Pre Market Report: Dalal Street likely to open positive; ONGC, Vedanta and HDFC Bank in focus

Oil and Natural Gas Corporation (ONGC): The state-owned company has relaunched a tender to sell gas from its KG fields at a higher price of $15 per mmBtu as the company wants to capitalise on a global surge in energy prices. The firm sought bids for the sale of 0.75 million standard cubic meters per day of gas for one year from the KG-DWN-98/2 (KG-D5) fields in the Bay of Bengal, according to the tender document. The firm asked users to quote a premium they are willing to pay over and above the reserve gas price of 14 per cent of Brent crude oil price plus $1 per million British thermal unit.

Vedanta: The mining company said that it will not decrease its $2 billion capex target for the current financial year despite falling metal prices. “We cannot stop the project in between and these are all the brownfield projects where the returns are very good and this will make our operation more effective, more productive, more efficient,” Vedanta’s Chief Executive Officer Sunil Duggal said. Duggal was speaking to reporters on the sidelines of the second day of the conference on the Indian minerals and metals industry organised by NMDC and FICCI.

HDFC Bank: The lender and Tata Neu, the ‘super app’ of the Tata Group announced a partnership to launch co-branded credit cards. The card will be launched in two variants, namely, Tata Neu Plus HDFC Bank Credit Card and Tata Neu Infinity HDFC Bank Credit Card. Tata Neu customers can apply for the credit card on the Tata Neu app and access its key details. Each of the two variants of the card will be available on both RuPay and Visa networks.

NHPC: The company said that its subsidiary NHPC Renewable Energy (NHPC REL), and the Government of Rajasthan have signed a Memorandum of Understanding (MoU) for the development of ultra mega renewable energy power parks in Rajasthan. Under the MoU, the company will set up 10 GW ultra mega renewable energy power parks, and develop renewable energy projects on EPC or developer mode by the company.

Wipro: The IT services provider has appointed Wagner Jesus as the Country Head and Managing Director for operations in Brazil. Jesus had joined Wipro three years prior, taking the lead of the non-financial business cluster.

Barbeque-Nation Hospitality: Credit rating agency ICRA has upgraded the credit rating for the bank facilities of Rs 15.50 crore of the company to A (Stable) and for Rs 5 crore bank facilities of the company to A2+. The company has availed both the bank facilities from Axis Bank.

Omaxe: The realty firm has bagged a project from DDA to develop a sports complex and retail project at Dwarka in the national capital at a cost of Rs 2,100 crore. The company has secured this 50-acre project from the Delhi Development Authority (DDA) under the “Design Build Finance and Operate” model. It will build both outdoor and indoor sports facilities. A large cricket-cum-football stadium is also being planned, besides a retail area. Out of the total investment of Rs 2,100 crore, Rs 1,300 -1,400 crore will be for sports complex and the rest is for retail area.

Future Enterprises: The debt-ridden company is now facing a second plea filed by an operational creditor of the company before National Company Law Tribunal to initiate insolvency proceedings. The latest petition is filed by Retail Detailz India, claiming a default of Rs 4.02 crore before the Mumbai bench of the National Company Law Tribunal (NCLT).

PSP Projects: The company has bagged contracts worth Rs 247.35 crore from precast and government segments. With this new orders, the total order inflow for the current financial year 2023 stands at Rs 1,344.24 crore.

Bandhan Bank: The lender’s MD and CEO Chandra Shekhar Ghosh said that the bank will open 551 more branches in the FY23 to make its distribution stronger in other parts of India outside the eastern region. The bank will also expand its product portfolio.