Abhishek Securities

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 ...

>Shares in the unlisted horizon are available at P/E ratio of 1 to 3 times , whereas a company from a similar industry and identical financials and quality of management is generally listed on the exchanges at a P/E of about 10 to 50 times. >As these shares are available at very modest valuation the investor stands to gain magnificent payouts when these shares are listed on the exchange in the next 1-2 years . >Another plus is that the dividend yield is fabulous . >Companies in the unlisted sectors generally have smaller equity base , so the net worth per share of the company is very high for the investor . >A very small percentage of the actually existing companies is actually listed . >A significant portion of the unlisted companies are over 50 year old and thus have real estates and assets at historical costs , the actual valuation of which is sometimes 1000 times the book value . >A comparision reveals that dividend and bonus payout in thes...

Essar Group first Indian corporate to get nod for refinancing expensive rupee loans with cheaper dollar credit   The $27-billion, steel-to-software Essar Group is the first Indian corporate to receive the go-ahead from the ReserveBank of India (RBI) for refinancing expensive rupee loans with cheaper dollar credit. The central bank has approved group flagships Essar Steeland Essar Oil to get external commercial borrowings of $430 million and $1.5 billion, respectively. Sources said Essar Oil is eligible for a further refinancing of $750 million. The $27-billion, steel-to-software Essar Group is the first Indian corporate to receive the go-ahead from the ReserveBank of India (RBI) for refinancing expensive rupee loans with cheaper dollar credit. The central bank has approved group flagships Essar Steeland Essar Oil to get external commercial borrowings of $430 million and $1.5 billion, respec...