Shares of Crompton Greaves jumped over 2 percent intraday on Friday as its power transformer plant at Indonesia bagged order worth USD 29 million. As part of the order, it will supply extra high voltage transformers for PT PLN‘s Indonesian electricity transmission network. “The order involves supply of 500kV, 275kV and 150kV power transformers, which will be installed across PT PLN’s transmission network in Java and Sumatra islands,” the company said. The Indonesian plant will cater to markets such as Australia, New Zealand, Malaysia and South America. PT PLN (Perusahaan Listrik Negara) is the sole Indonesian government-owned corporation in electricity generation, transmission and distribution in Indonesia. The company informs that manufacturing of the new orders will done at its factory located in Bogor, Indonesia. The facility is equipped to design, manufacture and test transformers up to 550kV class locally in Indonesia.
Friday 4 April 2014
Internal factors play larger role in dragging India’s growth: IMF
The International Monetary Fund (IMF) on Thursday reiterated that internal factors played a much larger role in pulling down India's economic growth, which slumped to a decade-low level of 4.5% in 2012-13, than external ones. The international organization in its ‘World Economic Outlook’ rather pointed that pullback in growth for some emerging market economies since 2012 was mostly attributable to internal factors for relatively large or closed economies such as China, India and Indonesia.
The WEO chapter on emerging economies highlighted that in case of India, internal factors reduced growth from 2011 until the third quarter of 2012, but their contribution increased since late 2012. Also, giving credence to the argument that UPA-2 hampered India’s growth story, IMF underscored that the United Progressive Alliance’s rule during the last five years has been marked by multitude of scams, delay in decision making, resulting in a policy paralysis.
India's economic growth, which touched 8.9% in 2010-11 slowed down to 6.7% in the following year and touched a decade-low of 4.5% in 2012-13. As for the 2013-14, the Central Statistics Office (CSO) has pegged it at 4.9%. However, as per the projection of ADB and RBI, the growth in the current fiscal is likely to increase to 5.5%.
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Currency trading turnover on USE falls 96% in 2 days
Turnover on the currency futures platform of the United Stock Exchange tumbled sharply in the last two days as the exchange gears up to sort out various issues.The exchange, which recorded an average daily turnover of ₹3,691 crore in March, saw turnover plunge 96 per cent to ₹146 crore on Wednesday. It dipped further to ₹145 crore on Thursday.Arindam Saha, Director (business development), USE, said the exchange had been planning to upgrade technology since December, but it was postponed twice and it would now be rolled out in June.“So participants may have turned a little sceptical and they probably want to wait and watch. We also have other issues. We do not have a clearing corporation of our own. The exchange is working on the problematic areas and we expect things to be normal soon,” he said.
Turnover on other currency trading platforms of the BSE, the NSE and the MCX Stock Exchange has also fallen, but not to the extent of the USE.On Thursday, turnover at the BSE fell to ₹3,867 crore, down from ₹4,586 crore registered on Wednesday. The exchange recorded an average daily turnover of ₹5,759 crore in March.Similarly, on the NSE, the largest among currency futures exchanges, turnover was down 7 per cent at ₹9,117 crore, on Thursday. In March, it registered an average daily turnover of ₹9,855 crore.
In contrast, MCX-SE, rattled by the ₹5,600-crore scam in its subsidiary National Spot Exchange, saw its turnover stabilise at ₹3,324 crore against ₹3,039 crore on Wednesday. However, the turnover was lower compared to the March average of ₹4,394 crore.
NMDC’s capex in 2013-14 higher at Rs 2,518 cr
NMDC has incurred its highest capital investment in a single year at Rs 2,518 crore in 2013-14 on various expansions and modernisation plans.“Pursuing its capital investment schemes, as against an envisaged target of Rs 2,720 crore for 2013—14, the company has incurred Rs 2,518 crore for its various expansion and diversification projects,” NMDC said in a statement.The company spent Rs 1,607 crore capital investment in the previous fiscal. In current fiscal, it plans to spend Rs 4,345 crore.
NMDC is developing two new mines — Deposit—11B iron ore project and Kumaraswamy iron ore mine — as part of its ongoing expansion programme.It is also setting up a three million tonnes per annum (mtpa) greenfield steel plant at Nagarnar in Chhattisgarh. All are at various stages of execution.
Meanwhile, production of the company during 2013—14 also touched a record at 30.18 mtpa, 11 per cent more than the previous year. Sales also grew by 16 per cent to 30.50 mtpa.The production of diamonds from the Panna mine in Madhya Pradesh also registered a 17 per cent growth at 37,047 carats in 2013—14 over 31,533 carats a year ago.
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