Economy News  9 Jan 2015 :: Kotak Securities

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Economy News
 Coal India workers have called off a five-day strike on the second day
after an hours-long meeting with the government, averting power cuts in
the energy-hungry country. (TOI)
 Ultra mega power project scheme has received a set back with centre
cancelling the bids for the two proposed plants at Odisha and Tamil Nadu
due to tepid private sector response and funding issues raised by bankers.
(Financial express)
 The ministry of shipping has requested the finance ministry to consider
restructuring of loans for the debt ridden shipping companies and show
more flexibility in bank lending towards the maritime sector. (Asian Age)
 Union Minister for Road Transport, Highways, and Shipping Nitin Gadkari
has promised proper compensation and resettlement for the people who
surrender their land for widening Kerala's National Highways (NHs). (BL)
 The department of telecommunications (DoT) has asked the Telecom
Regulatory Authority of India (Trai) to review the usage of spectrum by
private players and government institutions that are not related to
defense and security. (BS)
Corporate News
 SpiceJet has informed the civil aviation ministry that it will raise the first
tranche of funds by January 10. This will be initial funding and will be
raised by its promoters. This will be followed by substantial infusion over
the next few months. The airline is facing an acute cash crunch and has
pending dues of about Rs 12 Bn. (BS)
 Steel Authority of India Ltd has asked the West Bengal Government
to look into various land-related issues over some of its proposed and
conceived projects in the State. Among the SAIL projects that hit the land
issues, including encroachments, are the capacity doubling of the
Durgapur Steel Plant (DSP) and the Ramnagar colliery. (BL)
 The Bombay High Court has allowed Reliance Infrastructure (R-Infra)-
led Mumbai Metro One Private Limited (MMOPL) to charge higher fares,
between Rs 10 and Rs 40. R-Infra, in its argument, had told the high court
it was losing up to Rs 85 lakh a day though nearly 250,000 commuters use
the Metro because the government wanted to cap the fare at Rs 13 for
the longest distance. (BS)
 IL&FS has proposed setting up of a marine and energy-based multiproduct
special economic zone (SEZ) in the Kutch region. Moreover, the
SEZ is also set to house a 6000 Mw power plant in the SEZ. (BL)
 KIOCL Limited has entered into an agreement with NMDC Ltd for
operating their pellet plant at Donimalai in Bellary district. NMDC, which
also operates its mines in the district, has set up a new beneficiation plant
of 1.89 million tonnes per annum capacity and a pellet plant of 1.2 million
tonnes per annum capacity for commercial pellet manufacture. (BS)
 NTPC has cancelled an over Rs 20 Bn deal with Russia's state-owned
Technoprom Export (TPE) for supply of main equipment (boilers) to its
1,980 MW super thermal power project (STTP) at Barh in Bihar's Patna
district, due to inordinate delays and breach of contract terms by TPE. It
has also en-cashed bank guarantees of R8 Bn given to TPE and the deed
of joint undertaking (DJU) partners. (Financial Express)
 In a breather to fertilizer manufacturer Southern Petrochemical
Industries Corporation Ltd (SPIC), the Union Ministry of Chemicals and
Fertilizers has informed that the company would be allowed to produce
urea using feedstock naphtha for a limited period. (BS)