In the first case of divestment under the United Progressive Alliance regime, government will file the draft prospectus next week for sale of its equity in National Thermal Power Corp, Power Minister P M Sayeed said on Friday.
Among the Sensex shares, Infosys rose the most by 1.37 per cent, followed by Larsen & Toubro (0.90 per cent), and Wipro (0.83 per cent). HDFC Bank, ICICI Bank, Reliance Industries, ITC, TCS, Kotak Bank, Asian Paints and Titan were among the lead gainers.
Among major Sensex movers, ITC rose the most by 1.70 per cent, Wipro by 1.43 per cent, Tech Mahindra by 1.36 per cent and Nestle India by 1.27 per cent. Other gainers included HCL Tech, Asian Paints and Reliance. On the other hand, ICICI Bank, NTPC, UltraTech Cement and Tata Steel traded with a loss of up to 0.82 per cent.
The Supreme Court on Thursday refused to halt the Bombay High Court's decision that allowed Mukesh Ambani-led RIL to amend its plea on a gas supply deal with NTPC at a committed price citing government policy.
The power major generates about 95 million tones of fly ash from its various units annually. Fly ash is an important raw material for cement business. However, the official did not specify where the projects would come up, or what would be the investment involved in the envisaged cement projects and NTPC's share in the JV.
The Power Ministry is believed to have instructed state-run NTPC to sign a gas supply deal with Mukesh Ambani-led RIL to lift government allotted quota, while favouring that marketing margins be decided by the Oil Ministry instead of the supplier.
The government on Friday said it is expecting to raise about Rs 8,100 crore (Rs 81 billion) from the five per cent stake sale in power PSU NTPC through a Follow-on Public Offer (FPO).
The company, which hired 1,050 people in the previous financial year (2008-09), has so far added a headcount of 900 and would hike this figure to 1,100 by the end of the fiscal.
In a bid to diversify its portfolio, the state-owned National Thermal Power Corporation proposes to foray into new areas, including coal mining and coal washeries, through the joint venture route where it would hold minority stake.
National Thermal Power Corporation's mega initial public offer for 86.58 crore (865 million) shares has been oversubscribed in the first 30 minutes of opening of bids.
After a series of flip-flops, NTPC is likely to finally sign an agreement with Reliance Industries this week to buy government-allotted natural gas at officially approved price of $4.20 per mmBtu.
The National Thermal Power Corporation is likely to start roadshows, beginning with Mumbai, from the second week of August to lure investors for its maiden initial public offer to raise up to Rs 2,000 crore.
In a major commercial deal, Bharat Heavy Electricals Ltd has bagged five major contracts worth over Rs 2,700 crore from India's largest power utility National Thermal Power Corporation.
National Thermal Power Corporation has rejected bids of British oil and gas major BG Group and public sector oil companies' consortium Petronet LNG Ltd for supply of 3 million tonnes of liquefied natural gas.
In a bid to transform itself into a multi-national company, state-owned National Thermal Power Corporation on Friday said it plans to enter the European market with a foray into England.
Reliance Industries has said that it had in December 2005 signed a contract to sell natural gas to NTPC at $2.34 per mmBtu price for 17 years, but it was the state-run firm that did not reciprocate.
At around 3 pm on Wednesday, India's daily peak power demand touched 220 gigawatts (Gw)-the highest daily peak ever in the history of the country. The ministry of power in its estimates had projected country's power demand to cross touch 220 Gw during the months of April-June. With a cooler April due to unseasonal rains, the peak shifted to May.
Post-sale, the government stake would be 75 per cent, which will help NTPC to comply with the minimum public shareholding norms.
PSU, other govt bodies told to explain delay on developing the concessions for years.
The development holds bilateral significance, as both India and Bangladesh had decided to improve economic ties in a 'win-win' mode during Bangladesh Prime Minister Sheikh Hasina's visit earlier this year.
NTPC Ltd and GAIL India Ltd may have to pump in more money into the Dabhol power plant after an official panel monitoring the progress of the beleaguered project decided to limit lenders' commitment to Rs 455 crore (Rs 4.55 billion).
RNRL and Mukesh Ambani's RIL are fighting a legal battle over the terms of gas supply agreement for Anil Ambani Group's gas-based Dadri power project. Two weeks ago, government lawyer Mohan Parasaran had stated in the court that the Empowered Group of Ministers had decided that $4.2 per mmbtu would be the minimum price of KG basin gas.
From the Sensex pack, Jio Financial Services fell the most by 4.99 per cent. Reliance Industries, Power Grid, Larsen & Toubro, JSW Steel, HCL Technologies, NTPC, Tata Steel, Wipro, Tata Consultancy Services and HDFC Bank also declined. IndusInd Bank, Infosys, UltraTech Cement, ICICI Bank, Nestle and Axis Bank were among the gainers.
The Joshimath Bachao Sangharsh Samiti had given the call for the rally to press for demands of permanent rehabilitation and compensation to affected families.
The merchant bankers are required to submit their application by December 14.
Global agency Fitch on Monday lowered the rating outlook of public sector companies including NTPC, SAIL and IOC to negative but said the downgrade of India's credit outlook to negative would not impact the rating of Reliance Industries.
The finance ministry on Tuesday said it expects up to Rs 4,000 crore (Rs 40 billion) mop-up from the initial public offer of National Thermal Power Corporation.
The power ministry has got an assurance from the government that its company will be duly compensated.
From the Sensex pack, Bajaj Finserv, HDFC Bank, Tata Motors, HCL Technologies, Tata Consultancy Services, Axis Bank, Infosys, IndusInd Bank, Tech Mahindra and Maruti were the major laggards. NTPC, Power Grid, Mahindra & Mahindra, JSW Steel, Bajaj Finance, ITC and Reliance Industries were among the gainers.
Each year lakhs of engineering students vie for just about 800 jobs in this PSU . But it's worth a try!
From the Sensex pack, Larsen & Toubro, JSW Steel, IndusInd Bank, Power Grid, ITC, Mahindra & Mahindra, NTPC, HDFC Bank, ITC, Reliance Industries and Tata Motors were among the major laggards. Bajaj Finserv, Asian Paints Bajaj Finance, Bharti Airtel and Axis Bank were among the gainers.
RIL senior vice president (commercial) B Ganguly wrote to NTPC on Friday expressing his company's willingness to sign Gas Sales and Purchase Agreements for the state-run firm's Anta, Dadri and Faridabad plants.
Among the Sensex firms, Bajaj Finance jumped the most by 4.64 per cent. Bajaj Finserv, Kotak Mahindra Bank, Asian Paints, UltraTech Cement, ICICI Bank, NTPC, JSW Steel and Tata Steel were among the major gainers. Infosys, Mahindra & Mahindra, Wipro, Tata Consultancy Services, IndusInd Bank and HCL Technologies were the major laggards.
Thousands of farmers from around 100 villages of Noida and Greater Noida on Thursday took to the streets seeking hiked compensation, bringing traffic to a standstill in several parts of Delhi-NCR as they made an unsuccessful bid to march towards Parliament.
Government will offload 9.5 per cent of its ownership.
RIL is relying upon the pleadings in RIL Vs RNRL case to support its defence against NTPC.
The state-run power utility NTPC Ltd has signed an agreement to buy gas from GAIL India for 10 years at a delivered price of close to $8 per million British thermal unit.
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