Adani Power seeks nod to set up power SEZ
New Delhi: Adani Power has sought approval from the commerce ministry for setting up a special economic zone for the power sector in Jharkhand, entailing investment of Rs15,002 crore. The application will be considered by the Board of Approval, the highest decision making body of the SEZs, in its meeting February 5. The inter-ministerial board is headed by the commerce secretary. The developer of the zone – Adani Power (Jharkhand) has sought in-principle approval for setting up of a sector specific SEZ for power at Godda district in Jharkhand over an area of 425 hectares, an official said. The developer has informed the ministry that it is in the process of acquiring the land through the state government.
Azure Power to electrify schools
New Delhi: Solar power producer Azure Power Tuesday said it has won a 11.35-megawatt (MW) solar rooftop power project. This is the largest allocation for this auction, 60 per cent of the total size, Azure Power said in a statement. According to the statement, Azure Power will sign the power purchase agreement with Navodaya Vidyalaya Samiti, an autonomous body under Ministry of Human Resource Development. Azure Power qualifies for a capital incentive from Navodaya Vidyalaya Samiti, which is expected to result in a weighted average levelised tariff of Rs 4.97 (US cents 7.7) per kWh. The solar rooftops will be spread across 152 schools and six states — Uttar Pradesh, Madhya Pradesh, Rajasthan, Karnataka, Chhattisgarh and Kerala.
Polyester staple dumping not injurious, says DGAD
New Delhi: Commerce Ministry’s investigation arm DGAD has refused to impose anti-dumping duty on polyester staple fibre from China, Indonesia, Malaysia and Thailand, saying that its imports are “not solely responsible” for causing material injury to the domestic industry. The recommendation of the Directorate General of Anti-dumping and Allied Duties (DGAD) followed its probe into an alleged dumping of the fibre from these four nations. Alok Industries, Indo Rama Synthetics (India) and Bombay Dyeing had filed an application for the probe. DGAD in a notification has said that “imposition of antidumping duty is not warranted in the present investigation. Therefore, the authority considers it appropriate to recommend termination of investigation…”
Russian stocks slide post ‘Oligarchs list’
Moscow: Russian stocks eased lower Tuesday after the United States named major Russian businessmen on a list of oligarchs close to the Kremlin, increasing the risk that some of the country’s largest companies could be hurt by future sanctions. The list, drawn up as part of a sanctions package signed into law last August, does not mean those included will be subject to sanctions. But it casts a potential shadow of sanctions risk over a wide circle of wealthy Russians close to President Vladimir Putin. It included the heads of Russia’s two biggest banks, Sberbank and VTB, metals magnates and the boss of state gas monopoly Gazprom. At 0745 GMT, Russia’s dollar-denominated RTS index was down 0.24 percent at 1,272.45 points.
Renault-Nissan pips VW to top-seller spot
Tokyo: The Renault-Nissan automaking alliance emerged as the world’s biggest seller of light vehicles in 2017, bumping Volkswagen AG off the top spot, after the inclusion of Mitsubishi Motors’ numbers boosted its final tally. Nissan Motor Co’s sales hit a record high of 5.82 million, while French automaker Renault SA has reported sales of 3.76 million. Mitsubishi’s sales came in at 1.03 million, bringing total 2017 sales for the group to around 10.61 million light vehicles. Together, the three automakers beat record sales of around 10.53 million light vehicles at Volkswagen, 2016’s top seller which also includes the Audi, Skoda, Seat and Porsche brandsToyota Motor Corp, which held the No.2 spot in 2016, posted group sales of 10.2 million units last year, excluding its Hino Motors heavy trucks.
African states launch single aviation market
Addis Ababa: Nearly two dozen African countries launched a single aviation market Monday, a potential boon for the industry in a region where it is hampered by government protectionism, high taxes and stringent regulation. The Single African Air Transport Market would facilitate the free movement of flights between African countries by liberalising frequencies, fares and capacities, breaking down barriers that have in the past increased costs. It is an updated version of the Yamoussoukro Decision that was signed in 1999 to open up intra-African aviation routes. That agreement failed and compared to other continents air travel in Africa is expensive, restricted and dependent on bilateral deals. On Monday, Rwanda’s President and African Union Chairperson Paul Kagame and his Togolese counterpart Faure Gnassinbge unveiled the open skies scheme, with Ethiopia, South Africa, Kenya and Nigeria among the signatories. A total of 23 African states signed the agreement.
Fund for new, upcoming listings
Mumbai: Edelweiss Asset Management Tuesday said it has launched a new scheme, Edelweiss Maiden Opportunities Fund – Series 1, with an aim to invest in recently listed companies and upcoming listings. The new fund offer for the scheme, which is a three year close-ended equity fund, will be open for subscription from February 2 to 16. “This fund is first-of-its-kind in the industry that intends to follow a disciplined approach while investing in recent and upcoming listings. The aim is to make investing in such maiden ideas accessible and simpler for retail investors,” Edelweiss Asset Management CEO Radhika Gupta said in a statement. The portfolio will predominantly invest in maiden ideas from recently listed universe and some portion shall be invested in upcoming listings to capture listing and future potential gains. Further, the fund endeavours to protect downside risk by hedging through long dated put options, the company said.
Kotak India Growth Fund Series 4
Mumbai: Kotak Mutual Fund Tuesday announced the launch of a new scheme with an aim to invest across large cap, mid cap and small cap stocks. The new fund offer (NFO) for Kotak India Growth Fund Series 4 is open for subscription till February 12. “The fund aims to invest 80-100 per cent in Indian equities spread across large cap, mid cap and small cap stocks. It aims to generate capital appreciation from a diversified portfolio across market capitalisation and sectors,” Kotak Mutual Fund said in a statement. According to the company, the fund has a unique “put option strategy”, through which in a declining market the scheme would seek to limit downside by purchasing around three years “At The Money (ATM) Nifty 50 Put option with strike price around current levels”. “Thus, a Nifty 50 Put option will increase in value when Nifty goes down from the strike price and vice versa. However, the risk of loss for an option buyer is limited to only the premium paid,” the company said. The minimum amount for investments into the fund is Rs5,000 and thereafter in multiples of Rs 10.
Xtreme 200R rolled out
New Delhi: Hero MotoCorp Tuesday unveiled an all-new model — Xtreme 200R — as part of its plans to strengthen presence in the premium segment. The new product powered by a 200cc air-cooled engine will hit markets across the country in April. “The all-new Xtreme 200R is a bold and focused step towards reshaping our presence in the premium segment,” Hero MotoCorp Head of Global Product Planning Malo Le Masson told reporters here. Starting this year, the company would focus on the 150 cc and above premium segment and would continue to bring in more products in the category, he added. Powered by a BS-IV compliant 200 cc engine, the Xtreme 200R produces a maximum power of 18.4 PS. The bike can accelerate from 0-60 km/hr in 4.6 seconds and attain a top speed of 114 km/hr, the company added. “The all new Xtreme 200R is reflective of our product development capabilities and also demonstrates the strenuous R&D efforts that are under way at Hero Centre of Innovation and Technology (CIT),” Hero MotoCorp Chief Technology Officer Markus Braunsperger said. The bike is a perfect amalgamation of performance, technology and masculine attributes, he added. “We also have a strong pipeline of new products for the rest of the year,” Braunsperger said. Hero is the leader in the commuter bike segment with a market share of over 60 per cent.