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Indian News - Tuesday, 07 Feb 2012

HRC steel import threat re emerges on the Indian horizon

Cloud burst in the Indian stock market has left investors and the share market in India aghast. Coming on the heels of an encouraging economic numbers in January the industry and economic is poised for a modest performance in Q4 if not a sprint.

A meteoric rally of nearly 300 points in SENSEX in last fortnight heralds calisthenics in the offing on economic front ably supported by industrial production and buying. RBI already having slackened the noose around the credit market with 50 basis points reduction in CRR market has taken the cue quickly and reacted affirmatively.

Heightened activity by the FIIs has led to equally volatile appreciation in Indian Rupee which stands at a respectable INR 49 = 1 USD. Apart from enhancing the market confidence the appreciation has left the steel market in India in lurch.

Emergence of import booking seems closer than foretold barely a fortnight away. Global steel price has declined by nearly USD 40-50 per tonne in the New Year.

Cumulatively the above factors portend to weigh heavily on the domestic market with import bookings alluring. Even though the domestic long and flat market has remained primarily skinny the domestic mills have been increasing prices over the last couple of months in bid to en-cash INR insulation.

However with the cover slipping away in the aftermath of INR appreciation and declining global levels Indian shores would be haunted with imported material earlier than anticipated.

If the trend maintains import order bookings might commence by mid-February and the first cargo might sneak in by April mid.

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Products covered
1. Input materials - Iron ore, scrap, sponge iron, pig iron pencil ingot, billets and blooms
2. Long products - Rebar, wire rod, angle, channel and joists
3. Flat products - Narrow plates, wide plates, HR, CR and galvanized
4. Others - Pipes

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(Sourced from www.steelprices-india.com)

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Indian steel price index remain flat on February 6

The Indian Long Product Price Index ILPPI inclined by 9 points on February 6th 2012, where as Indian Flat Product Price Index IFPPI declined by 5 points. The overall Indian Steel Price Index INDSPI went up by 2 points.

Class03-Feb06-FebChange%
ILPPI9061907090.1%
IFPPI89168911-5-0.1%
INDSPI8992899420.0%


ILPPI - Long Product Price Index
IFPPI - Flat Product Price Index
INDSPI - Indian Steel Price Index

Long Products

Category03-Feb06-FebChange%
PI - TMT9225922500.0%
PI - WRC92249242180.2%
PI - Angle8574858390.1%
PI - Channel8710871990.1%
PI - Joist8039804780.1%


PI - Product Index

Flat Products

Category03-Feb06-FebChange%
PI - Narrow Plates8540854000.0%
PI - Wide Plates8836883600.0%
PI - Hot Rolled87268719-7-0.1%
PI - Cold Rolled95519544-7-0.1%
PI - Galvanized9316931600.0%


PI - Product Index

These indices have base of 10,000 as on July 1st 2008

To know more about these indices please visit
http://steelprices-india.com/spi_services/spi.html

You can also get ILPPI, IFPPI and INDSPI as SMS alert on mobile by submitting your details at http://steelprices-india.com/smsalert

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(Sourced from www.steelprices-india.com)

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NMDC lines up INR 3600 crore CAPEX for FY13 - Mr Nanda

According to Mr NK Nanda CMD of NMDC, NMDC is hopeful of its revenues touching INR 15,000 crore in the next financial year even as the production is expected to touch 27 million tonnes with EBITDA margins of 80% to 82%.

NMDC has CAPEX plans of INR 3,600 crore for FY13 and about INR 2,000 crore of this will go into the integrated steel plant it has taken up.

Among others, it is planning to set up a 10 million tonne per annum pipe line for evacuation of iron ore from Bailadila sector to Visakhapatnam with a loop line of 2 million tonne per annum capacity at Nagarmar to cater steel plant. This pipeline would help in increasing for production of iron ore and supply to our domestic customers like RINL and Essar Steel.

He said that “The slurry pipeline, which will also have a beneficiation plant, will aid in the increase of production adding that it will also double the railway line, which will be about 135 km in a PPP model. NMDC will provide advance loan to the tune of INR 800 crore or so and this will come back to it in the form of rebates over a period of time.”

It has identified an iron ore asset that is close to port with reserves more than one billion tonne in Brazil. In Russia and Mozambique it is pursuing coking coal assets that are more than 50 million tonnes and 150 million tonnes respectively. He said that “We will use Legacy as our arm for further acquisition.”

(Sourced from www.mydigitalfc.com)

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Sponge iron prices crash on February 6

Sponge iron

LocationChange
Bellary0
Kolkata0
Ludhiana-91
Raigarh-500
Raipur-200
Rourkela0


Change is on 6th February as compared to 3rd February 2012
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)


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BHEL commissions 1200kv transformer in MP

State owned BHEL said it has commissioned the country's first 1200 kV ultra high voltage transformer at Bina in Madhya Pradesh.

BHEL in a statement said that "BHEL commissioned India's first 1200 kV Ultra High Voltage Alternating Current Transformer of 333 MVA rating at Bina in Madhya Pradesh.”

It said that the development of the 1200 kV UHVAC system will go a long way in enhancing the transmission efficiency from power hubs to distant load centers.

This transformer has been developed, manufactured and tested by BHEL.

The transformer has been manufactured under a controlled environment using the contemporary, manufacturing and testing facilities at the company's Bhopal plant.

BHEL had signed an MoU with PowerGrid Corp for development of this transformer which is also the largest equipment used in a substation.

A large network comprising 1200 kV transmission superhighways is being planned as part of the National Transmission Network.

For the transmission sector, BHEL has developed various systems and products which include Power Transformers, Instrument Transformers and Disc Insulators suitable for UHVAC systems of 765 kV and 1200 kV.

BHEL manufactures transformers, shunt reactors, instrument transformers, capacitors, extra high voltage circuit breakers and medium voltage switchgear at its facilities located at Bhopal, Hyderabad and Jhansi, besides providing total systems solution for HVDC, Extra High Voltage Alternating Current and UHVAC Systems.

(Sourced from ET)

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Pencil ingot prices in reverse gear in major places on February 6

Pencil ingot

LocationChange
Ahmedabad0
Alang0
Bhiwari-200
Chennai0
Durgapur-272
Ghaziabad-400
Hyderabad0
Jaipur0
Jamshedpur0
Ludhiana-272
Kanpur0
Kolkata0
Mandi-400
Mumbai0
Muzzafarnagar-272
Nagpur0
Raigarh0
Raipur100
Rourkela91
Rudrapur0


Change is on 6th February as compared to 3rd February 2012
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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Sampur coal power project to proceed under Indian pressure

Despite differences of opinion of the top level authorities of Sri Lanka’s Power and Energy sector and issues concerning the resettlement of the displaced, the 500 MW Sampur coal power project is to proceed under Indian pressure

Official sources said that Indian High Commissioner to Sri Lanka, Mr Ashok K Kantha has persistently pushed for the project ever since he was posted here adding that India is exerting pressure on Sri Lanka to build a 283 km high voltage DC transmission line from Trincomalee to Madurai in Tamil Nadu, comprising 264 km of overland line and 39 km of submarine cable and to connect the grids of two countries.

The coal power plant is a joint venture project between the Ceylon Electricity Board and the National Thermal Power Corporation Ltd of India. A Joint Venture Company will be incorporated in Sri Lanka, with equal equity (50:50) contributions by NTPC and CEB, for implementing the power project.

The JVC upon incorporation will sign other agreements including a Power Purchase Agreement with the CEB, Board of Investment and an Implementation Agreement with the Government of Sri Lanka. These agreements have already been finalized, Power and Energy Minister, Patali Champika Ranawaka told the Business Times.

A feasibility study report on the project will be handed over to the Power and Energy Ministry soon.

The minister said that Sri Lankan power and energy experts and the ministry will study the report before giving the green light for Ceylon Electricity Board and National Thermal Power Corporation of India to go ahead with the project.

Minister Champika Ranawaka noted that international tenders will be called to purchase required parts of power generator including turbines, control systems, and boilers for coal fired power plant. All procurement and construction work will be carried out by duly selected contractors in a transparent tender procedure, he said adding that the Ministry will not award contracts to any party without calling for tenders.

(Sourced from www.sundaytimes.lk)

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Odisha clears air on OMC Sainik Mining deal

BS reported that fearing de allocation of the Utkal-D coal block allocated to Orissa Mining Corporation over issues related to shareholding and delay in project execution, the state government has shot off a letter to the Ministry of Coal on progress made on the coal block.

OMC had entered into a joint venture with Delhi based Sainik Mining & Allied Services Ltd for developing the coal block. While SMASL had 74% stake in the JV, the state owned mining PSU held 26%

The equity pattern had drawn flak from the Ministry of Coal which had held OMC guilty of violating Coal Mines (Nationalization) Act, 1973 by conceding controlling stake to a private player for developing a coal block allotted to a state PSU. The ministry had issued a showcause notice to OMC in July 2010, urging the PSU to raise its stake in the JV to at least 51%.

In addition to this, the ministry had also advised OMC to suitably modify the Memorandum and Articles of Association of the JV company.

In response, the state Chief Secretary Mr B K Patnaik in a letter to Coal secretary Alok Perti has informed that OMC in its board meeting has decided to raise its equity in the JV company to 51% from the existing 26%.

Mr Patnaik in the letter to the coal secretary said that "Before making the necessary amendments in the Memorandum and Articles of Association of the JV company, OMC is examining the agreement in detail, especially the commercial aspects of the pact for which due diligence is required. The due diligence is being conducted and expected to be completed shortly.”

The Chief Secretary has further informed that OMC through the JV company has taken various steps to complete the pre mining activities in respect of the Utkal D coal block. With the exception of grant of Stage II forest clearance, most of the major milestones have progressed satisfactorily. Land acquisition for the coal block area and purchase of private land for rehabilitation and resettlement (R&R) colony have been completed by June 2007. The coal block was awaiting Stage II forest clearance the recommendation for which was sent by the state government to the Union ministry of environment & forests in January 2008.

OMC had obtained consent to establish from the State Pollution Control Board on November 20th 2007. Construction of the R&R colony with approach road and other basic amenities was completed in December 2010 while land acquisition for construction of private railway siding was completed in April 2011.

(Sourced from BS)

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NTPC unable to place power generation equipment orders since 2009 - Report

The Mint reported that state owned NTPC Ltd has not placed a single order for power generation equipment since 2009 due to an ongoing lawsuit, issues relating to land acquisition and coal linkages to fuel its projects.

Such a delay in awarding power generation equipment orders may not only affect India’s largest power generation utility’s capacity addition plans but will also worsen the power shortage in the country, given the utility’s contribution to the Plan targets. NTPC has an installed power generation capacity of 36,104MW, and is targeting an installed capacity of 75,000MW by 2017 and 128,000MW by 2032.

An NTPC executive, requesting anonymity said that “No orders have been given for the last two years as there are unresolved issues with the projects and some legal complications. In the entire period, only an 8MW order for a small hydro project in Singrauli was placed.”

NTPC has an installed power generation capacity of 36,104MW and projects totaling 14,088MW under construction. Equipment for 16,192MW is still under the tendering process, while it plans to award orders for equipment meant to generate 40,000MW during the 12th Plan period (2012-17) for a value of about INR 2 trillion. NTPC has 15 coal based, seven gas-based and six joint venture power stations.

Mr Arup Roy Choudhury CMD of NTPC confirmed the order status, an NTPC spokesperson in an emailed response said that “As you are aware, two bulk tenders of NTPC for nine units (of) 660MW and equal number of 800MW units are under finalization and the delay is due to reasons beyond control of NTPC. These are substantial orders which shall cater to eight new projects, but for issues related to land acquisition, coal linkages and legal.”

(Sourced from www.livemint.com)

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Fall in BDI raises concerns among shipping companies

The Baltic Dry Index, a measure of shipping costs for dry bulk goods, on Friday plunged to its lowest level after it touched 647 points, nearly 20 points lower than the previous low of 663 points recorded during the 2008 global financial meltdown.
In the past 26 years since the Baltic index came into being, the index had never slipped below 650 points and the current fall in the Baltic has raised serious concerns among shipping companies.

Mr JN Das director of Shipping Corporation of India said that "At this level, it is difficult to even recover wages for employees. None of the shipping companies will be able to operate under these circumstances and we have to wait and watch what happens now.” Shipping analysts, meanwhile, are expecting SCI to post massive losses in the current financial year.

The Baltic dry index has been falling steadily over the past one month even though shipping analysts had predicted a recovery of sorts for the shipping sector in 2012. Sea borne traffic was expected to rise 20 to 25% in 2012 from the 1,500 level in 2011, but the alarming drop this year it plunged by more than 62% has left analysts clueless about the much expected recovery.

Mr Bharat Choda analyst at ICICI Direct said that "The recent fall in the freight rates is the combination of oversupply and low demand. While new additions increased the prevailing oversupply situation in the industry, the dual effect of rise in Chinese iron ore inventory and the Chinese new year this January reduced demand for vessels.”

China had declared a week long holiday for the lunar new year celebrations starting from January 23 to January 28, and the surplus iron ore inventory in the country has reduced the demand for iron ore, affecting the struggling global shipping sector.

In addition, the adverse weather conditions in Brazil and two tropical cyclones in Australia have also affected iron ore shipments and port operations.

According to London based Clarksons, the fleet of dry bulk commodity carriers will expand 14% this year compared to a 3% gain in seaborne volumes of minerals and grains, which is a major cause of worry since the over supply of vessels in the market is the main reason for the significant fall in Baltic.

Mr Yudhishthir Khatau president, Baltic and International Maritime council, the largest association of shipowners said that "We cannot put a time frame on the recovery. The key problem remains the over supply of vessels and as long as there is no fall in the order book and the trade does not pick up, the sector will continue to face pressure.”

(Sourced from ET)

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OCL Iron and Steel acquires Aron Auto Ltd

OCL Iron and Steel Ltd has acquired the 99.99% stake of Aron Auto Limited. Consequent to the above acquisition, it has become subsidiary of OCL Iron & Steel Limited.

(Sourced from Equity Bulls)

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IT raid on iron ore mining giant

The Telegraph reported that multiple establishments owned by Rungta Mines Limited were raided by income tax authorities in Jharkhand, Odisha, Bengal and Delhi.

Mr Ajit Kumar Shrivastava income tax department’s additional director told The Telegraph “The details of seizures are not available. The proprietors of the firm are not cooperating on some pretext or the other. We can only talk once the raids are wrapped up.”

Set up by late Mr Sitaram Rungta, the company operates from Rungta House in the Sadar Bazaar locality of Chaibasa. Rungta Mines Limited controls two big iron ore mines in Jharkhand’s mineral rich West Singhbhum district 301.520 acre of Meralgarha mines since 1974 and 349.09 acre of the undisputed Ghatkuri forest area since 1999.

(Sourced from telegraphindia.com)

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JSPL lift Sawai Man Singh Gold Vase polo


Simran Shergill scored a hat trick to steer Jindal Steel and Power to a title victory against Sona Trident at the Sanawar Sawai Man Singh Gold Vase Polo tournament (8 goals) in the Capital on Sunday.

In an exciting final at the Jaipur Polo Ground, Jindal Steel led from the startto-finish, but just managed to edge past Sona 6- 5 and claim the title.

While Shergill hogged the limelight with his spectacular display, Miguel Saravia fired two goals and Mahesh Sharma one for Jindal. Sona's Manupal Godara emerged as the highest scorer in the game, but his four goals were not enough to help his side claim the title. Niall Donnelly was the only other scorer for Sona with one goal.

It was neck-and-neck between the two teams for the entire duration, as they fighting for possession.

Saravia drew first blood for Jindal when his penalty from 30 yards found the goal. Godara restored parity, converting a 30- yard penalty, but Saravia ensured Jindal were in the lead again, scoring a field goal just before the end of the first chukker.

Shergil scored his first goal in the second chukker as Jindal's lead swelled to 3-1. He carried this momentum into the third chukker as well, scoring a brace, but Godara also fired two goals to reduce the margin to 5-3 after the third chukker.

In the fourth and final chukker, Mahesh Sharma converted a spot hit for Jindal to take his team to a 6- 3 lead. Godara and Donnelly hit back, scoring a goal apiece, but their valiant attempts fell short as Jindal emerged triumphant.

(Sourced from indiatoday.intoday.in)

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TATA Steel bags awards for best sports advertisement

OrissaDiary.com reported that TATA Steel bagged the ‘Best Sports Advertisement’ and ‘Best Corporate Involvement in Sports’ awards at the grand finale of NDTV’s ‘Marks for Sports’ campaign.

This was celebrated with the ‘Spirit of Sport’ awards ceremony held at New Delhi on February 5, 2012.

The awards were received by Mr Sanjiv Paul, Vice President, Corporate Services, TATA Steel, on behalf of the Company from India’s tennis legend Leander Paes and Director General, Sports Authority India, Mr Desh Deepak Verma.

The ‘Best Sports Advertisement’ Award is an acknowledgement of TATA Steel’s corporate campaign that showcases the organization’s involvement and commitment beyond steel making, featuring real life achiever Deepika Kumari as the company’s ‘value ambassador’.

The ‘Best Corporate Involvement in Sports’ Award is a recognition of TATA Steel’s promotion of sports and nurturing of sportspersons by way of providing financial support and state-of-the-art training facilities.

Mr Paul said: “The award conferred on TATA Steel will further invigorate us to continue to serve the cause of sports and sportspersons in the country. In keeping with our philosophy of Value Creation and Corporate Citizenship through the excellence of our people, we will continue to nurture and promote more sporting talent.”

(Sourced from orissadiary.com)

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Steel wire rod price jump in Delhi on February 6

WRC
SWR14
5.5/6

LocationChange
Chennai0
Delhi443
Kanpur0
Kolkata0
Raipur0
Rudrapur0


Change is on 6th February as compared to 3rd February 2012
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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L&T Construction bags order from GVK

Engineering and construction major Larsen & Toubro said it has bagged an order worth INR 1,937 crore from GVK for four laning of a major portion of Shivpuri-Dewas section of NH 3 in Madhya Pradesh.

The company in a statement said that the 235 km national highway project, bagged by the group's construction arm L&T Construction, is expected to be completed in 27 months.

The order is for design, engineering, procurement and construction of the road project which is part of the phase IV of the National Highway Development Program and is one of the mega projects of National Highway Authority of India.

(Sourced from ET)


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GCV based pricing good for CIL - Coal minister

A day after Coal India, rolled back a hike in prices, union coal minister Mr Sriprakash Jaiswal in an interview to CNBC-TV18 said the switch to Gross Calorific Value based pricing system, which led to the price hike, was made on the request of end users like power and cement companies.

Mr Jaiswal said the proposed GCV based hike was aimed at bringing more efficient grading system. However, the rollback had more to do with the fear of passing on the increase to customers

Now, CIL will delink the rates from international parity prices. This would eventually reduce the prices for different grades of coal. The coal producer switched to the GCV based pricing mechanism in line with the international norms and had proposed an average of 12.5% hike in prices.

This had evoked strong protest from consumers in sectors such as power, cement, steel and aluminium. In the earlier Useful Heat Value method, the pricing was decided on the ash and the moisture content in coal.

However, Mr Jaiswal hinted that the new pricing mechanism will be reviewed early next financial year after assessing the performance of CIL in the January-March quarter. He also pointed out that the new pricing system will help CIL improve financials.

(Sourced from CNBC-TV18)

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Rebar TMT QST price movement in India on February 6

TMT
Fe 415
12mm

LocationChange
Ahmedabad0
Bangalore0
Chennai0
Delhi0
Hyderabad0
Indore0
Kanpur0
Kolkata0
Ludhiana-209
Mandi0
Mumbai0
Raipur0
Rudrapur0
Muzzafarnagar0


Change is on 6th February as compared to 3rd February 2012
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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CLW performance of production units during April to December 2011

Chittranjan Locomotive Works produced 179 electric locomotives against the target of 166 electronic locomotives and Diesel Locomotive Works produced 188 diesel locomotives against the target of 207 diesel locomotives during April to December 2011.

Rail Coach Factory produced 1029 coaches against the target of 1195 coaches where as Integral Coach Factory produced 1059 coaches against the targets of 1060 coaches during the same period. Rail Wheel Factory produced 145239 wheels against the target of 145925 wheels during April to December 2011.

During the month of December 2011, CLW, DLW, ICF, RCF and RWF have produced 23 electric locomotives, 25 diesel locomotive, 154 coaches, 110 coaches and 19601 wheels against the target of 20 electric locomotives, 25 diesel locomotive, 146 coaches, 143 coaches and 19473 wheels.

Railways have realized an amount of INR 48.76 crore approximately during the month of December 2011 through ticket checking.

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Adani Power report Q3 loss

Adani Power Ltd has announced the financial results for the quarter ended December 31st 2011. The Company has posted a net loss of INR (3581.20) million for the quarter ended December 31st 2011 as compared to net profit of INR 1091.10 million for the quarter ended December 31st 2010.

The company total income has increased from INR 5029.40 million for the quarter ended December 31st 2010 to INR 10615.80 million for the quarter ended December 31st 2011.

(Sourced from Equity Bulls)

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India Cements announced Q3 result

India Cements Ltd has announced its Financial Results for the period ended December 31st 2011. The company has posted net profit of INR 563.1 million for the quarter ended December 31st 2011 as compared to INR 214.7 million for the quarter ended December 31st 2010, representing an increase of 162.27%.

The company total income was at INR 9439.5 million for the quarter ended December 31st 2011 where as the same was at INR 7835 million for the quarter ended December 31st 2010, representing an increase of 20.48%.

The company has posted net profit of INR 2280.5 million for the 9 months period ended December 31st 2011 as compared to INR 128.2 million for the 9 months period ended December 31st 2010, representing an increase of 1678.86%.

The company’s total income was at INR 30967.1 million for the 9 months period ended December 31st 2011 where as the same was at INR 25091.3 million for the 9 months period ended December 31st 2010, representing an increase of 23.41%.

(Sourced from Equity Bulls)

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We do not speculate on fuel - CLP Power MD

Source - Business Standard

After making an initial investment in a 655 mw gas fired power station in Gujarat in 2002 and then moving on to the wind energy space, CLP Power India, the Indian arm of Hong Kong based CLP Holdings, recently synchronised its first thermal power unit at Jhajjar in Haryana. Coming at a time, when most of the new players are stuck with investment giving rise to concerns among financial institutions, CLP Power India managing director Rajiv Mishra tells Jyoti Mukul that they are not financially constrained but opportunity constrained. Edited Excerpts:

Q - With your first coal fired unit at Jhajjar getting synchronised, how do assess the company’s journey in India?

A - The parent company has an overall market capitalisation of USD 20 billion and is among the largest Asia Pacific power company. We have been in India for 12 years now and are India’s largest foreign investor in power and renewable energy sector. We have 2,700 MW of gas, coal and wind power generation plants of which 655 MW gas fired plant in Gujarat has been operating for 12 years now. We have recently synchronised first of the two coal fired (1,320 MW) units at Jhajjar. We expect to commission the second unit in a couple of months. We also have 740 mw wind out of which approximately 500 MW are already commissioned. The balance will be commissioned until March next year.

Q - How do you perceive the current fuel supply situation both for coal and gas fired stations?

A - I would say that our entire fuel is tied up and yet we are facing problem. Gas is available as in regassified LNG but it is expensively priced. In case of gas, there is availability but the problem is of affordability. In the case of coal, it is both. There is clearly a shortage in the domestic market but we have just commissioned our first coal unit. For the entire 1,320 mw, we have 5.2 million tonne linkage with Coal India. At the moment, we got coal just for commissioning. The period of steady supply has not started. But it is clear that the solution will be a combination of supply from CIL as well as imports. For instance, we have been recently informed by the Central Electricity Authority that our plant will have to import 1 million tonne in 2012-13. That tells you the expected import quantity.

(Sourced from Business Standard)

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Steel angle price jump in Delhi on February 6

ANGL
GR A
65X6

LocationChange
Ahmedabad0
Bangalore0
Chennai0
Delhi500
Indore0
Kanpur0
Kolkata0
Ludhiana-209
Mandi0
Mumbai0
Raipur0
Rudrapur0


Change is on 6th February as compared to 3rd February 2012
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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New CIL wage pact seen at 88pct hike

The new wage pact signed by the state run Coal India Ltd last week has seen an 88% increase in minimum basic of its employees to INR 15,712 per month, as against INR 8,360 during the previous deal.

The National Coal Wage Agreement IX covers the two public sector coal firms CIL and Singareni Collieries Company Ltd. The pact signed with trade Unions last week also saw a 25% rise in wages, which put an additional burden of INR 6,500 crore on the firm.

The hike, covering 363,000 non executive work force, would be effective retrospectively from July 1st2011 is for a five year period. A CIL statement said that “The minimum basic in NCWA IX now will be INR 15,712 per month, an increase of 88% from INR 8,360 of NCWA VIII. The other important highlights of the agreement are a special allowance of 4% of revised basic; HRA of 2% of the basic pay for those who have not been provided with residential accommodation in other than urban area; post retirement medicare scheme for retired non executives and their spouses to be finalized within 3 months.”

The agreement was inked in Delhi between central trade unions like the Congress backed Indian National Trade Union Congress Left backed CITU and AITUC, Hind Mazdoor Sabha, BJP backed Bharatiya Mazdoor Sangh and the Kolkata based firm’s management.

Mr R Mohandas director (personnel) of Coal India Ltd had said that “As per the NCWA VIII, which came into effect from July 1st 2006 workers got a raise of 24% in the wages, which had an impact of around INR 2,500 crore, so this was more than what they had expected.”

(Sourced from BS)

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IVRCL hopes to bring down consolidated debt by 25pct - Mr Ramachandran

Source - CNBC-TV18

In an exclusive interview to CNBC-TV18, Mr S Ramachandran director of business development at IVRCL said that they hope to bring down the consolidated debt of the company by 25%. IVRCL Assets and Holdings currently has debt of Rs.700 crore on its books.

Mr Ramachandran goes on to say that it is still difficult to get funding from banks, which is why they are opting to sell their assets. He explained that "We felt it will be good to get back into our parent company, use its balance sheet but keep the advantages of having split and focus as a developer.” He further adds that the company's liquidity position is good and that they will be able to execute its order book.

Below is an edited transcript of his interview with Udayan Mukherjee and Mitali Mukherjee.

Q - The market is quite excited about your plans of monetising assets to improve your balance sheet by selling some of the land bank. Can you give us some colour into what exactly you are planning along those lines?

A - We have some operational assets, a desalination plant and three road assets, which are currently under operation. We are definitely in the market and people are looking at these assets. In addition, we are also open to unlock the value in our road assets which are currently under development.

Essentially, this being a heavy equity oriented asset business, we will have to find ways and means of getting that equity in place. Earlier the scenario was very different, but now banks are firming up and being very cautious in terms of funding. Even funding equity through debt has become a big challenge, so we felt it will be good to get back into our parent company, use the balance sheet of the parent company, but keep the advantages of having split and focus as a developer. So we still have arms length between the BOT division and the parent EPC.

(Sourced from CNBC-TV18)

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RIL to up marketing margin on coal bed methane

While the government has sent RIL's USD 0.135 marketing margin on the sale of KG D6 gas to the oil regulator for approval, the Mukesh Ambani led company has proposed to charge a USD 0.15 levy in lieu of marketing costs on the sale of gas produced from coal seams .

In newspaper advertisements issued on Friday calling for bids to purchase 3.5 million cubic metres a day of coal bed methane it plans to produce from its Sohagpur block in Madhya Pradesh by 2014 end, RIL said it will charge USD 0.15 per million British thermal units as a marketing margin over and above the gas sale price.

The Oil Ministry had on December 26 referred the USD 0.135 per mmBtu marketing margin RIL charges over and above the KG D6 gas sale price of USD 4.205 per mmBtu to the Petroleum and Natural Gas Regulatory Board after the levy was questioned by users like the fertiliser industry.

The ministry stated in its letter to the regulator said that "The government of India hereby entrusts the determination of the quantum of marketing margin chargeable on sale of natural gas to end consumers by each marketing entity on the basis of its actual marketing cost to the PNGRB.”

RIL had originally proposed a USD 0.15 per mmBtu marketing margin for KG D6 gas to cover risks like seller liabilities in case of non supply, customers drawing less than their quota, non payment of dues and settlement of disputes, but later agreed to a charge of USD 0.135 per mmBtu.

(Sourced from The Indian Express)

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Patra Narrow HR steel strips price movement on February 6

Patra

LocationChange
Delhi354
Ludhiana-181
Mandi0


Change is on 6th February as compared to 3rd February 2012
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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Mr Sriprakash Jaiswal to inquire into CIL's new pricing method

The Coal Ministry has decided to conduct an inquiry to ascertain whether Coal India Limited’s move to switch over to the new coal pricing mechanism was aimed at profiteering.

Following grievances received from end use industries like power, steel and cement as well as industry chambers, Coal Minister Sriprakash Jaiswal has ordered setting up a high level committee likely to be headed by coal secretary Alok Perti and have asked for a report within a month.

In a November 2011 notification, CIL had announced that it was switching over to the Gross Calorific Value system from the Useful Heat Value mechanism for grading and pricing of different GCV bands of coal. The shift to GCV pricing in which prices of the fuel are calculated based on the heat produced had pushed up prices by an average 12.5% for buyers. The new mechanism classifies coal into 17 categories, as against seven earlier.

The move triggered a huge outcry among major coal consuming sectors, which alleged a sharp increase in price for certain GCV bands.

(Sourced from www.indianexpress.com)

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Indian logistics sector unlikely to see major change in 2012 - Fitch

According to a Fitch report, Indian logistics industry was poised for a significant change when the proposal for FDI in multi brand retail was cleared by Cabinet, but with this major regulatory reform delayed, it is likely to be business as usual in the sector.

Fitch Ratings in its '2012 Outlook: Indian Logistics Industry' said that while small unorganised companies would continue to provide stiff competition to the organised sector, large companies with a pan India reach could benefit over the medium term from potential regulatory changes from 2013 onward.

As per experts, the logistics industry in the country is worth around USD 80 to USD 100 billion.

The agency also said the impact of the slowdown in the country's economic growth is likely to be offset by a rise in the use of outsourced logistics. This will result in a slight increase in revenues of third party logistics firms providing transportation and warehousing.

The report said that "Companies are expected to continue to concentrate on their core competencies, leading to the outsourcing of their logistical requirements. Operating profit margins would remain stable, as the cost of diesel is not expected to increase significantly as a percentage of revenues.”

It added that "This is because diesel prices are expected to remain subsidised and increases in other operating expenses (insurance, toll, vehicle interest rates and lease expenses) will probably be passed on as most long term contracts have built in escalation clauses.”

Fitch further said the railways' freight market share is not expected to increase as passenger fares would continue to be subsidised by freight hikes.

It said that "Railways' inability to provide door to door service and lack of sufficient infrastructure continues to restrict its market share. However, road freight transport could witness an increase in market share at the expense of rail freight.”


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Steel melting scrap price fall in Ludhiana on February 6

Melting scrap
80:20
HMS

LocationChange
Bangalore0
Chennai0
Hyderabad0
Kandla0
Kanpur0
Kolkata0
Ludhiana-272
Mandi0
Mumbai0
Rudrapur0


Change is on 6th February as compared to 3rd February 2012
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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Steel joist I Beam prices scenario in major places on February 6

JSTI
GR A
250X125

LocationChange
Ahmedabad0
Bangalore0
Chennai0
Delhi500
Indore0
Kanpur0
Kolkata0
Ludhiana0
Mandi0
Mumbai0
Raipur0
Rudrapur0


Change is on 6th February as compared to 3rd February 2012
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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Himadri Chemicals lines up INR 1200 crore investment

When most of the business groups are shying away from investing in West Bengal, Himadri Chemicals and Industries, one of the largest Indian coal tar pitch manufacturers has now lined up investment plans worth INR 1,200 crore in the state in the next four years.

The firm which has four plants in West Bengal two in Howrah and one each in Hooghly and Falta and has already invested above INR 1000 crore here, with majority of the investments coming in the last two years.

Mr Anurag Choudhary CEO of Himadri Chemicals said that “We are expanding our capacity in the state from 250,000 tonnes to 400,000 in next four years, possibly by 2015. Moreover, for carbon black also, we will be doubling the capacity to 100,000 tonnes, from the current 50,000 tonnes. This will see an overall investment of above INR 1,200 crore in the state only.”

The firm is planning to raise the money through internal accruals and debt.

Even after eight months of coming to power, the Mamata Banerjee led Trinamool Congress was unable to bring any major investments due to the anti industry image following its land policies, which had invited criticism from various corners. However, the state had claimed that during the same time it had seen an investment to the tune of Rs. 65,000 crore, though there are not too many major players in that.

Hence, Himadri’s investment may also act as a relief for the state, craving for investments.

The firm has already started its manufacturing unit in China of 50,000 tonnes. Mr Choudhary said that “We will start the second unit for another 50,000 tonnes in four months and it will be commissioned within 15 months after that. The total investment for the overall project is around USD 40 million (INR 200 crore),”

The project is being implemented through a joint venture with a local firm in which the Himadri’s subsidiary holds 94% stake.

(Sourced from BS)


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Steel light channel prices up in Delhi on February 6

CHNL
GR A
75/100

LocationChange
Ahmedabad0
Bangalore0
Chennai0
Delhi500
Indore0
Kanpur0
Kolkata0
Ludhiana0
Mandi0
Mumbai0
Raipur0
Rudrapur0


Change is on 6th February as compared to 3rd February 2012
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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Upgradation of National Highways in India

The Ministry of Road Transport & Highways has received proposals for the upgradation of National Highways from the states under Plan & non plan to be taken up through budgetary resources and it has sanctioned them during the current financial year.

The proposals furnished by respective State Governments are sanctioned based on conformance to Ministry’s circular/standard guidelines, traffic intensity and inter se priority of works, subject to overall availability of funds.

State wise details of number of proposals received under Plan & Non Plan, to be taken up through budgetary resources and sanctioned during the current financial year, ie 2011-12 (up to October 31st 2011) for the upgradation of National Highways is given below:

Name of StateNumber of proposal receivedNumber of proposals sanctionedSanctioned cost
Andhra Pradesh2300.00
Arunachal Pradesh1011486.00
Assam135510.73
Chhattisgarh2312.72
Goa0100.00
Gujarat1916.74
Haryana2400.00
Himachal Pradesh0112.90
Jharkhand06213.55
Karnataka22315.14
Kerala2700.00
Madhya Pradesh000.00
Maharashtra2300.00
Meghalaya0200.00
Odisha10316.59
Punjab08225.49
Rajasthan04347.60
Sikkim0300.00
Tamil Nadu2700.00
Uttar Pradesh5622206.07
Uttrakhand0712.59
West Bengal10272.73


(Sanctioned cost in INR crore)

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Government to probe misuse of norms in the National Solar Mission

The Government will order a probe into the alleged contravention of one project one proponent norm in the National Solar Mission, brought out by an investigation by the Centre for Science and Environment.

The CSE investigation disclosed that the guidelines were flouted by Lanco Infratech, the flagship of the Lanco Group. Sources said that an inquiry is being ordered.

The Secretary, Ministry of New & Renewable Energy, Mr Gireesh B Pradhan said that if there are any facts that indicate violation, action will be taken.

According to the CSE probe, Lanco Infratech floated front companies and grabbed nine projects worth 235 MW, about 40% of the 620 MW projects auctioned by the Government during the first batch of the first phase of the Solar Mission.

Investigations show that besides Diwakar Solar Projects, which bagged a 100 MW solar thermal contract, another Lanco subsidiary, Khaya Solar Projects, appears on the approved list of 5 MW solar photovoltaic projects.

Further, it was found that seven more companies had direct links with Lanco some have Lanco employees and their family members as directors, while others have strong commercial ties to the company.

Lanco's own annual report indicates that all the seven are firmly in its control.

The allegations were refuted by Lanco.

(Sourced from BL)

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Upstream oil cos to bear 38 pc of subsidy share: Source

A government source told reporters that the Indian government has asked upstream oil companies to compensate state run oil refiners for 37.91% of revenue losses on fuel sales during April to December 2011.

The source who declined to be identified said that "Together, upstream companies' subsidy share will be INR 368.94 billion.”

For the first two quarters of the current fiscal year, upstream companies had compensated 33.33% of the losses due to state set fuel prices.

India's federal government fixes the retail prices of liquefied petroleum gas, kerosene and diesel to protect the poor, leading to revenue losses at Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp.

(Sourced from ET)

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Steel plate cuttings price remains flat at Alang on February 6

ProductGradeSizeChange
Plate cuttingsRolling1"0
Ship ScrapMeltingMixed0


Change is on 6th February as compared to 3rd February 2012
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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Pig iron price update on February 6

Pig iron
Foundry Grade

LocationChange
Agra0
Jallandhar0
Kolkata0
Ludhiana90
Raipur0


Change is on 6th February as compared to 3rd February 2012
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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HR steel price update on February 6

HRC
Tube
2.5x1250

LocationChange
Ahmedabad0
Bangalore0
Chennai0
Delhi0
Indore0
Kolkata-182
Ludhiana90
Mumbai0


Change is on 6th February as compared to 3rd February 2012
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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Narrow HR steel plate price remain flat on February 6

PLTS
GR A
8x1250

LocationChange
Chennai0
Kanpur0
Mumbai0
Rudrapur0


Change is on 6th February as compared to 3rd February 2012
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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Wide steel plate prices remain flat on February 6

PLTS
GR B
12-20x2.5

LocationChange
Ahmedabad0
Bangalore0
Chennai0
Delhi0
Indore0
Kanpur0
Kolkata0
Mumbai0
Raipur0
Rudrapur0


Change is on 6th February as compared to 3rd February 2012
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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CR steel price movement on February 6

CR
DSK
0.63

LocationChange
Ahmedabad0
Bangalore0
Chennai0
Delhi0
Kanpur0
Kolkata-181
Ludhiana-91
Mumbai0
Pune0
Rudrapur0


Change is on 6th February as compared to 3rd February 2012
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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GP steel HDG prices remain flat on February 6

GP
100Gms
0.40

LocationChange
Mumbai0
Chennai0
Kolkata0
Delhi0
Ludhiana0
Kanpur0
Rudrapur0
Bangalore0


Change is on 6th February as compared to 3rd February 2012
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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GC steel HDG price movement on February 6

GC
100Gms
0.40

LocationChange
Bangalore0
Chennai0
Delhi0
Kanpur0
Kolkata0
Ludhiana181
Mumbai0
Rudrapur0


Change is on 6th February as compared to 3rd February 2012
Change is in INR per tonne

To know more details on steel prices subscribe to services of www.steelprices-india.com by registering or send a mail to admin@steelprices-india.com with contact details Kindly note that this is a paid service.

(Sourced from www.steelprices-india.com)

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GDF Suez to join race for BG 65pct stake in Gujarat gas

European gas and electricity major GDF Suez is keen to join the race for UK based energy major BG's 65% stake in the Gujarat Gas Co, revving up competition for a significant chunk of the India's high growth energy market that continues to lure big international firms.

The Indian market has already attracted global energy major BP, which has acquired 30% stake in Reliance Industries oil and gas blocks for USD 7.2 billion, and set up an equal joint venture with RIL for gas marketing. Also, London listed Vedanta has taken control of Cairn India in USD 8.5 billion deal.

BG, which is already in talks with several bidders, including Germany's E.ON, domestic energy majors and international private equity funds, said it was very pleased with the interest in the stake sale but did not comment on specific bidders.

Sources said GDF was interested in the stake and had already contacted other bidders. A source close to the deal that "GDF Suez is keen to participate in the bidding process and has sent feelers to other companies participating in the bidding process as it is keen to put in a joint bid.”

BG had put its 65% stake in Gujarat Gas on the block last November. Bharat Petroleum, Oil and Natural Gas Corporation, Gujarat State Petroleum Corporation, Adani group, Torrent Power, Germany based EON, and global private equity firms have bid for the stake. Gujarat Gas has a market capitalisation of about 5,000 crore, giving BG's stake a value of about 3,200 crore at current market price.

(Sourced from ET)


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