Way before the rains arrived at Talwandi Sabo Power plant in Punjab, the one check the coal ministry was carrying out was the availability of coal stock with the generator. Talwandi Sabo Power Limited (TSPL), the 1,980-Mw thermal power plant of Sterlite Energy, part of the Vedanta Group, which supplies about 15 per cent of Punjab's power, is one of the most difficult locations to manage coal supplies. It is nearly 1,700 km from the mines of Mahanadi Coalfields in Odisha, the longest coal route in India and possibly the trickiest as it cuts through the traffic heavy rail lines between Delhi and eastern India.
Vedanta Resources has huge interests in India. The promoter and majority shareholder of Vedanta Resources, Anil Agarwal, also founded Sterlite Industries.
The index retreated from higher levels in late noon deals and dipped to a low of 13,593 - down 248 points from the day's high. The Sensex finally ended with a gain of 122 points at 13,692.
"Inquiry will be held in three stages. One with those affected/injured, relatives of those killed in the incident. Then consultation will be held with those who witnessed the incident, citizens groups, or those who are privy to the details and journalists," she said. "The third stage would be with the police, those who allegedly initiated the firing, revenue officials, doctors who conducted post-mortems and treated the injured, senior officals in police, former district collector and other officials," Jagadeesan said.
Analysts caution against volatility and recommend buying stocks of companies that are on strong fundamental footing that have been beaten down badly in the recent carnage.
According to software company Mavernir, the new virtualised networks would lead to a saving of 40 per cent in capex and 34 per cent in terms of lower operations cost for operators.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
'I expect normalcy to return in one or two days,' says Tuticorin's new Collector Sandeep Nandur.
Jayalalithaa was the third chief minister in Tamil Nadu to die in office, after her mentor M G Ramachandran (1987) and before that his mentor C N Annadurai (1969). The state government should have evolved protocols for the medical care of the incumbent, and institutional memory should have guided the government and officials in the matter, points out N Sathiya Moorthy.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
The Tata group's tryst with mobile services, with either CDMA or GSM technology, did not really fly, forcing it to close operations and write off losses. Now the group is back in the big game, this time straddling the telecom equipment, network and technology space in India as well as the global market. To this end, it is leveraging the opportunities that flow from 5G technology through open radio access network, or O-RAN. Recently, the Tata Sons' subsidiary Panatone Finvest acquired 43.3 per cent in Bengaluru-based telecom equipment manufacturer Tejas Network for Rs 1,850 crore and announced it would buy another 26 per cent of the voting capital through an open offer.
The NSE Nifty ended at 2,780, down 23 points. The market breadth was fairly negative - out of 2,566 stocks traded, 1,453 declined, 1,006 advanced and the rest were unchanged on Thursday.
This comes at a time when the group's copper plant in Tamil Nadu remains shut for nearly three years, causing a Rs 5 crore loss every day.
The index, in mid-noon, trades rebounded into the positive zone and touched a high of 14,998 - up 283 points from the day's low. The index, however, could not hold gains and slipped back into red.
The mining ministry's inordinate delay in giving approval to group firm Hindustan Zinc to buy London-based Anglo American's zinc mines has forced the company to route it through Sterlite.
Tata Power, Sesa Sterlite and Hindustan Zinc likely to be hit.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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According to media reports, CBI is looking into the entire process at the then NDA government and has asked for information from the mines ministry.
'I joined the protest on the 100th day to show solidarity with the farmers.' 'I was outside the collector's office when people started running.' 'I was wondering what had happened when I felt a pain in my hand and it began bleeding.'
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
ICICI Bank, in the biggest offering by an Indian company, raised $4.3 billion in a global follow-on issue, half of which was in the form of American Depository Shares.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
Mass agitations are not particularly uncommon in India. But a mass agitation led by an environment-related issue that has gone out of hand is not something that can be easily recalled.
Unlike the regimes of Jayalalitha, Palaniswami and Karunanidhi, ministers are actually getting to make decisions on their own, with the unmentioned rider that they would be held responsible and accountable, observes N Sathiya Moorthy.
Among the series of questions raised were how self-loading riffles found their way out of the armoury and came to be used in the firing, how snipers were perched atop vehicles and how persons came to be shot in the face and chest.
With the privatisation of BPCL appearing inevitable, there are worries that the new promoter would soon move to lower wages.
In a statement, he warned the media not to use his photograph or party symbol for any propaganda.
The case has been registered against unidentified officials of police and revenue department on the basis of a complaint from K Arjunan, district secretary, Communist Party of India-Marxist.
In the midst of huge job losses as a fallout of the coronavirus pandemic, Tamil Nadu Chief Minister Edappadi K Palaniswami has signed 17 MoUs for an investment of Rs 15,100 crores that aim to provide 47,100 jobs. But a clearer picture on where the projects stand will emerge only after the Covid-19 induced fear psychosis ends, to see if popular protests will derail them like they have done so many others, says N Sathiya Moorthy.
The Madras high court on Thursday urged the State and the central governments to ensure equitable distribution of medical oxygen, COVID-19 vaccines and other life saving materials, by ramping up the production capacity.
Hectic fundraising through initial public offerings (IPOs) is expected in October-November, with at least 30 companies are looking to collectively raise over Rs 45,000 crore through initial share-sales, merchant banking sources said. Of the total fundraising, a large chunk would be garnered by technology-driven companies. The successful IPO of food delivery company Zomato, which was overwhelmingly subscribed by over 38 times, encouraged new-age tech companies to come out with their primary share-sales.
The superstar blamed anti-social elements for the anti-Sterlite protests last week that resulted in 13 deaths in police firing, and called for a Jayalalithaa-style 'iron fist' policy to crush such people in the interest of Tamil Nadu.
The mines ministry would soon approach the Union Cabinet to seek its opinion on a directive of the Delhi high court for settling the sale of residual equity in the erstwhile Balco to Sterlite Industries Limited within four weeks.
Anil Agarwal, chairman of the Vedanta group, has not started the New Year on a good note.
V N Khare and S P Bharucha, both once Chief Justices of India, have been appointed to the arbitration panel to resolve the issue of sale of the government's residual 49 per cent stake in Bharat Aluminium Company to Sterlite Industries.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
The three-judge arbitration panel set up to resolve the controversy over the sale of the government's residual 49 per cent stake in Sterlite-controlled Bharat Aluminium Company Ltd has decided to meet in August, raising hopes of a resolution to the five-year-old dispute.
"That plant has a high cost of production and it is not feasible to operate it when aluminium prices have dropped significantly," said a company executive. It has started reducing output and full closure is expected soon. Aluminium prices fell to $1,251 a tonne on the London Metal Exchange from last July's all-time high of $3,271, as the global credit crunch and economic slowdown curbed demand for the base metal. On Wednesday, the metal's LME price was $1,421 a tonne.
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