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Economy News
4 India’s tea production is likely to be lower by about 30 million kg (mkg)
this year against last year's 979 mkg. President of Tea Association of
India (TAI), attributed the drop to crop loss of about 15 mkg so far in the
Assam Valley alone, largely due to the incessant rain followed by pest
attacks. (BL)
4 The government has postponed an Empowered Group of Ministers’
(EGoM’s ) meeting, which was to take place on Thursday, to consider
raising diesel and cooking gas prices due to non-availability of some
members in the EGoM. It has deferred the impending fuel rate hikes for
the second time fearing its spiralling impact on soaring prices of
vegetables and food items, officials at finance and oil ministries said. (ET)
4 After a lull, the National Highways Authority of India (NHAI) is in the
process of awarding 100 projects in the fourth quarter of this financial
year. The projects are in various phases of award and will be given out
before March. Around 14,000 km of road projects, worth around Rs.1
trillion, are in various stages of award process and will be awarded in the
last quarter of this financial year. (BS)
4 The food ministry’s much-awaited notification on sugar exports of five
lakh tonnes could be issued soon, along with details on the quota allotted
to individual sugar mills for export. This is the first time in 15 years that
the Indian sugar industry is in a position of surplus when the global
market is tight in supplies and prices are firm. The export notification was
ready to roll, but working out the quota for individual mills was taking
time. The quota for individual mills is being worked on the basis on their
production for the last three years. (ET)
Corporate News
4 NTPC is likely to get Cabinet approval to invite tenders worth Rs 180bn
for procurement of nine supercritical units of 800 Mw capacity each. The
bulk order of boiler and turbine units packages of an overall 7,200 Mw
capacity is aimed at phased induction of the new supercritical technology
in the power sector. The tender will be out in a month after the Cabinet’s
approval. The orders will be placed within nine to 10 months. (BS)
4 State Trading Corporation has approached JSW Steel for recovering
Rs.5.5bn owed by Ispat Industries. The government-owned trading house
has written to JSW asking it settle the dues after it failed to get a
response from Ispat. JSW finance director Seshagiri Rao acknowledged
the letter from STC but didn't specify the amount. "We will be in a better
position to respond after we take management control of Ispat," Mr Rao
said. (ET)
4 State Bank of India on Wednesday announced concessional rates for
dairy, poultry and horticulture sector, under which loans can be availed
for 10% per annum and above. Term loans and working capital for high
value dairy projects and smaller dairy owners with a herd size of over 10
would be lent money at 10 per cent, a statement issued by the bank said.
(BS)
4 Punjab National Bank said on Wednesday that its plans to foray into
insurance business are alive and is looking for a joint venture partner. The
bank said it is looking for opportunities in both life and non-life business.
It invited expression of interest (EoI) for strategic partnership in life
insurance and non-life insurance business from Indian and international
companies. (ET)
4 Due to its inability to ensure adequate gas supplies from domestic
sources, Vemagiri Power Generation Ltd, a subsidiary of GMR Energy, is in
talks with a Malaysian company for floating the LNG terminal, according
to two persons in the know of the discussions. This is for the first time an
Indian company would be using a floating storage and re-gasification
unit. GMR is planning to put up an additional capacity of 750 megawatt
(Mw) at an expense of about Rs 25bn in Vemagiri. (BS)
News Round-up
` The market regulator has mandated that cos. with less than 25% public float will
have to raise funds through a public share sale & not through private placement to
institutions, a move aimed at widening retail holding & limiting stock price
manipulation. (ECNT)
` Govt. postponed the crucial eGoM meeting that was to take a call on diesel price
hike. (BSTD)
` SAIL (SAIL IN) FPO in Jan., followed by Power Finance Corp (POWF IN) & ONGC
(ONGC IN) in March. FPO of IOC (IOCL IN) deferred. (BSTD)
` IOC (IOCL IN) to go ahead with USD 12.22bn expansion, new capacity expected to
improve refinery margin which stands at USD 4.5 - 4.6 a barrel. (BSTD)
` Union Bank of India (UNBK IN) may go for a FPO or a rights issue after the govt.'s
planned infusion of capital. (BSTD)
` SBI (SBIN IN) will extend its teaser home loan scheme beyond 31 Dec., despite
concerns expressed by central bank. (BSTD)
` REC (RECL IN) is likely to sell USD 500mn of bonds on Jan 18, reviving a delayed sale.
(BSTD)
` Five of NTPC Ltd's (NATP IN) power station -Talcher, Ramagundam, Simhadri,
Kayamkulam and Dadri have been awarded for "safety innovations" by the
Institution of Engineers. (THBL)
` Tata Steel (TATA IN) plans to make Orissa's Kalinganagar another Jamshedpur &
hopes to start work on its six million tones a year project there next month. (BSTD)
` Gayatri Projects (GAYP IN) has bagged a USD 251.26mn order for widening of roads
in Nagaland in venture with Maytas Infra (MAY IN). (BSTD)
` Welspun Corp. (WLCO IN) has bought 35% of Australian Leighton Holdings for
around USD 104mn in a bid to build strategic partnership. (BSTD)
` Godrej Properties (GPL IN) has signed an agreement with Addison & Co. for real
estate development in Tamil Nadu. (BSTD)
Source: ECNT= Economic Times, BSTD = Business Standard, FNLE = Financial Express, THBL = Business Line.
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