Adani Power, a subsidiary of Adani Enterprises, a global integrated infrastructure player, announced the commissioning of the fourth unit of 660 megawatts (MW) at its power plant at Tiroda in Maharashtra, thus emerging as the largest private power producer in India with an overall installed capacity of 8,620 MW.
This is an important milestone in the history of Indian power generation as Adani Power has added 2,640 MW in the last financial year, accounting for nearly 15% of the overall capacity addition of about 17,000 MW in the country. The company has commissioned two 660 MW units in the first quarter, one 660 MW unit in third quarter and one 660 MW unit in fourth quarter of FY14, two each at Tiroda in Maharashtra and at Kawai in Rajasthan, the company said.
"It is a proud event and a momentous occasion for everyone at Adani Power, as we are now the largest private power producer in India. This achievement is a testimony to our efforts in increasing electricity generation in the country, and only reflects our commitment towards nation building. It is a significant milestone in the path to achieve Adani Power's target of generating 20,000 MW by 2020,said Mr. Gautam Adani, Chairman, Adani Group.
"The company's project management team has acquired and assimilated expertise that enables speedy and reliable execution of large power generation projects. This has allowed us to add capacity at the given pace, and address the nation's electricity demand." said Mr. Vneet Jaain, CEO, Adani Power.
Post commissioning of Unit 4 at Adani Power's Tiroda power plant in Maharashtra, the company added 660 MW to its existing installed thermal capacity of 7920 MW. Apart from this, the Adani Group has also installed a 40 MW Solar power plant in Kutch district, Gujarat, taking the overall installed capacity to 8,620 MW the highest amongst private sector producers, across all fuels, Adani Power said in a statement.
NMDC said it produced more than 30 million tonnes in a single year. The company has registered iron ore production of around 30.18 million tonnes which is approximately 11% more than last year. The iron ore sales for the company stood at 30.50 million tonnes which is approximately 16% more than last year.
The production of diamonds from India's only Diamond Mine being operated by NMDC in Panna, Madhya Pradesh also registered a remarkable growth of 17% at 37,047 carats compared to 31,533 carats during CPLY, the company said.
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Pursuing its capital investment schemes, as against an envisaged target of Rs 2720 crore for the year ended March 2014, the company has incurred Rs 2518 crore for its various expansion and diversification projects which is 57% more than CPLY. The projects of development of two new mines viz. Deposit-11B Iron Ore Project and Kumaraswamy Iron Ore Mine, as part of its expansion program and the installation of 3 MTPA steel plant at Nagarnar in Chhattisgarh, as part of NMDC's forward integration program and value addition, are in various stages of execution.
Shri C.S. Verma, CMD commended the performance of the company and congratulated the employees for surpassing the 30 MT mark in iron ore production and sales and urged them to grow exponentially to cope up with demand of the steel industry. NMDC collective deserves appreciation for the commendable results inspite of evacuation and other problems, the company said.
Edelweiss Financial Services will be watched after the Reserve Bank of India (RBI) notified that the company has passed resolutions at the board level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investor (FIIs), through primary market and stock exchanges up to 28% of the paid up capital of the company under Portfolio Investment Scheme. The foreign share holding by Foreign Institutional Investor (FIIs), in Edelweiss Financial Services have gone below the revised threshold limit stipulated under the extant Foreign Direct Investment (FDI) Policy. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
Sobha Developers announced that at the close of the financial year ended March 2014 (FY2014), the company has registered new sales area of 3.59 Million Square Feet valued at Rs 2343 crore at an average price realisation of Rs 6534 per square feet. The new sales value has increased by 5.78% and average price realisation has registered a growth of 10.80% yearon-year.
The growth in sales volume and new sales value, excluding NCR Gurgaon, is 6.47% and 28.32% respectively as compared to the fiscal year ending March 2013 (FY2013). The sharp slowdown in the NCR~Gurgaon market saw its contribution to the company's performance declining to 3.59% (Sales Volumes) and 6.01% (Sales Value) in FY2014 as compared to 13.56% (Sales Volume) and 22.52% (Sales Value) respectively in FY2013.
At the beginning of FY2014, the company had set a guidance of new sales valued at Rs 2600 crore comprising of 4.20 Million Square Feet for FY2014. Owing to the tough economic conditions and its consequent impact on the real estate market, particularly, in NCRGurgaon, the Company achieved 3.59 Million Square Feet of news sales area valued at Rs 2343 crore, the company said.
BS announced that it has won several orders to the tune of Rs 722 crore from power utilities.
Multi Commodity Exchange of India (MCX) said that its board approved alteration of main objects clause of Memorandum of Association (MoA) by deleting the words "securities" and "ready" and incorporating the words 'including related eco-systems' in the main objects in MoA. The board also approved alteration to the Articles of Association of the company to include the rules and process for divestment of shareholding with reference to a shareholder of the company declared as not "fit and proper" or for any other reason arising out of a direction or order of the Central/State Government/FMC/SEBI/court/tribunal or any other statutory authority wherein the shareholder shall not be entitled to vote in excess of the shares that he is permitted to hold and shall be responsible to dispose of the excess shares within the prescribed time. If he fails to do so, he shall be obliged to transfer such excess shares to an escrow account, failing which, the Company may take such measures as deem fit including requesting Depository/DP to transfer the shares to the escrow account and the Company shall dispose of such excess shares in such manner as the Board may consider appropriate. The board also deferred the consideration of preferential allotment of shares.
Gammon India's board has resolved to approach the CDR lenders/corporate debt restructuring empowered group for seeking its approval for issuing zero coupon compulsorily convertible debentures for an amount not exceeding Rs 100 crore on preferential basis to promoters/entities, at a price to be decided pursuant to the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, against their contribution made towards promoter contribution as envisaged under the corporate debt restructuring (CDR) Scheme approved on 24 June 2013 and pursuant to the master restructuring agreement dated 24 September 2013 executed by the company with the CDR lenders.
GM Breweries said that its board has recommended a bonus issue of shares in the ratio of 1:4 i.e. one share of Rs. 10/- each for every four shares of Rs 10 each.
S. Kumars Nationwide said that its board has approved issuing 9.74 crore equity shares to the promoters and promoter group companies on preferential basis as per applicable laws subject to approval from the members/other stakeholders and of the regulatory authorities.
Usher Agro said it has commenced commercial production of its New Pulse Milling, Pulse Flour and Multigrain Flour Facilities at Chhata, Dist. Mathura, U.P. as part of the company's on-going capacity expansion project. Trial runs of the said facilities are completed successfully and now commercial production has been started with effect from 31 March 2014. After successful commissioning of the above project the company has forwarded another step to emerge as 'complete basic food processor'.
Nelco said that its board has approved restructuring the company's industrial security and surveillance solutions business (ISSS business), by restricting operations and reducing expenditure with a view to minimize losses. This will be subject to necessary approvals. However, the company will continue to focus on building its position in the network systems business.
Blue Coast Hotels said that its board will meet on 7 April 2014, to evaluate the status of conversion of 1% Cumulative Redeemable Preference Shares (CRPS) in accordance with the SEBI Exemption Order dated 25 February 2014.
Maharashtra Seamless announced that the buyback of equity shares by the company will close with effect from the close of market hours on 7 April 2014.
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