Unlimited mobile internet plans from Rcomm

Reliance Communication, today announced that it will launch unlimited internet plan at just Rs 99 per month for mobile users. It is the part of their plans to launch 3G services in India.  Reliance communication has bagged the 3G spectrum in 13 circles for Rs 8,585.04 crore including in the most coveted Delhi and Mumbai service areas.

Last week, India’s second-largest wireless carrier said it may sell a 26% stake to help pay debt and upgrade networks, valued at 94.8 billion rupees ($2 billion) to a strategic or private- equity investor.

On Monday, the company decided to separate tower business of its telecom arm Rcomm to create an independent firm, saying it was in advanced stage of talks for stake sale in the new entity.

Reliance communication today closed at Rs 185.80 down by 0.54% from its previous close. The stock hit a high of Rs 194.55 and a low of Rs 183.50 during the day.

Aban Offshore to restart operations of Aban Pearl in Venezuela

Aban Offshore is soon expected to restart drilling on its Venezuelan oil rig, Aban Pearl. 

Aban Pearl, one of Aban Off shore’s  biggest revenue generating rig, a gas platform, earning close to US$ 358,000 or about a Rs10 and a half million a day, sunk off the coast of Venezuela’s Sucre state on 13th May 2010.

Aban Pearl was being operated by Venezuela’s state oil company, PDVSA. The gas platform was drilling in the Mariscal Sucre offshore natural gas project. The rig belongs to Aban Singapore which is a subsidiary of Aban Offshore Ltd. and is a semisubmersible rig; meaning comparatively higher depth and thus fetching higher rent. It could drill upto 1,250 feet.

Aban Offshore is currently quoting at Rs 710.75 up by 4.68% from its previous close. The stock hit an intraday high of Rs 716 and low of Rs 688. So far, 1,287,957 shares have been traded on NSE.

Aban Offshore Ltd. is India's largest offshore drilling services provider to oil companies, mainly for ONGC. It is now ventured into international waters as one of its five rigs is doing work for an Iranian oil company. The group has also ventured into construction, offshore and onshore drilling, wind energy and power generation, Information Technology enabled services, hotels and resorts, tea plantations and in marketing.

Monetary action can happen any time: RBI Deputy Governor

With headline inflation surging to a 19-month high of 10.16% in May, RBI Deputy Governor K C Chakrabarty today said that the RBI may take monetary action to control the inflationary pressures ahead of the scheduled policy review on 27^th July 2010.

He said that the high inflation was a concern, and that inflation would always be a concern, reiterating that monetary policy has to address this issue.

"It (monetary action) can happen any time," the Deputy Governor said.

The country's largest lender State Bank of India had said yesterday that the liquidity position in the system was tight and interest rates could go up by 25 basis points in the coming months.

Finance Minister, Pranab Mukherjee also stated earlier today that the RBI would take appropriate action to control inflation as and when needed.

Planning Commission member Saumitra Chaudhuri said that inflation would stay "high" for the next two months but could be expected to ease post-September.

European Markets decline as Greece downgraded

European Markets lost grounds in the early trade today after the Greece was downgraded by Moody's ratings agency on Monday with banking stocks among the biggest loser.      

Moody's Investors Service yesterday downgraded Greece's government debt rating by four notches to Ba1 from A3, following a similar move by Standard & Poor's in April.

London’s FTSE 100 had losses almost 0.51% or 26.65 points at 5175.66. Germany’s DAX was 0.28% at 6107.72 lower while the CAC 40 in Paris reduced by 0.43% at 3610.54.

Banks gave off their recent gains as investors shunned to riskier assets. HSBC, Banco Santander and Barclays declined 1.4 to 2.2%. Miners also gave back some gains from the previous session and oil giant BP extended monthly losses to 28.5%. However, shares in British Sky Broadcasting jumped 20.2% after it said a full takeover proposal received from News Corp. at 700 pence a share undervalued the firm.

CCEA approves disinvestment in Hindustan Copper Ltd. and Coal India Ltd.

The Cabinet Committee of Economic Affairs (CCEA) today approved disinvestment in Coal India (CIL) and Hindustan Copper Ltd. (HCL). The Cabinet has approved 10% government stake sale in Coal India. In case of Hindustan Copper, the Cabinet has decided to disinvest through 10% fresh equity sale.

FPO of Hindustan Copper is likely to come in the market in the month of September this year. Hindustan Copper is in the process of appointing merchant banker for the same.

Government is going to raise Rs 40,000 crore from disinvestment in this year. The said stake sale is a part of government’s disinvestment strategy.

The government is planning to sell its stake in 10 companies, including MMTC, CIL, SAIL and RINL this fiscal. Last fiscal, it had raised Rs 25,000 crore through stake sale in Oil India, NMDC, REC and NTPC.

Hindustan Copper is currently quoting at Rs 519.15 which is 10.47% higher than previous close. Its share price has managed to hit intraday high of Rs 537 and low of Rs 471. Total traded quantity of shares of Hindustan Copper is 4,393,633 on NSE at 11.46 hrs IST.

Hindustan Copper is a public sector enterprise. Government owns 99.59% in Hindustan Copper. This is the only company which encompasses mining, beneficiation, smelting, refining and casting of refined copper metal.

Coal India is the leader in Indian coal sector. It is largest coal producing company in the world. Its operations are spread in 81 mining areas and it owns 7 wholly owned coal producing subsidiaries.

ADAG stocks on the list of highest gainers today

Anil Dhirubhai Ambani Group stocks rose 3.62% to 17.83% following the Ambani brothers' recent agreement to dump their differences and non-compete agreements. 

 The stocks closed in the following manner:

·         Reliance Natural Resources (RNRL) - 17.83%

·         Reliance Media Works - 12.25%

·         Reliance Capital - 6.31%

·         Reliance Infrastructure - 4.23

·         Reliance Power - 6.88%

·         Reliance Communications - 3.62%

Last month, the two Ambani brothers ended non-compete agreements in a move they hoped would lead to co-operation between the two groups. Mukesh and Anil Ambani decided to end agreements preventing them from investing in industries where the other was present and pledged to work together in an atmosphere of harmony.

The agreement scrapped a non-compete pact that had prevented Mukesh from sectors such as power, telecom and financial services and had kept Anil Dhirubhai Ambani group (ADAG) away from refining and petrochemicals.

BSE Sensex closed 273 points up at 17338 today.