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JSPL to invest Rs20,000 cr in power business
Jindal Steel & Power Ltd (JSPL) is looking
to invest about Rs20,000 crore to add power generation capacity by 3300 MW over
current capacity of 5300MW in next 5 years. This would be a major capex plan by
any private power generator after a long time.
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Government in talks with auto makers for emission norms
Given the state of air quality in the cities, the
government is in talks with automakers to advance the adoption of Bharat Stage
V and VI emission norms by a year. Stage V norms could now be implemented by
2019 and Stage VI by 2023. Both the stage upgrades would each entail a cost
increase of about Rs40,000 per vehicle. For the adoption of higher stages of
emission norms, the automakers would have to invest in technology and engine up
gradation. However, the supply of fuel from the refineries as per the higher
norms remains the key bottleneck for faster adoption of emission norms. Bosch
which is the leader in fuel injection systems stands to benefit from the shift
to higher emission standards.
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Oil Ministry rejects Reliance Industries' arbitration notice
The Oil Ministry has rejected Reliance Industries'
(RIL) latest arbitration notice challenging the government decision to take
away 814 sq km of its KG-D6 gas block, as the ministry believes it was
misconceived and untenable in law. Sentimentally negative for RIL.
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Coal Ministry may cap number of bids corporate can make for mine
As per media reports, in the next round of coal
auctions, the Coal Ministry may cap the number of bids a corporate can make for
a mine at one. In the first round of auctions, one group could not only put in
more than bids but all or many could make it to the final list. Now, it will be
just one bid from one group.
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Maruti surges as Q4 profit beats estimates on strong margins
Maruti Suzuki stock extends gains to over 3% to Rs3662
on NSE as Q4 profit is announced higher than forecast, up about 61%. The
company says net sales 132.73 bln rupees vs 118.18 bln rupees yr ago
Maruti Suzuki says higher volumes, material cost
reduction initiatives, favourable foreign exchange and lower sales promotion
expenses contributed to the bottom-line during the quarter.
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Bank of Baroda reduces term deposit rates by 15-30 bps
Bank of Baroda has decided to revise the rates of
interest payable on Term Deposits, applicable to the renewal of existing
deposits and fresh deposits, with effect from April 27, 2015. The
reduction is in range of 15- 30 bps across several maturities which will
help to reduce incremental cost of funds and increase margins. However focus in
near term will be on asset quality trends in upcoming quarterly results.
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NTPC to enter PPA with AP Gov for 3000 MW solar plant
NTPC Limited is set to enter into Power Purchase
Agreement (PPA) for its NP Kunta Ultra Mega Solar Power Project coming up in
Anantapur district of Andhra Pradesh. NTPC plans to install 3000 mw of solar PV
capacity during 2015-16. Also the company has launched a single-window system
to deal with the procurement needs of the power plants across the country to
replace its current plant-wise tender process being practiced so far. The new
system will create a win-win situation for both the vendors and company.
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Cipla backed-Stempeutics Research gets Chinese Patent
Bengaluru-based Stempeutics Research, which is backed
by Cipla and Manipal Education and Medical Group, has been granted a
process patent for its stem-cell based drug Stempeucel by the State
Intellectual Property Office of the People's Republic of China. Stempeutics
becomes the first company in the world to be granted a patent by the Chinese
patent office. Stempeutics makes stem cell-based drugs or regenerative medicine
and has so far invested Rs180 crore develop this drug. In March, Stempeutics
was granted a US process patent for its stem-cell based drug Stempeucel. Cipla
committed Rs50 crore investments initially in this research program and
it is likely to get marketing right for this product in key markets.
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