India Ratings and Research (Ind-Ra) has maintained a stable-to-negative outlook on the power sector for FY20 despite the agency’s anticipation of a healthy 6%-7% growth in power demand and an improvement in all India coal-based PLFs to 62%-63%. The stable-to-negative outlook continues to reflect Ind-Ra’s expectation of a slower-than-expected resolution of the stressed capacity, domestic coal availability challenges, and limited appetite of discoms to sign long-term power purchase agreements.
With various issues concerning the rubber sector, the government is developing a national rubber policy soon. The policy to be implemented by the commerce and industry ministry will address issues that will boost productivity in the sector.
A day after National Company Law Appellate Tribunal (NCLAT) asked financial creditors to handover Essar Steel to ArcelorMittal, the Ruias-led promoters group on Wednesday claimed that its belated bid was higher by Rs 12,000 crore.
Essar group promoters argued that they should be allowed to payoff the entire debt of existing creditors and cited Insolvency and Bankruptcy Code (IBC) objective of maximising recovery for creditors.
InterGlobe Aviation, the parent of IndiGo, on Wednesday reported a 75 per cent fall in profit after tax at Rs 190.9 crore in the December quarter as high fuel prices and currency depreciation hurt its bottom line.
Congress leader Rahul Gandhi appointed his charismatic sister Priyanka Gandhi Vadra to a senior party position on Wednesday that officials say will energise the campaign to oust Prime Minister Narendra Modi in the national election expected in a few months.
Priyanka, 47, has campaigned for the Congress party in previous elections to help her brother, but largely stayed in the wings, letting her brother fully take the mantle of the Nehru-Gandhi dynasty that ruled India for most of its post-independence era.
Railway and coal minister Piyush Goyal has been given the additional charge of finance ministry on Wednesday as Union minister Arun Jaitley has undergone a surgery in New York on Tuesday.
Sources said Jaitley has been advised at least two weeks rest by the doctors.
It now looks certain that Goyal would be presenting the interim Budget next month.
State Bank of India (SBI) chairman Rajnish Kumar will push for waiver of open offer and pricing relaxation for Abu Dhabi-based Etihad Airways that’s willing to invest in the near-bankrupt Jet Airways.
Kumar will meet the market regular Securities Board of India (Sebi) chief Ajay Tyagi at the earliest to secure the waiver under the regulator’s Substantial Acquisition of Shares and Takeover Code.
Shares of Sun Pharmaceutical Industries Tuesday jumped up to 5 per cent after it replaced its domestic formulations distributor AdityaMedisales with an own subsidiary.
The stock rose 4.95 per cent to end at Rs 418.05 on BSE. During intra-day trade, it surged as much as 6.12 per cent to Rs 422.75.
Similarly, on NSE, the scrip advanced by 4.80 per cent to close at Rs 417.40. It had hit an intra-day high of Rs 423.50.
Sun Pharma also emerged as the biggest gainer in the Sensex pack.
Exporters are likely to get incentives based on parameters like research and development, product-specific clusters and production pattern under a five-year foreign trade policy (FTP) to be released later this year, an official said.
The commerce ministry is working on recasting the existing export incentive schemes in line with the global trade norms of the World Trade Organisation (WTO).
The government will soon approve the power tariff policy which would provide for a penalty for unscheduled power cuts by distribution companies from April 1, Power Minister R K Singh said Tuesday.
"The proposal for tariff policy ready and will soon go for Cabinet approval. The policy provides for penalty for unscheduled power cuts except in the case of technical faults or act of God (natural calamities)," Singh said during an interaction with media persons here.