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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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Wednesday, 31 March 10
COAL INDIA MULLS JOINT VENTURE WITH RIO TINTO AND PEABODY - DNA
DNA reported that, Coal India Ltd. (CIL) has finalised two key contenders for its international joint venture (JV) in Australian and US each. The co ...
Wednesday, 31 March 10
DRY BULK MARKET STILL MODERATELY FALLING, BUT POSITIVE SIGNS APPEAR ON THE HORIZON - HELLENIC SHIPPING
The irregularities of the current dry bulk market have been more than evident in the fact that panamax vessels today earn more than their larger cap ...
Wednesday, 31 March 10
INDIKA ENERGYS PROFIT HIT BY FOREX LOSS AND CABOTAGE - THE JAKARTA GLOBE
The Jakarta Globe reportd that, PT Indika Energy posted a 30 percent drop in 2009 net profit due to a foreign exchange loss and impairment of intang ...
Wednesday, 31 March 10
ITMG TO UP COAL OUTPUT DESPITE PERMIT PROBLEMS - THE JAKARTA POST
The Jakarta Post reported that, the country’s third largest coal producer PT Indo Tambang Raya Megah (ITMG) said it can raise output although ...
Tuesday, 30 March 10
ANALYST SEES BDI LIFT, SUGGESTS DRY BULK SHORT SQUEEZE
Analysts at Credit Suisse are bullish on Diana and see a potential short squeeze elsewhere in the sector. The Baltic Dry Index (BDI) -- an industry ...
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- Iligan Light & Power Inc, Philippines
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- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
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- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
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- Billiton Holdings Pty Ltd - Australia
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- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
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- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
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- San Jose City I Power Corp, Philippines
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- Renaissance Capital - South Africa
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- London Commodity Brokers - England
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- PTC India Limited - India
- Indian Oil Corporation Limited
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- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
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- Tata Chemicals Ltd - India
- White Energy Company Limited
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- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
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- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
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- PowerSource Philippines DevCo
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- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
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- Independent Power Producers Association of India
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- Price Waterhouse Coopers - Russia
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- New Zealand Coal & Carbon
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- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
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- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
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- Petron Corporation, Philippines
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
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- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- The Treasury - Australian Government
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- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
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- Sical Logistics Limited - India
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- Commonwealth Bank - Australia
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- Pipit Mutiara Jaya. PT, Indonesia
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- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
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- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
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- The University of Queensland
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