Oil India IPO on Sept 7

Mumbai: Oil India (OIL) will make its first public offering of shares on September 7. Simultaneously, the government will also dilute 10% of its equity in the firm. The price band is likely to be decided on August 25, according to investment banking sources associated with the stake-sale process. This will be the second PSU stake sale after NHPC, which was oversubscribed three-and-a-half times on its opening last Friday. Along with NHPC, OIL was listed for IPO and simultaneous government stake sale during UPA-1. But both the offering plans were shelved after the market tanked due to the global slump. OIL will offer 2.64 crore equity shares to the public while the government will sell 10% of its equity to state-run refiners.

Cairn's Rajasthan

Cairn's Rajasthan project to reduce India's oil imports: Goldman Sachs news 17 July 2009 Cairn India's Rajasthan oil fields, which are likely to start production next month, will bring down India's oil import bill by $6.8 billion or 7 per cent, investment banker Goldman Sachs said in a report. "Based on the recent discoveries in the Rajasthan basin, we believe that Cairn's peak production level can go beyond the company's present guidance of 175,000 barrels per day (8.75 million tons a year)," Goldman Sachs' conviction report on Cairn India said. It forecast a peak production of 190,000 bpd (9.5 million tonnes a year) of oil from Rajasthan by end of 2012-13. "We now estimate this would represent about 20-22 per cent of India's total domestic oil production in fiscal 2013, making the Rajasthan project one of national importance. Rajasthan oil would likely bring down India's oil import bill by $6.8 billion at peak production, which is about 7 per cent of the country's net oil import bill," it said. In 2008-09 India paid $75.5 billion (Rs341,887 crore) to the oil exporting nations to meet its increasing energy requirement. In addition to this, the government incurred a fuel subsidy of $18 billion. India's current oil production is around 660,000 bpd (33 million tonnes a year). Goldman Sachs Investment Research has added Cairn India Ltd in the conviction list, which is the strongest rating, in its June report.

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Analytical Ratios

Current Ratio In current assets, companies have to block funds. A part of this investment is recovered by blocking the payment of your supplier which becomes current liability. Higher the ratio, higher funds are blocked in current assets and therefore higher ratio shows company's ineffciency Quick Ratio Quick ratio is like current ratio. The only difference is that the current assets, which are not readily convertible to cash, are not considered. Debt Equity Ratio It shows how leveraged the business is. A company with higher debt equity ratio has to pay higher interest costs. Therefore, the fixed obligation is higher. In days of boom, when profit growth is higher and interest cost remains fixed, it can work wonders for the company. However, in bad days when profit does not grow, or worse it falls, the company still has to pay interest and therefore it can affect it negatively Interest Cover Ratio It shows to what extent operating profit from business can cover interest payments. The higher the ratio, the better. Inventory Turnover Days It shows for how many days of production, the company has inventory. Lower the better. Debtors Velocity Days It shows debtors amount to how many days of credit sales. Lower the better. Creditors Velocity Days It shows creditors amount to how many days of purchase. Higher the better Fixed Asset Turnover Days It shows fixed assets amount to how many days of sales Operating Margin It shows, in percentage terms, the residual after meeting the expenses indispensable for production and day to day operation of business. The higher, the better. Gross Profit Margin It shows, in percentage terms, the residual after meeting the expenses indispensable for production of goods. The higher, the better. Net Profit Margin It shows, in percentage terms, the residual after meeting the all kind of expenses. The higher, the better Return on Equity It shows the accounting return equity investors of business are earning. The higher the better Return on Capital Employed It shows the accounting return all investors (including equity, preference and debt holders) are earning. The higher the better Payout Ratio It shows how much of the net profit of a year is paid out as dividend to shareholders. Higher the better