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Power projs worth Rs 36,000 cr stranded on coal shortages

Written By komp limpulima on Kamis, 24 Juli 2014 | 23.26

Power projects worth over Rs 36,000 crore and having total generation capacity of 7,230 MW are stranded due to shortage of coal, the government said today.

Efforts are being made for supplying adequate coal to power projects, the government also said.  "As far as coal-based thermal power plants are concerned, a capacity of 7,230 MW is already commissioned but having no coal supply.

"Considering an indicative cost of Rs 5 crore per MW, an investment of about Rs 36,150 crore has been made in the execution of these projects," Minister of State for Power Piyush Goyal said in the Lok Sabha.

Also read: Goyal advises power producers to import 54MT of coal in '15  

The 7,230 MW capacity is spread across 12 projects. In a written reply, Goyal, who also holds the portfolios of Coal as well as New and Renewable Energy, said generation capacity of 42,480 MW commissioned after 2009 is presently entitled to only 65 percent of their Letter of Assurance (LoA) commitment.

With regard to gas-based capacity, about 5,349 MW is ready for commissioning and is awaiting gas allocation. "An installed and commissioned capacity of 24,149 MW is running at a very low average of 23 percent PLF (Plant Load Factor)," the Minister said.

To address the issue of coal shortages, the Power Ministry has initiated certain steps including issuance of advisory to import the fuel. As per the advisory, the cost of imported coal would be made a pass through on case to case basis by regulators to the extent of shortfall in the quantity indicated in the LoA or Fuel Supply Agreement (FSA).

In a separate reply, Goyal said the government is "making efforts to make adequate fuel available for power generation through coal companies". To another query, Goyal admitted that gas-based power
plants have been generating only 50 percent of their installed capacity during the last few years.

"The main reasons for low generation is insufficient gas availability from Krishna Godavari Dhirubhai-6 (KG D-6) basin. "Gas-based generating station can also run on Regasified Liquefied Natural Gas (RLNG). However, the imported cost of RLNG would render the final cost of power generated so high that it will be difficult to schedule the same for sale," the Minister said.

To increase gas availability for power plants, the Ministry of Petroleum and Natural Gas has taken various steps. The steps include issuing guidelines on "clubbing/diversion of gas between power plants of same owner with the intent to serve the largest public interest so that the available gas can be used more efficiently in order to improve the PLF with corresponding increase in electricity generation".
 


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Mobile services mkt in India to be $19.2bn in 2014: Gartner

The number of mobile connections in India is expected to grow by 8 percent to touch 815 million this year, even as the market is expected to remain at almost the same level as last year - at USD 19.2 billion, research firm Gartner said.

The mobile user base is expected to grow to 815 million this year, from 755 million connections in 2013, it said. "The mobile market in India is going through a rough patch, where voice average revenue per user (ARPU) is falling very fast, and the increase in data ARPU is not able to fully compensate for the decline," Gartner Senior Research Analyst Neha Gupta said in a statement.

Also read: Mobile playing big role in rising internet base: MakeMyTrip  

She added that if the prevailing market conditions do not change in the Indian mobile market, India will account for 12 percent worldwide mobile connections. However, the country will account for just 2 percent of worldwide mobile services revenue, she said.

Gartner said one of the biggest challenges faced by Indian mobile operators is the growing appetite for over-the-top (OTT) voice services, driven by the explosion in personal connected devices like smartphones and tablets.

"Mobile broadband provides a substantial revenue opportunity in India on the back of low fixed line broadband penetration. Packing and selling mobile broadband in small and affordable chunks is critical to uptake," Gupta said.

Another area of opportunity, according to Gartner, is focusing on innovative mobile apps that help increase loyalty of the consumer.

"These could go beyond the popular category of social and video apps to include utility apps like shopping apps. Apps that can provide high user-experience on low tech phones are likely to have higher traction than others," Gartner said. Operators that engage with popular content and service brands and bundle their apps and services with their data plans will drive consumer interest in mobile broadband, it
added.

As per the Telecom Regulatory Authority of India, there were 910.16 million mobile phones, and 938.34 telecom service (including landlines) users in India at the end of May 2014.

Active wireless subscribers on the date of Peak VLR in May, 2014 were 790.52 million, it added.


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Ranbaxy inks pact with Cipher to sell acne drug in Brazil

The licensing agreement extends Ranbaxy's current relationship with Cipher, under which it is marketing isotretinoin capsules in the US under the brand 'Absorica', Ranbaxy Laboratories said in a statement.

Drug major  Ranbaxy today said it has inked a licensing pact with Canada's Cipher Pharmaceuticals Inc to exclusively market its isotretinoin capsules, used to treat acne, in Brazil.

The licensing agreement extends Ranbaxy's current relationship with Cipher, under which it is marketing isotretinoin capsules in the US under the brand 'Absorica', Ranbaxy Laboratories said in a statement.

Isotretinoin is used in the treatment of severe recalcitrant nodular acne.

Under the terms of the agreement, Cipher will receive an upfront payment and is eligible for additional pre-commercial milestone payments, it added. Further, Cipher will be supplying the product and Ranbaxy will be responsible for gaining regulatory approval of the product in Brazil.

"We are pleased to take this novel formulation of isotretinoin to the additional large market of Brazil...We will utilise our strong front-end capabilities in making this product available in Brazil," Ranbaxy Executive Vice President & Head, Global Strategy, Sanjeev I Dani said.

The company plans to promote the product through a brand dermatology division in Brazil.

"The isotretinoin formulation is expected to be a flagship product in Ranbaxy's dermatology franchise  in Brazil, once it achieves regulatory approval," it added.

The Ranbaxy scrip closed at Rs 561.30, up 0.12 per cent from its previous close, on the BSE.

Ranbaxy Labs stock price

On July 24, 2014, Ranbaxy Laboratories closed at Rs 561.30, up Rs 0.70, or 0.12 percent. The 52-week high of the share was Rs 569.95 and the 52-week low was Rs 253.95.


The latest book value of the company is Rs 25.87 per share. At current value, the price-to-book value of the company was 21.70.


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Vedanta loan at floating rate of 3% plus LIBOR: Cairn

Cairn said the money has been lent on commercial terms.

Cairn India  has decided to extend its loan of about USD 1.2 billion for the period of 2 years to its parent Vedanta. This intra-corporate transaction has raised many eyebrows. Concerns are being raised over the utilization of cash and even on corporate governance.

Also Read: Cairn's $1.25bn loan to Vedanta: 3 key questions unanswered

Cairn has expressed that the money is being lent on commercial terms, however, in its first formal statement the company said that "they have entered into a facility of USD 1.2 billion with the 100 percent subsidiary of Sesa Sterlite  and of this USD 800 million has already been dispersed during the quarter".

Sources indicate the approval has come from the audit committee for this arrangement. But was shareholder approval taken? There has been no concrete answer to that. However, off the record, sources said that the company may not be required to take a nod, but legally how tenable it is needs to be ascertained.

The company in its statement said the entire facility is at arm's length. The loan has been extended for 2 years at floating rate of 3 percent plus LIBOR, which is the market rate. Cairn has a capex of USD 3 billion and that has been taken care of as the company has been generating cash of USD 1.5 billion every year, plus they have cash reserve of nearly USD 3 billion. Thus, there's no issue with respect to cash going out.

Cairn India stock price

On July 23, 2014, Cairn India closed at Rs 345.70, up Rs 2.20, or 0.64 percent. The 52-week high of the share was Rs 385.00 and the 52-week low was Rs 286.85.


The company's trailing 12-month (TTM) EPS was at Rs 39.77 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 8.69. The latest book value of the company is Rs 206.73 per share. At current value, the price-to-book value of the company is 1.67.


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Coal India's plans for 20 mines hit by environment delays

Coal and Power Minister Piyush Goyal told parliament the projects, costing more than Rs 200 million (USD 3 million), "could not be started due to constraints of land acquisition and environmental clearance".

Twenty new coal mine projects by state-run Coal India , planned with annual capacity of 52 million tonnes, have been delayed by difficulties acquiring land and environmental clearances, the coal minister said on Thursday, underlining the uphill task he faces in reforming the sector.

The new government of Prime Minister Narendra Modi is hastening environmental clearances - which slowed to a trickle under the previous administration - to help fire up power plants and fulfill Modi's campaign promise to light up every home.

But land acquisition remains a major problem, as it is largely controlled by India's states, many of which are ruled by parties other than Modi's Bharatiya Janata Party.

Coal and Power Minister Piyush Goyal told parliament the projects, costing more than Rs 200 million (USD 3 million), " could not be started due to constraints of land acquisition and environmental clearance ".

This month, a Coal India unit, Mahanadi Coalfields, had to halt operations at three mines in Odisha following protests over company plans to relocate nearby residents to make way for expansion. Politicians often side with displaced people.

Goyal told lawmakers six of the delayed mines, with estimated annual output of 27 million tonnes, could start this fiscal year, which ends on March 31. Most of the rest are likely to commence operation next year.

That should help boost the output of Coal India, which accounts for more than 80 percent of the fuel India digs out. The government has set the firm a target of 507 million tonnes for the current fiscal year, although it has failed to hit its target for years.

Coal India and closest rival Singareni Collieries, which together account for more than 90 percent of India's coal production, plan to produce a total of 561.5 million tonnes this fiscal year.

But demand is expected to rise 6 percent to 787 million tonnes, which will mean shipments by the world's third-largest coal importer could hit 200 million.

Coal India stock price

On July 24, 2014, Coal India closed at Rs 385.05, up Rs 1.00, or 0.26 percent. The 52-week high of the share was Rs 423.50 and the 52-week low was Rs 238.35.


The company's trailing 12-month (TTM) EPS was at Rs 23.76 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 16.21. The latest book value of the company is Rs 56.24 per share. At current value, the price-to-book value of the company is 6.85.


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IRDA fines Sahara India Life Insurance for violating norms

"The company has procured only 31,444 social sector lives against its mandatory target of 35,000 lives. Thus, there is a shortfall of 3,556 lives against its obligations in the eighth year of operation," IRDA said in an order.

Regulator Insurance Regulatory and Development Authority (IRDA) has imposed Rs 5 lakh penalty on Sahara India Life Insurance Company Ltd for non-compliance of social sector obligations in 2012-13.

"The company has procured only 31,444 social sector lives against its mandatory target of 35,000 lives. Thus, there is a shortfall of 3,556 lives against its obligations in the eighth year of operation," IRDA said in an order.

This is considered violation of the provisions of certain sections of the IRDA Act, it said. "A penalty of Rs 5 lakh is imposed on the life insurer for non-compliance with the provisions of the regulations. The life insurer is also directed to ensure compliance with the provisions of the regulations hereafter," the IRDA order said.

In its response to the charges, Sahara India Life Insurance had acknowledged the non-compliance of Social Sector Obligations for the financial year 2012-13 and also submitted that they had been complying with the said obligations during prior to that.

Also read:  Sebi asks Irda to make insurers disclose voting details

The company attributed the shortfall in meeting the obligations to the downward trend in the overall business when compared to the previous years.

Owing to the overall downward business trend there is a shortfall in the social sector business, it said, adding that the social sector business constituted 48.49 per cent of the total business of the insurer in 2012-13.

The company had further said that it was taking various steps to grow overall business of the company (with special focus on rural and social sector business) in the coming years and will put special efforts to compensate the shortfall in obligations of 2012-13 in coming years, it added.


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GMR eyes nod for buying out partner's stake in MRO facility

Written By komp limpulima on Rabu, 23 Juli 2014 | 23.25

The MRO facility being operated under the name of MAS GMR Aerospace Engineering Company Ltd (MGAECL) was set up at an investment of around Rs 350 crore.

GMR Group may buyout the entire 50 percent stake owned by its partner Malaysian Aerospace Engineering in an aircraft maintenance repair and overhaul (MRO) unit located at an SEZ near Hyderabad International Airport.

The decision to acquire the stake came after the Malaysian partner expressed inability to infuse more funds into the loss making MRO facility, sources said.

The Malaysian Aerospace Engineering (MAE) has informed that its parent company Malaysia Airlines Systems has been incurring losses for the past few years. The losses have been further aggravated by the mysterious disappearance of flight MH370, the sources said.

Also read:  Will pare debt by Rs 1500cr by end-FY15: GMR Infra

The MRO facility being operated under the name of MAS GMR Aerospace Engineering Company Ltd (MGAECL) was set up at an investment of around Rs 350 crore.

It is a fully-owned subsidiary of MAS GMR Aerospace Engineering Co (MGAE), while MGAE itself is a 50:50 joint venture partnership between Malaysian Aerospace Engineering (MAE) and GMR Hyderabad International Airport (GHIAL).

MGAECL has made representations to the Board of Approvals (BoA), Ministry of Commerce, seeking clearance for the stake purchase and renaming the unit, sources said.

A decision with respect to the request made by GMR is expected to be taken up in a meeting scheduled for tomorrow by BoA, they added.

When contacted, a GMR spokesperson declined to comment.

MGAECL started its commercial operations in November, 2011. During the last three years, the company has incurred cumulative losses of Rs 240.30 crore as on March 31, 2014.

The promoters have been mostly funding for the operations.

After the acquisition of equity from MAE, GHIAL will hold 100 percent equity of MAS GMR Aerospace Engineering Ltd and the name will be changed from MAS GMR Aerospace Engineering Company Ltd to GMR Aerospace Engineering Company Ltd, sources said.

GMR Infra stock price

On July 23, 2014, GMR Infrastructure closed at Rs 26.45, up Rs 0.70, or 2.72 percent. The 52-week high of the share was Rs 38.30 and the 52-week low was Rs 10.65.


The company's trailing 12-month (TTM) EPS was at Rs 0.38 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 69.61. The latest book value of the company is Rs 16.96 per share. At current value, the price-to-book value of the company is 1.56.


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Peek-a-boo: What to look for in Honda Mobilio at Rs 6.49 lakh

SLIDESHOW

Wed, Jul 23, 2014 at 16:09

| Source: Moneycontrol.com

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.


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India diversifying its crude oil imports sources: Minister

Oil Minister Dharmendra Pradhan said the government is attempting to raise domestic oil and gas production so as to reduce dependence on imports to meet its oil needs.

India is diversifying its sources of crude oil imports to reduce dependence on any one region, Oil Minister Dharmendra Pradhan told Rajya Sabha today. Replying to supplementaries during Question Hour, he said India is diversifying its crude purchases, tapping nations like Brazil, Columbia and Venezuela in the Latin America for supplies. "India's dependence on the Gulf nations is 61 percent," he said. The country bought 115.86 million tonnes of oil from Middle East out of 189.24 million tonnes total crude oil imported in 2013-14.

Latin America has emerged as its second biggest supplier region, supplying 31.73 million tonnes of oil. Africa provided 30.39 million tonnes of oil in 2013-14. Pradhan said the government is attempting to raise domestic oil and gas production so as to reduce dependence on imports to meet its oil needs. Production of state-owned Oil and Natural Gas Corp ( ONGC ) and Oil India Ltd ( OIL ) are being monitored on monthly basis.

"We have started work on reversing the declining trend in production. This fiscal, the negative trend due to mismangement of the previous governemnt, will be corrected," he said. He said India pays 45 percent of its bill for oil imports from Iran in rupee but there is no barter arrangement. "While there is no existing barter arrangement involving import of crude oil, Government continues to explore possibilities for such an arrangement as it would lead to export promotion and result in saving of foreign exchange," he said.

The government, he said, is insulating common man from the vagaries of international oil markets. "In order to cushion the common man from the impact of high international oil prices and domestic inflationary conditions, the Government continues to modulate the retail selling price of diesel and subsidised domestic LPG, resulting in incidence of under-recovery (loss) on sale of these products," he said.

Currently, oil marketing companies are losing Rs 2.49 on sale of every litre of diesel and Rs 471.75 per LPG cylinder.

ONGC stock price

On July 23, 2014, Oil and Natural Gas Corporation closed at Rs 405.10, down Rs 3.7, or 0.91 percent. The 52-week high of the share was Rs 472.00 and the 52-week low was Rs 234.40.


The company's trailing 12-month (TTM) EPS was at Rs 25.83 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 15.68. The latest book value of the company is Rs 171.29 per share. At current value, the price-to-book value of the company is 2.36.


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Strides Arcolab gets USFDA approval to sell transplant drug

The capsule is an immuno-suppressant used for preventing organ rejection in certain patients following liver, kidney, or heart transplant.

Pharmaceutical firm Strides Arcolab  has received the regulatory approval to market Tacrolimus capsules in the US market.

The capsule is an immuno-suppressant used for preventing organ rejection in certain patients following liver, kidney, or heart transplant.

The company has been allowed by United States Food and Drug Administration (USFDA) to sell Tacrolimus capsules in the strengths of 0.5 mg, 1 mg and 5 mg, Strides Arcolab said in a BSE filing.

The US market for generic Tacrolimus is approximately USD 676 million, the company said, citing IMS data.

"The product will be manufactured at the company's oral dosage facility at Bangalore and marketed directly by Strides in the US market," the company said in a statement.

Strides Arcolab's shares were trading 0.62 percent down at Rs 670 apiece during afternoon trade on the BSE.

Strides Arcolab stock price

On July 23, 2014, Strides Arcolab closed at Rs 671.50, down Rs 2.7, or 0.4 percent. The 52-week high of the share was Rs 1050.00 and the 52-week low was Rs 343.80.


The company's trailing 12-month (TTM) EPS was at Rs 584.46 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 1.15. The latest book value of the company is Rs 820.12 per share. At current value, the price-to-book value of the company is 0.82.


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