Daily News Roundup - Jan 2 2013

Adani Power has requested the Coal Ministry to grant long-term coal linkage for its proposed thermal power plant in Maharashtra. (BL) Indorama Ventures plans to expand its annual US polyethylene terephthalate (PET) production capacity by 540,000 tonnes at an undisclosed brownfield location. (BL) Gujarat Ambuja Exports Ltd has started trial run production of its 750 tonnes per day (TPD) new maize processing, derivatives and other value-added products processing unit in Haven district of Karnataka. (BL) Aurobindo Pharma Ltd has received final approval from the US Food & Drug Administration to manufacture and market Rizatriptan Benzoate tablets. (BL) Mahindra Satyam seems to have tightened their recruitment drive ahead of the proposed merger. It said it would go for only need-based hiring next year, besides the 1,500 college graduates it planned to pick for the next financial year. (BL) Punjab & Sind Bank board has approved capital raising of up to Rs10bn through preferential allotment route. (BL) The government’s move to put 8.5 bn tonne (bt) coal reserves up for auction has kicked off a frantic rush among companies, with top cash-rich energy public sector undertakings ( PSUs), including Coal India and NTPC, scrambling to grab the natural resource. (BS) NPCIL - NALCO Power Company Limited — a joint venture between Nalco and NPCIL (Nuclear Power Corporation of India Ltd) to set up nuclear plants —will raise a term loan of up to Rs15bn over the next three months to fund the construction of power generation capacities. (BS) Gujarat Gas Company Ltd (GGCL) has decided to focus on domestic suppliers for procurement of LNG after its supply contract with BG gorup subsidiary, BG India Energy Solutions Private Limited (BGIES) expired last month. (BS) Government has imposed 35 % safeguard duty on electrical insulators imported from China, a move that would help Aditya Birla Nuvo, BHEL and other domestic players battle cheap shipments. (ET) NMDC is engaged in active discussions to acquire coking coal assets in Russia and Mozambique to feed its upcoming steel-making plant in Chhattisgarh. (ET) Sintex Industries raised US$170mn through a mix of foreign currency convertible bonds (FCCB) and shares to qualified institutional investors as the company inches nearer to repay its bond holders US$290mn by March 2013. (ET) Economy Snippets The Government today slashed the import tariff value of gold and silver marginally to US$539 per 10 gm and US$979 per kg, respectively, amid volatile movement in the global prices of precious metals.(BL) Coffee exports dropped 9.35 % in the calendar year (January to December, 2012) to 3.1 lakh tonnes compared with 3.42 lakh tonnes during the same period last year.(BL) India's economic growth is unlikely to cross 6 % during the current fiscal due to the global uncertainties, an Assocham report today said.(ET) The combined output of eight key infrastructure sectors fell to 1.8% in November, from 7.8% in the same month last year and 6.5% in October, due to drop in production of coal, natural gas and cement.(ET)