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Usha Martin wins bids for Brinda, Sasai coal mines

Written By komp limpulima on Rabu, 04 Maret 2015 | 23.25

Usha Martin  won the bid for Vrinda and Sasai mines at Rs 1804 per tonne, in the second round of bidding for coal mines. It will take minimum 1.5 years to make the block operational.

The company sees coal coming from the block in 18 months. The total distance from the blocks to the plant is 170 km.

Rajeev Jhawar, MD, Usha Martin says rationale behind the price lies in the fact that logistically it is a huge advantage. "The landed cost along with the premium makes economical sense for our Directly Reduced Iron (DRI) and power production," he told CNBC-TV18.

Below is the verbatim transcript of Rajeev Jhawar's interview with Surabhi Upadhyay and Nigel D'Souza on CNBC-TV18.

Surabhi: You are willing to pay over Rs 1,800 a tonne for the block that you won, take us through the rationale and whether you feel that this price is justified?

A: We were the highest bidder at the time of the bid closing at Rs 1,804 per tonne. This block is in Jharkhand; very logistically it is advantage for us because our steel plant is in Jharkhand. The landed cost along with the premium makes economical sense for our Directly Reduced Iron (DRI) and power production.

Surabhi: If I could just understand what was your landed cost of coal as of now, how were you feeding this plant and then therefore Rs 1,804 per tonne how will that compare just in terms of cost for you?

A: The block which we were running earlier was Kathotia block which Hindalco outbid us at Rs 2,680 per tonne. The landed cost of that would have been around Rs 5,400 per tonne whereas the landed cost of this coal including the bidding amount would be around Rs 4,000 per tonne. So we think that losing Kathotia versus getting Brinda Sasai would definitely be more positive from our point of view looking at the bid price for Kathotia and the bid at which we won Brinda Sasai. Of course we are still to get communication from MSTC on the final winning of the bid.

Nigel: Firstly with regard to winning this particular block, could you tell us when you expect some kind of coal to come out from this block in the next six months to one year?

A: I would say it would take minimum a year and a half to make the block operational. I would say 18 months from now we should see some coal coming out of it.

Nigel: What is the inventory then you are sitting on because in the interim how will you be sourcing your coal?

A: For next two-three months we have our coal available from the mines which we were running, Kathotia mines which we could not win versus Hindalco. So we have some coal sitting on it. Plus we have taken action from e-auction and import so we should be able to manage it through this process for the next one and a half years. Today the global prices of coal are fairly attractive. So next 18 months, we would have to meet it through e-auction and imports and later on we would then start getting coal from our own mines.

Nigel: What is your total coal requirement on a per annum basis because I believe from this particular block that you have just get won, you will get only around 1 million tonne so is that enough or how much do you require to run your plant at 100 percent capacity utilisation?

A: At 100 percent utilisation we would require more than about 1.4 million tonne per annum. So, we would be needing part of the requirement from this and then we have other few blocks coming up for auction also in the next few days. So we will like to see that if we could enhance of course subject to the pricing and the bidding which takes place.

Nigel: You told us that winning this block could be a blessing in disguise because it will come to you at a landed cost of around Rs 4000 versus Rs 5000 plus from Kathotia. However, could you tell us what is the total distance from this block that you have just won that is the Brinda and Sasai coal block from your plant?

A: The Brinda Sasai would be about 170 kilometers and Kathotia block was about 280 kilometers.

Nigel: You would use roadways or railways to transport this and what would be the cost on a per tonne basis?

A: 90 percent would be through railways and the railway cost today would be around Rs 700 per tonne.


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Top telcos may spend $3-4bn each at spectrum sale: Analysts

Analysts said top telecom companies may spend about USD 3-4 billion at the spectrum auction today. But the balance sheet positions are comfortable, they add.

The much awaited spectrum auction, wherein 8 companies are bidding to acquire airwaves in four bands, started on Wednesday. The auction is the biggest ever sale of 2G and 3G airwaves which may fetch the government over Rs 82,000 crore.

The spectrum sale becomes crucial for many companies that have their licences expiring in several circles. The entry of Reliance Jio, which has deposited the highest earnest money ahead of the auctions (indicating it may aggressively bid) may also be a factor of concern.

"We believe the top three players ( Airtel , Vodafone, Idea ) will be spending about USD 3-4.5 billion each at the auction," Nitin Soni of Fitch Ratings said. "Of the three, Idea is the most vulnerable given that its licences in nine circles, which contribute about 70 percent of revenues, are expiring."

"The balance sheet is not an issue for these companies. They generate a significant amount of free cash flow," Sanjay Chawla of JM Financial said.

Idea Cellular stock price

On March 04, 2015, Idea Cellular closed at Rs 156.15, up Rs 2.90, or 1.89 percent. The 52-week high of the share was Rs 177.30 and the 52-week low was Rs 129.20.


The company's trailing 12-month (TTM) EPS was at Rs 6.88 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 22.7. The latest book value of the company is Rs 44.09 per share. At current value, the price-to-book value of the company is 3.54.


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Facebook open to solar plane based net services in India

Under this, it in partnership with telecom operators is providing free access to some basic websites to customers. In India, Facebook launched internet.org with Reliance Communications. "Internet.org is a customer acquisition tool.

Social media giant Facebook is interested in testing internet services through solar-powered plane in India and other telecom connectivity technologies it is developing. "We are really in development of technologies at connectivity lab. We are not yet launching any pilots.

We will in the future, and we are entirely open to launching it in India because there is such a great opportunity in India to connect the unconnected," Facebook Vice President of Internet.org Chris Daniels told Media.

He said the company is working on alternate internet technologies other than traditional ways of providing connectivity including solar planes and satellites. "The reason why planes are interesting is that you can have solar powered planes that stay very high in the sky and provide connectivity.

Plane can have broad area. That plane can be fuelled by the sun, does not need to have generator or physical infrastructure on the ground. That's potentially an attractive way through which we can provide connectivity," he said.

Facebook expects technologies to bring down the cost of internet significantly. Web-based companies including Facebook that provide messenger and internet-based calling service have been at loggerheads with telecom operator as it is cutting in to their revenues. Facebook is now attempting to make truce with telecom operators through its programme internet.org.

Under this, it in partnership with telecom operators is providing free access to some basic websites to customers. In India, Facebook launched internet.org with Reliance Communications . "Internet.org is a customer acquisition tool.

There is a 40 percent increase in data customers for operators who have turned on internet.org. The fundamental thing that we can do to help operators is to bring them more paying customers. That's the model which supports their business model and network roll out," Daniel said.

Telecom operators have been demanding that there should be revenue sharing model between web-based companies providing messaging and calling services as they invest massively on building network to provide connectivity to the people.

Daniel said such demand does not "make sense at higher level. People are paying for data when they find value in internet.  We are trying to help them find value in internet".

Reliance Comm stock price

On March 04, 2015, Reliance Communications closed at Rs 66.85, up Rs 0.60, or 0.91 percent. The 52-week high of the share was Rs 156.90 and the 52-week low was Rs 65.40.


The latest book value of the company is Rs 126.97 per share. At current value, the price-to-book value of the company was 0.53.


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Volvo sells 4.7% stake in Eicher Motors for Rs 1,920 cr

Swedish commercial vehicle major AB Volvo sold around 4.7 per cent stake in Eicher Motors for USD 310 million (over Rs 1,920 crore).

Swedish commercial vehicle major AB Volvo sold around 4.7 per cent stake in Eicher Motors  for USD 310 million (over Rs 1,920 crore).

"AB Volvo has divested 12.7 lakh shares, representing approximately 4.7 per cent of Eicher Motors Limited's equity capital," a Eicher Motors Ltd Spokesperson said in a statement.

In May 2008 AB Volvo and Eicher Motors Limited (EML) had entered into a joint venture agreement to create VECV with the intent to drive modernisation in the commercial vehicle industry in India and the developing world.

As a part of the transaction, in addition to acquiring 45.6 per cent of the shareholding of VECV, AB Volvo had also acquired 22.75 lakh shares of EML representing 8.4 per cent of equity capital of the company.

"This divestment will have no bearing whatsoever on VE Commercial Vehicles Limited (VECV), which will continue to be governed as an equal partnership venture," the statement said. The shareholding pattern and governance framework of VECV remains unchanged, it added.

"Both the joint venture partners are committed to nurture this further in the exciting period that lies ahead, as the commercial vehicle industry looks to revive after a long period of downturn," it said.

VECV's business includes the complete range of Eicher trucks and buses, VE Powertrain, Eicher's components and engineering design services businesses as well as the sales and distribution business of Volvo trucks within India. Eicher shares were trading at Rs 16,100 apiece, up 1.31 per cent, on the BSE. 

Eicher Motors stock price

On March 04, 2015, Eicher Motors closed at Rs 16050.15, up Rs 158.85, or 1.00 percent. The 52-week high of the share was Rs 17200.00 and the 52-week low was Rs 5378.55.


The company's trailing 12-month (TTM) EPS was at Rs 206.19 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 77.84. The latest book value of the company is Rs 509.21 per share. At current value, the price-to-book value of the company is 31.52.


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SBI's up to $2.4 bn share sale likely by end Apr: sources

State-run SBI received shareholders approval to raise up to 150 billion rupees last week, as part of its efforts to strengthen its balance sheet on hopes of a pick up in loan demand in Asia's third-largest economy.

State Bank of India (SBI) , the country's biggest lender by assets, plans to raise between 110 billion rupees and 150 billion rupees (USD 1.8-USD 2.4 billion) via share sale by next month end, two sources directly involved in the process told Media.

The marketing roadshows for the share sale will begin next week, said the sources, who declined to be named as the details of the offering are not public yet.

Senior SBI officials were not immediately available for comment.

State-run SBI received shareholders approval to raise up to 150 billion rupees last week, as part of its efforts to strengthen its balance sheet on hopes of a pick up in loan demand in Asia's third-largest economy.

The share sale would happen via the "fast track" follow-on offering route, said the sources. Under the fast track process, select large companies are exempted from complying with the market regulator's disclosure and filing requirements.

SBI has selected eight investment banks including Axis Bank , Bank of America Merrill Lynch, Barclays, JM Financial , and Kotak Mahindra Capital  to advise on the sale.

SBI stock price

On March 04, 2015, State Bank of India closed at Rs 294.20, down Rs 8.55, or 2.82 percent. The 52-week high of the share was Rs 335.90 and the 52-week low was Rs 154.00.


The company's trailing 12-month (TTM) EPS was at Rs 16.61 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 17.71. The latest book value of the company is Rs 158.43 per share. At current value, the price-to-book value of the company is 1.86.


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‘Rel Infra-Pipavav together share vision for infra growth'

Reliance Infrastructure  Limited today announced the acquisition of  Pipavav Defence and Offshore Engineering Company Limited, together with sole management control. Reliance Infrastructure, together with its wholly owned subsidiary Reliance Defence Systems Private Limited , has agreed to acquire from the Promoters of Pipavav Defence 13,00,00,000 equity shares representing approx. 18% shareholding in the Company at a price of Rs 63 per Share, aggregating Rs. 819 crore.

Commenting on the acquisition Nikhil Gandhi, the founder promoter and Chairman of Pipavav Defence and  SKIL said together they will make a big defence conglomerate.

This is the first big deal after the government opened up defence sector, said Gandhi. Both have a shared vision for infrastructure growth, he added

According to him the deal is likely to be completed within 3-4 months and will be done in line with regulatory framework.

Reliance Infra is committed to play a long-term game in defence, said Gandhi

Below is the transcript of Nikhil Gandhi's interview with CNBC-TV18's Shereen Bhan, Sajeet Manghat and Varinder Bansal.

Shereen: There were all kinds of speculation on who you were talking to, whether it was M&M or Hero and this one has come as a complete surprise – Reliance Infrastructure it is that you have decided to go with, take us through the rationale behind this?

A: Defence is a very complex and very special subject as far as we are concerned. In this country not many people have made large investments in defence. So, you need a partner who is like minded and who also understands this game very clearly and you have to always stay ahead of time.

Like what we built was far ahead of time and we could think about it 6-7 years ago and we found that the Reliance Infrastructure and Anil Ambani group was meeting our thought and our vision and they were fully committed to not only build infrastructure further but also play the long- term game because this could become a game changer.

If you recall that after government of India introducing the "Make in India" policy this is the single largest investment which is being announced. So, the proof of pudding lies in eating. The group has committed a very large resource to make this company Indian multinational in the defence sector.

Shereen: We understand that you were in conversation with both M&M, those talks fell through. We also then were given to understand that you were talking to the promoters of the Hero Group – the Munjal family and it is clear that those talks didn't go far either. Was it issues related to valuation or the role of promoters that has inked this deal in favour of Reliance Infrastructure? Is Reliance Infrastructure offering you both better valuations as well as role for yourself?

A: I am not commenting on any other company because that would not be fair on my part to do so. I want to tell you about the company who we are partnering with. So far as our role is concerned going forward it is going to be significant because we have a domain knowledge in the defence sector, we have been in this for about a decade ago. We realised that a country cannot become a developed country unless its national security and energy security sector is firmly in place and self reliance is achieved.

I think Anil Ambani group has given us that comfort and confidence and they are equally visionaries and their commitment is very deep. So, we think we are lucky and honoured to have a partner like them because this is a long-term game and you need a committed player to get into this sector and succeed in this sector. If you remember that there are many people are interested in this sector there will be many more investments one would see in this sector but whoever comes first is more valuable.

Sajeet: Just wanted to check with you the purpose of getting a strategic partner was equity infusion in the company. However this deal does not see any equity infusion. In fact the promoters are selling roughly 18 percent and there is an open offer coming in. So, where is the equity infusion? Will that be the next step as part of the deal?

A: Yes indeed because Anil Ambani's Group is very heavily committed to ensure that there is required capital available to the company and its operations. Since our company has made significant investment in building India's finest naval defence facilities and one of its kind in the world. I don't need much of capital into the company because most of the infrastructure is very much in place and with the current infrastructure this company can manufacture large and complex assets like destroyers, submarines and aircraft carriers.

The deal structure is perfectly in place. Our competence was more of building the world class infrastructure and their competence is to run them successfully. We also have some global partners and I think together this company can make a huge progress and it is a very good combination as far as we are concerned.

more to come

Reliance Infra stock price

On March 04, 2015, Reliance Infrastructure closed at Rs 474.90, down Rs 19.65, or 3.97 percent. The 52-week high of the share was Rs 820.00 and the 52-week low was Rs 364.00.


The company's trailing 12-month (TTM) EPS was at Rs 60.20 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 7.89. The latest book value of the company is Rs 809.64 per share. At current value, the price-to-book value of the company is 0.59.


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Iron ore prices cut by Rs 300-550/tn on weak demand: NMDC

Written By komp limpulima on Selasa, 03 Maret 2015 | 23.25

The reduction of Rs 300 per tonne of lumps or higher grade iron ore and Rs 500 per tonne in fines, which contain less iron, comes after miner had slashed rates by Rs 450 a tonne and Rs 300 a tonne, respectively in February.

Amid subdued demand from domestic steel-makers, iron ore producer NMDC  has effected yet another stiff price reduction for February to align them with the prevailing weak global rates.

The reduction of Rs 300 per tonne of lumps or higher grade iron ore and Rs 500 per tonne in fines, which contain less iron, comes after miner had slashed rates by Rs 450 a tonne and Rs 300 a tonne, respectively in February.

Following the reduction in the rates, the price of lump ore now stands at Rs 3,250 a tonne and fines Rs 2,460 a tonne for the current month.

NMDC revises the prices of its produce every month. "Globally, the prices of iron ore have also come down drastically. We need to align our prices with international rates otherwise imports will go up.

Besides, iron ore prices in Odisha have also fallen," NMDC's Chairman and Managing Director Narendra Kothari told Media. Kothari added that the demand for the raw material from domestic steel firms was also on the wane since their inventories were piling up.

Country's largest iron ore producer, NMDC, had rolled over the December price in January at Rs 4,200 per tonne for lumps and Rs 3,060 per tonne for fines.

In December, the PSU had reduced the price of lumps by Rs 200 per tonne and Rs 100 per tonne for fines. After tumbling prices to their five-and-a-half-year low in the first week of February, iron ore prices have slightly improved to a little over USD 65 per tonne.

Cashing in on the subdued rates, domestic steel-makers have started importing iron ore in large quantities.

Iron ore producers in Odisha have also reduced the price of the raw material which has been putting pressure on NMDC for quite sometime now. Kotahri also said as a result of subdued demand from the domestic steel-makers, sales of the company were not growing on the expected lines.

This might have also exerted additional pressure on the miner to effect the huge price reduction for two consecutive months.

NMDC sold just 1.88 million tonnes (MT) iron ore in February and its cumulative sales for the first 11 months of current fiscal stands at 27.25 MT compared with 27.13 MT a year earlier.

The reduction in the prices of iron ore for two straight months is expected to impact on the net sales realisation of the company and its bottom line for current quarter, experts said. 

NMDC stock price

On March 03, 2015, NMDC closed at Rs 138.25, up Rs 0.20, or 0.14 percent. The 52-week high of the share was Rs 196.15 and the 52-week low was Rs 123.10.


The company's trailing 12-month (TTM) EPS was at Rs 17.75 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 7.79. The latest book value of the company is Rs 75.64 per share. At current value, the price-to-book value of the company is 1.83.


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MMDR Bill to create level playing field: Experts

The mines and minerals development and regulation or MMDR Bill 2015 was passed by the Lok Sabha in parliament today and the changes proposed in the bill are likely to ease bottlenecks in the sector.

Reacting to the news, RK Goyal, MD, Kalyani Steel said it will not only bring in much more transparency but also create a level playing field.

While, Chintan Mehta, Metal Analyst, Sunidhi Securities believes it will be a positive for metal manufacturers who don't have captive mines but could be a set back for players like NMDC.

Below is the transcript of RK Goyal and Chintan Mehta's interview with Menaka Doshi & Anuj Singhal on CNBC-TV18.

Menaka: Could you list for us the big changes that you think will impact your business?

Goyal: It will bring much larger transparency in the business and it will create a level playing field. Today people who have captive mines, they are much better placed, their cost is much lower and it is very difficult to compete with them, so it's a very welcome move, we are very happy now. Now we will have a level playing field.

Menaka: Those who have captive mines currently will they have to give up their mines under this new act or new law once it is enacted?

Goyal: My understanding is those who have captive mines including the public sector sales, they have to account this mining profit separately. I expect government to come out in future with separate taxation or royalty laws for that.

Menaka: You say that this increases the opportunity for companies like Kalyani Steel to be able to access resources that's ore resources as it makes the process of sanctioning these mines through prospecting and licensing agreements more transparent?

Goyal: That's right. Now the process is much more transparent and companies like us will have a better chance to bid in the auction and acquire mines.

Menaka: Which companies do you see being impacted negatively? The head of Kalyani Steel just informed us that there will be a negative impact on those who have captive mine so far and those that you see impacted positively because now the process of acquiring a mine becomes easier and more transparent?

Mehta: There are two things to it, how we look at it. Definitely it is positive for those metal manufactures who don't have their captive mines this will definitely be a bit of setback for NMDC and that was quite evident in today's prices, they reduced by Rs 500. This will bring an additional supply for merchant miners as well.

The bill states that those who have had a mining lease renewed before this MMDR would get an extension till 2020 and with captive till 2030. This clears a bit of uncertainty for players like Tata Steel , is positive for  Sesa Sterlite which are waiting for their mines to restart in Goa.

The merchant miners have to compete as we can see some additional supply of ore coming up, but the second thing is that it still is passed by Lok Sabha, Rajya Sabha has to go through it and we might see a resistance from BJD because they have been opposing that because they were planning to auction those mines coming up at second renewal but that won't happen with this MMDR act. So it still has to go to Rajya Sabha.

Kalyani Steels stock price

On March 03, 2015, Kalyani Steels closed at Rs 147.80, up Rs 1.40, or 0.96 percent. The 52-week high of the share was Rs 179.10 and the 52-week low was Rs 54.00.


The company's trailing 12-month (TTM) EPS was at Rs 18.46 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 8.01. The latest book value of the company is Rs 91.13 per share. At current value, the price-to-book value of the company is 1.62.


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Sahara's Grosvenor House put on sale; may fetch Rs 5,000cr

In a fresh twist to crisis-hit Sahara Group's efforts to raise funds, its iconic hotel property Grosvenor House, estimated to be worth over Rs 5,000 crore, has been put on sale by lenders.

Grosvenor House, a landmark property on Park Lane here, is one of the three marquee hotels owned by Sahara outside India, the other two being Plaza and Dream Downtown in New York.

Sahara Group has been trying to raise funds for months to secure release of its chief Subrata Roy, as also that of two other senior officials, from Tihar Jail in New Delhi, where they have been lodged for one year.

These three hotels are have been at the centre of these fund-raising plans. According to a report in the Telegraph daily here, Grosvenor House may fetch about 500 million British pounds, more than 470 million British pounds that Sahara Grosvenor House Hospitality Ltd had paid for the hotel in 2010.

The report further said that Deloitte was appointed administrators to Sahara last night after "it defaulted on debts tied to the hotel" and they will work with realty consultancy Jones Lang LaSalle (JLL) to find a buyer.

Telegraph quoted Mark Wynne-Smith, global CEO at JLL hotels and hospitality group, as saying that "the last hotel transaction on Park Lane took place two years ago and the market has strengthened since then." Deloitte's Joint Administrator and Restructuring Services Partner Phil Bowers told the newspaper that "Grosvenor House Hotel is an exceptional asset, at a London address recognised around the globe.

"We are in the process of agreeing a sale strategy with JLL as sales agent and expect there to be considerable interest in acquiring this building," he added. The three iconic hotels - The Plaza and Dream Downtown in New York and Grosvenor House in London - were acquired by Saharas between 2010-2012 at an estimated valuation of USD 1.55 billion.

Market experts, however, peg their current valuation at upwards of USD 2.2 billion, after taking into account the appreciation in their values. Sahara was in talks with US-based Mirach Capital for a syndicate loan arrangement linked to the three properties to replace an existing loan from Bank of China, but the deal fell apart and the two parties warned each other of legal action.

The group has been engaged in a legal battle with Indian markets regulator Sebi for a long time over repayment of investor dues totalling over Rs 20,000 crore. Sahara, however, claims it has already repaid 95 percent of the investors directly. 


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Govt to begin auction of 2nd phase of coal mines tomorrow

The mines that will be put on offer tomorrow are Jitpur mine, Moitra mine, Brinda mine and Sasai mine in Jharkhand. The companies vying for Jitpur mine - earmarked for the power sector - are Adani Power, Adhunik Power and Natural Resources, Jaiprakash Power Ventures and Jindal Power.

The government will on Wednesday begin the second leg of coal mine auction by putting on offer four blocks - all in Jharkhand - on the first day, with firms including Adani Power , JSW Steel , SAIL  and BALCO in the race.

The mines that will be put on offer tomorrow are Jitpur mine, Moitra mine, Brinda mine and Sasai mine in Jharkhand. The companies vying for Jitpur mine - earmarked for the power sector - are Adani Power, Adhunik Power and Natural Resources,  Jaiprakash Power Ventures and Jindal Power.

Jitpur mine was earlier allocated to Jindal Steel & Power Ltd (JSPL) . For Moitra mine - earmarked for the non-power sector - the companies in the race are Jayaswal Neco Industries Ltd , JSW Steel and SAIL. Moitra mine was earlier alloted to Jayaswal Neco.

With regard to Brinda and Sasai coal blocks in Jharkhand (the government came out with one bid for both the mines), the companies which have been found to be technically qualified are BALCO, Easternrange Coal Mining Pvt Ltd,  Sesa Sterlite and Usha Martin . Brinda and Sasai coal blocks in Jharkhand were earlier alloted to Abhijeet Infrastructure Pvt Ltd. The last day for auction of the mines in the second tranche is March 9.

The government has put atleast 15 coal blocks in this round of auction as per the tentative list. Over 80 applications have been found to be technically qualified for the ready-to-produce mines being put on auction.

The other mines on auction in the second lot includes Mandakini mine in Odisha, Meral mine in Jharkhand, Tara mine in Chhattisgarh, Nerad Malegaon mine in Maharashtara, Dumri mine in Jharkhand, Ganeshpur mine in Jharkhand, Mandla South mine in Madhya Pradesh, Gare-Palma Sector-IV/8 mine in Chhattisgarh,Utkal Coal mine in Odisha, Lohari mine in Jharkhand, Jamkhani mine in Odisha.

The government which was to begin the auction of second lot of mines last month had to put it off to March 4 because of litigation issues. The government through auctioned 19 mines in the first lot came out with the list of successful bidders for just 15 mines. The remaining four mines are being re-examined by the Nominated Authority as there were some issues including pricing of the bids.

The e-auction proceeds from the first lot of mines are over Rs 1 lakh crore which would go to the states. 

Adani Power stock price

On March 03, 2015, Adani Power closed at Rs 57.00, up Rs 1.70, or 3.07 percent. The 52-week high of the share was Rs 68.50 and the 52-week low was Rs 34.80.


The company's trailing 12-month (TTM) EPS was at Rs 7.98 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 7.14. The latest book value of the company is Rs 27.11 per share. At current value, the price-to-book value of the company is 2.10.


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