Electricity regulator to hear Sasan case today
Electricity regulator CERC, will on Thursday, hear Western Region Load Despatch Centre’s petition challenging Reliance Power’s claim of commissioning the first unit of its Sasan ultra mega power project, in Madhya Pradesh. CERC will hear issues related to commercial operation of Sasan plant, according to information available on the regulator’s website. The Western Regional Load Despatch Centre (WRLDC), which operates the power grid in the region, had questioned the start date of commercial operations at the Sasan plant, where the first 660-MW unit was commissioned in March.
Allahabad Bank gets shareholders’ nod for QIP
Allahabad Bank has got the shareholders’ approval for a preferential issue of R400 crore and a Qualified Institutional Placement (QIP) of R320 crore for shoring up the equity base of the lender. At an extra-ordinary general meeting of the bank held here yesterday, the shareholders approved the preferential issue of R400 crore to government against capital infusion. The bank also sought nod of the shareholders to access the market for issue of equity shares through QIP aggregating up to R320 crore in such a manner that government’s holding will continue to be at 55.24% of the total paid-up capital.
‘Investments will gain momentum after polls’
Foreign investments are set to gain momentum after 2014 general elections, but a ‘magic’ work is unlikely for the overall economy in the immediate future, says India Ratings’ chief Atul Joshi. Many foreign investments are being held back as investors are sitting on the fence for a new government to be formed, but their decisions are unlikely to be dependent on any particular party coming to the power and would be mostly made on the basis of governance stability, he said. India Ratings & Research’s MD and CEO, Joshi said, “It will gain momentum and certainly some investments are being held back”.
NSE gears up to ensure compliance by listed cos
Gearing up to ensure greater compliance by companies to listing agreement, National Stock Exchange (NSE) is planning to increase its headcount to bring in more efficacy in its oversight role as a front-line regulator of the securities market. The Equity Listing Agreement mandates listed companies to make periodic and event based disclosures on the stock exchange platform for any information which may have bearing on the performance or operations of the company. Sebi has asked all stock exchanges, which function as front-end regulators in the securities market, to beef up their monitoring to ensure greater compliance.
Online PF transfer for private trusts soon
Employees covered under private PF trusts, which manage retirement fund of their workers themselves, will be able to transfer their PF accounts online from next month. There are about 2,750 private PF trusts. The information services wing of the EPFO is working on such mechanism to enable transfer of PF accounts from a private PF trust to an unexempted firm and vice-versa. The facility could be launched in 4-6 weeks.
Elder Pharma to focus on anti-infectives, int’l mkt
After selling its branded formulation business, Elder Pharma plans to focus on its anti-infectives’ vertical and strengthen in-licence portfolio besides looking at expanding presence in global markets. “Post the deal with Torrent Pharma, Elder plans to concentrate and build on its domestic business of anti-infectives, strengthen its in-licence portfolio and grow its business in the UK and Europe,” Elder Pharmaceuticals CMD Alok Saxena said. At the same time, the company would explore the possibility of entering new therapeutics areas, he added.
Gionee aims 10% share in Indian handset mkt in 3 yrs
Chinese handset maker Gionee plans to achieve a market share of 10% in three years in India on the back of good uptake for its smartphones. “We are aiming 10% market share in the Indian handset market in three years,” Gionee Smartphones president Lu Weibing said. Gionee considers India the second priority market after China and plans to launch about 20 models every year, majority of which will be smartphones. “After three years, 80% of the total phones sold in India are likely to be smartphones and we plan to launch new models every year,” Weibing said.