NTPC, India's largest thermal power operator, said it will stay away from the ongoing Reliance Industries and Reliance Natural Resources case in the Bombay high court over the supply of KG Basin gas.
State power utility NTPC Ltd will not lose any money even if it was to get natural gas at prices higher than those committed by Reliance Industries five years ago, the Power Ministry has told the committee on public undertakings.
GAMES-TOURISM Tourism industry asked to cash on C'Wealth Games New Delhi, Aug 19 (PTI) With over one lakh foreigners expected to throng the city during Commonwealth Games, tourism industry must gear up to reap the benefits, Tourism Minister Kumari Selja said today.
The new Bengal government is not ready to give over even half the required land.
Indian Railways on Tuesday entered into a joint venture agreement with the NTPC for setting up 1000 MW captive power plant at Nabinagar in Bihar, a move that can help the exchequer save Rs 400-600 crore (Rs 4-6 billion) annually on power purchase from state electricity boards.
Adani Power, part of the Adani group, plans to add close to 6 gigawatts (Gw) of new power assets in the next five years, according to an investor presentation by the company. That is clearly meant to ride on India's burgeoning power demand. But there is another side to it: All of this new capacity is expected to be thermal power, or power produced from coal.
Reliance Industries was the biggest gainer in the Sensex pack, rising 2.69 per cent, followed by HCL Tech, ICICI Bank, Tata Motors, Wipro, IndusInd Bank, JSW Steel, Wipro, Tata Consultancy Services and Titan. In contrast, NTPC, Power Grid, UltraTech Cement, Axis Bank, Infosys and Nestle were the major laggards.
Among the Sensex firms, NTPC, Power Grid, Mahindra & Mahindra, Larsen & Toubro, Sun Pharma, State Bank of India, Titan and Tata Steel were the major gainers. Tata Consultancy Services, Infosys, Axis Bank, Bajaj Finserv, UltraTech Cement and Bajaj Finance were the major laggards.
'The Nifty index looks to be 20 per cent overvalued as per our model after moving up more than 10 per cent in the last two months.'
The Coal Ministry on Monday received a total 69 applications from various PSUs
The company is also calling back former employees who may want to rejoin the Navratna.
Justice Roshan Dalvi sought to recuse herself from the case involving Reliance Industries Ltd and state-owned National Thermal Power Corporation over the supply of gas from the Krishna-Godavari basin on Wednesday.
The company is enhancing its capacity from the present 28,000Mw to 55,000Mw by the end of the Eleventh Five Year Plan and, therefore, fresh addition is necessary, GK Agarwal, executive director (human resources), NTPC, said.
Located on Badrinath National Highway (NH-58), residents of Selang said they are scared and the Joshimath crisis has only deepened their fears.
Reliance Industries Ltd's legal battle over the Uttar Pradesh government's decision to impose 21 per cent value-added tax on gas is holding up supply to NTPC's two power plants and Indian Oil Corporation's Mathura refinery, despite a group of ministers making allocation to them.
Government can announce the decision as soon as Thursday.
As temperatures soar across the country, amid searing heat wave, analysts see power demand hitting fresh record highs this year. The time, therefore, may be opportune to add related stocks on dips as higher demand boosts earnings visibility, they said. On April 18, India's electricity demand touched a new high of 216 gigawatts.
The apex court had sought the response after Anil Ambani-led RNRL had consented to government being made a party in the dispute. RNRL contended that it was entitled to receive the gas at $2.34 per unit from Mukesh Ambani group RIL which had entered into an arrangement for supplying gas to NTPC at that rate.
The Divestment Department in the Finance Ministry has invited Request for Proposals for book running lead managers for the issues.
National Thermal Power Corporation on Monday announced a net profit of Rs 4,905 crore, reflecting a whopping 36 per cent increase over the previous fiscal.
Other members include former Central Bank of India chairman and managing director Homai A Daruwala, former bureaucrat of the Madhya Pradesh cadre Prashant Mehta and RGPPL's managing director R K Srivastav.
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.
NTPC Ltd, the country's biggest electricity generating utility, on Wednesday, signed a pact with Assam government to set up a 750 MW coal-fired plant in the state at an estimated cost of Rs 3,750 crore (Rs 37.50bn).
Investors' wealth grew by Rs 3.24 lakh crore on Thursday as the BSE Sensex jumped nearly 1 per cent after a two-day slide. The 30-share BSE Sensex jumped 490.97 points or 0.69 per cent to settle at 71,847.57. During the day, it rallied 598.19 points or 0.83 per cent to 71,954.79.
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 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 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 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.
Collectively, these companies spent Rs 628 crore (Rs 6.28 billion) on political contributions in the past five years, according to their annual reports.
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).
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.
Among the Sensex firms, Asian Paints, Titan, Larsen & Toubro, JSW Steel, ITC, Hindustan Unilever, Maruti and Reliance Industries were the major gainers. ICICI Bank, NTPC, Infosys, Tech Mahindra, Tata Steel and Bajaj Finance were among the laggards.
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.
Tata Steel fell the most by 4.21 per cent. NTPC, Tata Motors, HCL Technologies, Mahindra & Mahindra, State Bank of India, Power Grid, Tech Mahindra, Larsen & Toubro and JSW Steel also declined. HDFC Bank was the only gainer from the pack. In Asian markets, Seoul, Tokyo and Hong Kong settled in the positive territory while Shanghai ended lower.
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