Capital Market Updates April 22, 2011

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Capital Market Updates

 

Areva T&D bags two contracts of Rs 290 crore from Essar

AREVA T&D India has bagged two contracts worth Rs 290 crore from Essar Projects for setting up latter's power projects in Jharkhand and Orissa. AREVA T&D India has been awarded two contracts by Essar Projects for their upcoming Power Projects at Tori, Jharkhand and Paradip, Orissa. Tori and Paradip are 1,200-MW Super Thermal Power and 120-MW Thermal Power Projects, respectively. The combined value of both contracts is around Rs 290 crore and the scope will include supply and installation of electrical Balance of Plant solutions for two 600-MW thermal power plants at Tori, Jharkhand and four 30 MW units thermal power plants at Paradip, Orissa.

ICICI Bank provides Rs.22 cr soft loan to TERI

The Energy and Resources Institute (TERI) and ICICI Bank signed a ‘soft loan agreement' to promote research and development in the areas of nano-biotechnology, energy efficient technology, micro enterprise systems and other vital areas of sustainable development. The financial assistance amounting to Rs.22 crore from ICICI Bank under the ‘Technology Institutions Programme' of the World Bank will strengthen TERI's activities working on the entire spectrum of sustainable development. TERI plans to utilise the loan to focus on energy efficient improvements in Indian industry.

Jindal Steel makes second attempt at acquiring Rocklands of Australia

After one prior failed attempt to acquire Australian coal miner Rocklands Richfield, Jindal Steel and Power is at it again with a second try. The company has launched an open offer to acquire all shares of the company at $0.25 per share valuing it at $88 million. Jindal Steel and Power (Australia) Pty Ltd, a wholly owned subsidiary of Jindal Steel and Power Ltd has initiated the open offer which will commence on May 5 and will end on June 6. The company is offering $0.25 per share which is at a premium of 43 per cent to the closing price of Rocklands as on April 18. Jindal Steel and Power, through its Mauritian subsidiary, Jindal Steel and Power (Mauritius) Ltd holds 14.46 per cent stake in Rocklands Richfields. Jindal has appointed Wilson HTM to act as its on-market broker for the share purchase. Deloitte Corporate Finance is the financial advisor to Jindal and Hopgood Ganim is the legal counsel to the company.

Powergrid Corp to develop transmission network in Kenya

PowerGrid Corp has signed an agreement for developing transmission network in Kenya. The details of the agreement are yet to be worked out. The company also signed an agreement for providing training to KETRACO engineers.

   

RIL: Decline in gas production from RIL-operated KG-D6 block under govt's scanner

The oil ministry will hold a meeting on Thursday to assess reasons for a sharp decline in gas production from Reliance Industries-operated KG-D6 block and may consider reallocating gas in favour of high-priority sectors, such as fertiliser and power. It is also considering moves to offset the shortfall with imports.

Reliance Infra arm close to tying up funds for Worli sea-link project

Reliance One Sealink Pvt Ltd, a special purpose vehicle floated by Reliance Infra, is close to securing financial closure for its Mumbai sealink project. ICICI Bank has given “in-principle approval” for a loan of Rs 2,000-crore - comprising $250-million (around Rs 1,125 crore) ECB and the rest (Rs 875 crore) by way of rupee term loan.

State Bank scraps teaser home loan scheme

SBI will discontinue the teaser home loan scheme from April 30. The prospect of having to make a two per cent provisioning for standard assets (against 0.4 per cent for other standard assets) entailing an outgo of Rs 587 crore on existing teaser loans in the March-end quarter clinched the decision to do way with the product. Otherwise, the bank's profitability for the reporting quarter would have been impacted to that extent.

Tata Steel, Rio Tinto to jointly develop new technology

Tata Steel may not have accepted Rio Tinto’s ongoing offer for Riversdale Mining shares as yet, but it has signed a licensing agreement with the global miner to support technological and commercial development of the environmentally friendly direct iron smelting process called HIsarna. The agreement covers how both parties will work together, sharing their existing knowledge of the two technologies that are combined in the new process. It also covers how benefits from future successful marketing of technology will be made available to both parties, as well as to the members of ULCOS, a consortium of European steelmakers in whose name the project was being carried out.

VIP may sell stake in Windsor Machines  

VIP Industries is likely to sell its stake in the Windsor Machines Ltd, to Renaissance Equipment Pvt Ltd, along with other promoters. VIP, one of the promoters, holds 17.49 per cent stake in Windsor Machines. The promoters are expecting a final decision from the Board for Industrial and Financial Reconstruction (BIFR) soon.

Source: Various Newspapers namely Business Line, Business Standard, Live Mint, Economic Times, Times of India, DNA Money, Financial Express, Moneycontrol etc