Mr Ram Vilas Paswan union minister for steel, chemicals and fertilizers has expressed the hope that the steel industry will not raise prices after 7th August in national interest.

Mr Paswan while talking to newsmen confirmed that Steel Authority of India Limited has been asked not to hike prices.

Mr Paswan said that “In view of the exceptional situation, he would like the industry to cooperate. Government wants the steel industry to prosper and is giving facilities directly and indirectly to favorably impact the cost. But so long as the industry earns reasonable profit, where is the need to raise prices.”

The variation in newly developed indices for steel products in India reflects that on the whole, steel prices remained static during July 2008, although long products witnessed correction and flat product prices strengthened

LPPI – Long Product Price Index
FPPI – Flat Product Price Index
ISPI – Indian Steel Price Index

Long products

Flat products

(Sourced from www.steelprices-india.com)

Indian steel major TATA Steel Limited has announced a standalone net profit of INR 1488.40 crore in the first quarter ended June 30th 2008 up by 21.78% over the corresponding period a year ago.

The standalone total income of the company increased to INR 6177.25 crore in the latest quarter from INR 4305.33 crore in the same period previous fiscal.

It is reported that Ranchi based MECON has been entrusted a prestigious assignment of providing detailed consultancy services for setting up a 2 million tonne per year integrated steel plant in Bolivia by Jindal Steel & Power Limited.

Jindal Steel Bolivia entrusted the assignment at a cost of INR 18,000 crore. This will be the first steel complex and first major industry in Bolivia.

The project included a mining and beneficiation complex of mine iron ore, pellet plant, gas based DRI making facilities. Besides, an electric arc furnace shop to produce about 2 million tonne per year steel, a light section and bar mill, a power plant of 550 MW capacity and associated facilities will also be set up by MECON. The project will be completed within 5 years.

Jindal Steel Bolivia has obtained mining rights in the El Mutun iron ore deposits, which is believed to contain one of the world's biggest iron ore reserves of about 40 billion tonne. JSB has been allotted about 55 square kilometers of land for mining activities and setting up of a beneficiation complex, an integrated steel plant and a natural gas based power plant. It plans to invest USD 2.1 billion over the next eight years in Bolvia for projects in steel, mining and power sectors.

The TATA Group first proposed four large projects in Bangladesh in 2004 and had intensive discussions with the Government of Bangladesh up until 2006. At that point it suspended further work on the projects, as agreement on key issues with the Government was not possible.

The release said that “Since then the TATA Group has had frequent enquiries on the status of the projects and the prospects for reviving negotiations with the government. It is clear, however, that the government will not be in a position, in the foreseeable future, to grant the projects the natural gas commitment they would require. Consequently there is no prospect of taking these projects further.”

The release added that “A letter to this effect was handed over today to the Executive Chairman Board of Investment, Government of Bangladesh.”

The release also said that “TATA Group has been pleased with the support and courtesies extended by the Government of Bangladesh, particularly the Board of Investment, during the discussions. The Group has other interests in Bangladesh, which it will continue to develop.”

JSW Steel has announced the following unaudited results for the quarter ended June 30th 2008.

JSW has posted a net profit after tax of INR 2193.50 million for the quarter ended June 30th 2008 down by 48% YoY as compared to INR 4684.50 million for the quarter ended June 30th 2007.

Its total Income has increased from INR 24203.80 million for the quarter ended June 30th 2007 to INR 36987.90 million for the quarter ended June 30th 2008.

Ispat Industries Ltd has announced the following unaudited results for the quarter ended June 30th 2008.

IIL has posted a net profit of INR 287.30 million for the quarter ended June 30th 2008 as compared to INR 83.70 million for the quarter ended June 30th 2007.

Its total Income has increased from INR 18605.30 million for the quarter ended June 30th 2007 to INR 28757.80 million for the quarter ended June 30th 2008.

Uttam Galva Steels Limited has reported 17% rise in net profit at INR 26.59 crore in the first quarter of the current fiscal as compared to INR 22.75 crore in the corresponding period last year.

Its net sales for the quarter surged by 11% YoY to INR 802.97 crore from INR 721.98 crore while EBIDTA increased by 60% to INR 106.10 crore from INR 66.51 crore. Profit before tax also increased by 26%YoY to INR 32.36 crore from INR 25.72 crore.

UGSL attributed the growth in turnover to higher realization from exports markets as export contributes to above 70% of the company’s turnover.

Mr Ankit Miglani director commercial of UGSL said that “We will continue maintaining our export thrust, it is our constant endeavor to increase our volumes in the domestic market. The thrust is to strengthen our top line and bottom line and enhance profitability.”

Visa Steel has posted tremendous results for April to June 2008 quarter.

1. Net revenues increased to INR 2.56 billion up by 251% YoY

2. Manufacturing revenues grew by 341% YoY to INR 2.32 billion

3. PBIDT improved by 517% YoY to INR 711.1 million

4. Operating profits in the manufacturing segment showed an increase of 731% YoY to INR 779.2 million

5. PBT grew by 752% YoY to INR 619.5 million

6. PAT stood at INR 485.1 million up by 845% YoY

Mr Vishal Agarwal MD of VISA Steel Limited said that “I am pleased to announce that we have witnessed a robust increase in our revenues and earnings driven by better volumes achieved and good realizations witnessed in both the Coke and the Ferro Chrome businesses.”

He said that “Our 225,000 TPA Pig Iron facility has commenced production and stabilized after its planned closure for a refractory relining and we expect this segment to contribute towards our overall performance from Q2 FY2009. Trial run of the 1st Kiln of the Sponge Iron unit has started and the 2nd kiln of the project along with 2 X 25 MW waste heat recovery plant is nearing completion and we expect optimal contribution from these facilities from Q3 FY2009 onwards. With stabilisation of the Coke and Ferro Chrome facilities and commencement of the Pig Iron unit combined with Sponge Iron and Power plants nearing completion, our outlook for FY09 remains extremely positive and we are confident that we can deliver superior performance going forward.”

Reuters reported that Maharashtra Seamless Limited's reported an increase in quarterly profit for the second time in more than a year as sales remained stable and it thwarted competition from China.

The pipe maker which earns more than 60% revenue from supply of pipes to energy companies said April to June profit grew 4% to INR 603 million and sales were flat at INR 3.52 billion.

Mr Anil Jain group chief financial officer said that "Until Q4 of last year, we had problems on account of Chinese imports. So, our margins were under pressure but there's no competition now so our profit and margin has come in line with last year's. So, if you see over the last quarter, we have improved significantly.”

He said that “However, MSL hopes to raise its top line by 10 percentage points after it installed a dual coating facility at its existing plant. This is a new product. It's economical in terms of cost. We are marketing it separately."

During the first quarter of this year from April to June 08, the turnover of Manganese Ores India Limited shot up to INR 603.19 crore from INR 174.35 crore during the same period last year.

Its net profit rose by nearly five fold from INR 53.36 crore to INR 318.33 crore.

Manganese Ores India Limited has commissioned a 500,000 tonnes per annum integrated Manganese Beneficiation plant at Balaghat in September last year and has also commissioned a 15.2 MW wind energy plant taking its wind energy capacity to 20MW.

Monnet Ispat & Energy Limited recently reported a net profit of INR 70.32 crore for the Q1 of the current fiscal up by 52.7% over INR 46.04 crore recorded in the same quarter last fiscal. The company’s total income was INR 383.30 crore an increase of 61% over the same quarter of last year.
According to the Mr Sandeep Jajodia vice chairman & MD of Monnet Ispat & Energy Limited, “In the coming years, the company will be more focused on the energy business. In the future, 55% of the revenues will come from the energy business and the rest from steel.”

As per the report, Monnet has increased its total power generation capacity for captive use to 150 MW during the quarter and added another 0.50 million tonnes of sponge iron capacity during the period making it the second largest coal based sponge iron producer in the country.

Monnet Ispat & Energy Limited has taken over the management control of Chhattisgarh based Rameshwaram Steel & Power Private Limited by acquiring 97% equity at a cost of INR 36.13 crore besides taking over liabilities of INR 49 crore.

BL reported that Indian Railways has received 5 bids for its proposed electric locomotive factory to be set up in Madhepura in Bihar. Wednesday was the last date for receiving applications.

The companies are
1. Alstom
2. Bombardier
3. Siemens
4. A consortium comprising China based CSR Zhuzhou Electric Loco Works & Monnet International
5. A Japanese consortium comprising Mitsubishi, Kawasaki and Toshiba

Railways will now study the applications and list the qualified players. It would then invite the request for proposal from the technically qualified players.

As per the report, Indian Railways would have 26% equity in the JV while the electric loco company would have rest of the ownership. The JV has a minimum assured order of 660 electric locomotives of 12,000 HP each from Indian Railways. The locos would be ordered over an 8 year period ranging from 2008-9 to 2015-16 and the JV has to maintain the locomotives over a 20 year period.

Land for setting up the factory is being acquired by the railways and will be leased to the JV company on a long term lease basis for around 35 years. The locomotives are planned to be used in the dedicated freight corridor project and the existing routes of the Railways. Railways estimates the project cost to be about INR 1,000 crore.

It is reported that Chitranjan Locomotive Works produced 36 electric locomotives against the target of 36 electronic locomotives and Diesel Locomotive Works produced 72 diesel locomotives against the target of 59 diesel locomotives during April to June 2008.

Rail Coach Factory produced 408 coaches against the target of 390 coaches where as Integral Coach Factory produced 222 coaches against the targets of 226 coaches during the same period. Rail Wheel Factory produced 44276 wheels and 20028 axles during the same period against the target of 44450 wheels and 17197 axles during April to June 2008.

During the month of June 2008 Chitranjan Locomotive Works, Diesel Locomotive Works, Integral Coach Factory, Rail Coach Factory and Rail Wheel Factory have produced 13 electric locomotives, 24 diesel locomotive, 80 coaches, 130 coaches, 15991 wheels and 6804 axles respectively against the target of 13 electric locomotives, 19 diesel locomotive, 84 coaches, 125 coaches, 15334 wheels and 5817 axels.

It is reported that Kamdhenu Ispat Limited has registered a growth of 86% YoY in its total income of the Q1 results for the year 2008-9 up from INR 553.347 million of the corresponding quarter in 2007-8 to INR 1029.620 million this quarter. Profit after tax of the Q1 2008-9 was registered to be INR 35.411 million up by 39% YoY from the corresponding quarter of the last year.

Mr Satish Agarwal CMD of Kamdhenu Ispat Limited said that “Q1 result shows the robust performance level of the company which shows in the new business verticals that it is exploring to further capitalize on its potential and market understanding. Reacting on the Q1 results.”

He said that "Kamdhenu Ispat Limited has strong foundations and we believe in our capabilities and responsibilities. With set business plan and futuristic approach we are strategically moving ahead increasing our business verticals and increasing our business avenues."

Shah Alloys Limited has informed BSE that Mr Atul P Pandya has resigned from the post of MD of the Company.

Shah Alloys Limited further informed that Mr Rajiv Kumar Sinha of IDBI Bank Limited & Mr V A Mendosara of Union Bank of India have been appointed as a nominee directors of Shah Alloys Limited.

Project Monitor reported that Nodal state government agency Hyderabad Metro Rail Limited is likely to finalize the developer for the Hyderabad metro rail project in the coming weeks bringing to result a selection process that spanned over 2 years.

According to the report, 5 bidders comprising consortia led by Reliance Infrastructure Limited, Essar Constructions Limited, Nagarjuna Construction Company Limited, GVK Group and Navabharat Group are in the final race. According to unconfirmed reports, the Navbharat consortium of Navbharat Ventures Ltd, Maytas Infra Ltd, IL&FS and Thai Development Public Company Ltd has submitted the lowest bid.

Speaking to Project Monitor a senior official of HMRL said that evaluation of financial bids was in an advanced stage and the developer would be announced very soon.

He said that the model concession agreement which would be signed with the private developer is also in the final stages.

As per the report, Hyderabad metro rail will be developed on BOT basis under a 30 year concession period. The elevated metro rail system will have 3 main lines Miyapur to LB Nagar, Jubilee Bus Station to Falaknuma and Nagole to Shilparaman. The route will be punctuated by around 66 stations. The 71 kilometer metro rail project, to come up in the twin cities of Hyderabad and Secunderabad is expected to cost around INR 12,000 crore up from the original estimate of INR 8,482 crore.

Mr Ram Vilas Paswan union minister for steel, chemicals and fertilizers received the final dividend cheque of INR 49.10 crore from the Manganese Ores India Limited.

The cheque was presented by Mr KL Mehrotra CMD of MOIL. Minister of state for steel, Mr Jitin Prasada, the outgoing steel secretary Mr RS Pandey and other senior officials were present on the ocassion.

With this the total dividend paid to the government for FY 08 goes up to INR 78.80 crore at 345% of the equity. The company had earlier paid an interim dividend of INR 29.69 crore.

During 2007-08, MOIL produced 1.365 million tonnes manganese ore, a rise of over 30% YoY as compared to the previous year. The total income went up by 128% YoY to INR 1030.00 crore and net profit rose to INR 479.82 crore.

BEML Ltd has announced the following unaudited results for the quarter ended June 30th 2008.

BEML has posted a net loss of INR 174.30 million for the quarter ended June 30th 2008 as compared to net profit of INR 235.90 million for the quarter ended June 30th 2007.

Its total Income has decreased from INR 4069.60 million for the quarter ended June 30th 2007 to INR 3090.40 million for the quarter ended June 30th 2008.

Mr Jairam Ramesh union minister of state for power said that Damodar Vally Corporation has decided to generate 3700 MW of additional power with an investment of INR 14,000 crore during the 11th five year plan. The minister was in CTPS to lay the foundation stone of the Industrial Training Institute.

Expressing dissatisfaction over the delay in completion of new projects, the minister said that the on going power projects at Chandrapura Thermal Power Station should have been completed 18 month ago.

Speaking to media persons, Mr Jairam said the DVC and the TATAs would jointly set up two power units of 525 MW each at Maithon with an investment of INR 4500 crore. He added that two power units of 500MW each would come up at Koderma at a cost of INR 2000 crore.

The minister said a power plant of 500 MW would be set up at Bokaro Thermal Power Station at a cost a INR 2000 crore. He said that two power units of 250 MW each would be set up in Bokaro city.

NTPC Limited India’s largest power generating company has announced results for the Q1 ended June 2008. The total income for the quarter is INR 10,256.70 crore as compared to INR 9687.84 crore reported in the corresponding quarter of the previous year growth of 5.87%. The Company has declared Net Sales of INR 9539.47 crore during Q1 of 2008 or 2009 as against INR 8958.81 crore during Q1 of 2007 or 2008 registering an increase of 6.48%.

The profit after tax for the quarter is INR 1,726.53 crore as compared to profit after tax of INR 2,369.93 crore reported in the corresponding quarter in the previous year. Adjusted profit after tax is INR 1858.01 crore as against adjusted profit of INR 1764.89 crore for Q1 of 2007 or 2008 an increase of 5.28% after providing for incentive and keeping provision for wage revision and others.

As per the report, NTPC Limited has total installed capacity of 29,394 MW through 26 power stations including JV. The Company currently has 16,680 MW under construction and aims to become 50,000 MW by 2012.

It is reported that India is planning to develop 2 hydel power projects the 1,200 MW Tamanthi and 600 MW Shwzaye power project on the Chindwin river basin.

As per report, the projects expected to cost around INR 15,000 crore will be developed under the JV route by NHPC and the Myanmar government owned Department of Hydropower Implementation. Power from the projects will be exported to India through a proposed transmission link via Manipur.

It is learnt that a MoU on hydropower development on the Chindwin river basin has already been readied and is expected to be inked shortly between NHPC and DHPI.

It is reported that Shipping Corporation of India has posted a net profit of INR 279.60 crore during April to June 2008-9 as against INR 206.10 crore during the same period of 2007-8 registering a growth of 36%.

Aided by higher freight rates from the liner division bulk and tanker segments SCI’s income total led INR 1,126 crore as against INR 958 crore earlier an increase of 18%.

Mr BK Mandal director of finance of SCI said that the income had grown on account of improved utilization of vessels and freight rates. Income from operations stood at INR 1,066 crore with revenues from bulk recorded at INR 815 crore and liner INR 209.5 crore. Others contributed INR 41.4 crore.

He said that with the increase in oil prices the bunkering cost had gone up. In terms of value of expenditure, it had gone up by 20% to 25% during the Q1 over that of the same quarter of the last fiscal.

Mr Mandal said that "It will be in the range of INR 2,000 crore to INR 2,300 crore which will be deployed for buying ships. We will take delivery of 1 very large crude carrier this year and 2 container vessels will be added to our fleet."

It is reported that favorable market conditions and increased movement of goods and services saw Mundra Port & SEZ Limited record 397% increase in net profit as its revenues increased by 118% in the Q1 ended June 30th 2008 compared with the same period last year.

The company said while the company’s revenues stood at INR 273.76 crore its net profit from ordinary activities was INR 96.80 crore.

BL cited Mr Sanjiv Goenka VC of CESC Limited as saying that it has entered into a MoU with the Government of Bihar to set up a 2,000 MW power plant in Bhagalpur district at an investment of INR 10,000 crore.

Mr Goenka said the land for the project has been identified and it would be set up in 2 phases under a 100% subsidiary Nalanda Power Company.

He said that “In the first phase, a 660 MW plant would be set up at an investment of INR 3,250 crore. In the second phase, 2 plants of 660 MW capacity each would be set up. The Union Ministry of Coal has been approached for facilitation of coal linkages or allotment of captive mines.”

Mr Goenka said that CESC had applied to the Jharkhand State Electricity Regulatory Commission for a power distribution license for Ranchi. He said the water and chimney height clearances for the Haldia power project has been received while the environmental clearance was awaited. The first phase of the Haldia project would entail an investment of INR 2,500 crore and was expected to be commissioned by the second quarter of 2011 or 2012.

During the first quarter of the current fiscal, CESC recorded a total income of INR 842 crore up from INR 750 crore in the corresponding period of 2007. The profit before tax in April to June 2008 was INR 107 crore against INR 93 crore in April to June 2007

Suzlon Energy Limited has informed BSE that the Company has as on date an order book position of INR 16,491 crores comprising of INR l,449 crores of domestic orders and INR 15,042 crores of export orders.

The aforesaid domestic order book position includes 55 numbers of 1500 kW Wind Turbine Generators aggregating to 82.5 MW capacity yet to be supplied to DLF Home Developers Limited out of the total order size of 71 numbers of 1500 KW Wind Turbine Generators aggregating to 106.5 MW capacity.

It is reported that ABG Shipyard Limited posted a profit after tax of INR 47.01 crore for the Q1 ended June 30th 2008 up by 40.74% YoY as compared with INR 33.40 crore during the same quarter in 2007.

As per the report, total income for the quarter has increased to INR 280.09 crore from INR 206.66 crore in the year ago period.

National Aluminum Company Limited has clarified that the possibility of shutting down of Alumina Refinery is remote.

It said that “Action has already been initiated to normalize the coal supply with the help of the ministry of Mines and ministry of Coal Government of India. Loss of production at Refinery from 26th onwards is a temporary phenomenon which will be made good once the coal supply improves.”

As per the report, NALCO is passing through a major coal shortage at its Alumina Refinery at Damanjodi in the Koraput District of Orissa in the recent past. Due to the strike of the tipper operators for about 6 days at MCL, Taicher during the period from June 15th 2008 to June 22nd 2008 coal supply for its Damanjodi Site from MCL, Talcher was affected.

It said that “The strike by the tipper operators has since been called off. The coal supply was further constrained because of a decision of infrastructure constraints review committee of the ministry of Coal government of India which directed all coal rakes from MCL, Taicher to Power Utilities for 5 days with effect from July 22nd 2008. The Alumina Refinery was running at its normal capacity till July 26th 2008. Considering the shortage of coal, the operations at the Refinery Plant was scaled down by 50%.”

It added that “The direction by the infrastructure constraint review committee of ministry of Coal government of India directing coal rakes to Power Utilities is understood to have been lifted with effect from July 29th 2008 and normal supply of coal is expected to be resumed soon. The stock of coal at Damanjodi is about one day's consumption and by evening 2 rakes containing about 7000 tonnes of coal are expected to reach the site. The Company has taken up the matter with the highest level at MCL and at ministry of coal to resume normal coal supply.”

It said that “The Smelter Plant at Angul so far has not been affected and the present stock of alumina is comfortable to sustain for next 15 days. There is alumina available at Vizag Port to meet the next export commitment scheduled on August 3rd 2008. However, if coal supply is not normalized it would affect the refining p production and thereby the smelter plant production and expert of Alumina.”

It is reported that Uttarakhand Infrastructure Projects Company Private Limited has floated Request for Qualification to select private sector parties to develop 4 small hydropower projects in Nayar River valley in Pauri district on BOOT basis.

Uttarakhand Infrastructure Projects Company Private Limited which has invited the tender on behalf of the state department of power has identified Nayar HEP, Biyaligaon HEP and Santoodhar HEP I&II.

As per report, the scope of work comprises financing, designing, engineering, constructing, commissioning and O&M for the concession period. UIPCL has completed survey and investigation identified the transmission system for power evacuation, prepared the DPR and obtained the statutory clearance.

The reported added that the cost of tender documents is INR 25,000. Sale of tenders is on till August 31st and the last date of submission of Request for Qualification is September 4th 2008.

It is reported that the Centre recently approved an allocation INR 17,033 crore for revamping a power sector reforms program aimed at cutting commercial and other losses of state utilities.

As per report the decision to restructure the Accelerated Power Development and Reforms Program covering 571 projects in the first phase was taken by the Union Cabinet at its meeting in New Delhi.

Mr P Chidambaram FM of India said after the cabinet meeting "Out of the INR 17,033 crore, the grant component is INR 6,445 crore and the loan component is INR 2,274 crore." He added that the loan will be for those who accept certain parameters both in the utility areas and project areas.

In the project area the utilities have to bring down Aggregate Technical & Commercial losses to below 15%, whereas in the utility area which is a larger area they have to bring them down by 3% or 1.5% depending upon where they are.

Mr Chidambram said that if they achieve the parameters 50% of loan will be converted as grant.

The government had approved APDRP in March 2003 to accelerate distribution sector reforms. Besides reducing Aggregate Technical & Commercial losses, the scheme seeks to bring commercial viability in the power sector and reduce outages and interruptions.

Under the scheme, the government provides 50% central assistance for strengthening and upgrading sub transmission and distribution network.

According to the PM of India, overall AT&C losses are around 35% against about 39% in 2001 or 2002.

Press Conference on the outcome of the recently concluded WTO ministerial conference at Geneva, Shri Kamal Nath union minister of Commerce & Industry has stated that the primary objective of the Doha Round is to put the development dimension of international trade on centre stage. While there would always be commercial interests guiding trade these interests cannot take primacy over the livelihood interests of billions of poor and vulnerable farmers of the developing world. In the context of the current food crisis and the abnormal rise in food prices, it has become all the more important to preserve and protect the livelihood security of poor farmers and the long term food security of developing nations.

In view of the subsistence nature of farming in developing countries and the need to insulate the poor and vulnerable farmers of developing countries from the shock of large tariff reductions, the instruments of Special Products and Special Safeguard Mechanism were built into the Doha mandate. The July Framework and the Hong Kong Declaration built upon it. While the Special Products are designed to allow developing countries to take less than formula cuts on their vulnerable products, specially the products affecting the livelihoods of subsistence farmers and affecting the food security of a nation, the SSM is designed to protect the farmers from sudden import surges and price dips by applying an additional safeguard duty over and above the bound rate.

The release said that the lack of consensus on SSM was not an issue affecting only India. It affected more than 100 of the least developed and developing countries. The G33, the African Group, the African Caribbean Pacific Group, the Small Vulnerable Economies together having a membership of more than 100 countries had expressed their strong views on the volume and price triggers. They had issued a joint statement on 27th July articulating their needs and their recommendations on the triggers and the remedies.

The trigger for an SSM is very important because it determines when a safeguard duty can be imposed. If the trigger is too high the SSM loses its effect because it can only be used in the most exceptional circumstance. Thus the trigger has to be reasonable. For our most important Special Products, we had negotiated 5% zero cut tariff lines that is 5% of the total tariff lines would take no tariff cuts. There would be some other tariff lines which would take very low tariff cuts.

The release added that the volume trigger for such Special Products which would either take zero or low tariff cuts because they are our most vulnerable products was sought to be fixed at 40% higher than the average imports of the last 3 years by a major developed country. That is if the average imports of a product over the last 3 years is 100 million tonnes unless the imports crossed the level of 140million tonnes the safeguard duty could not be activated. This is much higher than the trigger for the Special Safeguards which the developed countries themselves have used since the beginning of the Uruguay Round to protect the commercial interests of their agriculture.

According to the release, the proposal was considered unacceptable by the broad coalition of developing countries because it would have rendered the SSM virtually inoperable. We have more than 30 crore people living on less than USD 1 a day. We argued that while India was prepared to be constructive and reasonable it could simply not accept any solution that would pose a serious threat to the livelihoods of its subsistence farmers When there was a lack of consensus on this issue in the Green Room which had the ministers of more than 30 countries present, the matter was referred to a group of 7 countries namely US, EC, Japan, Australia, Brazil, China, India by the DG, WTO. However, despite attempts by the DG, WTO and later on by 6 of the countries to work out a solution to the problem all the proposed solutions were found unacceptable by 1 major developed country. Despite all out efforts stretching over a few days, when there was no consensus the mini ministerial had to be halted.

The release further added that the SSM was not the only issue on which progress could not be made. There were several other important developing country issues like cotton, preference erosion, tropical products, DFQF etc. on which discussions were not held. The major developed countries also wanted the developing countries to agree to a restrictive anti concentration clause and to take part in Sectorals in the industrial goods area. In recent weeks developed countries started a major campaign for restricting the flexibilities given to developing countries in industrial products through an ambitious ‘anti concentration clause which was vigorously approved by most developing countries as infant and vulnerable industries needed to be protected. As far as Sectorals were concerned the Hong Kong ministerial clearly stated that these were non mandatory. An attempt was made by developed countries to make this mandatory in violation of the mandate. This was strongly opposed by India and other developing countries.

Mr Kamal Nath said it would see attempts at overcoming the current impasse. He reiterated that India stands committed to constructively engage at the WTO to move the Doha Development Round to a successful conclusion.

Project today reported that consolidated construction consortium bagged 2 prestigious civil works order worth INR 240 crore for the Renault Nissan automobile plant as well as the Global Automotive Centre for the National Automotive Testing and R&D Infrastructure Project in Chennai.

As per report, the Renault Nissan project includes construction of stamping, paint shop, body shop, trim and chassis, power train buildings, process foundations and security. It also includes on a design and builds basis, construction of train/data/maintenance buildings for a value of more than INR 140 crore.

The report added that the NATRIP contract for the Global Automotive Centre is valued at INR 100 crore. Both these projects will be executed at Oragadam in Chennai.

Asia Pulse reported that Indian power company Bhilwara Energy Limited cited it would invest INR 7,500 crore to set up a 1,500 MW coal based thermal power plant in Madhya Pradesh.

As per the report, Bhilwara Energy Limited owned by the LNJ Bhilwara Group has signed a MoU with Madhya Pradesh government to set up a thermal power plant in the state which would be developed in phases.

The report added that LNJ Bhilwara Group has commissioned coal based captive power generation facilities across various locations of its companies. Its total energy generation capacity is expected to touch 5,000 MW by 2015 including hydro, thermal, solar and wind power.

BS reported that Ramsarup Industries Limited the second largest producer of coated and uncoated steel wire has posted 26% increase in net profit at INR 15.78 crore in the Q1 of the current fiscal as against INR 12.54 crore in the comparative quarter in 2007.

As per the report, total income of the company surged by 8% to INR 383.05 crore from INR 354.73 crore while operating profit increased 35% to INR 41.88 crore as compared to INR 30.95 crore.

Ramsarup Industries Limited attributed the performance growth to 26% growth in export sales at INR 37.36 crore in the Q1 of the current fiscal as compared to INR 29.70 crore in the comparable quarter in 2007.

Infrastructure division of the company bags further order worth INR 82 crore for various infrastructure turnkey projects including laying of 132/ 220 KVA power transmission line from RRVPNL under JV.

On commencement of the single line LRPC unit, scheduled for September 2008 Ramsarup will be the first company in India to produce such products. Plating Line Plant to produce hose wire to be imported from European company is under full swing of implementation at Durgapur site of the company. Plant is expected to be completed during current financial year.

Ramsarup Industries Limited is well on track with their plan to produce 0.6 million tonnes per annum of steel wires and upstream wire products from current level of 0.288 million tonne per annum.

Project today reported that Arshiya International is planning to invest INR 1,600 crore into its rail business Arshiya Rail Infrastructure.

As per the report, this capex will be deployed towards acquiring 3,375 wagons and also for the building of rail sidings and other necessary infrastructure across the country.

The report added that the 75 rakes will be delivered over 18 months making Arshiya Rail Infrastructure the largest private rail operator in the country by end 2009. The first rake is expected to be deployed on November 15th 2008.

Bs reported that Uttam Galva Steels Limited Q1 net profit up by 17% to INR 26.59 crore as compared to INR 22.75 crore in the corresponding period in 2007.

Uttam Galva’s net sales for the quarter surged 11% YoY to INR 802.97 crore from INR 721.98 crore while EBIDTA perked up by 60% to INR 106.10 crore from INR 66.51 crore. Profit before tax too boosted 26% INR 32.36 crore from INR 25.72 crore.

Mr Ankit Miglani director of Uttam Galva Steels Limited said that “We will continue maintaining our export thrust, it is our constant endeavor to increase our volumes in the domestic market. The thrust is to strengthen our top line and bottom line and enhance profitability."

Meanwhile, Uttam Galva Steels Limited attributed the growth in turnover to higher realization from exports markets. Global sales contributes above 70% of the company’s turnover.

The Cabinet Committee on Economic Affairs approved the proposal to continue Accelerated Power Development and Reforms Program APDRP during the XI plan with the revised terms and condi