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SEBI for uniformity in public holdings in listed firms
Government sets up panel to restructure
IOC eyes renewable energy sector
BHEL to tie up for 800 MW thermal sets
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Oil giants to generate 3,000 MW power
Haryana cooperative sugar mills
Minister keen to see Bhopal as
FDI destination
Lodha’s assurance to shareholders
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SEBI for uniformity in public holdings in listed firms
Mumbai, August 26 A decision to this effect was taken at Board meeting of the Securities and Exchange Board of India (SEBI), its Chairman M Damodaran told reporters here this evening. The companies falling short of the minimum prescription of 25 per cent public holding would be given two years' time to gradually comply with the SEBI requirements without disturbing the markets, he said. He said the Information Technology (IT) companies, which are listed with a minimum requirement of 10 per cent public holding, would have to comply with the requirement. However, the sick companies under the BIFR, who intend to get out of the BIFR listing in future, would be given an additional one year to comply with the 25 per cent public holding requirement, he said. Besides, the Board also decided to take out 5 per cent out of 50 per cent QIBs (Qualified Institutional Bodies) quota limit for Mutual Funds industry in the book building process of public offering of shares. In allotment of shares, QIBs allotment should be proportionate to the number of applications and do away with the present discriminate system of allotment of shares by intermediaries. SEBI also proposes to impose 10 per cent margin in QIBs at the time of bidding for the share allotment. ''We have factored in opinions from all sectors, including issuers, intermediaries and investors and decided to do away with the relevant discriminatory factors, Mr Damodaran said. He said the Board, which held its 100th meeting, also reviewed the stock market and reiterated that an orderly function of the market is most desirable. Explaining the rational behind the minimum prescription of 25 per cent, Mr Damodaran said this uniformity was essential to create more floating stocks of the listed firms on the exchanges for trading. In this context, the SEBI chief indicated that companies not complying with 25 per cent norms over a period of time would invite penal action, including delisting from the stock exchanges. In fact, SEBI is contemplating to bring in distribution agents and channels of Mutual Funds under its regulatory
jurisdiction. ''Mutual Funds distributors are not regulated by SEBI...they are acting on behalf of principal fund management entities who are listed with SEBI'', he
observed. — UNI
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Government sets up panel to restructure oil PSUs
New Delhi, August 26 Speaking at the meeting of Parliamentary Consultative Committee attached to the Ministry here today, Petroleum Minister Mani Shankar Aiyar announced the setting up of a standing advisory committee on the issue of integration/restructuring of oil PSUs. Mr Aiyar said the report of the Krishnamurthy Committee would be the starting point for the proposed advisory committee, the name of whose chairman was yet to decided. After assuming office last year, Mr Aiyar had constituted an advisory committee, headed by former Maruti chairman V Krishnamurthy. The committee had submitted its report last month and advised against the merger or integration or re-structuring of public sector companies as it could create more problems for these PSUs. He also informed the committee that public-sector oil companies propose to invest Rs 63,348 crore in the next five years in the refinery infrastructure sector. The state-owned companies plan to invest Rs 24,272 crore for setting up four new refineries. With the addition of new refineries, India plans to become an oil product export hub, even as it looks at opportunities to build refineries in Africa and Latin America. An investment of Rs 10,763 crore will be made to carry out expansion and modernisation of existing refineries. An amount of Rs 14,400 crore will be invested for upgrading the fuel quality as per the decision of the government to supply Euro-IV grade oil in major cities by 2010. He said public-sector companies planned to invest Rs 11,046 crore in setting up petrochemical facilities and an investment of Rs 1,999 crore for crude oil-handling facilities. He said the country was emerging as significant exporter of refined products, which stood at Rs 28,000 crore during 2004-05 out of the expenditure of Rs 1,17,000 crore on import of crude oil. The oil sector exports is likely to cross the exports of gem and jewellery, which occupy the top position at present. India, at present, has a refining capacity of 127.37 million tonnes per annum, and hopes to add 26.33 million tonnes capacity by 2007 through expansion of HPCL's Mumbai refinery by 2.4 million tonnes, HPCL's Vizag refinery by 0.83 million tonnes, BPCL's Mumbai refinery by 5.1 million tonnes and IOC's Panipat refinery by 6 million tonnes. Besides, Essar Oil is setting up a new 12 mn tonnes refinery at Jamnagar in Gujarat. Further, capacity additions are envisaged in XI Plan through setting up of new refineries at Paradip (9 million tonnes), Bathinda (9 million tonnes) and Bina (6 million tonnes) and expansion of Reliance Industries' Jamnagar refinery by 27 million tonnes, IOC's Panipat refinery by further 3 million tonnes and Kochi refinery by 2 million tonnes. India was also exploring opportunities of setting up/ expanding/revamping refineries in Turkey, Nigeria, Romania,
Venezuela, Angola, Libya and Sudan.
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IOC eyes renewable energy sector
New Delhi, August 26 “This sector is now being realised as a lucrative field by stakeholders,” Non-Conventional Minister Vilas Mutemwar said here. He said that the country today has a potential of generating 3 lakh MWs in the next 25 years. He said 467 district administrative committees on non-conventional energy have been set up out of 600 districts in the country. There is a need for creating awareness on non-conventional energy like wind, solar, tidal and biomass. “The consumers, however, are not clear on the potential of the sector and there is a need for an educational campaign,” he said. Significantly, the Parliamentary Standing Committee on Energy, which submitted report in the Lok Sabha yesterday, has indicted the government for neglecting the renewable energy sector. Prime Minister Manmohan Singh had stressed the use of non-conventional (renewable) energy sources and said efforts were on to install at least one community biomass plant in every village for generating electricity and providing gas for cooking purpose to the rural masses. He said small hydroelectric projects would be encouraged in hilly areas and emphasis laid on use of biofuel. India, which faces a peak energy deficit of about 47 per cent, has an electricity generation capacity of 1,27,000 MW.
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BHEL to tie up for 800 MW thermal sets
New Delhi, August 26 Speaking at a press conference here today, Heavy Industry Minister Santosh Mohan Dev said, “ BHEL has already shortlisted the company after holding negotiations with many companies. The Board of Directors of BHEL will announce in 4-5 days what technology they are importing,” he said. Pointing out that Prime Minister Manmohan Singh had called for adding 1,50,000 MW of power generating capacity in the country in the next decade, Mr Dev asked BHEL to ''tighten its belt''. Mr Dev said his ministry was working closely with the Power Ministry to enable BHEL to take up 800-MW supercritical thermal sets and 765 KV substations through appropriate policy support. He said the government had already initiated action to prepare BHEL to meet the increased demand for power plant equipment by expansion of its capacity from 6,000 MW per annum to 10,000 MW per annum by March 2007 to fulfil the XIth Plan targets.
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Oil giants to generate 3,000 MW power
New Delhi, August 26 "IndianOil corporation, Oil and Natural Gas Corporation, and Reliance Industries have come forward to undertake promotion and spread of sources of renewable energy," Union Minister for Non-Conventional Energy Sources Vilas Muttemwar said today at the Assocham's fifth Renewable Energy Summit. The corporate giants had shown interest due to the soon-to-be unveiled Non-Conventional Energy Policy, which envisaged provision of subsidy, fiscal and tax incentives for those who come forward to undertake promotion and spread of sources of renewable energy, an Assocham release quoting the Minister said. — PTI
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Haryana cooperative sugar mills bag awards
Chandigarh, August 26 An official spokesman said here today that these awards were given every year by the National Federation of Cooperative Sugar Factories, New Delhi. He said the Cooperative Sugar Mill, Shahabad, had won the national award for crushing the highest quantity of 53.99 lakh quintals, with a recovery of 10.20 per cent, producing 5.51 lakh quintal of sugar and operating the mill for an optimum period of 144 days. He said that the mill was making payment of cane to the farmers on time. The farmers got Rs 117 per quintal for early variety, Rs 113 for mid variety and Rs 111 per quintal for the late varieties of
sugarcane. He said keeping in view the achievements of the Shahabad mill, the government had decided to install a distillery there.
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Minister keen to see Bhopal as FDI destination
New Delhi, August 26 “Unfortunately, so far Madhya Pradesh has not been able to attract investments matching its potential. During the last five years FDI inflow of Rs 140 crore has been reported to the RBI office at Bhopal against a total inflow of Rs 75,000 crore in the country, which is less than 0.2 per cent of the national pie,” Mr Nath said while speaking at a meeting organised by the Federation of Indian Chambers of Commerce and Industry (Ficci) here. Madhya Pradesh Chief Minister Babu Lal Gaur said that the state government has decided to implement VAT in the next two months. Mr Nath said that in order to make Bhopal a hub of investment, a Convention Centre would be set up there on the lake shore and that a project report would be received shortly from the Infrastructure Leasing and Finance Services (IL&FS) in this regard. In order to speed up infrastructure development in the state, Mr Kamal Nath announced that a sum of Rs.14.35 crore had been sanctioned under the ASIDE (Assistance to States Infrastructure Development) Scheme and of this, Rs 7.17 crore had already been released during the current year. Stating that the Indore Special Economic Zone — India’s first greenfield SEZ — would receive all support from his side, Mr Nath announced that a decision on the proposal to declare a Crystal IT Park at Indore as a product-specific SEZ would be taken soon. The minister said that auto clusters had also been sanctioned for Pithampur under the Industrial Infrastructure Upgradation Scheme, at a total cost of Rs 75 crore.
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Lodha’s assurance to shareholders
Kolkata, August 26 Addressing shareholders at the annual general meeting here, Mr Lodha said it was his endeavour to make the group's flagship firm stronger. The company had to be protected from people who were not well wishers. "We have done a satisfactory job," he said, adding: "It is my unflinching commitment to ensure that Badimaa's (late Priyamvada Birla) wish is fulfilled in making the company stronger. He hoped that Birla Corporation would become "more solid regardless of pinpricks by vested interests." He said Birla Corporation had been placed on a better rating orbit and that it had been able to secure cheap loans.
— PTI
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