“With growth of infrastructure and development activities in urban areas, there are a large numbers of laborers moving to our major cities,” said Mr. Rajeev Anand, vice chairman & managing director of Goodyear in India. “In many cases, they come with their families and children from rural areas and reside in temporary housing near the construction sites where it can sometimes be difficult to access services in healthcare and education. We chose to partner with Plan India for this project as they have over 10 years of experience and an excellent record in early childhood care and development approaches for children living in and around construction areas in India.”

The ECCDs provide a safe and quality learning environment for the children of construction labourers, along with offering counseling to the parents on ante natal/post natal care such as child feeding practices, hygienic living and immunization. The centres also assist parents in admitting their children in government school once they reach the requisite age.

“Early childhood encompasses the period of development from pre-natal through the transition from home or ECCD centre into the early primary grades,” said Bhagyashri Dengle, executive director, Plan India. “It includes health, nutrition, education, social science, economics, child protection and social welfare. The ECCDs strives to ensure young children’s overall well-being during the early years. Plan aims to improve holistic care for the development of children between 0-6 years at home and in centers by strengthening the government systems and structures as well as building capacities of parents and communities.”

Goodyear’s presence in India is more than 92 years old, with two tyre plants, one each in Ballabgarh and Aurangabad. In the passenger car segment, Goodyear in India supplies tyres to many of the leading Original Equipment Manufacturers. Goodyear in India has been a pioneer in introducing tubeless radial tyres in this segment. In the farm segment, in India, Goodyear tyres are supplied to all the major tractor companies.

Indian telecoms auction to witness intense bidding

Newsroom24x7 Desk

telecoms auctionThe Indian telecoms auction starting today is likely to see intense bidding by telcos to retain their existing spectrum and to acquire new spectrum as supply is limited, says Fitch Ratings.

Telcos, according to Fitch, are likely to commit at least USD 13bn in the auctions – over 75% of which is likely to be contributed by the top-four telcos. Most telcos’ net debt will rise to fund spectrum payments while competition limits their ability to raise tariffs, particularly with the impending entry of a new competitor, Reliance Jio.

The top-three telcos – Bharti Airtel (Bharti, BBB-/Stable), Vodafone India and Idea Cellular – could commit around USD2.5bn-4.5bn each to renew their expiring spectrum in six, seven and nine Indian “circles” (i.e. regions), respectively. They are also likely to acquire additional spectrum to support fast-growing data services.

Idea is most exposed to the auctions as it needs to retain its expiring spectrum in circles which contribute around 70% of its annual revenue. Such revenue contributes 45% and 35% of annual Indian revenue for Vodafone and Bharti, respectively. Telcos whose 900MHz spectrum is expiring will prefer to retain this bandwidth, as having to switch frequencies could require significant capex and disruption of the already-established network.

Reliance Communications Limited (Rcom, BB-/Stable) will be the least affected of the top four, as Fitch believes it is likely to commit a maximum of USD667m in seven circles, where we expect competition for spectrum will be lower. Rcom’s management expects this cost to be lower.

We expect Bharti’s and Rcom’s ratings to remain unchanged, as their 2015 funds flow from operations (FFO)-adjusted net leverage is likely to remain below 2.5x and 5.0x, respectively, following the auction. Most telcos have already raised equity or monetised assets in anticipation of spectrum auctions. During 2014, Bharti, Idea and Rcom raised about USD2.5bn, USD625m and USD1bn apiece through either equity and/or asset sales. Cash flows will still be manageable, as telcos have the option to pay spectrum cost in phases, with one-quarter upfront and the balance over 10 years.

Reliance Jio (part of Reliance Industries Ltd (BBB-/Stable)) which plans to roll out its services in 2015 with an investment budget of USD12bn, is likely to fill its spectrum gaps in the 1,800MHz band. We feel it will probably focus on data services using “long-term evolution” technology, with its ownership of 1,800MHz spectrum in 14 circles and a pan-India spectrum in 2,300MHz. However, as occasionally seen in the earlier auctions, Reliance Jio could push up the spectrum price in 900MHz for other telcos, if it chooses to do so, as the auction mechanism hides the identities of participants.

Eight operators are likely to bid for a total of 465MHz of spectrum across four bands – 800MHz, 900MHz, 1,800MHz and 2,100MHz – where each band is valid for 20 years. Bidding is likely to be most intense for the 900MHz band, which can be used for both 2G and 3G, as signals can travel further and provide better indoor coverage than higher frequencies. We believe that the 900MHz auction price could rise at least 20% higher than the reserve price.

State Governments offering to sell 10 year securities

Newsroom24x7 Desk

govt securitiesMumbai, Feb. 6: Thirteen State Governments have offered to sell 10 year securities by way of auction for an aggregate amount of Rs. 11,620 crore at Face Value. The states offering to sell 10 year securities by auction to raise between  Rs. 1000 crore to Rs. 1500 crore are Gujarat, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Tamil Nadu and Uttar Pradesh.

The State-wise break up is as follows:

Sr. No. State Amount to be raised (Rs. crore) Tenure Years
1 Bihar 600 10
2 Gujarat* 1200 10
3 Haryana 750 10
4 Himachal Pradesh 95 10
5 Karnataka 1500 10
6 Kerala 1000 10
7 Madhya Pradesh 1000 10
8 Maharashtra 1200 10
9 Meghalaya 75 10
10 Punjab 750 10
11 Rajasthan 750 10
12 Tamilnadu* 1200 10
13 Uttar Pradesh 1500 10
Total 11620
*Gujarat and Tamil Nadu will have option to retain additional Rs. 360 cr and Rs. 300 cr respectively.

The auction will be conducted on the Reserve Bank of India Core banking Solution (E-Kuber) system on February 10, 2015 (Tuesday). The Government Stock up to 10 % of the notified amount of the sale of each of the stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1 % of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility (available on RBI website).

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core banking Solution (E-Kuber) system on February 10, 2015 (Tuesday). The non-competitive bids should be submitted between 10.30 A.M. and 11.30 A.M. and the competitive bids should be submitted between 10.30 A.M. and 12.00 noon.

The yield percent per annum expected by the bidder should be expressed up to two decimal points. An investor can submit more than one competitive bid at different prices in electronic format on the Reserve Bank of India Core banking Solution (E-Kuber) system. However, the aggregate amount of bids submitted by a bidder should not exceed the notified amount for each State.

The Reserve Bank of India will determine the maximum yield/minimum price at which bids will be accepted. Securities will be issued for a minimum nominal amount of Rs 10,000.00 and multiples of Rs. 10,000.00 thereafter.

The results of the auction will be announced on February 10, 2015 (Tuesday) and payment by successful bidders will be made during banking hours on February 11, 2015 (Wednesday) at Mumbai and at respective Regional Offices of RBI.

The State Government Stocks will bear interest at the rates determined by RBI at the auctions. Interest will be paid half yearly on August 11 and February 11 of each year till maturity for all states. The Stocks will be governed by the provisions of the Government Securities Act, 2006 and Government Securities Regulations, 2007.

The investment in State Government Stocks will be reckoned as an eligible investment in Government Securities by banks for the purpose of Statutory Liquidity Ratio (SLR) under Section 24 of the Banking Regulation Act, 1949. The stocks will qualify for the ready forward facility.