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Power crisis hits industry
Nod to 25 FDI proposals worth Rs 5,585 crore
Solan firm ties up with Arcelormittal
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India, Russia discuss $8-b projects
Growth of 6 core sectors falls to 4 pc in Dec
Firms play cupid with special Valentine offers
Hyundai to supply vehicles to government
SEBI to act against unregistered Art Funds
Sound fiscal policy needed to combat global crisis: IMF chief
Talwandi Sabo Project
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Power crisis hits industry
Chandigarh, February 13 While six-eight hour cuts are being imposed on industry in Punjab, along with a compulsory weekly off, power cuts ranging from 10-18 hours are being imposed in Haryana. What has irked the industry more is that other than the scheduled power cuts, unscheduled cuts are being imposed, which is adversely affecting industrial production. R.S Sachdeva, co-chairman, Punjab committee of PHD Chamber of Commerce and Industry, said never before had power regulations been imposed throughout the year. As against a demand of 9,000 megawatt (MW) in Punjab, the power availability is just 6,000 MW. Punjab hopes to augment its supply by another 6,000 MW by year 2010, with the commissioning of power plants at Gidderbaha, Talwandi Sabo and Rajpura. In Haryana, as against an average daily demand of 750-800 lakh units (LUs), only 640-650 LUs is available. A survey conducted by an independent body of industrialists across the state, showed that an average of 10-18 hours of cut was being imposed. The worst situation is in Bhiwani and IMT Manesar, where industry is facing 15-18 hour cuts. In Udyog Vihar, Gurgaon, an unscheduled power cut of 16 hour is imposed while over 16 hour of cut is imposed in Faridabad. The state power authorities have failed to preempt the rising demand of power as they expected the annual load growth to be just eight per cent. The unavailability of gas and RLNG (recycled liquefied natural gas) from the National Thermal Power Corporation, and lack of rains in winters have all added to the power shortage. The state authorities now insist that the industry should make a move and set up its own captive generation. But with the cost of captive generation being almost double than the rate of power supplied by the government, industry is not willing to completely switch over and lower its profit margins.
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Nod to 25 FDI proposals worth Rs 5,585 crore
New Delhi, February 13 The proposals approved by Finance Minister P Chidambaram also include a Rs 1,460-crore plan of J M Financial Trustee for induction of foreign equity by subscribing to private placement of units. The Indian company is engaged in FDI compliant construction development projects, an official release said. Earlier, the Department of Telecom had withheld Letters of Intent to Bycell for launching mobile services in five circles. The investment plan of the company, which had applied for licences in Assam, Orissa, Bihar, North East and West Bengal circles in January 2006, also envisages raising of paid up capital. Among other major proposals, Mumbai-based Dumeric Holdings Pvt Ltd’s Rs 400-crore proposal to convert status of operating company into operating cum holding company for making further downstream investments was also cleared. Another proposal of KVK Energy & Infrastructure Pvt Ltd was cleared for induction of foreign equity in a company by way of subscription to fresh equity shares, fully convertible debentures or preference shares. — PTI
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Solan firm ties up with Arcelormittal
Solan, February 13 Having equity participation of one third each, the new venture will be operational from February 15. Being the first Indian company to venture into metal cladding, the firm will give India the distinction of being among the few countries handling such work. The company, which is specially recognised and awarded for excellence in R&D initiatives by the Department of Scientific and Industrial Research, has brought India on the world map of metal cladding. Sharing his achievements with The Tribune, managing director, Shiwalik Bimetal Controls, N.S. Ghuman, said:“ It was our zeal to manufacture a unique product whose replication would be a barrier for others which led me to experiment with bimetals.” The unit has created history by entering into a JV with the global leaders. The trio would now sell market-clad products across the world from a SEZ at Indore. Though there was an initial planning to set up this plant in the Baddi-Barotiwala-Nalagarh industrial area, but lack of adequate land acted as a deterrent. “It was an ardent march to this international JV from a small unit in 1986 which started with a staff strength of 25. I started with a production of Rs 3 crore and have touched Rs 225 crore,” revealed Ghuman. “Having a niche market, the metal-clad that finds diverse applications in coinage of various countries like the USA, Europe, Thailand and Czechoslovakia, it was through the net that ArcelorMittal and Nickel Alloys located us. The market here offers only limited options but it was basically the Internet which helped in bringing all of us together,” he said. The two global giants had paid a visit to the company’s Solan unit in September last year and decided on the venture. Ghuman said: “The unit will come into production within 15 months.”
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ArcelorMittal net up 2.7 pc
London, February 13 The company had a net profit of $2.37 billion in the year-ago period. The sales of the firm rose by 20.64 per cent to $27.99 billion in the latest quarter from $23.20 billion in the same period a year ago. ArcelorMittal had a profit of $10.37 billion in the year ended December 31, 2007, up by 30.04 per cent from $7.97 billion. The company's sales rose by 18.79 per cent to $105.22 billion from $88.58 billion in the same period a year ago. "2007 was the first full year following the merger of Arcelor and Mittal Steel to create the world's leading steel company... Separately, we have not let the integration process distract us from continuing to identify further opportunities for progress.
... Looking forward, we are expecting performance in the first quarter of 2008 to be comparable to the fourth quarter 2007 levels," company chief Lakshmi N Mittal said.
— PTI |
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India, Russia discuss $8-b projects
New Delhi, February 13 "Members of our business delegation have discussed in the last two days $8 billion worth of projects," Russian minister of economic development Elvira S. Nabiullina said here. The two sides have set up a joint CEOs council. The Indian side will be co-chaired by Reliance Industries chairman Mukesh Ambani, while Russians have yet to announce their co-chair. Addressing the reporters along with Nabiullina, commerce and industry minister Kamal Nath said the two-day discussions in the India-Russia Forum on trade and investment have touched many important issues, including the roadblocks in achieving the target of $10-billion bilateral trade by 2010. — PTI RIL strikes gas in KG Basin
Mukesh Ambani-led Reliance Industries Ltd (RIL) has made its first gas discovery in a deep-sea exploratory block off the Krishna River basin on the east coast, the company said. "The company is pleased to announce the first gas discovery in exploratory block," RIL said. "The block is located about 50 km from Machalipatnam in Andhra Pradesh in the deep waters of the Krishna Basin in the Bay of Bengal," the company said, adding "RIL holds 90 per cent participating interest while the rest is held by UK-based petroleum company Hardy Oil.”
— IANS |
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Growth of 6 core sectors falls to 4 pc in Dec
New Delhi, February 13 The April-December performance of infrastructure industries — crude oil, petroleum refinery products, coal, electricity, cement and steel — was equally dismal at 5.7 per cent as against 8.9 per cent. For December 2007, crude oil was the worst performer with a negative growth of 1.5 per cent as against a positive expansion of 10.7 per cent in the same month last year. Petroleum refinery products put out a dismal show of just 2 per cent growth as compared with 10.8 per cent in the same period last year. Finished steel grew by 5.1 per cent as against 10.2 per cent, while expansion in the cement sector dropped to 3.9 per cent from 8 per cent. Electricity generation went up by 3.8 per cent as compared to 9.1 per cent. The infrastructure industries have 26.6 per cent weightage in the index of industrial production, which dropped to 7.6 per cent in December 2007 from 13.4 per cent a year ago. Industrial sector to slowdown in 2008: Moody’s
India’s industrial sector is likely to witness a slowdown and will remain in single digit throughout this year, as the country faces various headwinds like appreciating rupee, poor infrastructure and rising borrowing costs, global credit rating agency Moody’s said. “The combination of softer domestic and decelerating external demand, particularly from the US — India’s largest export market — is expected to weigh heavily on India’s industrial sector in the coming months,” Moody’s Economy.com’s director (Asia Pacific) Ruth Stroppiana said. Lackluster performance of manufacturing and mining, coupled with poor output of consumer goods sector, has pushed the country’s industrial growth rate to 7.6 per cent in December 2007 from 13.4 per cent in the same month a year ago. “We expect India’s industrial sector to slow in 2008, as near decade high borrowing costs would weigh on demand for locally produced interest rate-sensitive goods, particularly consumer durables,” Moody’s Economy.com said.
— PTI |
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Firms play cupid with special Valentine offers
New Delhi, February 13 Wadia’s airline GoAir is giving away one valentine’s ticket free for bookings made till February 14, while Mallya-run premier carrier Kingfisher is running a contest, in which Orra diamond jewellery can be won by passengers. GoAir’s ‘Valentine Free’ offer is valid on all bookings made till February 14 for travel between February 15 and June 30, 2008. ICICI Bank has tied up with flowers and gifts firm Ferns ‘N’ Petals, where the customers can get a discount of up to 20 per cent if they pay with ICICI Bank credit cards. For those inclined to tech-gadgets, HCL Infosystems has released a pink version of its low-cost MiLeap laptops, which it is showcasing as a perfect Valentine’s Day gift and has been attractively priced, starting from Rs 13,990. Canon India has also launched a special offer on its digital cameras and camcorders, under which in addition to a discounted price, the customers would get 100 photographs printed for free. Not lagging behind in its Valentine’s day celebrations, Spice Telecom will organise hot ballon ride in Chandigarh for three days starting February 14. Online shopping portals like eBay India and Rediff.com have lined up hundreds of special products for the occasion that are reasonably priced and attract no shipping charges.
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Hyundai to supply vehicles to government
New Delhi, February 13 The mid-sized sedan Accent GLE, has been selected by the Government of India for its fleet of official cars, Hyundai Motor India Ltd (HMIL) said in a statement. The Directorate General of Supplies & Disposals (DGS&D) in the Department of Supplies under the Ministry of Commerce, the central purchase and quality assurance organisation of the Union Government, has approved the Accent GLE for use by all government departments across the country, it added.
— PTI |
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SEBI to act against unregistered Art Funds
Mumbai, February 13 The regulator, in a statement, warned that the launching of Art Funds or schemes without obtaining registration amounts to violation and it could take civil or criminal actions against the erring funds. Market sources said there are no estimates available on the number of art schemes in the market or the quantum of funds collected. Art funds typically operate by pooling in money from select investors and use it to buy art objects that have huge appreciation potential in a short period of time. The art objects market is, however, unorganised.
— PTI |
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Sound fiscal policy needed to combat global crisis: IMF chief
New Delhi, February 13 Emerging market economies are not immune to the current global financial turbulence, though the impact of the turmoil that originated in the US may vary in the case of economies of large countries such as India and China. The IMF boss rubbished the notion that Asia’s fast-emerging economies - including India and China - had “decoupled” from the West and would remain immune to the aftershocks of the US sub-prime loans crisis. Strauss-Kahn dismissed the view that growth in major emerging economies like China and India can continue to move forward without the large industrial countries. “The industrial and emerging economies are more like two horses yoked together. If one is tired, the other can take up more of the strain for a while. But if one stops in its tracks neither is going to get very far. Sustained strong growth in the emerging economies has been based in part on stronger policy frameworks. But it has also been based on gains from trade and financial integration in the global economy. This is true of India as well as other emerging economies,’ he said. India should go in for medium-term fiscal consolidation to combat the macro-economic effects of the global downturn, which is slowly spreading to the emerging economies, was the prescription given by the IMF boss, while addressing the ICRIER seminar on ‘lessons from the financial market crisis’. India has experienced very large capital inflows since the sub-prime crisis but there could also be a reversal of inflows, if there is a general retreat from risk by global investors, the IMF boss cautioned. Emerging economies like India could consider how they would respond to a downturn in the world’s largest economy - how much scope there is for monetary easing in some countries, how much scope there is for a fiscal stimulus in others and some emerging economies could already begin thinking about the design of a fiscal package. Major central banks are helping in providing liquidity and monetary easing while continuing to stabilise inflation expectations and added that governments would need to deploy fiscal policies, the IMF boss said. All emerging markets should build regulatory capacities to safeguard against the risks associated with non-transparent instruments and excesses in lending, he said. Emerging markets must now collaborate with industrial countries in the macroeconomic and regulatory policy response as it offers the best hope for ensuring stability of the global economy, he said.
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Power companies to start bid
Tribune News Service
Chandigarh, February 13 The leading participants were: L & T, Reliance Energy, Tata Power, Nagarjuna Construction, GVK Infrastructure, JSW power trading, KSK Energy ventures, Sriram EPC, Lanco Infratech, Bhilwara Energy, CLP Power, DS Construction, Siti Energy, Sterlite Industries, Devona Thermal Power & Infrastructure, Subhas Projects Pvt. Ltd, Energy Infratech Pvt Ltd, among others. The Power Finance Corporation Ltd (PFC) is the overall consultant for selection of developer of the project. The special purpose vehicle (SPV) namely, Nabha Power Ltd (NPL) a wholly-owned company of Punjab State Electricity Board, has been set up for taking actions to ensure linkages for coal, water and to undertake studies for transportation, hydrological, topographical, EIA and other studies and surveys necessary for preparation of the project report. The bidders were told that the state government and the PSEB would ensure proper payment security mechanism for the private developers.
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HUL net up NTPC dividend Tata plans Eicher Motors JISL pact Gold falls Awarded Wipro S&P Index |
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