Tata, Adani plan to raise power tariff in Gujarat: Reports
Tatas, Adani Group and others are planning to raise tariffs to be viable as the Gujarat government wants fair resolution to the pricing dispute, according to reports.
According to reports, the tariff that Tata Power needs to become viable would be lower than other alternatives for the utilities.
Tata Power would need much less than that," an industry official said.
Last month, the central electricity regulator ruled that power companies should be paid higher tariffs.
HCC plans to raise Rs. 10bn from non-core asset sale: Reports
According to reports, Hindustan Construction Company is planning to raise up to Rs. 10bn this fiscal by selling some of its non-core assets.
The company is planning to sell stake in some real estate and infrastructure assets to pare debt, says media reports.
Reports say that the company has put on the block land parcels in Mumbai and Pune.
The company is also looking at selling stake in 247 Park, an office property in Mumbai's Vikhroli area, in which it holds 26% equity stake, report said.
Suzlon Energy plans to raise up to $400mn: Reports
Suzlon Energy is reportedly planning to raise up to US$ 400mn by selling 15 of its non-core assets.
"We have identified 15 non-core assets, mostly in overseas markets like China, US, etc, which we plan to sell in the next 12-18 months in a phased manner," chief financial officer Kirti Vagadia reported.
Earlier, the company was planning to raise US$ 100mn.
According to reports, company also plans to sell stake in its forging business SE Forge.
ABB Q1 net profit at Rs. 425.60mn
ABB Ltd has posted a net profit of Rs. 425.60mn for the quarter ended March 31, 2013 as compared to Rs. 476.40mn for the quarter ended March 31, 2012.
Total Income has increased from Rs. 17921.70mn for the quarter ended March 31, 2012 to Rs. 19714.00mn for the quarter ended March 31, 2013.
Sanghvi Forging bags order worth Rs. 50mn
Sanghvi Forging & Engineering Ltd, one of the top engineering and forging companies in India announced that it has bagged orders worth Rs. 50mn.
The orders worth Rs. 50mn have been received from a mix of Power and Oil & Gas out of which 25% comprises of the international market.
The new plant is also on stream and is regularly getting repeat orders from clients.
Commenting on the order Jayanti Sanghvi, Managing Director, Sanghvi Forging & Engineering Ltd said, “Even with a slow down in power sector, we continue to receive orders. It is an encouraging sign of the confidence our clients have in us. Oil & Gas is another lucrative sector for us and we hope to secure more orders from here. Our orders from clients abroad are showing great promise.”
Adani Power Q4 net loss at Rs. 19520.3mn
Adani Power Ltd has posted a net loss of Rs. (19520.30)mn for the year ended March 31, 2013 as compared to net loss of Rs. (2939.20)mn for the year ended March 31, 2012.
Total Income has increased from Rs. 41942.70mn for the year ended March 31, 2012 to Rs. 68680.90mn for the year ended March 31, 2013.
For the consolidated period, the company has posted a net loss after taxes & Minority Interest of Rs. (22950.10)mn for the year ended March 31, 2013 as compared to net loss of Rs. (2872.70)mn for the year ended March 31, 2012.
Total Income has increased from Rs. 42422.10mn for the year ended March 31, 2012 to Rs. 69700.10mn for the year ended March 31, 2013.
Moody's affirms Airport Motorway Trust's A3 rating
Moody's Investors Service has affirmed the senior secured A3 long term rating of Airport Motorway Trust (AMT), as well as the stable outlook. AMT is the financing vehicle for the Airport Motorway Group (AMG) which holds the concession to operate the Eastern Distributor (ED), a six kilometre toll road in inner-Sydney. At the same time, Moody's has affirmed the issuer's senior secured A3 rating.
"The A3 rating reflects the strengths of AMG's business profile which includes its essential nature in the road network, mature traffic profile and supportive features in the concession agreement", says Arnon Musiker, a Moody's Vice President & Senior Analyst. "These include AMG's entitlement to increase the toll tariff by a minimum of 1% per quarter over the concession term, and compensation for any future competing roads".
At the same time, the A3 rating considers the high leverage resulting from the maturity of an infrastructure bond structure during 2012 - which previously contributed a material portion of AMG's funds from operations - as well as softening in traffic volume growth observed in recent months. Read more…
Moody's assigns first-time Aa3 to China's State Grid Corp
Moody's Investors Service has assigned a first-time Aa3 issuer rating to State Grid Corporation of China.
At the same time, Moody's has assigned a Aa3 rating to the senior unsecured guaranteed notes issued by State Grid Overseas Investment (2013) Limited, and which are unconditionally and irrevocably guaranteed by State Grid.
The outlook for both ratings is stable.
"State Grid's Aa3 rating combines a baseline credit assessment (BCA) of a3 and a three-notch uplift based on expected very high support from the Chinese government (Aa3/stable) under Moody's joint-default analysis approach for government-related issuers," says Ivan Chung, a Moody's Vice President and Senior Credit Officer.
State Grid's BCA is underpinned by its 1) stable operating profile, bolstered in turn by its monopoly position in a huge and growing market; 2) proven operating track record and technological edges in Ultra High Voltage (UHV) and smart grid technology; and 3) track record of sound financial discipline. Read more...