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- GSFC clarifies, says all plants operating perfectly
- #10: Zaveri Pearls Pearl Ruby Dangle & Drop Earrings For Women
- #10: Skmei Analogue-Digital Black Dial Men’s Watch – 5590-blu
- Intel’s 8th-gen desktop CPUs boost gaming and streaming speeds
- #8: NCIS Full Cast Signed CBS Paramount Studio Reprint 8 x 10 Photo
- #10: 2004 Wilco & Flaming Lips – NYE Concert Poster by Heads of State
- Veteran journalist Arun Sadhu passes away
- Will he or won’t he? All eyes on Narendra Modi’s stimulus package today
- ONGC to acquire HPCL in bulk or block deal in November-December
- Captive coal output goes up 7.2% in 5 months
| GSFC clarifies, says all plants operating perfectly Posted: 25 Sep 2017 02:04 AM PDT NEW DELHI: State-owned Gujarat State Fertilisers and Chemicals (GSFC) today cleared the air that all its plants are operating perfectly and information of their shutdown in social media is false and baseless. Its ammonia plant is “running perfectly and producing 11,000 tonnes per day”, the company said in a BSE filing. Melamine and caprolactum units are operating at full capacity and even other major plants of urea, sulphuric acid and others are functioning more that their capacity, it added. “Investors are advised to be cautious and beware of such unscrupulous elements circulating fake messages mischievously,” the company said further. Investors should not get swayed by “false and baseless information” circulated solely with the intention to damage the reputation of the genuinely performing company, it added. The stock of GSFC, which is into development of crop nutrition solutions, fell by 0.69 per cent to Rs 128.55 on the BSE at 1330 hours today. |
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| Intel’s 8th-gen desktop CPUs boost gaming and streaming speeds Posted: 25 Sep 2017 01:43 AM PDT
Source: engadget |
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| Veteran journalist Arun Sadhu passes away Posted: 25 Sep 2017 01:34 AM PDT Noted journalist, acclaimed writer and progressive thinker Arun Sadhu passed away in Mumbai on Monday. He was 76. He is survived by wife Aruna, a renowned social worker, and daughters Shefali and Suvarna. He was admitted to the Lokmanya Tilak Municipal General Hospital at Sion on Sunday with a heart-condition and was put on ventilator. He passed away in the wee hours of Monday. His mortal remains were taken to his residence at Bandra and was donated to a hospital as per his last wishes. Sadhu, who had excellent command in English and Marathi, was the former editor of The Free Press Journal. Prior to that he had worked for The Times of India, Indian Express, The Statesman. He is better known for his novel in Marathi – Simhasan and Mumbai Dinank. Simhasan is a film set in mid-70s of Maharashtra, about the political struggle for the post of chief minister. The film was directed by Dr Jabbar Patel. He has also worked as a script writer in some films. Along with Sooni Taraporevala and Daya Pawar, Sadhu wrote the scriot of the movie Dr. Babasaheb Ambedkar, in which Mammootty played the lead role. He also wrote a book – Maharashtra – that was published by the National Book Trust. He was conferred with several awards including the Sahitya Akademi Award. Bharatiya Bhasha Parishad Award, N C Kelkar Award and Acharya Atre Award. Source: DH |
| Will he or won’t he? All eyes on Narendra Modi’s stimulus package today Posted: 25 Sep 2017 01:34 AM PDT NEW DELHI: When Prime Minister Narendra Modi addresses the two-day Bharatiya Janata Party (BJP) national executive meeting that began on Sunday, economy is going to be on top of his mind. Though recently BJP president Amit Shah attributed the economic slowdown to "technical reasons", the importance of a slowing-down economy is not lost on the party or PM Modi. The debate is no longer whether demonetisation and Goods and Services Tax (GST) have impacted the economy adversely. That’s settled. India’s GDP grew 5.7 per cent on a year-on-year basis during the April-June period. It was 7.9 per cent for the same quarter last year. The debate now is what PM Modi should do to pump-prime the economy. There have been reports of the government planning to give the economy a Rs 40,000 crore stimulus. When PM Modi addresses close to 1,400 MLAs, 337 MPs and all MLCs besides BJP’s core group leaders from states among others, he is likely to not ignore the elephant in the room. The Rs 40,000 stimulus can boost exports, encouraging domestic investment, supporting small and medium enterprises and providing more money for rural infrastructure and affordable housing. But the stimulus won’t come without its costs. It can adversely impact macroeconomic stability and may not be wholly desirable when inflation is rising and current account deficit is growing. A major challenge the government faces is that it has very little fiscal space that allows a stimulus. It will have to sacrifice its fiscal deficit target, if it if comes out with a stimulus. The government revenues, especially after GST, are not seen to be too encouraging. Another question before PM Modi could be whether to spend more on government projects or give more money in the hands of people to boost consumption. While spending on projects can have a good impact on creation of jobs and growth, the challenge is the time it would take for that money to be spent on projects. A stimulus has to be quick. PM Modi, who will deliver the valedictory address today, will of course highlight the achievements of his government, but what is eagerly awaited is his word on a stimulus package or any other plan government has decided upon to revive the economy. However, there are reports that the government has shelved the plan for now and would instead focus on fast-tracking the budgeted expenditure of ministries and departments to lift the economy. |
| ONGC to acquire HPCL in bulk or block deal in November-December Posted: 25 Sep 2017 01:34 AM PDT NEW DELHI: State-owned Oil and Natural Gas Corporation (ONGC) will acquire the government’s 51.11 per cent stake in HPCL through a bulk or block deal some time in November or December at the prevailing market price. While the government is keen that the deal, which would fetch it over Rs 33,000 crore at the current market price, is done in October, ONGC wants time to raise the money required for the acquisition, a senior government official said. The government’s transaction advisor JM Financial and legal consultant Cyril Amarchand Mangaldas is preparing Information Memorandum (IM) on Hindustan Petroleum Corporation Ltd (HPCL) with India’s largest oil and gas producer, ONGC, in the next 7-10 days. ONGC has appointed SBI Caps and the Citi Group as its merchant bankers for the deal and Shardul Amarchand Mangaldas as legal advisor, who would study the IM to arrive at a valuation for the takeover of the country’s third-largest refining and oil marketing company. The official said ONGC will do the due diligence of HPCL’s assets based on the IM and publicly available information to arrive at the valuation. Negotiations between ONGC and the government will follow if the valuation is vastly different from the one the government has arrived at. The share purchase would happen through a bulk or block deal at the prevailing market price, he said, adding that going by the pace of things, the deal could happen some time in November or December. Both bulk and block deals are done on stock exchanges. A block deal happens when a transaction involves a minimum quantity of 5,00,000 shares or a minimum value of Rs 5 crore between two parties. Such deal takes place through a separate window at the beginning of trading hours for the duration of 35 minutes i.e. from 9.15 am to 9.50 am in a price range of +1% to -1% (plus or minus 1 per cent) of the ruling market price. A bulk deal is a trade where total quantity of shares bought or sold is more than 0.5 per cent of the number of shares of a listed company. Bulk deals happen during the normal trading window provided by the broker. The official said the government’s 51.92 crore shares could be sold to ONGC using either the bulk or block deal. This would also help avoid triggering an open offer. The Cabinet Committee on Economic Affairs (CCEA) had on July 19 granted ‘in-principle’ approval to the strategic sale of the government’s existing 51.11 per cent stake in HPCL to ONGC “along with the transfer of management control, which will result in HPCL becoming a subsidiary company of ONGC”. But since the offer meant a transfer of management control from the government to ONGC, there was apprehension it would trigger Sebi’s takeover code and compel ONGC to make an open offer to acquire an additional 26 per cent stake from minority shareholders, he said. So, the terms of sale have been amended to state that “HPCL will continue to be a government company in terms of section 2(45) of the Companies Act, 2013 and will continue to be controlled by the Government of India through ONGC under the administrative control of the Ministry of Petroleum and Natural Gas”. Though the government is cashing out on its holding, the amended terms make it clear that it will continue to retain control of HPCL, the official said, adding that since there is no transfer of actual control, there will be no requirement of an open offer. At today’s trading price of Rs 428.75, ONGC would have to pay Rs 33,268 crore for buying the government’s 51.11 per cent stake. Had it been required to make an open offer, it would have had to shell out additional Rs 17,100 crore to buy another 26 per cent from the open market. Another official said ONGC will have to borrow about Rs 25,000 crore to fund just the purchase of the government stake. Half of the company’s Rs 15,000 crore of cash has already gone into buying Gujarat State Petroleum Corporation’s stake in a KG basin gas block, and after accounting for capital expenditure requirement for the current year, ONGC will be left with Rs 4,000-5,000 crore. The rest will have to be borrowed, he said. HPCL has 24.8 million tonnes per annum of refining capacity. Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of ONGC, has 15.1 mt of capacity. ANZ ARD |
| Captive coal output goes up 7.2% in 5 months Posted: 25 Sep 2017 01:34 AM PDT KOLKATA: Captive coal production in India rose 7.2% to 14 million tonnes in the five months to August, according to data compiled by the Coal Controllers Office. The output was 13.45 million tonnes in the year-ago period. Data showed that Sasan Power produced 7.3 million tonnes from its Moher and Moher Amlohri Extension mines, while RRVUNL produced a shade over 3 million tonnes from its Parsa East and Kanta Block. Jaiprakash Power produced around 1.7 million tonnes from its Amelia North coal mine during the period. NTPC, which started coal production this year, mined 0.6 million tonnes during the period from its Pakri Barwadih block. Rest of the captive coal block holders, 11 in number, each produced less than a million tonne of coal during the period. NTPC which started production this year, produced around 0.6 million tonnes during the same period from its Pakri Barwadih block. Four coal mines that were not deallocated by the Supreme Court–Tasra (SAIL), ParkiBarwadih (NTPC), Moher and Moher Amlori Extension–are expected to contribute around 30 million tonnes of coal by 2020.They produced about 8 million tonnes between April and August 2017. |
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