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FM to consider part-funding of Mumbai metro phase II NEW DELHI, Dec 26: After declining to support the first phase of Mumbai metro rail project, the Finance Ministry is considering.. .........more Reliance, ONGC may get $4.50 per mBtu for KG gas NEW DELHI, Dec 26: Natural gas from the D6 block of Reliance Industries and the adjoining field of ONGC in Krishna .......more FM refuses infrastructure status, tax sops to coal sector NEW DELHI, Dec 26: The Finance Ministry has refused to grant infrastructure status to coal mining industry, while also rejecting a proposal from Coal Ministry to give tax sops to mining ......more Steeled for growth; that was 2006 for Indian steel makers NEW DELHI, Dec 26: A row between steel producers and mineral exporters, massive expansion plans and acquisitions, including one engineered by NRI L N Mittal and another proposed by .......more |
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Claris Lifesciences raise USD 25 million through ECB MUMBAI, Dec 26: Claris Lifesciences, a manufacturer of sterile injectibles, has raised USD 25 million through External Commercial Borrowings (ECB)........more Biocon
completes Phase MUMBAI, Dec 26: Biotech firm Biocon Ltd today said its has completed the Phase IV clinical trials for its insulin drug, . ......more Select freight rates up on less availability of trucks NEW DELHI, Dec 26: Freight rates for the nine metric tonne pay load section for on the local truck transport market today following excess .. ......more Gur
dhayya softens NEW DELHI, Dec 26: Barring a fall in gur dhayya at Murad Nagar, prices ruled flat on the wholesale gur (jaggery) market today on little doing. Marketmen said restricted arrivals against poor offtake by stockists mainly .. .........more |
FM to consider part-funding of Mumbai metro phase II NEW DELHI, Dec 26: After declining to support the first phase of Mumbai metro rail project, the Finance Ministry is considering to partly finance the second phase of the project that is estimated to cost Rs 5,527 crore. "We have recently received a proposal from Maharashtra government for the second corridor of Mumbai Metro Rail Project seeking Rs 1,658 crore assistance under Viability Gap Funding (VGF) Scheme of the Central government," a senior Finance Ministry official told PTI. He said the proposal has been sent to Urban Development Ministry, Law Ministry and Planning Commission for comments. After getting their comments, the proposal will be considered for VGF funding, he said, adding once the project was sanctioned, the state government would call bids. The second phase of the Mumbai metro project would connect Charkop, Bandra and Mankhund. The nine-phase Mumbai Metro project was inaugurated by Prime Minister Manmohan Singh early this year and the first phase has already been contracted to Anil Dhirubhai Ambani Group (ADAG)-promoted Reliance Energy. VGF for the first phase has however been turned down by the Finance Ministry on grounds that bids were awarded before notification of the scheme. The bid was awarded to ADAG in early 2006, while VGF provisions were made in July this year. The funding for the first phase, estimated at Rs 2,356 crore, is now being considered by Urban Development Ministry under Jawaharlal Nehru National Urban Renewable Mission, the official said. (PTI) |
Reliance, ONGC may get $4.50 per mBtu for KG gas NEW DELHI, Dec 26: Natural gas from the D6 block of Reliance Industries and the adjoining field of ONGC in Krishna Godavari basin may fetch a minimum price of 4.50 dollars per million British thermal unit (mBtu). The Oil Ministry-appointed committee for formulation of transparent guidelines for natural gas pricing has recommended that "valuation of natural gas be done based on most recent competitively determined price in the region." For the gas from Reliance's KG-DWN-98/3 and ONGC's KG-DWN/98/2, the 4.50 dollars per mBtu price currently charged for gas from Cairn India-operated Ravva Satellite field in the KG basin may become the benchmark, official sources said. The 4.50 dollars per mBtu price is 92 per cent higher than the 2.34 dollars per mBtu price proposed by Reliance to sell gas to state-run NTPC Ltd and an Anil Ambani Group firm through separate contracts. The price for Reliance Natural Resources Ltd, a Anil Ambani Group firm, was rejected by the ministry for lack of transparency while the NTPC price is yet to reach the ministry for approval. Sources said the price of gas from Ravva Satellite field may go up to 5 dollars per mBtu in 2009, when D6 reaches peak output of 80 million standard cubic meters per day and ONGC begins gas production. For Ravva Satellite gas, the price is to be calculated through a formula where the projected average crude oil price in 2009 is to be divided by average oil price in December 2006 and multiplied by the current price of 4.50. At the projected average price of 68.83 dollars per barrel in 2009 and average price of 60.36 dollars per barrel in December 2006, the Ravva Satellite price comes to 5.05 dollars per mBtu. (PTI) |
FM refuses infrastructure status, tax sops to coal sector NEW DELHI, Dec 26: The Finance Ministry has refused to grant infrastructure status to coal mining industry, while also rejecting a proposal from Coal Ministry to give tax sops to mining firms and increase the limit of overseas debt these companies can raise. In an official note, the Coal Ministry said the Finance Ministry has turned down its proposal for permitting coal exploration and mining projects to tap External Commercial Borrowings to the extent of 50 per cent of their total cost. Similarly, the Finance Ministry torpedoed a proposal to grant income tax exemption up to 40 per cent of the profits earned by financial institutions through investment in coal exploration, it said. The Coal Ministry had also sought 20 per cent tax rebate for investments in shares, debentures and bonds of coal mining companies or units of mutual funds subscribing to those securities up to Rs 70,000. This proposal was also refused by the Finance Ministry, the note said. Besides, the Finance Ministry refused to provide relief in import duty of machinery and equipment for coal industry. The Finance Ministry also did not agree to grant full tax exemption for the first five years for coal projects (seven years for those in the Northeast) under Section-80 A of the Income Tax Act 1961 and concessional taxation in the next five years by way of 30 per cent deduction. All these recommendations were part of Coal Ministry's proposal to give infrastructure status to the mining industry. (PTI) |
Steeled for growth; that was 2006 for Indian steel makers NEW DELHI, Dec 26: A row between steel producers and mineral exporters, massive expansion plans and acquisitions, including one engineered by NRI L N Mittal and another proposed by Tatas, characterised 2006 for the steel industry. The industry, which recovered from a slump in prices five years ago, marched forward this year powered by increased demand from neighbouring China, besides boom in real estate, port and aviation sectors. With the government betting big on infrastructure growth through public-private partnership, the steel industry geared up to reap rich benefits from the sector which would require more than 200 billion dollars in investments. All major domestic steel utilites jumped into the fray and announced elaborate expansion plans with Tatas leading the way. As the iron-ore rich states of Jharkhand, Orissa and Chhattisgarh opened their doors, steel makers made a beeline and signed a series of MoUs wherein they pledged to invest a whopping Rs 3,57,344 crores in the coming years both for greenfield and brownfield expansion, which could take India's steel capacity to 180 MT by 2014-15. The National Steel Policy envisaged that that the nation would produce 110 MT by 2019-20. The National Steel Policy suggests that the country would require an investment of nearly Rs 2,00,000 crore by 2019-20. Orissa signed 43 MoUs to take its steel production capacity to 58.04 MT, Chhattisgarh inked 42 MoUs to enhance its steel capacity to 19.32 MT and Jharkhand endorsed 31 MoUs to increase its steel production to 68.67 MT. (PTI) |
Claris Lifesciences raise USD 25 million through ECB MUMBAI, Dec 26: Claris Lifesciences, a manufacturer of sterile injectibles, has raised USD 25 million through External Commercial Borrowings (ECB). The funds would be used in building capacities as well as for developing new products, Claris Lifesciences founder Sushil Handa said in a release. Barclays Capital was the lead mandated arranger for this issue, the release said. The ECB marks the second major fund raising carried out by Claris this fiscal after the private equity placement to Carlyle's. Ahmadabad-based Claris has seen its topline grow at a compounded annual rate of 43 per cent for the past five years. "These investments will help us sustain this growth rate in coming years," Aditya Handa, Claris Director Finance, said. The US Food and Drugs Administration inspection for the company's manufacturing facility is expected to be complete by the end of 2006, the release said. (PTI) |
Biocon completes Phase IV trials for insulin drug MUMBAI, Dec 26: Biotech firm Biocon Ltd today said its has completed the Phase IV clinical trials for its insulin drug, Insugem. In a communique to the Bombay Stock Exchange the company said, its wholly owned subsidiary, Clinigene International Pvt Ltd, concluded the post-marketing surveillance study (PMS) on insulin vials which involved 507 doctors and 6,164 patients from across the country. "This is the biggest PMS for Insulin conducted in India. The number of patients involved were in excess of the regulatory requirement of 500 patients as stipulated by the Drug Controller General of India (DGCI)," it said. About 99 per cent of the Investigators (doctors) opined that safety with Insugem was at par with the leading marketed brands of insulin in the country and clinical response to the drug was excellent in around 99 per cent of patients in terms of safety, it said. The company said, compared to other insulin preparations, Insugem has not shown any untoward, unanticipated adverse effects qualitatively and quantitatively in routine clinical practice. PMS or Phase IV studies are done as part of regulatory requirement, to know primarily the safety of the drug in addition to the efficacy of the drug. Phase IV studies the usage of drug by large populations and in natural settings unlike Phase III, where the drug is tested in a controlled environment. (PTI) |
Select freight rates up on less availability of trucks NEW DELHI, Dec 26: Freight rates for the nine metric tonne pay load section for on the local truck transport market today following excess availability of lorries in the face of insufficient cargo movements. Transporters said fresh cargo enquiries against less availability of trucks mainly pushed up select destinations freight rates. Delhi to Mumbai, Pune and Kolkata freight rates quoted higher by Rs.500 each at Rs.16,500, Rs.17,500 and Rs.21,500 respectively. Following were today's freight rates per truck load of nine metric tonne: Ahmedabad 10,000 Hyderabad 21,000 Mumbai 16,500 Vijayawada 23,000 Baroda 10,000 Bangalore 28,000 Pune 17,500 Mysore 30,000 Surat 11,000 Pondicherry 40,000 Kanpur 8,500 Coimbatore 38,000 Kolkata 21,500 Chennai 37,000 Ludhiana 8,500 Kochi 40,000 Chandigarh 6,500 Thiruvananthapuram 45,000 Jaipur 4,000 Goa 22,000 Indore 12,000 Gwalior 6,000 Patna 19,000 Guwahati 38,000 (PTI) |
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Gur dhayya softens on reduced offtake NEW DELHI, Dec 26: Barring a fall in gur dhayya at Murad Nagar, prices ruled flat on the wholesale gur (jaggery) market today on little doing. Marketmen said restricted arrivals against poor offtake by stockists mainly led to a fall in gur dhayya prices. At Murad Nagar, gur dhayya lacked necessary follow up support and lost Rs.25 at Rs.1150-1175 a quintal. Following were today's quotations: Chakku 1250-1275, Pedi 1250-1300 and Dhayya 1300-1350 Shakkar 1400-1450 and Khandsari 1750-1800. In Muzzafar Nagar: Raskat 925-975, chakku 1125-1200 and Khurpa 1100-1125. In Murad Nagar: Pedi 1150-1175, Dhayya 1150-1175. (PTI) |
Sugar recovers on increased offtake, restricted supply NEW DELHI, Dec 26: Prices recovered on the wholesale sugar market today on increased offtake by bulk consumers against restricted arrivals and closed with moderate gains. Marketmen said increased offtake in the face of restricted arrival mainly pushed up sugar prices. At wholesale, sugar ready M-30 and S-30 prices edged up to Rs.1700-1780 and Rs.1690-1770 per quintal respectively on increased offtake. Mill delivery M-30 and S-30 followed suit and quoted higher at Rs.1570-1640 and Rs.1560-1630 per quintal respectively. Following were today quotations in rs. Per quintal. Sugar ready M-30 1700-1780 and S-30 1690-1770. Mill delivery M-30 1570-1640 and S-30 1560-1630. Sugar mill gate prices (excluding duty): Modi Nagar 1630, Bagpat 1610, Daurala 1620, Chandpur 1600, Titabi 1620, Mawana 1625, Simbhawali 1615, Khatauli 1620, Badaiu 1590, Sattha 1600, Ruderavilash 1610, Bijnor 1600 and Amroha 1595 and samali Rs 1630. (PTI) |
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NEW DELHI, Dec 26: Barring a marginal fall in Kishmish, prices of other dry fruits fluctuated in a tight range on the wholesale dry fruit market today following scattered buying and selling before winding up at last levels. Marketmen said poor offtake by local parties coupled with sufficient stocks pulled down kishmish prices. Kishmish khandhari local and special were down by Rs 100 each to finish at Rs 6,000-6,500 and Rs 12,000-16,000 per 40 kgs respectively. Following were today's quotations per 40 kgs bag: Almond (California)new 11,200 Almond (gurbandi) 5,900 Almond (girdhi) 3,700, Almond kernel (california) 400-405, Almond kernel (gurbandi) (kg) 380-425 and Abjosh Afghani 7,000-16,000 Chilgoza raw-new (1 kg) 425 chilgoza (roasted) (1 kg) 670 cashew kernel 1 kg (no 180) 430-460 cashew kernel (no 210) 355-360 cashew kernel no.(240) 300-320 cashew kernel (no 320) 250-260 cashew kernel broken 2 pieces 150-195 cashew kernel broken 4 pieces 155-180 cashew kernel broken 8 pieces 150-160 copra (qtl) 4,700-5,000 coconut powder (25 kg) 8,50-1,750 dry dates red (qtl) 2,100-4,800 fig 4,500-10,000 kishmish kandhari local 6,000-6,500 kishmish kandhari special 12,000-16,000 kiahmish indian yellow 2800-4200 kishmish indian green 3,600-6,200 pistachio Irani 500-525 pistachio Hairati 535-560 pistachio Peshwari 560-610 pistachio dodi (roasted) 395 walnut new 90-150 walnut kernel new (1kg) 200-350. (PTI) Nokia leads India's GSM market with 79 pc mkt share NEW DELHI, Dec 26: Finnish handset major Nokia has retained the top slot in Indian GSM market with 79 per cent share, while US giant Motorola has more than doubled its share to seven per cent this year, according to a study. Motorola has been able to significantly improve its share by to seven per cent this year from three per cent in 2005, according to the latest annual TNS CellTrack 2006 study. It said the US company's gain was possibly the loss of South Korean handset maker Samsung, whose market share dropped to four per cent in 2006 from six per cent a year ago. In the CDMA market, LG has consolidated its position as the market leader with 49 per cent market share this year against 43 per cent in 2005, the study said. While Nokia managed to retain its share in CDMA handsets, Samsung and Motorola lost market share from 17 per cent to 8 per cent and 12 per cent to 4 per cent respectively. According to the study, the TRIM index for the industry, which measures strength of 'subscriber-service provider relationship', increased to 82 this year against 79 in 2005. Bharti Airtel has retained its number one position among national players with the TRIM Index up to 92 in 2006 from 82 in 2005. Hutch captured the second slot with Reliance at the third position. Idea, BSNL and Tata Teleservices maintained performance but were below the industry average, it said. State-run telecom major MTNL improved its TRIM Index rating to 100, while Aircel continued to top the regional player ratings with a score of 110. The study covered about 3,000 mobile users and 1,057 multi-brand retail outlets across 17 telecom circles. (PTI) |
Gold, diamonds to drive jewellery growth in India: KPMG study NEW DELHI, Dec 26: Growing preference for platinum and luxury items is unlikely to take the glitter away from gold and shine from diamonds and the traditional favourites will continue to drive jewellery growth in India, a KPMG study has said. "Total demand for jewellery is expected to reach 18.25 billion dollars in 2010 and 28.28 billion dollars in 2015, with gold and diamond acting as the main drivers of this growth," KPMG said in a study for Gems and Jewellery Export Promotion Council (GJEPC). India's consumption of gems and jewellery has grown at 10.2 per cent over the last five years and is expected to reach 13.1 billion dollars this year. The country's importance in the global jewellery market would increase in future, the study said. Diamond jewellery consumption is forecast to jump 78 per cent by 2010 and then further by close to 100 per cent between 2010 and 2015. In the last five years, demand for diamond jewellery has risen at a compounded annual growth rate of 43.5 per cent and stood at 1.51 billion dollars in 2005. The industry is currently witnessing a variety of trends and changes such as emergence of new manufacturing locations and reduction in the concentration around Surat and Mumbai, technological changes and increased design sophistication. Other trends include adoption of industry standards, forward integration of diamond processors into jewellery manufacturing and integration of manufacturers and retailers. "These trends are nascent and are likely to strengthen in the years to come," the study said. The industry, which traditionally grew by polishing lower quality stones, is now processing the full range of sizes and qualities of gemstones, including stones larger than 10 carats in size, KPMG said. "In recent years, Indian processing companies have been seen to be experimenting with more complex cuts and colours. From a formalisation and technological point of view, the industry is continuously evolving," the study said. Influx of new brands in the domestic market would also spur the growth of jewellery in India. The jewellery retail sector, traditionally dominated by small scale local players is rapidly moving toward greater organisation as retail channels mature and penetrate across the country, it added. (PTI) |
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