SAIL offer over-subscribed
Steel Authority of India's (SAIL) 5% stake divestment by the government has received good response from investors. Report stated that Rs 1,700 crore-offer for sale (OFS) was subscribed more than two times, OFS received bids for over 418.42 million shares as against more than 206.52 million shares on offer, says report.
There are reports that government is selling 5% stake in the company at the floor price of Rs.83 a share through the OFS, which is expected to raise around Rs.1,500-1,700 crore, HSBC Securities, Deutsche Equities, JP Morgan India are among six merchant bankers advising SAIL on the stake sale, says report.
Coal Requirement of Power Sector
In order to ensure adequate availability of coal to power utilities, Coal India Limited (CIL) has been impressed upon to enhance production of domestic coal in the country and power utilities have also been advised to enhance import of coal to meet the shortfall in domestic availability of coal. This was stated by Piyush Goyal, Minister of state for Power, Coal & New and Renewable Energy (Independent Charge) in a written reply to a question in the Rajya Sabha...Read More
Coal block allocation: Sponge Iron, cement could benefit; worries for power
“Recommendation of the sub-committee for allocation and auction of coal blocks and for their classification for various end uses, are broadly in line with our initial expectations” states a recent IIFL institutional Equities Report. The coal blocks originally allotted to PSUs would be kept within the PSU domain. However, there is no certainty that the coal blocks would be allotted to the same PSUs. Out of the 74 blocks, 49 blocks would be left for auction. The initial analysis of IIFL suggests that sponge iron and cement players are likely to benefit whereas private sector power entities may see increased competition...Read More
Investors gain 10.5% on listing of Aanchal Ispat's IPO
Investors in the equity shares of Aanchal Ispat Limited gained 10.5% on the listing of the company’s shares on the SME platform of the Bombay Stock Exchange (BSE) today. Shares of the company listed at Rs 22.10, up 10.5 percent against its issue price of Rs 20 per equity share. It touched an intraday high of Rs 22.90 and an intraday low of Rs 21.00. The Company had entered the capital market on 24th November 2014 with a public issue of 80,04,000 equity shares of Rs 10 each at a price of Rs 20 each with a premium of Rs 10, aggregating to Rs 1600.80 lacs. The Issue closed on 26th November 2014...Read More
JSPL commissions Billet Caster plant at Angul
Jindal Steel & Power Ltd (JSPL) has commissioned the Billet Caster Plant as part of the 6 MTPA Integrated Steel Project at Angul, Odisha. Speaking on the occasion, Ravi Uppal – M.D. & Group CEO, JSPL said, - “We have commissioned India’s largest capacity Billet Caster Plant in Angul, within a record time of one year; setting yet another benchmark in the country. This would enhance our regional product portfolio since we will now be able to produce long products in addition to the flat products already being produced in the Angul plant”...Read More
CIL is gearing up to produce 1 bn tn coal per annum by 2020: Coal Secretary
Coal Secretary assured that Coal India Limited (CIL) is geared up to ramp up the production of coal from the present level of about 450 million tonnes to 1 billion tonnes per annum by 2020, said at an ASSOCHAM interactive session held in New Delhi. Addressing the members of The Associated Chambers of Commerce and Industry of India (ASSOCHAM) on Coal Mines (special provisions) Ordinance 2014, Anil Swarup, Secretary of Coal informed that “a clearer picture on the bidding process would emerge in 2 -3 days time”...Read More