New Delhi: India today offered 34 oil and gas blocks for exploration in the 9th round of New Exploration Licensing Policy (NELP), reports PTI.
"The government is offering 34 blocks covering an area of 88,807 sq km," petroleum minister Murli Deora said. "The last date for bidding for the blocks offered under NELP-IX is 18 March 2011."
The blocks being offered include eight deep-sea, seven shallow-water and 19 on-land, the minister said. The on-land blocks include eight small ones and there is a technical qualifying criteria for companies intending to bid for these blocks. The first road show for NELP-IX will be held in Mumbai on 18 October 2010.
In the eight rounds of NELP since 1999, 235 blocks have been awarded. This has resulted in enhancement of exploration coverage from 11% to about 58% of the Indian sedimentary basin between 2000 and 2010.
"The discoveries made under the NELP have resulted in in-place hydrocarbon reserve accretion of a staggering 642 million tonnes of oil and oil equivalent gas," Mr Deora said.
A total of 87 oil and gas discoveries have been made in only 26 of the blocks under NELP so far. Out of 81 oil and gas discoveries, natural gas production at Reliance Industries' eastern offshore KG-D6 block commenced from April 2009.
The eighth round of bids, which closed on 12 October 2009 attracted an investment commitment of $1.34 billion for 36 blocks that received offers. Under NELP-VIII, 70 areas or blocks for exploration were offered, the biggest licensing round in India. Of the 36 areas bid for, the government awarded 33 to successful bidders.
Says the campaigns are objectionable and misleading; also asks J&J and Scorpio Enterprises to modify advertisements for making unsubstantiated claims
The Advertising Standards Council of India (ASCI) has found objectionable three advertising campaigns by Reliance Communications for its internet CDMA plans, Volkswagen for its Polo vehicle and Parle Agro for LMN juice, and directed that they be discontinued. ASCI has also asked Johnson & Johnson and Scorpio Enterprises to modify their advertisements.
The advertising self-regulatory body has taken these decisions on complaints received by its consumer complaints cell and announced in its report for May-June 2010.
The Reliance Communications advertisement aired on television claimed that net calls are unlimited and that the CDMA plan allowed unlimited talk time. However, according to the complaint, it was discovered that these plans were in fact subject to conditions that were not mentioned in the ads.
Volkswagen's campaign test drives the new hatchback Polo car against rhinos and buffaloes. The advertisement tries to highlight the car's ability on rough roads with an invitation to drive the vehicle to a wildlife sanctuary. "...Search for the meanest rhino. Inch the Polo towards the rhino. Take a deep breath and blast the horn as hard as you can." Similarly, the ad featuring buffaloes says, "Gather buffaloes on both sides of the road. Get a friend to whack them on their rear. Drive as fast as you can through the herd. Slip under the Polo as the herd thunders past you." ASCI said the ads portrayed violence against animals and were against the Performing Animals (Registration) Rules 2001. The campaign was produced by DDB Mudra.
The television commercial for LMN juice pictures undernourished people at a dry, parched African site, scrounging for water. The people have been shown as being deprived of water and they are depicted as stupid. The catch-line is, "If you don't have water, drink LMN juice". This portrayed the African nations in a bad light and could be viewed as racist, ASCI said. The LMN commercial was done by Creativeland Asia. These three advertisements have since been withdrawn.
ASCI said that advertisements with claims that might not be exclusive to one particular product can mislead consumers. This is what happened with the Johnson & Johnson television commercial for Stayfree Secure Ultra Thin Napkins. It claimed that a super- absorbent polymer converts the heavy flow into gel form and is locked. It pointed out that this benefit is also available from other sanitary napkins that do not have a super-absorbent polymer. Therefore, the company was asked to modify the commercial.
Scorpio Enterprises was also asked to modify its ad for Natraj Atta maker that made misleading claims. The ad, which was published in the Gujarati media, suggested that using the atta maker saves grains by up to 25%, but this is not substantiated. It also said that it costs only 60 paise to grind 1kg of fine flour with a Natraj atta maker.
ASCI also received complaints against campaigns by Mankind Pharma Ltd (Don't Worry Sanitary Pads), Kalyan Jewellers, State Bank of India (The Banker to Every Indian), Bajaj Allianz Life Insurance Co Ltd (Bajaj Allianz Shield Plus) and TIME (IIT-JEE 2011/2012). However, the Council felt that these complaints were not substantiated and therefore no action was taken.
IDFC Mutual Fund floats IDFC Savings Scheme-Series I; Kotak Mahindra MF introduces Kotak FMP 370 Days Series 9; Pramerica MF files offer document with SEBI to launch Pramerica Short Term Floating Rate Fund
IDFC Mutual Fund floats IDFC Savings Scheme-Series I
IDFC Mutual Fund has launched IDFC Savings Scheme-Series I, a close-ended income scheme. The investment objective of the Scheme is to generate income by investing in high quality fixed income securities and generate capital appreciation by investing in equity and equity-related instruments.
The Scheme has duration of 36 months and shall mature on 7 November 2013. The Scheme offers growth and dividend option. During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The NFO opens on 15th October and closes on 29th October. The exit load for the Scheme is nil. The minimum investment amount is Rs5,000. The minimum target amount is Rs1 crore. Ashwin Patni is the fund manager.
Kotak Mahindra MF introduces Kotak FMP 370 Days Series 9
Kotak Mahindra Mutual Fund has launched Kotak FMP 370 Days Series 9, a close-ended income scheme. The investment objective of the Scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk.
The Scheme offers growth and dividend (payout) option. During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The NFO closes on 18th October. The exit load for the Scheme is nil. The minimum investment amount is Rs5,000. The benchmark index is CRISIL Short Term Bond Index. Deepak Agarwal and Abhishek Bisen are the fund managers.
Pramerica MF files offer document with SEBI to launch Pramerica Short Term Floating Rate Fund
Pramerica Mutual Fund has filed an offer document with the Securities and Exchange Board of India (SEBI) to launch Pramerica Short Term Floating Rate Fund, an open ended income scheme. The investment objective of the Scheme is to generate regular income through investment in a portfolio comprising primarily in short maturity floating rate debt/money market instruments.
The Scheme will invest 65%-100% in floating rate debt securities with residual maturity of less than 91 days. The Scheme shall also invest up to 35% in floating rate debt securities with residual maturity between 91 days and 400 days. The Scheme offers growth and dividend option.
The new fund offer (NFO) price is Rs1,000 per unit. The minimum investment amount is Rs100. The minimum target amount is Rs1 lakh. CRISIL Liquid Fund Index is the Benchmark index. Mahendra Jajoo is the fund manager.