Abhishek Securities

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Reuters reported that Essar Oil, a key Indian buyer of Iranian crude, imported about 13.8% less oil from the OPEC member in February compared with the previous month. Essar's overall shipments from Tehran in the first 11 months of the contract year beginning April 1st 2013 totalled 94,100 barrels per day, marginally lower than the year earlier. India, Iran's top client after China, imported about 36% less oil from Tehran in February than in January because of efforts to meet US requests to restrict purchases from Tehran to 195,000 barrels per day in the 6 months to July 20. Government sources said earlier this week that billionaire Ruias promoted Essar Group, which also operates steel plants in Canada and the United States, could lift 30% more Iranian oil than the contracted volumes of 80,000 barrel per day for this fiscal year. Sandip Ginodia , Director ABHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit :  ...

The Indian Express reported that at a time when the country is leaving no stones unturned to boost exports and bring down current account deficit, Essar Steel is unable to execute a USD 6 billion steel products export deal as the domestic general insurers are reluctant to provide cover to the deal. Such a cover is necessary for the deal to ensure that if overseas buyers fail to pay the export proceeds, the banks which will be funding the deal can recover the amount from insurance companies. Without such a cover, banks and financial institutions will be hesitant to take up financing big export deals. According to industry sources, Essar had approached state-owned Export Credit Guarantee Corporation which has a monopoly in providing such covers but the latter responded with reluctance. A senior ECGC official said that “We were not comfortable with the idea taking up such a big export deal. If we take such a huge cover, it will exceed our exposure norms.” For export credit insurance for ...

Essar Steel, JSPL and state-run KIOCL have evinced interest in participating as the partner in the Rs 2,200-crore joint venture between NMDC and RINL for setting up a 450-km slurry pipeline and a pellet plant. “It is understood that Essar Steel, JSPL and KIOCL responded against the Expression of Interest issued by NMDC for joining as the third partner in the project for slurry pipeline and pelletisation Plant,” a highly placed source in Steel Ministry told PTI. Rashtriya Ispant Nigam Ltd and iron ore producer NMDC, two state-run firms under the administrative control of the Steel Ministry, in May last had year singed a MoU for the proposed equal venture to make it a win-win for both. However, NMDC later wanted to induct a third partner and entrusted with the job of operating the project and give it some equity stake. The slurry pipeline that would run between Jagadalpur in Chhattisgarh to Visakhapatnam in Andhra Pradesh would be used to transport iron ore. The pellet plant wo...

A consortium of 15 lenders led by State Bank of India (SBI) will likely add to its exposure to the highly-leveraged Essar Steel India, lending it an additional Rs 6,000 crore. Essar Steel, promoted by the Ruias, has already borrowed close to R30,000 crore. Essar group, in turn, will bring in Rs 2,000 crore by way of promoters’ contribution. Of the R6,000 crore, the company will use around R2,000-2,500 crore to repay group companies from whom it borrowed to pay banks. Bankers defend the fresh exposure saying without this, Essar Steel would end up in the corporate debt restructuring (CDR) cell. They point out that although the company has not defaulted, it might have trouble servicing its debt. “It’s better to give them the additional amount than restructuring the account since that would mean taking a hit on the interest,” a senior banker explained. The banks plan to take this fresh exposure to the steel company at an interest rate of 12.50%. A restructuring allows the bo...

Private steel maker Essar Steel is planning to refinance its entire domestic debt of around Rs 20,000 crore into dollar terms by September with a view to reduce interest costs, which in turn will help it to improve the margins, a top company official said. "The focus today is to reduce our interest costs for which we are actively looking at dollarising our debt... Latest by August-September, we would like to dollarise all our debt," Essar Steel Managing Director and Chief Executive Dilip Oomen told reporters on sidelines of India Steel-2013 Summit organised by Ficci here. Sandip Ginodia A BHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit : www.abhisheksecurities.com/unlisted.htm  / call : 09830271248 . Email :  ginodiasandip1@gmail.com For more info and regular updates about unlisted shares and the stock market : Follow our blog :  www.abhisheksecurities.blogspot.in  . V...

Essar Steel India Limited has appointed Mr. AshutoshAgarwala as Director-Finance & chief financial officer (CFO). Mr Agarwala joins Essar Steel from Jindal Steel & Power Limited ( JSPL ), where he held the position of Chief Financial Officer & Director Finance, for the Steel and Cement business. A chemical engineer from the Institute of Technology-Benaras Hindu University, Mr Agarwala is also a post-graduate in Management from the Indian Institute of Management, Bangalore (IIM-B) with specialization in Finance & Strategy with more than 24 years of experience in the fields of finance, strategy, and mergers & acquisitions.    Sandip Ginodia A BHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit : www.abhisheksecurities.com/unlisted.htm  / call : 09830271248 . Email :  ginodiasandip1@gmail.com For more info and regular updates about unlisted shares and the stock...

Three units of the Essar Steel (ESIL ) Hazira facility have been recognized by the Gujarat Safety Council and the Directorate of Industrial Safety & Health, Government of Gujarat, for achieving major safety milestones in the year 2011. These include: the Hot Rolled Coil (HRC) Division, which received a Certificate of Honor for achieving more than three million accident-free man hours; the Hot Briquetted Iron (HBI) Division, which received a Certificate of Merit for achieving more than two million accident-free man hours; and the Pipe Mill, which received a Certificate of Merit for achieving more than two million accident-free man hours. Sandip Ginodia A BHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit : www.abhisheksecurities.com/unlisted.htm  / call : 09830271248 . Email :  ginodiasandip1@gmail.com For more info and regular updates about unlisted shares and the stock market : Fol...