NTPC in focus on reports of inviting bids for Khargone Project in Madhya Pradesh

Country's largest power producer NTPC has reportedly invited bids for construction of the 1,320 megawatts (MW) Khargone thermal project, estimated to cost Rs 7000 crore. Bids have been sought for EPC (engineering, procurement and construction) package for the Khargone super thermal power plant coming up in Madhya Pradesh, according to reports. The state-run major plans to finance the EPC package for Khargone plant through external commercial borrowings (ECB) and own resources, according to the tender document issued on Saturday, reports suggest.

IDBI Bank's board of directors at its meeting held on Saturday, 7 June 2014, granted in principle approval for the proposal to raise equity capital to the extent of Rs 4000 crore through qualified institutions placement (QIP)/follow-on public offer subject to statutory/regulatory approvals, if any.

JSW Steel on Saturday, 7 June 2014 said that its crude steel production rose 6% to 10.68 lakh tonnes in May 2014 over May 2013. Production of flat rolled products rose 2% to 8.25 lakh tonnes in May 2014 over May 2013. Production of long rolled products rose 7% to 1.81 lakh tonnes in May 2014 over May 2013.

Shipping Corporation of India (SCI) after market hours on Friday, 6 June 2014 said that SCI has sold its IMO Type II Chemical Carrier "M.T. PALANIMALAI" [33058 MT DWT, 21,035 MT GT and 9,003.3 MT LDT (8861.11 long tons)].

Divis Laboratories after market hours on Friday, 6 June 2014 said it has had an inspection by the USFDA, with no major observations, for its Unit-II at Bheemunipatnam Mandal, near Visakhapatnam during June 2014. The audit concluded with one observation primarily about further improvement of existing procedure, Divi's said. The purpose of this inspection was for custom manufactured product, Divi's said.

IRB Infrastructure Developers (IRB Infra) on Saturday, 7 June 2014 said that Yedeshi Aurangabad Tollway, wholly-owned Subsidiary of the company, has now executed Concession Agreement with NHAI for the project of four laning of Yedeshi - Aurangabad section of NH-211 in Maharashtra to be executed as BOT (Toll) on DBFOT Pattern under NHDP Phase - IV.

IRB Infra also said that IRB Ahmedabad Vadodara Super Express Tollway as well as IRB Tumkur Chitradurga Tollway, Wholly-owned subsidiaries of the company, have executed with NHAI Supplementary Agreement to Concession Agreement in respect of the scheme of Deferment of premium approved by NHAI. The scheme will be applicable to both Projects from FY 2014-15 onwards, IRB Infra said.

Electrosteel Steels on Saturday, 7 June 2014 said that Directorate of Revenue Intelligence (DRI), New Delhi has customarily seized plants and equipment installed at company's (ESL) steel plant at Siyaljori, Bokaro, Jharkhand by letter dated 3 June 2014 under the provision of the Customs Act, out of the investigation being carried on by DRI. The reason cited by DRI for seizure is short assessment of customs duty on import of plants & equipments owing to non-inclusion of the expense incurred by the company under the design & drawing contracts, into the assessable value of the plants & equipments, which the company denies and disputes and shall prefers to contest the purported allegations of DRI in appropriate judicial forum. According to the company's own assessment of the DRI's allegation, the allegation of under valuation is misplaced and it is worth to contest, Electrosteel Steels said.

Subros after market hours on Friday, 6 June 2014 in a clarification to the exchanges with regard to news item titled "Subros got an order from Renault Nissan to supply Air Conditioners", said that "Subros is India's No. 1 Automotive Air Conditioning Company and we are having customers like Maruti Suzuki, Tata, Mahindra, Force Motors, Ashok Leyland, Nissan, Mahindra Navistar, Mahindra Reva and Renault Nissan. As part of diversification of our business we have already set-up a plant in Chennai to cater southern India based vehicle manufacturers. All these details are already part of the our disclosures in the Annual Reports. As far as business practices are concerned we discuss with the vehicle manufacturers based upon RFQ(Request for Quote) / LOI(Letter of Intent) for development of the new models, in advance in the range from 18 to 20 months before the actual sales from Subros. We have also received Nomination letter for supply of Compressors from Renault Nissan in May'13 for their upcoming model (Entry level car) with Start of Production(SOP) with effect from February 2015. This will be converted into a Rate Contract after Product approval by Customer. This is expected by Oct'14".

Subros further said, "The Customer Orders in our business have no firm volume projections and they are in the nature of Rate contracts without fixed volumes. Further, please note that the volume projections cannot be firmed up by us, as each model sales is based on actual offtake and there can be significant variations in projected volume and actual volume".

Hindustan Composites on Saturday, 7 June 2014 said that a fire broke out at the warehouse of the company's factory situated at Aurangabad on 6 June 2014. The same was controlled and there was no loss of life and damage to the plant and machinery. The company is in the process of ascertaining the extent of loss, Hindustan Composites said. The production activity was marginally affected but normal operations are expected to be resumed in a day or two, the company said. Further the company has informed that, any damage sustained by the company due to the said accident is covered by insurance.

Aksh Optifibre's board of directors at its meeting held on Friday, 6 June 2014, allotted 11.15 lakh equity shares of Rs 5 each, pursuant to the conversion of FCCBs aggregating $0.3 million, out of FCCBs aggregating to $3.792 million issued on February 10, 2014.

Edelweiss Financial Services after market hours on Friday, 6 June 2014 said that CRISIL vide its letter dated 6 June 2014 has assigned a 'CRISIL A1+' (CRISIL A one plus) to the company's proposed short term debt issue amounting of Rs 1000 crore. The instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations and carry lowest credit risk, Edelweiss said.

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