VKS Projects debuts on the secondary equity market today, 18 July 2012. The company had priced the initial public offer (IPO) at the lower end of the Rs 55 to Rs 60 price band. The IPO of VKS Projects closed on 4 July 2012 with a subscription of 1.03 times. The IPO received bids for 1.02 crore shares compared with 1 crore shares on offer.

India's second largest motorcycle maker by sales Bajaj Auto announces its Q1 June 2012 results today, 18 July 2012.

CRISIL, Bajaj Holdings & Investment, Honeywell Automation India, Ingersoll-Rand (India) and Kirloskar Brothers, among others, will declare their April-June 2012 quarter results today, 18 July 2012.

Telecom stocks will be in focus on reports the Empowered Group of Ministers (EGoM) is expected to meet today, 18 July 2012, to discuss crucial issues related to the rollout obligations, reserve price for spectrum in the 1800 megahertz band and one-time spectrum fee. According to reports, the EGoM is also expected to decide whether it will approach the Supreme Court for an extension of the 31 August 2012 deadline, by when the department of telecommunications (DoT) was supposed to complete the auction of 2G spectrum.

Reliance Industries (RIL) will be watched after an official government statement informed that RIL's representative PMS Prasad and BP India's representative Sashi Mukundan met Oil Minister S Jaipal Reddy on 13 July 2012 for speedy clearances in four of the blocks (NEC 25, KGD6, two in Cauvery basin) being operated by their companies.

According to the statement, it was agreed at the meeting to recommend to the competent authority on two issues namely the Declaration of Commerciality of certain wells in the NEC 25 and KG D6. Company representatives were told that the Ministry would consider extension of appraisal period to facilitate the declaration of commerciality at an early date. It was also agreed that quicker approvals for two blocks in the Cauvery Basin as per the extant Government Policy would be given.

The Contractors were also informed that denial of access to records to the Comptroller and Auditor General (CAG) was adversely commented upon in previous audit by the CAG. It was also brought to their notice that CAG recommended withholding of sanction to work plans and budgets if access to records is denied to CAG. Therefore, the Company representatives were requested to make all the records and accounts of the KG D6 block available to the Comptroller and Auditor General as provided for in the Production Sharing Contract, the statement added.

Essar Oil said after market hours on Tuesday, 17 July 2012, that in response to the company's petition in the Supreme Court on principal repayment schedule and waiver/remission of interest in the Sales Tax issue, the court has directed the company to pay Rs 1000 crore to the Gujarat state government towards sales tax/VAT dues by 30 July 2012. Essar Oil had offered to pay this amount in its submission to the court. On payment of this amount of Rs 1000 crore, coercive steps already taken by state would be stayed, Essar Oil said in a statement.

As previously announced, Essar Oil is also in advanced discussions with Indian lenders with regard to putting in place a $1 billion (Rs 5000 crore) loan facility as a contingency measure for use in the event that the sales tax liability becomes payable immediately or that Essar Oil is not able to negotiate a satisfactory repayment schedule. Essar Oil said it expect this facility to be finalised shortly.

Jindal Steel & Power (JSPL) said that its subsidiary, Jindal Steel Bolivia (JSB), on 16 July 2012 terminated the contract signed with the Bolivian Government for investment of $2.1 billion for the El Mutun mines. The termination comes in the wake of the issuance of a letter to the Government of Bolivia on 8 June 2012 conveying its intention to terminate the contract due to the non-fulfillment of contract conditions on the part of the Bolivian government.

As per terms of the joint venture contract, the Government of Bolivia had 30 days time to resolve the issues failing which JSPL could terminate the contract within 7 working days thereafter. The company took the decision, after all its efforts to resolve the issues and take the project forward did not meet with success. Due to the non-fulfillment of the contractual obligations and unwillingness to fulfill the contract on the part of the Government of Bolivia, JSPL has been forced to terminate the contract, JSPL said in a statement.

JSPL had signed a contract with the Government of Bolivia in the year 2007 for investing US $2.1 Billion in Iron Ore Mining, Pelletization (10 million ton per annum), DRI (6 million ton per annum) and Steel making (1.7 million ton per annum). This was the single largest foreign investment in Bolivia.

As per the contract, Government of Bolivia was to sign an agreement for supply of natural gas required for the project - 10 million cubic metre per day (MCD) within 180 days of signing of the contract. The same has not been signed till date. The Government of Bolivia was willing to commit only 2.5 MCD of gas (as against a total requirement of 10 MCD) from 2014 onwards due to non availability of gas in the country, whereas the company was being asked to make investment as per capacities originally envisaged under the joint venture contract. Also, the Government of Bolivia did not provide the agreed contract area for setting up the steel project till date.

In view of the aforesaid breaches of the Bolivian Government and its entities, JSPL said that it intends to pursue international arbitration relating to the contract.

Tata Motors turns ex-dividend today, 18 July 2012, for dividend of Rs 4 per share for the year ended 31 March 2012 (FY 2012).