Huawei keen on India's smart city project: official
Chinese telecom firm Huawei is in talks with the Indian government for its smart cities initiative, a top company official said. It is also interested in offering its solutions to domestic power utility companies, Huawei Telecommunications India, Enterprise Business, President Derek Hao told PTI here. "Discussions are going on with government on Smart Cities initiative," he said. The company, which garnered revenue of USD 75 billion globally as of December 2016, has offered its expertise to develop 100 smart cities in over 40 countries, he said. On offering the company's Smart Grid solutions to power utility firms, he said they were holding discussions. "We are also discussing with power utility companies here in India," he said.
Nalco stake sale oversubscribed 1.63 times, scrip dips 7.7%
The PSU disinvestment drive for the current fiscal took off successfully today, with NALCO's share sale oversubscribed 1.63 times by institutional buyers. As of 1425 hours, as against 7.73 crore shares offered to institutional buyers, bids came in for over 12.60 crore shares. The share sale for today will continue till the close of market hours. However, the Nalco scrip touched a low of Rs 67.75, down 7.76 per cent over previous close on the BSE. Of its total holding of 74.58 per cent in Nalco, the government is selling 5 per cent or over 9.66 crore shares at a floor price of Rs 67. The two-day stake sale could fetch about Rs 640 crore to the exchequer.
Nomura launches FinTech program for innovation in cap mrkts
Global financial services company Nomura today launched a financial technology (FinTec) program to help start ups develop innovative solutions for capital markets and investment banking.
Under the 'Voyager - Nomura FinTech Partnership' program selected startups would get a chance to collaborate with Nomura businesses across regions and create products and solutions which can potentially be implemented in the financial industry. The program will also provide them global exposure and enhanced visibility in the FinTech ecosystem.
Essar Projects clocks revenue of Rs 2,000 cr in 2016-17
Essar Projects India (EPIL), a part of the diversified Essar Group, said it has posted revenues of Rs 2,000 crore in fiscal 2016-17. The EPC company has completed and commissioned 10 projects worth Rs 2,862 crore during the previous fiscal and clocked revenues of around Rs 2,000 crore, it said in a statement. "With an order book of almost Rs 8,000 crore, we are confident of even better performance in FY18," its Chief Operating Officer AV Amarnath said. EPIL has executed critical activities in Indian Oil Corporation's 15 MMTPA Paradip Refinery project, the Saurashtra Narmada Avtaran Irrigation (SAUNI) Pipeline Yojana project, as well as the Kaladan Multimodal Transport Project in Myanmar. The other projects are in sectors as diverse as steel, oil and gas and fertilisers, with a footprint spanning India and neighbouring countries. "Over the years, EPIL has gained experience by executing and delivering large turnkey projects for government and private sector organisations," he said.
4 key pvt airports need Rs 27,000cr to expand capacity: Crisil
Four major private airports in the country will require an investment of Rs 27,000 crore in expanding the existing capacity, which has reached near optimum level, by 2021, a report said. The four private airports -- New Delhi, Mumbai, Hyderabad and Bengaluru -- cater to nearly 55 per cent of the country's total air traffic. These airports are operating at near-full capacity and will need to spend heavily on expansion through 2021, said the report by ratings firm Crisil. "Because of surging footfalls and high capacity utilisation of over 90 per cent, we estimate the four airports would need to invest Rs 27,000 crore for expansion," Crisil Ratings President Gurpreet Chhatwal said. Yet, their credit quality will remain healthy because of business model strength backed by robust traffic growth and predictable cash flows under a regulated tariff framework, the rating outfit said.
Ministry to seek Cabinet nod for national steel policy soon
The steel ministry will soon move the Cabinet to finalise the new national steel policy that seeks to more than double the capacity to 300 million tonnes by 2030. The ministry also expects steel demand to continue to grow this year given the stress on the infrastructure sector, minister Chaudhary Birender Singh said. "We will soon seek the Cabinet nod for the new steel policy that envisages 300 mt steel capacity by 2030 from the current 126 mt. The target may look a little far off, but if we can channelise our energies in the right direction, this is very much achievable," Singh said on the sidelines of Ficci- Steel Expo. The new steel policy seeks to increase focus on expansion of the MSME sector, improve raw material availability, enhance R&D, reduce imports and manage production cost, and thus develop a technologically advanced and globally competitive industry that promotes economic growth.