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Nalco granted bauxite mining lease in Andhra
The Centre has approved the proposal for grant of mining lease (ML) to the state-owned National Aluminium Company Limited (Nalco) over Gudem and Katamraju Konda bauxite blocks in Andhra Pradesh. The AP government had earlier sent its recommendations in favour of the company to the Centre for the same property. The two deposits are estimated to have 85 million tonne of bauxite. http://smallpersonalloans.org.uk

ONGC speeds up grid connectivity work at Mumbai High
As part of enhancing production of oil and gas, public sector undertaking Oil and Natural Gas Corporation (ONGC) has decided to install Electrical Submersible Pumps (ESP) in 26 Well Head Platforms (WHP) in Western Offshore of the coast of Mumbai.

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Few takers for govt offer on H1N1 vaccine trials
The central government’s invitation to global pharmaceutical companies to conduct clinical trials here of their H1N1 (swine flu) vaccine candidates has evoked only a limited response. Only two companies, Novartis and GlaxoSmithKline, have come forward to seek regulatory approval for such trials in India, it is learnt.
Small Business

ONGC profit rises 23% to Rs 3,053 cr in Q3

Oil & Natural Gas Corporation (ONGC) posted an increase of 23.38 per cent in net profit at Rs 3,053.58 crore for the quarter ended December 31, 2009, as compared to Rs 2,474.81 crore in the corresponding quarter last year. The state-owned company reported the highest net profit growth in the last six quarters. - Maharatna status to top PSUs likely in six months - ONGC-Mittal exit Turkmenistan oil block - ONGC to pay Rs 3,497 cr fuel subsidy in Q3 - Underrecoveries to exceed gas revenue: ONGC - ONGC to lend Rs 5,000 cr to MRPL for expansion - ONGC to foot Rs 3,500 cr as fuel subsidy The company’s turnover, including sale of Mangalore Refineries and Petrochemical"s (MRPL) products, rose 23 per cent to Rs 15,373 crore for December quarter, as against Rs 12,521 crore in the same period of previous fiscal. The company made seven new discoveries during FY10 and two more in January 2010. The board has also approved Rs 2,887 crore investments for integrated development of D1 marginal field in Mumbai offshore and for acquisition of a new Multi Support Vessel. The stock outperformed the Sensex in falling market, declined by 1.98 per cent to Rs 1,140 today, as compared to 2.42 per cent fall in the index.


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