Ambani brothers in race for CBM-III blocks

Ambani brothers in race for CBM-III blocks

New Delhi: The Government has received 54 bids for the 10 Coal Bed Methane (CBM) blocks that it offered for exploration under the third round of its CBM policy, with Anil Ambani's Reliance Natural Resources Ltd bidding for all the blocks on offer and Mukesh Ambani-managed Reliance Industries putting in bids for five blocks.

The tally of 54 bids, which includes bids from eight foreign players and 18 domestic firms, is the highest-ever received by the Centre under its CBM policy so far. Reliance Natural Resources Ltd (RNRL) put in joint bids with Reliance Energy Ltd and GeoPetrol of France for all the 10 blocks, having a CBM resource base of 586 billion cubic metres and spread over Jharkhand, West Bengal (one block each), Chhattisgarh, Madhya Pradesh, Rajasthan and Andhra Pradesh (two blocks each)

Among the big foreign players, British Petroleum has made bids for two blocks, while CDX Gas of the US has marked an entry into India with bids for five blocks. ONGC has tied up with Indian Oil Corporation for two blocks and with GSPC for another two. It put a solo bid for the Jharkhand block.

Essar Oil bid for seven blocks, while GAIL (India) Ltd tied up with Arrow Energy of Australia for seven blocks. The Minister of State for Petroleum and Natural Gas, Dinsha Patel, said CBM-III attracted more number of bids than the earlier two rounds put together.

Other foreign players that are participating as consortium partners for CBM-III include EIG and MOLOPO of Australia and OMIMEX and Coal Gas of the US. The contracts for all the 10 CBM blocks would be awarded in two months and Production Sharing Contracts (PSC) would be signed by October 31.

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US stocks fall on qtr's last day as PMI disappoints

US stocks fall on qtr's last day as PMI disappoints

New York: U.S. stocks ended the final day of the second quarter on a down note, slipping on Friday after weaker-than-expected data on Chicago-area manufacturing stirred concerns about the economy and offset fresh hopes for a faster turnaround at General Motors Corp.

The National Association of Purchasing Management-Chicago said Midwest manufacturing activity fell in June more than analysts had forecast, casting a shadow over the prospects for corporate profits.

Before the opening bell, General Motors shares shot up after news that one of the blue-chip company's largest investors is urging the automaker to consider a partnership with Nissan and Renault. For details see

"You have GM out there with positive news and the consensus was that we'd have a rally with some end-of-quarter marking up," said Ted Bretschger, principal in equity sales and trading at First Albany Corp. in New York. "The Chicago purchasing number was a little light. That was the only thing that was a little bit off of expectations. People may be calling it quits ahead of the holiday."

The Dow Jones industrial average fell 40.58 points, or 0.36 per cent, to close at 11,150.22. The Standard & Poor's 500 Index dipped 2.67 points, or 0.21 per cent, to finish at 1,270.20. The Nasdaq Composite Index declined 2.29 points, or 0.11 per cent, to end at 2,172.09.

MIXED FOR THE QUARTER, UP FOR THE WEEK

For the second quarter, the Dow inched up 0.4 per cent, while the S&P 500 ended 1.9 per cent lower and the Nasdaq slumped 7.2 per cent.

All three major indexes gained for the week, with the Dow advancing 1.5 per cent, the S&P 500 rising 2.1 per cent and the Nasdaq gaining 2.4 per cent.

Trading was volatile in the final few minutes of the session as money managers made last-minute adjustments to their portfolios to try to match their mutual funds to a major market benchmark set to change at the close.

The Russell 3000 Index was rebalanced on Friday at the end of trading, compelling investors to try to buy shares at their closing price.

Friday's Chicago PMI report for June painted a picture of slower-than-expected manufacturing activity in the heartland, while the region's pace of inflation picked up sharply. The Chicago PMI's prices-paid index jumped to its highest since July 1988, signaling that the Federal Reserve may need to do more to battle inflation. That countered earlier government data showing inflation was contained.