FinMin Convenes Meeting Today On Balco Stake Sale
The Finance Ministry has convened a meeting today to discuss selling government’s residual stake in Balco that can fetch over Rs 3,000 crore to the exchequer. The government is looking to fast track its disinvestment programme, which aims at raising about Rs 40,000 crore in the current fiscal. Disinvestment Secretary Ravi Mathur has convened a meeting today to discuss sale of government’s residual stake in Balco, sources said.
Govt Cannot Directly Regulate Power Tariff, Says Scindia
There is no provision for government to directly regulate electricity tariff and rates are determined by regulatory commissions, Power Minister Jyotiraditya Scindia said yesterday. There have been lots of discussions in recent times on power tariff in different states with some governments reducing electricity prices. In a written reply to the Lok Sabha, Scindia said tariff of distribution companies are determined by the State/Joint Electricity Regulatory Commissions (SERCs/JERCs) based on the principles enunciated under the Electricity Act, 2003 and policies framed thereunder.
Growth In Power Sector Will Help Cos Like BHEL, L&T
A growth momentum in the power sector will help equipment manufacturers like BHEL and L&T, Minister of Heavy Industry and Public Enterprises Praful Patel said yesterday. He also ruled BHEL divestment in the market. The Minister added that slowdown in the sector has impacted adversely BHEL’s order book. The company’s order book stood at about Rs 1.02 lakh crore at the end of September 2013.
Power Grid Corp Q3 Net Profit At Rs 1,042 Cr
Central electricity transmission utility Power Grid Corporation yesterday reported a decline in net profit to Rs 1,042 cr for the quarter ended 31 December 2013, due to costlier borrowings. The company had posted a net profit of Rs 1,129 cr in the corresponding quarter of the last financial year. The state-run company’s total income from operations rose to Rs 3,684.55 cr from Rs 3,368.93 cr in the year-ago period. The company’s finance cost, including borrowings, increased to Rs 787.35 crore as compared to Rs 684.82 cr in the corresponding period of last fiscal.
Bank Deposits Outpace Loan Growth
Bank deposits increased at a healthy 16% year-on-year to Rs 75,52,581 crore as of January 24, surpassing credit growth for the fifth consecutive fortnight, as per RBI data. Deposits of commercial banks stood at Rs 65,28,802 crore during the same period last year, according to the Reserve Bank of India’s fortnightly data. Commercial banks’ credit grew 15% to Rs 57,92,827 crore as of January 24 from Rs 50,50,915 crore in the same period last year.
Andrew Yule Inks Pact With Russian Firm
Heavy engineering PSU Andrew Yule & Company has entered into a technical tie-up with Russian firm Togliatti Transformator for manufacturing high capacity transformers. “We have entered into a technical tie-up with Togliatti for manufacturing high capacity transformers required by power utilities,” Chairman and Managing Director of Andrew Yule Kallol Datta said. The company would set up a new manufacturing unit at Chennai for manufacturing these transformers involving a cost of Rs 150 crore, he told reporters here yesterday.
Mahindra Plans To Invest Rs 5,000 Cr In Next 3 Years
Auto major Mahindra & Mahindra (M&M) plans to invest Rs 5,000 cr over the next three years towards infrastructure upgradation, product development and capacity expansion. The company is also planning to introduce 8-10 new variants and upgrades of its products this year. “Adding new products is a continuous process...We have grown consistently over the last few years. We plan to invest Rs 5,000 cr over the next three years to continue this momentum,” M&M Chief Executive - Automotive Division Pravin Shah told PTI.