<keyword id="354116" type="COMPANY" weightage="20" keywordseo="Reliance-Marcellus">Reliance Marcellus</keyword>, LLC, a wholly owned subsidiary of <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword> Industries Limited on Thursday announced the signing of agreements to divest all of its interest in certain upstream assets in the Marcellus shale play of south-western <keyword id="106037" type="ORGANIZATION" weightage="20" keywordseo="Pennsylvania">Pennsylvania</keyword>. These assets, which are currently operated by various affiliates of EQT Corporation, have been agreed to be sold to Northern Oil and Gas (NOG), Inc, a Delaware corporation, for a consideration of $ 250 million cash and warrants that give entitlement to purchase 3.25 million common shares of NOG at an exercise price of $14 per common share in next seven years. A Purchase and Sale Agreement has been signed between Reliance Marcellus and NOG on February 3, 2021 for this sale and the transaction is subject to customary terms and conditions of closing. Citigroup Global Markets, Inc. acted as financial advisor to Reliance and Gibson, Dunn &amp; Crutcher LLP served as its legal counsel.

Reliance subsidiary to sell all of its upstream assets in  Marcellus shale play for $250 million

Being a Tata, Birla, Ambani or Mahindra Group company is not enough for this Indian fund manager

Utility vehicles major <keyword id="6357096" type="COMPANY" weightage="20" keywordseo="Mahindra-Mahindra">Mahindra &amp; Mahindra</keyword> (<keyword id="46869" type="COMPANY" weightage="20" keywordseo="MM">M&amp;M</keyword>) on Thursday said it is recalling 1,577 units of its SUV Thar with <keyword id="10704282" type="UNKNOWN" weightage="20" keywordseo="diesel-powertrain">diesel powertrain</keyword> to replace faulty camshaft, an engine part. The Mumbai-based auto major said it would undertake proactive inspection and replacement of camshaft on a batch of 1,577 units of <keyword id="10703974" type="UNKNOWN" weightage="20" keywordseo="thar-diesel-variants">Thar diesel variants</keyword>, manufactured between September 7 and December 25, 2020. "A machine setting error at the supplier's plant, on specific dates, may have affected camshafts in some engines of the diesel Thar," M&amp;M said in a regulatory filing. Keeping with the company's stringent quality standards and exercising abundant caution, it has proactively engaged in this limited recall and offered inspection and subsequent rectification, <keyword id="6370553" type="UNKNOWN" weightage="20" keywordseo="free">free</keyword> of cost, the automaker noted. The company said the affected Thar customers will be individually contacted by the company. As an endeavour to ensure a hassle-free experience for its customers, the company is proactively carrying out this activity, it added. This action is also in compliance with SIAM's voluntary code on vehicle recall, M&amp;M said. The new version of Thar was launched on October 2 last year. The model comes in two trims -- AX and LX -- with both petrol and diesel powertrain options. All the variants of new Thar come with a four-wheel drive set-up. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-subsidiary-to-sell-all-of-its-upstream-assets-in-marcellus-shale-play-for-250-million/articleshow/80682497.cms" data-type="tilCustomLink">Reliance subsidiary to sell all of its upstream assets in Marcellus shale play for $250 million</a> <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-says-sebi-ban-wont-stop-future-group-deal-with-reliance/articleshow/80680781.cms" data-type="tilCustomLink">Kishore Biyani says SEBI ban won't stop Future Group's deal with Reliance</a>

M&M recalls 1,577 units of Mahindra Thar to replace faulty engine part

Mumbai, India's equity indices continued on their northward trajectory during the mid-afternoon trade session on Thursday. Accordingly, buying <keyword id="90082" type="COMPANY" weightage="20" keywordseo="momentum">momentum</keyword> was triggered after the market opened on a flat note due to <keyword id="47904" type="PERSON" weightage="20" keywordseo="profit-booking">profit booking</keyword>. Amongst sectoral indices, <keyword id="6369970" type="COMPANY" weightage="20" keywordseo="psu-banks">PSU Banks</keyword>, Metal, FMCG and Auto indices were the major gainers. Market Breadth also remained strongly in favour of advancing counters for fourth consecutive session. Consequently, <keyword id="6484188" type="PERSON" weightage="20" keywordseo="sensex">Sensex</keyword> traded at 50,557.02, higher by 301.27 points or 0.60 per cent from its previous close of 50,255.75. The Nifty50 or the <keyword id="53581" type="COMPANY" weightage="20" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword> was trading at 14,875.10, higher by 85.15 points or 0.58 per cent from its previous close. "Nifty index opened flattish and some profit booking decline could be seen in the initial hour. But the bulls took the intraday dip as a buying opportunity and pulled the index above 14850 levels," said Jay Purohit, Technical &amp; Derivatives Analyst, MOFSL. "Bank Nifty opened gap down and consolidated in a range in the initial hour of trades. But traders continued their buying momentum of the last three sessions and as a result, BankNifty registered a new all-time high of 35062 levels." According to Gaurav Garg, Head Research, CapitalVia Global Research: "Market opened on a flatter note and we have observed a lacklustre movement in the market as it moves towards the 15000 mark." "Asian markets came under pressure on Thursday due to mixed US session and investors' panic regarding the chaos driven by Game Stop." SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-subsidiary-to-sell-all-of-its-upstream-assets-in-marcellus-shale-play-for-250-million/articleshow/80682497.cms" data-type="tilCustomLink">Reliance subsidiary to sell all of its upstream assets in Marcellus shale play for $250 million</a> <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-says-sebi-ban-wont-stop-future-group-deal-with-reliance/articleshow/80680781.cms" data-type="tilCustomLink">Kishore Biyani says SEBI ban won't stop Future Group's deal with Reliance</a>

Sensex ends above 50,600-mark for the first time, Nifty nears 15,000 — Banking and auto stocks steer markets

The much-anticipated IPO of public sector insurer Life Insurance Corp of India (LIC) may well lend more sparkle to the Indian stock markets this Diwali. Speaking to IANS, <keyword id="44532" type="COMPANY" weightage="20" keywordseo="Disinvestment">Disinvestment</keyword> Secretary Tuhin Kanta Pandey noted the fact that LIC is a complex undertaking but the government is up to the challenge and will complete the market offering post October. "It may happen after October... around Diwali," Pandey said in the interview. He added that the government has already initiated its plan to clear all incumbrances on way of LIC IPO. In this regard, he said that the amendment required for the IPO has already been included as part of the Finance Bill, 2021 and will become effective once <keyword id="6354721" type="COMPANY" weightage="20" keywordseo="parliament">Parliament</keyword> gives its nod to the <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="union-budget">Union Budget</keyword>. Presenting the Union Budget on Monday, Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> said that all the announced disinvestment proposals including the LIC IPO would be completed this fiscal. She had first made the mega announcement of the IPO in the last year's budget. On the size of the <keyword id="8843196" type="UNKNOWN" weightage="20" keywordseo="LIC-Offer">LIC offer</keyword>, Pandey said that the amount of shares to be offered in the initial public offering (IPO) would depend on the embedded value and the size. The valuation process is underway for the insurance giant. "This is an institution in which people have trusted and we don't want to break their trust. We have even asked them to be the owners (shareholders)." Pandey said that Amendment Act reserves 10 per cent of the total shares on the block for policy-holders. Regarding the requirement of listed public sector companies to achieve minimum public shareholding of 25 per cent, he said that a new rule is in the making for large PSUs having high valuations. A rule notified in 2018 had mandated every listed PSU, which has public shareholding below 25 per cent, to increase its public shareholding to at least 25 per cent, within a period of two years from the date of that notification -- August 3, 2018. The government has however extended the time period for compliance to the norm till August 2021. Currently, the government totally owns LIC and its valuation is expected to be in the range of Rs 8-10 lakh crore. Once LIC enters the stock market, it may be the largest IPO in Indian history, even if just 5 per cent of its paid-up equity capital is offered to the public. The top five IPOs in India so far are Coal India, Reliance Power, General Insurance Corporation of India (GIC Re), ONGC and SBI Cards and Payment Services. Each of these have been in the vicinity of Rs 10,000 crore. The Secretary for the Department of Investment and Public Asset Management (DIPAM) also said that the government's core focus in terms of disinvestment will be strategic sale and the major chunk of revenue from offer of shares on the stock markets, be it an IPO or offer for sale (OFS) would come from the LIC IPO. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-subsidiary-to-sell-all-of-its-upstream-assets-in-marcellus-shale-play-for-250-million/articleshow/80682497.cms" data-type="tilCustomLink">Reliance subsidiary to sell all of its upstream assets in Marcellus shale play for $250 million</a> <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-says-sebi-ban-wont-stop-future-group-deal-with-reliance/articleshow/80680781.cms" data-type="tilCustomLink">Kishore Biyani says SEBI ban won't stop Future Group's deal with Reliance</a>

LIC IPO to launch in October — Government may reserve 10% portion for policyholders

<ul><li>Tata Motors opened bookings for its flagship SUV, the all-new Safari,for a token amount of ₹30,000.</li><li>The deliveries are set to commence from February 22, and the pre-booking can be either done online or at the nearest Tata Motors' authorized dealership.</li><li>The <keyword id="595044" type="PERSON" weightage="20" keywordseo="tata-safari">Tata Safari</keyword> SUV is equipped with features like six airbags, anti-lock braking system (ABS) with electronic brakeforce distribution (EBD), front fog lamp with cornering function.</li></ul>Tata Motors on Thursday opened bookings for its flagship SUV, the all-new Safari at a token amount of ₹30,000. The deliveries are set to commence from February 22, and the pre-booking can be either done online or at the nearest Tata Motors' authorized dealership. The Safari is a popular SUV in India. The price for the new variant will be announced on February 22. But the <a href="https://www.carandbike.com/tata-cars/new-safari">reports</a> indicate that the car may be priced around ₹17 - 22 lakh The company says the architecture derived from the renowned 'D8' platform from Land Rover. "Starting today, Safari is available for display, test drive and bookings across our network," said Shailesh Chandra, President, Passenger Vehicles Business Unit, Tata Motors. The SUV will be offered in India in six variants — XE, XM, XT, XT+, XZ, and XZ+ — will be offered in both six-seater (captain seats) and seven-seater configuration. All-new Tata Safari: features The new Safari comes packed with features across trim levels. The base XE variant offers all-disc brakes, an electronic stability program, and hill hold control and rollover mitigation, making it a well-rounded package for all. The sought after Multi Drive Modes and touchscreen music system starts from XM variant onwards. Besides, the XT variant offers features such as iRA connectivity, fully automatic climate control and the widest panoramic sunroof in the segment, among others. The infotainment unit is also compatible with Android Auto and Apple CarPlay. The top of the line XZ variant offers xenon HID projector headlamps, terrain response modes, six airbags, electronic parking brakes with auto hold, 8.8" touchscreen infotainment with 9 JBL speakers and a subwoofer, powered driver seat and diamond cut 18" alloy wheels along with the panoramic sunroof. All-new Tata Safari: safety features The Tata Safari SUV is equipped with features like six airbags, anti-lock braking system (ABS) with electronic brakeforce distribution (EBD), front fog lamp with cornering function, all-disc brakes and much more. Other features include the tyre pressure monitor system (TPMS), reverse parking camera, perimetric alarm system, hill descent control, child seat, rear parking sensors, traction control and hill hold control while electronic stability program (ESP) as standard. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-subsidiary-to-sell-all-of-its-upstream-assets-in-marcellus-shale-play-for-250-million/articleshow/80682497.cms" data-type="tilCustomLink">Reliance subsidiary to sell all of its upstream assets in Marcellus shale play for $250 million</a> <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-says-sebi-ban-wont-stop-future-group-deal-with-reliance/articleshow/80680781.cms" data-type="tilCustomLink">Kishore Biyani says SEBI ban won't stop Future Group's deal with Reliance</a>

Tata Safari 2021 pre-bookings starts at ₹30,000 — here are all the details from price to features and much more

<ul><li>The UPI method of applying for REIT IPOs is not yet allowed by India’s market regulators.</li><li>There are three types of IPOs that you could apply for – equity, bonds, and REITs.</li><li>Mohit Mehra, business analyst at Zerodha breaks it down for us. Mehra added that REIT units are different from equity shares in terms of the underlying structure.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>As the ₹3,800 crore <keyword id="10024217" type="UNKNOWN" weightage="20" keywordseo="Brookfield-REIT-IPO">Brookfield REIT IPO</keyword> opened, users turned to stockbroking apps like Zerodha, Groww, Angel Broking and others, only to not find the IPO listed in the apps. While users worried whether this was another downtime faced by the apps, the answer is actually quite simple. <div type="twitter" handle="SalmanRooney" handlename="Salman" image="http://pbs.twimg.com/profile_images/1350093731110633473/tp0IRD_Q_normal.jpg" favoritecount="0" retweetcount="0" status="Brookfield IPO not available on Zerodha ??@zerodhaonline" createdat="1612411997000" id="1357180399798001665"></div><div type="twitter" handle="AbhishekZao" handlename="Abhishek Zao" image="http://pbs.twimg.com/profile_images/1278619437306753024/j5q-lM4__normal.jpg" favoritecount="1" retweetcount="0" status="@ipo_mantra Sir Brookfield ipo not showing in Zerodha" createdat="1612413652000" id="1357187343636000768"></div> The UPI method of applying for REIT IPOs is not yet allowed by India’s market regulators. There are three types of IPOs that you could apply for – equity, bonds, and REITs. For REIT issues, the UPI method is not yet live, for bonds it was taken live on January 1st, where brokers still have to build systems to take it live on their apps. <div type="image" title="image (41)" msid="80686519" hostid="261"></div> Mohit Mehra, business analyst at Zerodha breaks it down for us. “In the first REIT issue - Embassy, the minimum application size was for ₹2.40 lakh compared to the minimum application size of ₹55,000 for Brookfield. Although the limit for UPI IPO applications is ₹2 lakh, the system is not yet live by the exchanges. So, brokerages can’t offer it via UPI. SEBI may soon issue directions to take REIT IPOs live on UPI as it did for bonds,” he said. Mehra added that REIT units are different from equity shares in terms of the underlying structure. “Investors should check the suitability of financial products in their overall portfolio before investing in them,” he said. Here’s how you can apply for Brookfield REIT IPO You can apply for REIT IPOs using your net banking. Per directives, every IPO bid should be backed by ASBA or Application Supported by Blocked Amount which allows the bank to block funds in the applicant's account for the application's value till the time the shares are allocated. Most of the Syndicate Banks provide access to apply in Brookfield REIT IPO via the ASBA process. You must have your net banking access, DP ID information to apply for Brookfield REIT IPO via ASBA. Banks like Axis, SBI allow you to apply maximum 5 applications from one bank account. However, ICICI, HDFC bank has a limit of one IPO ASBA application per account. <div type="image" title="image (42)" msid="80686533" hostid="261"></div> Here's a detailed guide on <keyword id="10704869" type="UNKNOWN" weightage="20" keywordseo="how-to-apply-for-Brookfield-REIT-IPO">how to apply for Brookfield REIT IPO</keyword> through ASBA: <ul><li>Sign in to the net banking of your registered bank portal.</li><li>Under the menu button, click on "Request".</li><li>You will now be directed to a new page to apply for the IPO.</li><li>Select the IPO you wish to apply.</li><li>Enter the required details such as bid quantity and applicant information.</li><li>Click submit after confirming the details.</li></ul> SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-subsidiary-to-sell-all-of-its-upstream-assets-in-marcellus-shale-play-for-250-million/articleshow/80682497.cms" data-type="tilCustomLink">Reliance subsidiary to sell all of its upstream assets in Marcellus shale play for $250 million</a> <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-says-sebi-ban-wont-stop-future-group-deal-with-reliance/articleshow/80680781.cms" data-type="tilCustomLink">Kishore Biyani says SEBI ban won't stop Future Group's deal with Reliance</a>

Here's why you aren't being able to apply for Brookfield REIT IPO through Zerodha, Groww and other stockbroking apps

<ul><li><keyword id="45446" type="PERSON" weightage="20" keywordseo="Samir-Arora">Samir Arora</keyword> believes that the current environment is good for Indian markets because Budget 2021 was focussed on growth and didn’t bother much about the fiscal deficit.</li><li>According to him, in the next 1-2 years, the Indian stock market may add nearly 15% per annum.</li><li>Arora believes no matter the market conditions; sectors like financials, consumer discretionary, housing and real estate are better poised to growth than others.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>India's benchmark equity index <keyword id="6484188" type="DEFINITION" weightage="20" keywordseo="sensex">Sensex</keyword> is at a record, above 50,000, with a surge of 9% in just the last 4 trading sessions. While many in the market are debating whether this is a bubble, Singapore-based <keyword id="154791" type="POSITION" weightage="20" keywordseo="Hedge-fund-manager">hedge fund manager</keyword> Samir Arora⁠— who rightly predicted in November 2020 that <keyword id="6354813" type="UNKNOWN" weightage="20" keywordseo="Nifty">Nifty</keyword> would scale 13,000-14,000⁠— expects 2021 to be a good year for India's share market. He expects a 15% per year rise for at least next 2 years. The question still remains, are there any stocks that can still earn investors a good amount of profit over the long term? According to Arora, the founder and fund manager at Helios Capital, "nothing is cheap". But that doesn't mean investors should stay away from the market. You can watch the entire interview here. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="7" retweetcount="1" status="On #BudgetInsider today, @iyer_sriram will prod the witty @Iamsamirarora for long-term investment themes based on F… https://t.co/SAPnQQO6ap" createdat="1612341205000" id="1356883476029480961"></div> He believes that banks, financials, IT, consumer discretionary, and pharmaceuticals are still good bets for long-term investors. "These are no confusion sectors," he said in an interview with Business Insider. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BSE Indices </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change in last 6 months </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BSE IT index </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BSE Consumer index </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">29% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BSE Oil and Gas </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr></tbody></table> Here’s the excerpts from the interview with Samir Arora. In November 2020, you said Nifty may hit 13-14,000 and you were bang on? Where will the Nifty and Sensex go from here? Right now, it's a good environment for many reasons. First is that the world is good in terms of the market in any way. Equity markets are doing well. Secondly, there is bound to be a strong economic recovery in the world and India. They won't increase anybody's taxes and reassure them that things are more aggressive in helping than that animal spirit. And global and Indian investors have not been investing at least in the mutual funds for the last 5-6 months, and therefore we can't say that you everybody who had to buy is already buying. And the fourth thing is that more recently, as in say, two weeks ago, the market was at one point down 4-5%. Today if we look at it on a year to date basis, it is up nearly 5-6%. If you were to look at this event and say that had we known about this event, say on 15th January or 1st January, that whole dip could not have happened, and you would have still got another 5-10% rally. <div type="image" title="SAmir Arora2-1200" msid="80682716" hostid="261"></div> In December 2020, you said that the market may find it difficult to continue with the rally. Every company says they have either recovered from the COVID shock or will recover soon. And that can't be true. Is that a view you still hold? Because I am a long-short fund manager, I know that these guys are doing well or they're not doing well. But they're exaggerating that if they're not doing well, they'll end up doing well in the next six months. So that is not possible because some sectors have been massively hit, but they're all coming on TV because they have to make a trade-off between what they tell the government and what they tell the market. They will say we have to fire people to the government, or we will be forced to fire. But in the market, you come and say everything is fine. So actually I think because of COVID there are going to be many disruptions. Tata Motors’ market cap has crossed ₹1 lakh crore. Not so long back, people counted it among the weaker auto stocks. How did the narrative change so quickly? I have no comment on individual stocks. Since I see it differently, there are some stocks where there is a conflict between a macro factor and acyclical factor. Just example, the auto industry, all you have to do is type and see how much the Volkswagen Group committed to electric vehicles. It is $25 billion. General Motors says that 100% of their vehicles will become electric by 2035. In that environment, our guy is saying that we want to reduce debt, plus I want to introduce electric vehicles, plus I'll be profitable. I think there are many sectors; there is no such confusion. The sector with no confusion is the financial sector because it can change according to the market. First of all, some of these companies' history is very good, so you're not taking some big quantum anyway, and they have delivered as well as anybody else. The other sectors where there is no confusion is IT services because they are not themselves betting on any technology. They will learn over time, and those investments are becoming bigger and bigger and plus they are foreign exchange owners. So that's the only way for us to play new things in the world. The other sector where there is no disruption in that sense is consumer discretionary, housing, real estate, so these things are not going to change. Still, there's no need to go into auto or even into this theatre, kind of companies which are not relevant on day one to India. India’s Chief Economic Advisor has called for another asset quality review for banks. For someone like you, who is heavily invested in banks, does it spook you? No. So first of all, I think quite a bit of cleanup has happened, and because if you look at the big picture, the problems came because the banks gave money to cooperate who invested in steel and power in those days and infrastructure, that will end up in the 2006-2008 period. And then all these he got into trouble because either SC stopped something or either corruption was found. There's been no investment recently; nobody has lost money. There may be some fraud here and there. With some more might be discovered. I don't think it's a very serious problem plus we are anyway buying these private sector banks and one state bank. And, they have been around for 25 years, so suddenly we don't think that they've been artificially hiding things and all, then attractive so long and super good so far. I am still not interested in companies that aggressively give to the infra sector. The experience has been so bad. The government's investment does not mean that today morning I have to buy a stock related to it. The economy needs some things which the stock market does not need. Let's talk about the IPO's this year because we've had a great 2020 so far as IPOs are concerned. The problem with the IPO market is that if the IPO is good, nobody gets it. So then you have to buy it from the market. The first day the stock is up 100%, and you are more slightly, unlikely to make money for a long time. I think that they are not very easy to buy 'cause you will only get the items that are not doing well in terms of allocation, which makes a difference. But of course, one part is participating in the lottery. Because it is oversubscribed some 100 times, but some five people will get it. So please go ahead and do it, but that doesn't work for a fund. But otherwise, there are many, many companies which are in the not necessarily absolute cutting edge because we don't have that. But as I said, the tech does it. Pharma does it. The best way of analyzing an individual is to look at the Forbes billionaires list. Look at which sectors that come from. These guys have been billionaires because they were able to hold onto large equity and then get acquitted well. And they only come from three or four sectors. They will come from the consumer sector, technology sector or they will come from financial because they're hedge fund managers or whatever. I want to touch upon two or three pain points, which is basically tourism travel hospitality, which are also consumer sectors, right? I agree that travel is the best thing for employment and India has a lot of travel opportunities in the sense that foreigners want to come in, for us to increase there, but it's not happening because somehow travel is viewed as a rich man thing. And I didn't bother about it because there are not many listed companies. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-subsidiary-to-sell-all-of-its-upstream-assets-in-marcellus-shale-play-for-250-million/articleshow/80682497.cms" data-type="tilCustomLink">Reliance subsidiary to sell all of its upstream assets in Marcellus shale play for $250 million</a> <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-says-sebi-ban-wont-stop-future-group-deal-with-reliance/articleshow/80680781.cms" data-type="tilCustomLink">Kishore Biyani says SEBI ban won't stop Future Group's deal with Reliance</a>

INTERVIEW: A hedge fund manager explains where to invest when nothing is cheap in India

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/56d744606e97c625048bb04b-729-547/former-chesapeake-ceo-mcclendon-charged-with-bid-rigging-of-land-leases-2016-3.jpg" alt="Aubrey McClendon walks through the French Quarter in New Orleans, Louisiana March 26, 2012. REUTERS/Sean Gardner " data-mce-source="Thomson Reuters" data-mce-caption="CEO, Chairman, and Co-founder of Chesapeake Energy Corporation McClendon walks through the French Quarter in New Orleans, Louisiana" />Thomson ReutersCEO, Chairman, and Co-founder of Chesapeake Energy Corporation McClendon walks through the French Quarter in New Orleans, Louisiana</div></div></div>Energy pioneer Aubrey McClendon <a href="http://www.businessinsider.com/former-chesapeake-ceo-aubrey-mcclendon-has-died-in-a-car-accident-2016-3">died in a car crash</a> just a day after he was indicted on conspiracy to rig bids for oil and natural gas leases.The former Chesapeake Energy CEO rose to prominence by pioneering production techniques that unlocked America's supply of shale gas, which helped wean the country from its reliance on foreign oil.His indictment came on the heels of a four-year federal antitrust investigation which found that his company had planned to rig the price of land leases in Oklahoma, <a href="http://www.reuters.com/article/us-chesapeake-enrgy-mcclendon-idUSKCN0W42ME">Reuters reports</a>.While McClendon's own life was cut short, he left a legacy that will shape American energy policy - for better or for worse - for years to come.His company, Chesapeake Energy, pioneered the use of oil and natural gas locked up in shale rock, a technique commonly known as hydraulic fracturing, or fracking. The technique allowed America to unlock decades' worth of energy, but has also been linked to serious environmental and health concerns.<h2>Fracking: The good, the bad, and the ugly</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/56a29b9b58c32319008b48b0-2000-1333/505882540.jpg" alt="fracking crude oil" data-mce-source="Spencer Platt/Getty" data-mce-caption="ANDREWS, TX - JANUARY 20: An oil pumpjack works at dawn in the Permian Basin oil field on January 20, 2016 in the oil town of Andrews, Texas. Despite recent drops in the price of oil, many residents of Andrews, and similar towns across the Permian, are trying to take the long view and stay optimistic. The Dow Jones industrial average plunged 540 points on Wednesday after crude oil plummeted another 7% and crashed below $27 a barrel" />Spencer Platt/Getty</div></div></div>Fracking involves the injection of fracking fluid - consisting of pressurized water, sand or other ceramic materials, and thickening agents - into a hole drilled in the ground. This produces cracks in the shale rock that allow oil and natural gas to flow more easily.The <a href="http://www.kgs.ku.edu/Publications/PIC/pic32.html">first fracking experiment</a> took place in 1947 in the Hugoton gas field in Grant County, Kansas. One thousand gallons of napalm and sand from the Arkansas River were injected into a limestone rock formation that was clogged by mud from drilling operations. The attempt wasn't very successful, but the technology has advanced significantly since then.Today, the <a href="http://www.kgs.ku.edu/PRS/Fracturing/Frac_Paper_SPE_152596.pdf">Society of Petroleum Engineers estimates</a> that 2.5 million fractures have been pumped worldwide over the last 60 years; more than a million of them have been in the US. The technique has unlocked large sources of energy that would otherwise be inaccessible. For example, the Marcellus Shale in western New York, Pennsylvania, and Ohio, is thought to contain enough natural gas to supply the United States <a href="http://www.ncbi.nlm.nih.gov/pmc/articles/PMC3076392/">for more than 40 years</a>.But fracking is incredibly controversial. Opponents say it can release harmful chemicals that <a href="http://www.ncbi.nlm.nih.gov/pmc/articles/PMC1817691/">contaminate air and water supplies</a>, possibly <a href="http://www.ncbi.nlm.nih.gov/pmc/articles/PMC4143789/">trigger earthquakes</a>, and <a href="http://www.ncbi.nlm.nih.gov/pmc/articles/PMC3076392/">cause human health problems</a>.While scientists are just beginning to study the effects of fracking on the environment, some evidence suggests it can be done safely. As <a href="http://www.scientificamerican.com/article/can-fracking-be-done-without-impacting-water/">Scientific American reported</a> in 2013, a <a href="http://science.sciencemag.org/content/340/6134/1235009.abstract">study</a> funded by the National <keyword id="41551" type="ENTERTAINMENT" weightage="100" keywordseo="science">Science</keyword> Foundation and published in the journal Science found that fracking has "no irrefutable impact" on ground water quality.The problem is, it's not always done safely. If the cement casing that surrounds a fracking well is made incorrectly, natural gas can leak along its sides or through cracks, releasing harmful gases like methane to the environment. Methane is one of the most potent greenhouse gases, which trap heat in the atmosphere and exacerbate climate change.Another problem is the wastewater from these wells, which can contain toxic or even radioactive chemicals. The same NSF study found that fracking wastewater is already starting to contaminate rivers and other major waterways.A number of countries and states <a href="http://keeptapwatersafe.org/global-bans-on-fracking/">have banned fracking</a>, but it continues to be a major source of American energy.<h2>McClendon's rise and fall</h2>Under McClendon, Chesapeake Energy grew from a small operation into the second-biggest natural gas producer in the United States, exceeded only by Exxon Mobil, according to <a href="http://www.nytimes.com/2016/03/03/business/energy-environment/aubrey-mcclendon-56-shale-gas-baron-dies-in-crash-a-day-after-indictment.html?emc=edit_th_20160303&amp;nl=todaysheadlines&amp;nlid=57415309">The New York Times</a>. With Wall Street backing, the company leased land all over the country for fracking, including Texas, Oklahoma, Ohio and Pennsylvania.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/4efb9371ecad04a665000007-400-300/chesapeake-1.jpg" alt="chesapeake silhouette" data-mce-source="Chesapeake Energy Corp" data-link="http://www.chk.com/Media/Photos/Pages/default.aspx" /><a href="http://www.chk.com/Media/Photos/Pages/default.aspx">Chesapeake Energy Corp</a></div></div></div>As the Times reports, they produced so much energy that natural gas prices collapsed, and Chesapeake's shares tanked. McClendon also used his investments in the company to shore up as much as $1.1 billion in loans to pay off the cost of drilling the fracking wells, and he was later forced out of the company.On Tuesday, the Justice Department indicted McClendon in a conspiracy in which two unnamed companies agreed not to bid against each other for oil and gas leases in northwest Oklahoma between late 2007 and early 2012, a charge he denied.McClendon died in a car crash less than 24 hours later. Investigators have not yet determined the cause of death."He was a major player in leading the stunning energy renaissance in America," Texas energy investor T. Boone Pickens said <a href="http://www.boonepickens.com/2016/03/statement-from-t-boone-pickens-on-the-passing-of-aubrey-mcclendon/">in a statement</a>. "No individual is without flaws, but his impact on American energy will be long-lasting." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-you-should-never-throw-away-silica-bags-again-2016-2">Why you should never throw away these bags again</a></h3> <div> <div> <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tjeXg4MTE6jW8d0sn7kzwy3BAtrd1A7Y" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> <script> if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'tjeXg4MTE6jW8d0sn7kzwy3BAtrd1A7Y',{ autoplay: 'false' }); }); </script> <noscript><div>Please enable Javascript to watch this video</div></noscript></div> </div> <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script> </div>

Aubrey McClendon's fracking legacy - the good, the bad, the ugly

<img class="gwt-Image" src="/photo/36351008.cms" /> <keyword id="1386652" type="UNKNOWN" weightage="100" keywordseo="Fracking">Fracking</keyword> – the word sounds like some kind of slang. And guess what, it really IS! The term is relatively new and it is liberally used all over the world to describe some serious interventions we have with Mother Earth. Sounds judgmental? Nope, it’s not. 
 
Fracking means ‘hydraulic fracturing’ or piercing into the layers of shale rocks lying deep inside the earth to tap natural fuels such as gas and oil. But these reserves have been unavailable so far for a simple reason. Although scientists were aware of their existence, they could not remove them without disturbing the bed of shale rocks. 
 The method involves <keyword id="1569615" type="UNKNOWN" weightage="100" keywordseo="3D-imaging">3D imaging</keyword> of the site where shale rocks with high untapped reserves exist. Once the presence of gas is confirmed, fracking is carried out – sometimes well over a mile into the depth of the earth – with horizontal drilling mechanisms, allowing highly pressurised fracking fluids into the shale area. The ‘vent’ that is created, yields high amount of gas (and oil as well, depending on the location), compared to the conventional methods. Once the reserves are extracted, the smallest vent created through fracking fluids is cemented to keep the ground water levels intact. 
 
Conventional technology had to give way to the new-found method of tapping these reserves. And that was when hydraulic fracturing or fracking, as it is called, came into existence. This technology has been hugely popular in several countries such as the US, Canada, Russia and China, which have moderate-to-rich reserves of oil and gas. 
 
The reserves, according to energy companies, are so abundant that they have raised the estimates of the US gas reserves from 30 years to nearly a century. The country hadn’t thought shale gas was worth extracting for the high cost involved vis-à-vis the amount of extracted gas, till Houston billionaire George P Mitchell came out with fracking techniques. 
 
As the fracking frenzy grows worldwide, India perhaps has the biggest role to play, apart from its own lands, which are identified as suitable locations for fracking. 
 
Arunachal Pradesh, Assam and some regions in the mountainous north-east are estimated to hold high reserves of natural gas, which can help solve some of the fuel challenges that the country is facing. Natural gas and crude oil mark some of the biggest imports India makes from the neighbouring countries while trying to maintain the fluctuating fuel prices in the domestic market. 
 
Last year, the Indian government declared it was exploring opportunities to tap the shale gas reserves and had already undertaken mapping of locations with sedimentary rocks and rich gas reserves. Reliance Industries, one of the biggest energy bidders, has also shown immense interest to invest in this exercise. In fact, the company has already made a billion-dollar investment in the Marcellus shale reserves across the East Coast in America. 
 
About six sites will undergo mapping under the new Prime Minister’s regime in India. Cambay, Assam-Arakan basin, Gondwana, KG onshore, Indo-Gangetic basin and the Cauvery basin are going to be explored for the gas reserves. 
 
Apart from tapping its own river basins and mountainous ranges, here’s where India’s windfall lies. The dry lands of India grow the most necessary ingredient for the aquifer or the chemical cocktail that goes into the process of fracking. The country produces 80% of the world’s guar gum, produced from the guar bean or Indian cluster bean. 
 
Known as guar bean, these cluster beans look like the less-fleshier form of French beans that grow on a semi-creeper in various parts of India. Known as the ‘poor man’s curry bean,’ the otherwise inconsequential vegetable/crop didn’t even merit any space in the kitchen of the moderately well-off, let alone gracing the dining table. But the lean bean has suddenly hit a jackpot with its unique ability to gel up the fracking water stream that will enter the rocks. 
 
Fracking is sure to catch up soon in India and may turn out to be a boon or a bane for the nation. And just like random mining created billionaires overnight, it may witness the same outcome, if it really becomes an ‘emerging’ trend across the globe. 
 
If it does answer India’s demand for natural gas, it can strengthen the economy from within, making it a self-regulatory and self-sufficient nation that can meet its domestic requirements. Even while supplying the guar gum while the world looks for alternatives such as Xanthan gum, among others, India still holds the key to fracking. 
 
Last time it happened was when the IT boom started and India was at the forefront. Does this mean good days are here for Indian farmers this time around?

Fracking Could Trigger Windfall For India, But What’s The Trade-off?

<table class="image-container float_right" width="200"><tr><td><div class="image"><img src="http://static5.businessinsider.com/image/4f8ef65d69beddde4b000013-404-298/aubrey mccle.png" border="0" alt="Aubrey McClendon" /></div><a href="http://www.youtube.com/watch?v=8IUTD6YI-f0&amp;feature=related">HeritageOKCPS</a></td></tr></table><keyword id="146751" type="COMPANY" weightage="60" keywordseo="Chesapeake-Energy">Chesapeake Energy</keyword> CEO Aubrey McClendon will retire effective April 1, according to a company <a href="http://www.chk.com/news/articles/Pages/1779133.aspx">release</a>.
A spokesman says the company is not for sale, according to Bloomberg.
As the Wall Street Journal's Russell Gold <a href="https://twitter.com/russellgold/status/296396404291670017">Tweets</a>, McClendon cites unspecified "philosophical differences" with the board as his reason for stepping down in the release.
Shares of CHK are surging in after-hours trading, up more than 10 percent.
Last year, McClendon was the subject of a series of Reuters investigations alleging conflict of interest at the country's second-largest natural gas producer.
<a href="http://www.businessinsider.com/the-life-of-aubrey-mcclendon-2012-4">Click here to learn about the fabulous life of Aubrey McClendon &gt;</a>
As a result, the company launched a review of its Founder Well Participation Program, which granted McClendon exclusive rights to company wells. The program was eventually suspended.
An internal review found McClendon did not engage in any improper conduct, according to the release.
The company also rejects any connection between the internal review and McClendon's decision:
The Board expects to release the results of its previously announced review of the financing arrangements, and other matters, between Mr. McClendon (and the entities through which he participates in the Founder Well Participation Program) and any third party that has had or may have a relationship with the company in any capacity, in its earnings announcement scheduled for release before market open on February 21, 2013. The Board’s extensive review to date has not revealed improper conduct by Mr. McClendon. The Board and Mr. McClendon’s decision to commence a search for a new leader is not related to the Board’s pending review of his financing arrangements and other matters.
***
Here's the full release:
Aubrey K. McClendon to Retire from the Company on April 1, 2013
Board Announces that its Extensive Review of Alleged Conflicts of Interest and Other Matters Involving McClendon Has to Date Found No Improper Conduct, Final Report to be Completed in Mid-February
OKLAHOMA CITY--(BUSINESS WIRE)--Jan. 29, 2013-- Chesapeake Energy Corporation (NYSE:CHK) today announced that its Co-founder, Chief Executive Officer and President, Aubrey K. McClendon, has agreed to retire from the company on April 1, 2013 and will continue to serve as Chief Executive Officer until his successor is appointed. Mr. McClendon, 53, has served as Chesapeake’s Chief Executive Officer since the inception of the company in 1989 and served as Chairman of the Board from its founding until 2012.
Archie W. Dunham, Chairman of the Board, stated: “Over the past 24 years, Aubrey McClendon has created one of the most valuable and innovative companies in the energy industry. Under Aubrey’s strong leadership, Chesapeake has built an unmatched portfolio of natural gas and oil assets in creating one of the world’s leading energy companies. He has been a pioneer in the development of unconventional resources, and he has also been a leader in the effort to make the United States energy independent. However, as the company moves towards more fully developing the value of its outstanding assets, Chesapeake is at an important transition in its history and Aubrey and the Board of Directors have agreed that the time has come for the company to select a new leader. The Board will be working collaboratively with Aubrey to make a smooth transition to Chesapeake’s next Chief Executive Officer.”
Mr. Dunham continued: “Going forward, the company will strive to continue as a low cost producer of oil and gas while further enhancing and strengthening its balance sheet. Capital allocation and operating decisions will be made with the goal of prudently growing the company’s intrinsic value per share for the long-term benefit of its shareholders. By forging ahead with a new Chief Executive Officer, the company’s strong management team and talented employees will continue to develop the industry’s best assets to create substantial value for shareholders and themselves in the years ahead.”
Aubrey K. McClendon, Chesapeake’s Chief Executive Officer, said: “Over the past 24 years, I have had the privilege of developing Chesapeake into one of the world’s premier energy companies. It has been an honor to work with my outstanding management team and the company’s 12,000 very talented and dedicated employees. I am extremely proud of what we have built over the last quarter of a century, and I am confident that Chesapeake is in a great position to continue to grow and achieve great success in the future as it realizes the full value of its outstanding assets. While I have certain philosophical differences with the new Board, I look forward to working collaboratively with the company and the Board to provide a smooth transition to new leadership for the company.”
The Board expects to release the results of its previously announced review of the financing arrangements, and other matters, between Mr. McClendon (and the entities through which he participates in the Founder Well Participation Program) and any third party that has had or may have a relationship with the company in any capacity, in its earnings announcement scheduled for release before market open on February 21, 2013. The Board’s extensive review to date has not revealed improper conduct by Mr. McClendon. The Board and Mr. McClendon’s decision to commence a search for a new leader is not related to the Board’s pending review of his financing arrangements and other matters.
The Board has retained Heidrick &amp; Struggles to assist the Board in its search of Mr. McClendon’s successor. The Board also intends to consult with Mr. McClendon in connection with this search. The search process will include a full review of internal and external candidates.
During this interim period, Mr. McClendon will work closely with Steven C. Dixon, Chief Operating Officer, and Domenic J. Dell’Osso, Jr., Chief Financial Officer, to transition certain day-to-day management responsibilities in advance of the completion of the search process for the new Chief Executive Officer. The company and the Board are committed to its current drilling program with respect to its existing $6.0 billion drilling and completion budget for 2013, its ongoing asset sales program and intention to reduce the company’s long-term debt.
Mr. McClendon will resign from the Board of Directors at the time his successor is appointed and will receive his full compensation and other benefits to which he is entitled in accordance with the terms of his employment agreement. Mr. McClendon will continue to be an important partner with the company given his stock ownership as well as his interests in certain of the company’s wells in connection with the Founder Well Participation Program, which will terminate on June 30, 2014.
Chesapeake Energy Corporation (NYSE:CHK) is the second-largest producer of natural gas, a Top 15 producer of oil and natural gas liquids and the most active driller of new wells in the U.S. Headquartered in Oklahoma City, the company's operations are focused on discovering and developing unconventional natural gas and oil fields onshore in the U.S. Chesapeake owns leading positions in the Eagle Ford, Utica, Granite Wash, Cleveland, Tonkawa, Mississippi Lime and Niobrara unconventional liquids plays and in the Marcellus, Haynesville/Bossier and Barnett unconventional natural gas shale plays. The company also owns substantial marketing and oilfield services businesses through its subsidiaries Chesapeake Energy Marketing, Inc. and Chesapeake Oilfield Operating, L.L.C. Further information is available at<a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http://www.chk.com&amp;esheet=50546819&amp;lan=en-US&amp;anchor=www.chk.com&amp;index=1&amp;md5=b621c33b9abc1f7fb7b76ac387f7f24f"></a><a href="http://www.chk.com/">www.chk.com</a> where Chesapeake routinely posts announcements, updates, events, investor information, presentations and news releases.
This news release includes "forward-looking statements" that give Chesapeake's current expectations or forecasts of future events. Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, we can give no assurance they will prove to have been correct. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties, and actual results may differ from the expectation expressed. We caution you not to place undue reliance on our forward-looking statements, which speak only as of the date of this news release, and we undertake no obligation to update this information.

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