Following are the important reports carried by leading financial dailies and post market business news:
Business Standard
ONGC, RIL to appoint expert jointly to resolve gas dispute
State-owned Oil and Natural Gas Corp (ONGC) and Reliance Industries will appoint a common international expert to resolve the dispute over their Krishna-Godavari basin gas fields being inter-connected. ONGC says at least three wells drilled by RIL on the boundary of KG-D6 block in Bay of Bengal are within ''few hundred metres'' of its gas fields. It fears the fields are connected and RIL may be drawing out its gas. RIL disputes the ONGC theory and the two firms have shared data to collaborate on their claims.
Sun Pharma makes open offer for Zenotech stake
Sun Pharma has evinced its interest in buying Hyderabad-based biotech company Zenotech Laboratories, through an open offer to buy 28.1% worth Rs 184.1 million (USD 3 million). The former recently bought out Ranbaxy in a USD 4-billion deal. Currently, Ranbaxy owns 46.84% stake in Zenotech, while its parent Japan's Daiichi Sankyo holds 20%.
Oil India mulls purchase of Dutch Shell's Nigerian blocks
Oil India, the nation's second-biggest state-run explorer, is studying an acquisition of Nigerian oil and gas assets owned by Royal Dutch Shell, according to people. Oil India is weighing a bid for stakes Shell holds in some onshore blocks, valued at USD 2 billion, the people said. It will partner India's Sandesara Group on the potential purchase, according to the people.
Business Line
Jet Airways to temporarily shift operations to DWC
Jet Airways is to temporarily shift operations to Dubai World Central (DWC), the second and new airport in Dubai from May this year as the existing airport is to take up comprehensive runway upgrade project from May 1. ''The upgrade work will last 80 days during which the runways will be closed alternatively- the southern runway from May 1st to May 31st, and the northern runway from May 31st to July 20th, 2014. The project involves the resurfacing of the entire 4,000-metre long northern runway, which is nearing the end of its design life, as well as the upgrading of runway lighting and construction of additional taxiways and rapid exits on the southern runway,'' the Dubai airport said in a statement.
SBI raises USD 1.25 bn via overseas bond sales
State Bank of India (SBI) has mobilised USD 1.25 billion in a dual tranche overseas bond sale, making it the largest investment grade US dollar-denominated bond transaction out of India since August 2012. This is also the largest dual-tranche offering by a state-owned bank from India. In the latest offering, SBI raised USD 750 million through five-year bonds and USD 500 million through 10-year bonds.
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