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Bombay Stock Exchange News

25 Jul 2016

IOC Mulls Buying GSPC's Stake in Mundra Terminal

Indian Oil Corporation (IOC), the country's largest oil company,  is in talks to buy debt-laden Gujarat State Petroleum Corp’s (GSPC) stake in the under-construction Rs.4,500 crore ($669 million) Mundra LNG import terminal, according to PTI. IOC is keen to buy a stake in Mundra terminal but does not want GSPC to exit the project completely. IOC wants the state government entity to remain as a part of the project for smooth operations, sources said. GSPC is looking to exit the 5 million tonnes a year LNG import terminal project, which is likely to be completed by mid-2017. It has offered its 50 per cent stake in the terminal to IOC. GSPC LNG - a unit of GSPC - holds 50 per cent interest in the project.

02 Jul 2016

G E Adds a Kamsarmax Dry Bulk Carrier Jag Ajay

The Great Eastern Shipping Company took delivery of a new building Kamsarmax dry bulk carrier Jag Ajay. Great Eastern Shipping Company Ltd has informed the Bombay Stock Exchange regarding a Press Release dated June 30, 2016 titled: G E Shipping takes delivery of a new building Kamsarmax Dry Bulk Carrier "Jag Ajay". The vessel was ordered by GE Shipping in December 2013 and has been built at Jiangsu New Yangzi Shipbuilding Co. Ltd., P.R. China. With the inclusion of this vessel, the company's current fleet stands at 33 vessels, comprising 23 tankers (7 crude carriers, 14 product tankers, 2 LPG carrier) and 10 dry bulk carriers (5 Kamsarmax, 5 Supramax) with an average age of 9.97 years aggregating 2.48 mn dwt.

12 Jun 2015

Privinvest May Buy Stake in ABG Shipyard

India's largest private shipbuilding company ABG Shipyard is in talks with Privinvest Holding SAL to sell stake. A report says that Privinvest is expected to acquire up to 49% stake in ABG. A report in the ET NOW says both the companies entered into an exclusivity period for the transaction on May 29. Privinvest may get 3 board seats and new management to ABG Shipyard post the deal, says report. Privinvest Holding which has shipbuilding operations across the world is interested in picking majority stake in ABG Shipyard not only to have a presence in India but to also gain from its defence licence to build warships. This will be a much needed lifeline as ABG has been struggling to stay afloat a year after its Rs 11…

21 May 2015

Petronet LNG appoints new chairman

India’s largest importer of the chilled gas Petronet LNG has appointed Kapil Dev Tripathi, Secretary, Ministry of Petroleum and Natural gas as Chairman and Director on the Board of the company. The appointment follows the former Chairman and Director of the company Board, Saurabh Chandra’s resignation on May 6. Further the Company has informed that, Eric Ebelin has been appointed as Alternate Director to Philip Olivier. In a filing to the Bombay Stock Exchange the company informed “Kapil Dev Tripathi Secretary Ministry of Petroleum and Natural gas Government of India has been appointed as Chairman and Director on the Board of the Company w.e.f.

11 Mar 2015

ABG Shipyard Denies Sale to L&T

ABG Shipyard Ltd has clarified with reference to the news item appearing in the Media on March10, 2015 titled "L&T in race to buy ABG Shipyard stake". The Bombay Stock Exchange had sought clarification from ABG Shipyard Ltd with respect to news published in ET Now that said either L&T is taking ABG Shipyard over or there is a strategic investment being made by L&T into the company. In a notification to the stock exchanges, the company confirmed that no such negotiations were taking place and the company is not aware of any information that has to be announced to the Exchanges which could explain the aforesaid movement in the trading and that which is required to be disclosed to the stock exchanges as per Clause 36 of the Listing Agreement.

09 Apr 2012

Launching India into the Global Shipbuilding Competition

Shipbuilding has always been close to his heart, but Vijay Kumar’s greatest desire is to see his country, India, exploit the benefits of shipbuilding for the greater good of India’s economy as a whole. To date, the shipbuilding business in India has come with more promise than production, with its market share at a mere one percent of global shipbuilding activity, Kumar, Managing Director of Bharati Shipyard Ltd., is determined to help grow the shipbuilding industry not just for the good of his company, but for the good of the country as a whole. He envisions, with government support, a dynamic growth in India’s shipbuilding market, projecting its output to soar to a global market share of between 5 to 7.5 percent in the next 10 years.

11 Oct 2009

Pipavav Shipyard Prospects Tied to Orders

According to an Oct. 9 report from The Wall Street Journal, India's Pipavav Shipyard Ltd. made a muted debut on the stock exchanges. The shares of the shipbuilding, repair and fabrication company opened at $1.30, 3.8% above the offer price of 58 rupees. However, they closed trading 2.1% down at 56.80 rupees, with volume of 50.39 million shares on the Bombay Stock Exchange. (Source: The Wall Street Journal)

23 Oct 2008

Petronet LNG Q2 net dips 10%

The company had a net profit of Rs 115.51 crore for the same quarter in FY'08, Petronet LNG said in a filing to the Bombay Stock Exchange. The total income of the company declined to Rs 1,654.92 crore for the quarter under review from Rs 1,670.50 crore in the year-ago period. For the six months ending September 30, the public sector energy firm registered a net decline of 6.4 per cent at Rs 209.01 crore against Rs 223.53 crore in the year-ago period. While the total income in six months rose to Rs 3,300.77 crore, from Rs 3,221.52 crore in the corresponding period last fiscal. (Source: TradingMarkets.com)

15 Oct 2007

GE Shipping to Buy Bulk Carriers

Great Eastern Shipping Company Ltd (GE Shipping) informed the Bombay Stock Exchange that it has contracted to buy two new building Kamsarmax dry bulk carriers, according to a report on http://sify.com. The 80,700 dwt vessels are expected to join the company’s fleet during the fourth quarter of 2010-11 and the first quarter of 2011-12, respectively. GE’s current fleet stands at 48 vessels comprising 36 tankers (14 crude carriers, 20 product tankers, two LPG carriers) and 12 dry bulk carriers with an average age of 11.3 years aggregating 3.29 million DWT, according to the report on http://sify.com.

16 Aug 2006

India's Varun to Build LNG Carrier Fleet

India’s fourth largest private sector shipowner, Varun Shipping Co, plans to raise 536m in an effort to expand business, mostly in the carriage of liquefied natural gas. Varun Shipping will sell securities either in the domestic market or abroad to raise the money, it said in a statement to the Bombay Stock Exchange. The type of securities to be sold was not specified. The board of directors also approved raising the limit on overseas shareholding to 49%. The Indian shipping ministry has asked the country's shipowners to take the initiative to develop a fleet of LNG carriers and to consider import of the gas only on free-on-board terms.

10 Oct 2005

SCI plans to acquire 64 ships

The State-owned Shipping Corporation of India (SCI) plans to acquire 64 ships under the national maritime development program, according to a report on Manorama Online. The national shipping major said it will acquire 32 vessels by March, 2007, and as many during the next five years of the 11th Plan period of 2007-2012. The company has informed the Bombay Stock Exchange that it expects delivery of these vessels by March, 2015. Commenting on a media report that SCI is to acquire a total of 76 vessels by 2025, the corporation said it can achieve the target of acquiring additional 12 vessels in 13 years beyond the 11th Plan period if asked to do so.