Reliance Power’s Sasan UMPP achieves boiler light up for third 660 MW unit

Reliance Power’s Sasan Ultra Mega Power Project (UMPP) has achieved boiler light up for third 660 MW unit. With this, the total capacity of  Sasan UMPP  is now nearly 2,000 MW. Sasan UMPP is an upcoming 3,960 MW pit-head coal-based power plant in Madhya Pradesh. The project is the first domestic coal-based UMPP awarded in the country by the Government of India.

Earlier in December, the company’s second 660 MW unit of the 3,960 MW Sasan Ultra Mega Power Project (UMPP) commenced power generation. The unit commenced power generation in shortest time of just about a month from boiler light up. This was made possible by adopting innovative commissioning methods.

Reliance Power is a part of the Reliance Anil Dhirubhai Ambani Group and is established to develop, construct and operate power projects domestically and internationally.

Aurobindo Pharma in discussion with Actavis to buy API units in Western Europe: Report

Aurobindo Pharma is reportedly in discussion with global pharma giant Actavis to buy their Active Pharmaceutical Ingredients (API) units in Western Europe. The move is in line with the Aurobindo’s strategy to vertically integrate their injectables business by buying ingredient making units.

Actavis is likely to sell loss making units in Italy, Spain, France, Germany and the Netherlands. The API units have revenue of close to $500 million.

Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients. The company’s robust product portfolio is spread over 6 major therapeutic/product areas encompassing Antibiotics, Anti-Retrovirals, CVS, CNS, Gastroenterologicals, and Anti-Allergics, supported by an outstanding R&D set-up.

BPCL strengthens as its arm plans to invest $15 million in shale gas block in Australia

Bharat Petroleum Corporation (BPCL) is currently trading at Rs. 329.50, up by 3.55 points or 1.09 % from its previous closing of Rs. 325.95 on the BSE.

The scrip opened at Rs. 330.00 and has touched a high and low of Rs. 332.50 and Rs. 327.15 respectively. So far 33541 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 449.00 on 21-Jan-2013 and a 52 week low of Rs. 256.00 on 06-Aug-2013.

Last one week high and low of the scrip stood at Rs. 337.00 and Rs. 315.00 respectively. The current market cap of the company is Rs. 23858.16 crore.

The promoters holding in the company stood at 54.93% while Institutions and Non-Institutions held 27.77% and 17.30% respectively.

Bharat Petroleum Corporation’s (BPCL) wholly owned subsidiary, Bharat Petro Resources (BPRL) is reportedly planning to invest $15 million in its shale gas block in Australia. Currently, the company is in second phase of testing wells and has already invested $13 million. Further, the company will be investing another $2 million in this Australian shale gas block. 

BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene.

Hindustan Foods enters into manufacturing and supply agreement with Nutricia International

Hindustan Foods has entered into Manufacturing and Supply Agreement with Nutricia International to manufacture Weaning Cereals - Complementary Foods at the Company’s manufacturing facility located at Usgaon, Ponda in the state of Goa for a period of 5 years.

Hindustan Foods, established in 1988 as a joint venture with Glaxo India, and listed on the Mumbai Stock Exchange, represents the Group’s foray into FMCG, with the manufacture of cereal based food products, including baby foods and instant porridge.

SEBI tightens P-notes guidelines

In a move to attract foreign investments through Foreign Portfolio Investors (FPI) framework rather than participatory notes (P-notes) route, the Securities and Exchange Board of India (SEBI) has tightened the rules for issue of P-notes, which are currently used by foreign investors to invest in the Indian markets without registering with SEBI.

Bearing in mind that Indian regulators including SEBI do not have direct jurisdiction over foreign instruments such as P-notes, the market regulator is making foreign investors to invest directly into India by registering as FPIs. Although, SEBI had earlier barred Category-III FPIs from issuing P-notes, it has now barred certain unregulated entities under Category-II from issuing P-notes. So far, unregulated entities could issue P-notes if their investment manager was regulated. However, SEBI has allowed only regulated entities to issue/subscribe to P-notes, ensuring that such entities can be easily reached through foreign regulators. Until November 2013, the notional value of P-notes on equity, debt and derivatives stood at Rs 1.82 lakh crore, or 13 percent of assets under custody of foreign institutional investors.

SEBI has divided FPIs into three categories based on their risk profile. The Category I FPIs include lowest risk entities such as foreign governments and government related foreign investors. Category II FPIs include appropriately regulated broad based funds and regulated entities, university related endowments and pension funds etc. Meanwhile, Category III FPIs include all others not eligible under the first two categories.

McNally Bharat’s arm bags order worth Rs 50 crore

McNally Bharat Engineering Company’s wholly owned subsidiary MBE Coal & Mineral Technology has received an order for works relating to Flotation Equipment Package for Rs 50 crore.

McNally Bharat Engineering Company is one of the leading engineering companies. It provides turnkey solutions in areas of power, steel, alumina, material handling, mineral beneficiation, coal washing, ash handling and disposal, port cranes, civic and industrial water supply etc.

Videocon Inds gains on the buzz of its plans of setting up new set-top box plant

Videocon Industries, part of the Videocon Group, is reportedly planning to set up a new set-top box manufacturing unit with an annual capacity of 1 million by the end of 2014. This new manufacturing unit will either be set up in Punjab or Madhya Pradesh. The company has already increased its production capacity of existing STB plant from 7 lakh to 10 lakh during the festival season last year. Now it plans to set up a new plant.

Videocon Industries, established two decades ago, is a global conglomerate with market capitalization of $2.5 billion. Videocon’s businesses’ consists of manufacturing, marketing and distribution of consumer electronics products and oil & gas extraction. 

Corporation Bank inks MoU with Geojit BNP Paribas to offer 3-in-1 account

In a bid to offer the bank’s customers with a facility to open 3-in-1 integrated account, Corporation Bank has entered into agreement with Geojit BNP Paribas. The new account comprises of a Bank account, Demat account and trading account.

With this agreement, the Corporation Bank’s retail clients will now have access to online trading platform for equities, derivatives, IPOs and Mutual Funds.

Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906. Government of India is the majority shareholder holding 59.82% stake in the bank. As on March 31, 2013, the bank has 1707 branches and 1425 ATMs.

Adequate energy supply at affordable price key for economic growth: PM

As India is likely to become world's third largest energy consumer by 2020, Prime Minister Manmohan Singh asserted that adequate energy supply at affordable price is critical for economic growth. Stating that India is configuring its policy framework to get back to the high growth rate trajectory, Manmohan Singh added that India seeks clean and affordable energy and the development of energy sector and oil and gas exploration space must be given particular attention.

Manmohan further stated that there is a need to bridge the ever-increasing gap between demand and domestic supply, thus the government is encouraging domestic and global companies to explore potentially hydrocarbon-rich areas in the framework of a stable and enabling policy environment. Currently, India imports around 80 percent of its oil needs and half of its gas requirement. Under the 10th round of NELP, the government has planned to auction 46 oil and gas blocks to domestic as well as overseas oil companies. 

Referring to domestic oil and gas production, Prime Minister added that India is currently world's seventh largest energy producer accounting for around 2.5 percent of world's total annual energy production. While, there is a need to increase its energy supply by 3 to 4 times over the next two decades. However, the government has prepared the roadmap to achieve energy security and a number of changes in energy policy regime have been made in the last few months, he added.

Highlighting need of new technologies and processes, innovative thinking and creative business models for oil and gas industry, Manmohan Singh said that the government is also making partnerships with global giants to source technology and produce oil and gas from difficult fields. Presently, only 0.93 million sq km area in India is held under exploration and production in 19 basins as compared to total estimated sedimentary area of 3.14 million square kilometers, comprising 26 sedimentary basins. Meanwhile, the government has formulated a roadmap for cutting India's dependence on imports to meet its energy needs. The Ministry wants domestic crude oil demand to be cut to 50 percent by 2020 and by 25 percent in 2025 through intensive exploration and exploitation of untapped reserves.

Ashoka Buildcon receives LoA for project worth Rs 24.09 crore

Ashoka Buildcon has received Letter of Acceptance (LoA) for the Project viz. collection of user fee through fee collecting agency on the basis of competitive bidding at Kognoli Toll Plaza located at Km 591.300 for the section from Maharashtra Border - Belgaum (Km. 537.000 to Km. 592.240) of NH - 4 in the State of Karnataka from National Highways Authority of India (NHAI).

The estimated value of the contract is Rs 24.09 crore and the company has been engaged by NHAI to collect user fee for the period of 1 year.

Ashoka Buildcon builds and operates roads and bridges in India on a build, operate and transfer (BOT) basis. It currently operates one of the highest numbers of toll-based BOT projects in India.