Goldman cuts India’s HPCL to neutral

July 16, 2010 By Leave a Comment

July 15 (Reuters) – Goldman Sachs said on Thursday it had downgraded Indian refiner Hindustan Petroleum Corp (HPCL.BO) to “neutral” from “buy”.

“Following a sharp rally in the state-owned oil stocks after commencement of fuel pricing reforms, we find the risk-reward for our conviction ideas less compelling than before,” it said in a note.

Goldman also removed Bharat Petroleum Corp (BPCL.BO), and Oil & Natural Gas Corp (ONGC.BO) from its conviction list, but retained a “buy” on these stocks. (Reporting by Ami Shah)

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India’s L&T gets $81 mln contract from ONGC

July 15, 2010 By Leave a Comment

July 14 (Reuters) – Indian construction conglomerate Larsen & Toubro (LART.BO) said on Wednesday it had won a contract worth 3.76 billion rupees ($81 million) to refurbish an offshore rig for state-run explorer Oil and Natural Gas Corp (ONGC.BO). ($1=46.7 rupees) (Reporting by Prashant Mehra)

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India’s ONGC plans to buy rigs for $986 mln-report

July 1, 2010 By Leave a Comment

June 29 (Reuters) – State-run Oil and Natural Gas Corp (ONGC.BO) is planning an investment of 45.80 billion rupees ($986 million) to buy 14 oil and gas rigs, the Mint newspaper reported on Tuesday, citing an unnamed company official.

Energy | Industrials

The company wants to acquire 10 onshore rigs for 9 billion rupees from state-owned Bharat Heavy Electricals Ltd (BHEL) and float tenders for four offshore rigs that may require an investment of 36.80 billion rupees, the report said.

“For onshore rigs we will go with BHEL. We have got quotations from them,” an ONGC official was quoted as saying. “For offshore jackup rigs, once we crystalize the design, we will go for tendering.” ($1=46.45 rupees) (Writing by Ruchira Singh; editing by Surojit Gupta)

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Indian shares provisionally close 0.4 pct higher

June 1, 2010 By Leave a Comment

May 31 (Reuters) – Indian shares provisionally closed 0.44 percent higher on Monday, boosted by strong economic data and led by gains in energy firms Reliance Industries (RELI.BO) and Oil and Natural Gas Corp (ONGC.BO).

Financials

The 30-share BSE index .BSESN provisionally ended up 74.97 points at 16,938.03, with 17 components gaining.

The 50-share NSE index also provisionally closed up 0.44 percent at 5,088.80 points. (Reporting by Sumeet Chatterjee; Editing by Unnikrishnan Nair)

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