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Tuesday, 20 October 09
INDIA MAY CUT STAKE IN NTPC BY DECEMBER, POWER SECRETARY SAYS
 Bloomberg reported that, India’s government may sell a 5 percent stake in NTPC Ltd., the country’s biggest power producer, as early as December to help fund spending on roads and education and rein in the fiscal deficit.
“We will do it by December or January,” Power Secretary H.S. Brahma said by telephone in New Delhi yesterday, after the Cabinet approved the plan to sell the stake in the state-owned utility. “We will take a decision on the timing of the sale in a few days.” Brahma is the top bureaucrat in the power ministry.
Prime Minister Manmohan Singh is taking advantage of an 80 percent gain in India’s benchmark stock index this year to sell stakes in state-owned companies. The government has raised about 42 billion rupees ($913 million) since April 1 by selling shares in NHPC Ltd. and Oil India Ltd. The NTPC sale may yield 88 billion rupees, according to Bloomberg calculations based on its Oct. 17 closing price that valued the New Delhi-based utility at $38 billion.
“This should help a little in narrowing India’s fiscal deficit,” Viswanathan Vasudevan, a Singapore-based fund manager at Aquarius Investment Advisors Pte., said by telephone today. “The government needs to continue with its theme of disinvestment since the deficit is quite large.”
India plans to borrow a record 4.41 trillion rupees in the year ending March 31, widening the budget deficit to a 16-year high of 6.8 percent of gross domestic product, from 6 percent in the previous year.
NTPC has climbed 18 percent in Mumbai trading this year, lagging behind the Bombay Stock Exchange’s Sensitive Index and a 90 percent surge in rival Tata Power Co. The stock fell 0.6 percent to 213.60 rupees on Oct. 17 when the market traded in a special truncated session on Diwali, the festival of lights that marks the start of the Hindu new year.
Government Equity
The government’s equity in NTPC will fall to 84.5 percent after the sale from 89.5 percent. Part of the shares will be offered to NTPC employees, Commerce and Industry Minister Anand Sharma said yesterday, without elaborating on the timing.
“It is expected that the market capitalization of NTPC would be higher and it would help the company to raise resources in the international market on competitive terms,” the government said in a statement after a meeting of the federal cabinet in New Delhi yesterday.
NTPC plans to spend 177 billion rupees to increase its generation capacity by about 10 percent in the financial year ending March 31. The utility said last month it was evaluating an offer to buy a South African coal mine and is considering a coal- mine purchase in Indonesia to help secure fuel supplies.
The government sold a 5 percent holding in NHPC to the public for 20 billion rupees in August, while state-run refiners bought 10 percent in Oil India from the state for about 22 billion rupees the following month.
India should aim to raise as much as 250 billion rupees a year from asset sales, the finance ministry said in a July 2 report. Proceeds from the sale of the government’s stake in state-owned companies go to a separate fund meant for social- sector spending, including job creation and improving health care and education.
Source:Bloomberg
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Saturday, 07 August 10
INDIAN COAL IMPORTS WILL PLAY AN IMPORTANT PART IN KEEPING THE FREIGHT MARKET FIRM IN FUTURE - VISTAAR
COALspot.com: The freight market was volatile with market ending firmed and the BDI crossing 2000 points up by 3 pct, however the BCI was up by 14 p ...
Friday, 06 August 10
KRISHNAPATNAM PORT WINS NON MAJOR PORT AWARD 2ND TIME IN A ROW
COAlspot.com ( Press Release) Krishnapatnam Port, the world-class port on the Indian horizon, took the top honors for the second time in a row, in t ...
Friday, 06 August 10
POLANDS KOPEX GROUP DEVELOPS COAL MINE IN INDONESIA
Polishmarket reported that, Polish mining concern Kopex Group, , is to build the first in Indonesia mechanised underground coal mine. The group is c ...
Thursday, 05 August 10
MORATORIUM MAY HURT NEW PROJECTS: MINING GROUP
The government’s proposed two-year moratorium on issuing new concessions to convert forests and peatlands to other uses may hinder new mining ...
Thursday, 05 August 10
IRON ORE EXPORT BAN COMPOUNDS PROBLEMS OF INDUSTRY - BUSINESS STANDARD
Forex loss of Rs 300 crore (US$ 65.63 million) ; truckers, ports, Railways bear the brunt
The Karnataka government’s move to ban the export ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Kohat Cement Company Ltd. - Pakistan
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- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Australian Coal Association
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- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
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- IEA Clean Coal Centre - UK
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- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
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- Global Coal Blending Company Limited - Australia
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- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
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- Kumho Petrochemical, South Korea
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- Vedanta Resources Plc - India
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- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
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- Electricity Authority, New Zealand
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- Planning Commission, India
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- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
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- Independent Power Producers Association of India
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
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- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
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- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
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