Posts Tagged ‘design’

Equity News Update

Economy

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•India’s food price index rose 15.53% while the fuel price index climbed 11.14% in the year to October 9. In the prior week, annual food and fuel inflation stood at 16.37% and 11.14%, respectively.

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Pharmaceuticals

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•Wockhardt has received tentative approval from the United States Food & Drug Administration (USFDA) for marketing the Fexofenadine HCI 60 mgplus Pseudoephedrine HCL 120 mg extended release tablets, which is used for treatment of seasonal allergic rhinitis without causing drowsiness.

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Oil & Gas

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•Reliance Industries is planning to take shutdown of the Crude Distillation Unit (CDU) No.1 and coker at Jamnagar refinery for maintenance and inspection for a period of three to four weeks starting from last week of October, 2010.

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•Oil and Natural Gas Corp (ONGC) has kicked off a `8,800-crore redevelopment of the southern part of its Mumbai High fields, using a cost-effective technology to  maintain output from the prime western offshore fields.

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Capital Goods

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•Larsen & Toubro (L&T) has received order worth 1,449 crore from DB Power for the Bhaskar Group company’s Chhattisgarh project. The Balance of Plant is the sum of all equipment for safe operation as well as the technical coordination of all concerned parts of a power plant.

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•BHEL has bagged contracts worth 35 crore to set up grid-interactive solar power plants of 1100 kW capacity at eight locations in the union territory of Lakshadweep. The Lakshadweep administration has also asked the company to renovate existing solar power plants of 800k Wat these islands.

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Realty/ Construction/ Infrastructure

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•Ashoka Buildcon Ltd has announced the completion and start of toll collection on its Bhandara toll road project on National Highway No. 6. The project, with a project cost of 535 crores, is the largest toll road project commissioned till date by Ashoka Buildron. With this commissioning, the company has 18 BOT projects under operation and 5 under construction.

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•IL&FS Transportation Networks Ltd has informed that the consortium comprising of 50:50 Joint Venture between the Company and Ramky Infrastructure Ltd. had been awarded a project by the National Highways Authority of India for Four Laning in the State of Assam & Meghalaya on Design, Build, Finance, Operate and Transfer (DBFOT) pattern. The Projectis on Annuity basis with a concession period of 20 years including construction period of 3 years. The cost of the Project as per loan agreements is 824 Crores and the semi-annual Annuity for the Project is72.51 Crores.

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INTERNATIONAL NEWS

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•US Industrial production was disappointing in September, declining 0.2percent, following a 0.2 percent gain in August. The September decrease came in notably below analysts’ median projection for a 0.2 percent advance. Capacity utilization edged lower to 74.7 percent from 74.8percent in August.

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•US Housing starts surprised on the upside while permits went in the other direction. Importantly, the single-family component is the one showing unexpected modest strength. Housing starts in September rose 0.3 percent after jumping 10.5 percent the prior month. The September annualized pace of 0.610 million units came in significantly above the market forecast for 0.580 million units and is up 4.1 percent on a year-ago basis.

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•Eurozone consumer confidence indicator remained unchanged in October from the previous month. The EC’s consumer confidence indicator for euro area was at minus 11 in October, same as in the previous month. The latest reading came in line with economists’ expectation. The consumer confidence index for the EU nations slightly improved to minus 11.6 inOctober from minus 11.7 in September.

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•UK retail sales volume including automotive fuel decreased 0.2% in September from August, it was smaller than last month’s revised 0.7% fall.Economists were expecting a 0.3% increase in September.

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•China’s gross domestic product grew 9.6% between July and September compared to the same period a year earlier. That is slightly above analyst expectations for a 9.5%, but marks a slowdown from the 10.3% expansion in the June quarter.

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NEWS ROUND UP – ECONOMY & INDUSTRIAL SECTORS

Hello Friends here we come up with the Latest News round up from Indian Economy and various industrial Sectors of the country.

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NEWS ROUND UP

Economy

·India’s industrial output rose at a faster-than-expected 9.1 percent in September from a year earlier. Manufacturing production rose 9.3 percent in September from a year earlier.

· The green shoots visible in the economy failed to enhance government revenue with indirect tax collections — comprising customs, excise and service tax — falling almost 22 per cent to Rs 1,26,903 crore in the April- October period this year.

It stood at Rs 1,61,954 crore in the corresponding seven months of 2008-09. The overall decline was led by a 32 per cent fall in customs revenue.

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Oil & Gas

·Reliance Industries Ltd. found oil in a block in the western state of Gujarat and is assessing the commercial viability of the discovery, which may help increase domestic fuel supplies.

Five wells were drilled in the 635 square kilometer area located in the Cambay basin, about 130 kilometers (80 miles) from Ahmedabad

·Oil and Natural Gas Corporation (ONGC) has decided to merge its energy trading joint venture with steel tycoon Lakshmi Mittal with their exploration tie-up.

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Metals

·Tata Steel has approved an exchange offer for an existing $875 million of securities into foreign currency convertible bonds (FCCBs), in a move to reduce costs and ease repayment.  The move gives an option to extend the repayment schedule by two years.

·Hindalco Industries plans to raise about Rs 2,900 crore in the next three to four weeks.
In July, it had announced plans to raise Rs 2,400 crore through Qualified Institutional Placement (QIP).

The issue could not take place due to the volatility in the stock markets.

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Capital Goods

· Larsen & Toubro Limited (L&T) has secured a contract worth Rs 1,635 crore to build a coal-fired plant for Madhya Pradesh Power Generation Co. Ltd.

The project will be executed on turnkey basis and L&T’s scope includes design, engineering, manufacture, supply, erection and commissioning of balance of Plant Package (BoP) systems.

·L&T one of the failed suitors for scam-hit Satyam Computer, sold 2.32 per cent stake in the IT company (now Mahindra Satyam) for over Rs 306 crore, exactly a month after the lock-in perid on sale of its holding ended.

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Refineries

· MRPL is planning to invest Rs 6,000-8,000 crore starting from early 2011.

The company is looking at raising around Rs 5,000 crore to support its expansion plan, for setting up a polypropylene plant and installing a single buoy mooring (SBM) at the Mangalore port.

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FMCG

· Emami is diversifying into the cement business and will invest Rs 1,750 crore to set up production units in the next three years.

As part of the new plan, group company Emami Cement will set up a fully integrated cement plant in Chhattisgarh with an installed capacity to produce 3.1 million tonnes.

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Finance

· Power Finance Corporation has decided to lend Rs 50,000 crore, over two third of its total asset base, to fund various proposed power projects in the country.

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