Shares of public sector oil marketing companies (PSU OMCs) will be watched as the price of petrol was cut by Rs 0.75 per litre, while the monthly hike in diesel rates was put off during the election season. The reduction, effective midnight Tuesday, 1 April 2014, excludes local sales tax or VAT and the actual cut will be higher, varying from city to city.
Shares of interest-rate sensitive sectors such banks, automobile and realty will be watched as the Reserve Bank of India holds its first bi-monthly monetary policy meeting at 11:00 IST today, 1 April 2014.
Shares of jewellery makers -- Titan Industries and Rajesh Exports -- will be in focus after Finance Minister P. Chidambaram on Monday, 31 March 2014, said that the government will consider easing curbs on gold imports in consultation with the Reserve Bank of India (RBI). India, which used to be the No. 1 buyer of gold before the government slapped a record 10% import tax and put in place other restrictions to cut ballooning trade deficit, recently allowed five private banks to import the metal.
Jindal Steel & Power (JSPL) after market hours on Monday, 31 March 2014, said that Jindal Power (JPL), a company promoted by the company has commissioned the second unit of 600 megawatts (MW) of the 4x600 MW expansion project at Tamnar in Raigarh district of Chattisgarh on Sunday, 30 March 2014. The Tamnar plant is the country's first mega power project in IPP (Independent Power Plant). The unit has been declared available for commercial operation (COD) within a time frame of 28 months from the Boiler Erection stage which is a record for a unit of this size - a new benchmark in the Power sector in India, Jindal Steel & Power said. The total capacity of Jindal Power has now reached 2,200 MW.
The company in a statement also informed that the third unit of 600 MW is completed and ready for synchronization, while the company plans to commission its fourth unit of 600MW by October 2014.
Speaking on the commissioning Mr. Ravi Uppal, MD & CEO, JSPL, said: "The company has achieved this impressive feat by adopting the best practices in project construction, IT enabled and web based project management tools and most innovative commissioning methods thereby achieving unprecedented operational efficiencies. On completion of the expansion project of (600X4) 2400 MW- JPL will have a total capacity of 3,400 MW in Tamnar. We intend to become a significant thermal power player in India over the next two years. We have a vision of having installed capacity of 10,000 MW by the year 2020 with a unique approach of amalgamating diverse forms of power including thermal, hydro, solar and wind energy".
Tata Communications' talks to sell South African telecom unit Neotel to Vodafone-owned Vodacom are reportedly being held up as the local authority mulls whether or not to allow the transfer of airwaves as part of the deal, a clause critical to the transaction. According to a media report, the Independent Communications Authority of South Africa (Icasa) is considering stripping Neotel's spectrum if the company is sold to Vodacom. In such a case, the planned $450-500 million (Rs 2700-3000 crore) deal may come to naught, since the bandwidth is one of the most crucial element of the sale, the report added.
KEC International said it has entered into an Agreement for Sale of its freehold land admeasuring more than 7.3 acres at the rate of Rs 29 crore per acre with Ardent Properties, a 100% subsidiary of Tata Housing Development Company. The land is located at Pokhran Road No. 2, Village, Majiwade Taluka and District Thane in Maharashtra. The company said it expects to complete all the formalities in a period of about 3 months.
GVK Power & Infrastructure is reportedly looking to monetise its 540 Mw Goindwal Sahib power plant in Punjab. The company is known to have approached state-owned power generator NTPC for a possible sale, a media report said.
Ujaas Energy said it has achieved a milestone in the solar power industry. Being the first Company in Solar Power Project under REC Mechanism, till 31 March 2014, Ujaas has successfully commissioned, cumulative 105.18 MWp Solar Power Projects.
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