• Daily Newsletter Monday, July 08 , 2019        

PM Unveils Lal Bahadur Shastri's Statue Build by NCL.

Varanasi: The Prime Minister of India Shri Narendra Modi unveiled a statue of Bharat Ratna Lal Bahadur Shastri built by Northern Coalfields Limited at LBSI airport Varanasi. Shri A.K. Jha, Chairman CIL, Shri P.K. Sinha, CMD, NCL, Shri Gunadhar Pandey, Director (Technical & Operations), NCL, Shri P.M. Prasad, Director (Technical & Project and Planning), NCL and Shri N.N. Thakur, Director (Finance) NCL were also present on the occasion.

Power shares down despite plans for reform in Union Budget

Shares of power generation companies continued to decline despite Finance Minister Nirmala Sitharaman said that the government will review Uday scheme and implement structural changes in the beleaguered power sector, due to lack of clarity on these reforms.

Despite this, shares of most power companies traded in the red. The S&P BSE Power index was trading 1.49 per cent down at 2,116 around 12 pm, with Siemens (down 3.53 per cent), NTPC (down 2.48 per cent), Adani Power (down 1.68 per cent), Reliance Infrastructure (down 1.65 per cent), ABB India (down 1.46 per cent) and Tata Power Company (down 1.39 per cent) as the top losers.ET Energy world

PNB reports over Rs 3,800 cr fraud by Bhushan Power & Steel

New Delhi. Public sector lender Punjab National Bank said on July 6 it has detected a fraud of more than Rs 3,800 crore by Bhushan Power & Steel Ltd (BPSL) and has reported it to the Reserve Bank of India (RBI).

PNB said Bhushan Power & Steel Ltd misappropriated bank funds and manipulated its books of accounts to raise funds from consortium lender banks.

"On the basis of forensic audit investigation findings and CBI filing FIR, on suo moto basis, against the company and its directors, alleging diversion of funds from banking system, a fraud of Rs 3,805.15 crore is being reported by bank to RBI," Punjab National Bank (PNB) said in a regulatory filing. Moneycontrol

Fuel price hike to have very marginal impact on inflation: Finance Secretary

New Delhi. Finance Secretary Subhash Chandra Garg said July 6 increased petrol and diesel prices after the duty hike will have "very marginal impact" on inflation and any worry on that front is immaterial. He also said the government expects Rs 90,000 crore from the Reserve Bank of India (RBI) as dividend during the current fiscal.

Post the rise in fuel taxes announced by the government in the Budget for 2019-20, petrol and diesel prices rose by at least Rs 2.4 and Rs 2.36 a litre respectively across metro cities.

The prices increased after Finance Minister Nirmala Sitharaman raised excise duty and road and infrastructure cess by Rs 2 per litre on both the fuels. Moneycontrol

Cabinet Secretary calls for meeting on $5 trillion economy roadmap

New Delhi: Cabinet Secretary P.K. Sinha has called for a meeting on Monday to discuss the vision, policy intervention, investment and departmental responsibilities towards achieving the target of a $5 trillion economy by 2025 as it was announced by Finance Minister Nirmala Sitharaman when she unveiled the 2019-2020 Union Budget.

Sinha has called for the meeting where eight secretaries forming several groups -- social, health, finance and economic -- will deliberate on a roadmap to achieve the target and which department will do what.

The finance group comprises the finance, revenue, expenditure, DFS, MCA, DIPAM and DPE secretaries. Livemint

Govt expects ₹5,000 cr from monetising CPSE assets this fiscal: DIPAM secy

New Delhi: The government expects to garner ₹5,000 crore from the asset sale of central enterprises as the budget has raised the bar for divestment proceeds to a record ₹1.05 lakh crore this fiscal, according to a top official.

The government will follow a four-pronged strategy, including minority stake sales through IPO, FPO and ETFs, apart from strategic divestment and asset monetisation, to meet the disinvestment target, Department of Investment and Public Asset Management (DIPAM) Atanu Chakraborty told PTI in an interview.

Budget 2019 has set a higher target of ₹1.05 lakh crore from disinvestment for the current fiscal year, compared with ₹90,000 crore in the Interim Budget. Livemint

Govt plans relief for debt-laden BSNL, MTNL through revival package

New Delhi. Union government's financial support to the public sector undertakings in the telecom space -- Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd -- has risen in the current financial year as it prepares a revival package to de-stress these debt-laden entities.

While overall budgetary allocation for telecom PSUs has gone down by 15%, the one in BSNL and MTNL has gone up for the current fiscal (2019-20).

The total investment in the six telecom PSUs for the current year is Rs 14,025.90 crore as against an allocation of Rs 16,468.39 crore in the revised estimates, last financial year (2018-19). The same was Rs12,186.9 crore in 2017-18. Business-standard

Govt likely to set October deadline for cash-strapped Air India sale

Mumbai. The build-up to Air India privatisation has taken off in full swing with the Union Budget announcing it as the centrepiece of divestment this year. The government is targeting October as the deadline for announcing the deal.

Not leaving anything to chance after a failed attempt earlier, the government has shortlisted the potential bidders, with the Tata group on top for its interest in aviation. Sources in the know said the government would initiate talks with businesses, including Tatas, shortly for divesting its stake in the national carrier.

The proposed dialogue with potential buyers will coincide with the government procedure of issuing bid documents for expression of interest sometime this month. Business-standard

PSUs may be allowed to retain tag even if government holding falls

New Delhi. The Centre plans a major overhaul of the definition of state-run companies where an entity will continue to qualify as a public sector undertaking (PSu) even if the government in it holding falls below 51 per cent.

In an interview with IANS, Finance Secretary Subhash Chandra Garg indicated that the government may consider amending laws that will allow an entity to retain the PSE tag even in case the government holding below 51 per cent.

"As per definition of a PSU company, the central government and the state government together have to have 51 per cent stake. If that comes down, it changes the character of the government company. The law says that today. Logically we can change that" Garg said. Webindia123

PM Unveils Lal Bahadur Shastri's Statue Build by NCL.

Varanasi: The Prime Minister of India Shri Narendra Modi unveiled a statue of Bharat Ratna Lal Bahadur Shastri built by Northern Coalfields Limited at LBSI airport Varanasi. Shri A.K. Jha, Chairman CIL, Shri P.K. Sinha, CMD, NCL, Shri Gunadhar Pandey, Director (Technical & Operations), NCL, Shri P.M. Prasad, Director (Technical & Project and Planning), NCL and Shri N.N. Thakur, Director (Finance) NCL were also present on the occasion.

NCL has recently undertaken many development works in Varanasi. The company has signed an MoU with the Indian Railways under which a grand Eco park will be constructed near the Manduadih railway station of Varanasi and a reservoir will be restored near this place. The company has signed MoU with local district administration for solid waste management in 13 urbanized village panchayats of Varanasi. In addition, the company has also donated an oxygen generator to the Ramakrishna Mission Hospital in Varanasi.

Additionally, the company is also planning for beautification of Manikarnika Ghat in Varanasi as Swachh Iconic Place launched under Swachh Bharat Mission. NCL will play an important role in giving new shape to the development of Varanasi in coming time.
http://www.psuconnect.in/news/
pm-unveils-lal-bahadur-shastri-statue-build-by-ncl/18135

Reclamation of Mining Land through Livestock Rearing in Mining II.

Neyveli: A MoU has been reached between NLCIL and Ms. Vyakthi Vikas Kendra India (VVKI), Bangalore, an organization with expertise in the field, to take up Land reclamation through rearing of live stocks as a pilot project.

Land reclamation works in Mine II were first taken up during ‘1995-’96. Till date, an area of about 874.50 hectares has been reclaimed and 670.50 Ha have been Afforested till 31st March 2019. Now, it is proposed to reclaim 70Ha of Mined out land and carry out afforestation over an area of 50 hectares during this year.

At present, Land reclamation activity is being carried out in Mines using the integrated farming (IF) method by planting various types of tree species, etc., to restore the pre-mined ecological equilibrium or to return such areas to an ecologically acceptable mining land.

Delhi forest dept turns down NBCC plea to chop 1,955 trees.

NEW DELHI. The National Buildings Construction Corporation (NBCC), which is executing the redevelopment project in seven government colonies in South Delhi, applied for permission to axe 1,955 trees in two colonies. The permission was rejected.

The projects had run into controversy last year, when the agency had asked for permission to chop over 14,000 trees, leading to weeks-long protests by citizens and an ongoing court battle. It also forced a rethink from the Ministry of Housing and Urban Affairs, with the ministry as well as NBCC saying no trees will be cut for the project and, if need be, they will be relocated through transplantation.

In January and February this year, NBCC wrote to the Delhi Forest Department, seeking permission to cut 1,955 trees in Netaji Nagar and Sarojini Nagar. Both proposals were rejected by the department, as NBCC had not counted the saplings planted three years ago. This means the saplings, which would have grown into trees in three years, have not been included in the total count of trees in the area.
https://indianexpress.com/article/
cities/delhi/delhi-forest-dept-turns-down-nbcc-plea-to-chop-1955-trees/

Time for big and small strategic sales, says DIPAM secretary.

NEW DELHI. The government will carry out a number of ‘big and small’ strategic sales of PSUs in the current financial year, while also bringing down stakes in many other PSUs to below 51%, Department of Investment and Public Asset Management (DIPAM) secretary Atanu Chakraborty told FE.

The number of deals will increase this year…we want elephants (under-performers which are large in size) to fall in line (for disinvestment),” Chakraborty said, adding that the government was in the process of identifying more companies for strategic disinvestment.

With tax receipts slowing down, the Centre scaled up its disinvestment programme for FY20 to all-time high level of `1.05 lakh crore, up from `85,000 crore in FY19 and `1 lakh crore in FY18.
https://www.financialexpress.com/economy/
psu-disinvestment-time-for-big-and-small-strategic-sales-says-dipam-secretary-atanu-chakraborty/1635073/

NSIC official meets Chief Minister (UP)

LUCKNOW. Shri P. Udayakumar, Director (P&M),NSIC called on Shri Adityanath Yogi Chief Minister of UP during his visit to Lucknow on July 5, 2019 and briefed him about the activities of NSIC and keenness of NSIC to work with Government of UP on Waste to energy and Defence Corridor models for benefiting MSMEs in the country

"For Overall Development": Petroleum Minister On Hike In Taxes On Fuel. NDTV News

BHUBANESWAR: Justifying the hike in the taxes on fuel in the Union Budget 2019-20, Union minister Dharmendra Pradhan on Saturday said there is a requirement of funds for the overall development of the country.

"There is requirement of funds for overall development of the country. As there is decline in the price of fuel in international market, Indian economy should take advantage of the situation," the Petroleum and Natural Gas minister told reporters while replying a question on increase of price of petrol and diesel.
https://www.ndtv.com/india-news/
for-overall-development-petroleum-minister-dharmendra-pradhan-on-hike-in-taxes-on-fuel-2065506

 

CHAI PE CHARCHA’ AT ECL

RANCHI. CIL believes empowering its women employees includes elevating the status of women through education, raising awareness and training. In a step in this direction, Eastern Coalfields Ltd. organised “Chai pe Charcha” an interaction program with the women employees of Rajmahal Area. Shri. Vinay Ranjan, Director – Personnel, Eastern Coalfields Ltd., senior officials of Eastern Coalfields Ltd. and Rajmahal area interacted with the women employees and helped them to know their rights.

NEW DELHI. BHEL wins Golden Peacock Environment Management Award

New Delhi. BHEL has won the prestigious Golden Peacock Environment Management Award 2019 in the engineering sector. The award was received by Sh. D. Bandyopadhyay, Director (HR) and Chairman & Managing Director (Addl. Charge), BHEL, from former Chief Justice of India, Justice M.N. Venkatachaliah. The award has been conferred on BHEL by the Institute of Directors for exemplary contribution to environment management.

PSBs wait for more cash in accounts as government opens purse strings

New Delhi. After remaining silent on recapitalization of public sector banks (PSBs) in February’s interim budget, the government has pledged to infuse ₹70,000 crore into these banks laden with bad loans, an amount that has crossed expectations. While some of the lenders will tap the funds to meet regulatory requirements, the rest will use it to cater to credit demand.

Finance minister Nirmala Sitharaman said on Friday that gains from the bank clean-up are now visible. Bad loans of commercial banks, she said, have fallen by over ₹1 trillion in the past year, and they have recovered over ₹4 trillion with the Insolvency and Bankruptcy Code (IBC) and other measures effected over the last four years. Livemint

India looks to lead electric vehicle race with latest push in budget

New Delhi: With a host of incentives unveiled in the Union budget for electric vehicles, India has joined governments in China and Europe that have backed the development of the nascent EV industry by offering extensive fiscal incentives and a favourable regulatory environment.

Pushing ahead with its goal to have more electric vehicles to curb rampant pollution afflicting major cities and trim costly oil imports, the government has started from 1 April 2019, the second phase of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME 2) scheme, with an outlay of ₹10,000 crore.

Although this sum may not be significant compared to some developed countries, the incentives announced in the budget for this sector will go a long way in restoring the confidence of investors and customers alike. Livemint

Budget 2019: NHAI fundraising plan raised by 21% to Rs 75,000 crore

New Delhi. Funds to be raised for the National Highways Authority of India (NHAI) have been hiked by 21 per cent in 2019-20 as the government prepares a blueprint for executing Bharatmala projects in a time-bound manner.

The authority has the approval to raise Rs 75,000 crore during the current year and government support of Rs 36,691 crore has been ctioned. In FY19, Rs 62,000 crore, a mix of debt raised from banks, toll revenue, and a road monetisation scheme, was to be raised. Business-standard

SAIL ready for 'Reform, Perform and Transform' roadmap for new India

New Delhi. The budget compliments the expectation of the steel and other related industries. SAIL is completely geared up to cater to every requirement of the government's roadmap to reform, perform and transform India. SAIL is committed to fulfill the expectations of Indians as it has been doing for the last sixty years.

For a country headed towards $5 trillion economy in 5 years, the budget is very structured for moving towards that target. Clear emphasis has been laid on the infrastructure development along with massive push to every connectivity avenue including industrial corridors, dedicated freight corridors, Bharatmala, Sagarmala, UDAN and the PMGSY. webindia123

Budgetary incentives for MSMEs to boost manufacturing sector: PPMAI

New Delhi. Budgetary incentives for micro, small and medium enterprises (MSMEs) will give a boost to the manufacturing segment, industry body PPMAI said on Saturday.

As per the Process Plant and Machinery Association of India (PPMAI) which represents the capital goods and process equipment manufacturing and exporting industry, the incentives will aide the crucial MSME sector to grow and generate employment.

"The impact of these incentives to the MSME sector will be positive as the two per cent interest subvention would enable the cash-starved MSMEs to ensure smooth credit line flow for their firms," said Yatinder Pal Singh Suri, Chairman of PPMAI. webindia123

NALCO Observes Van Mahotsav with Plantation Drives.

Bhubaneswar: National Aluminium Company Limited (NALCO) observed the week-long Van Mohatsav with massive plantation drives at company’s units and offices. In the premises of state-of-the-art Nalco’s Research and Technology Centre (NRTC), located at Bhubaneswar, a mass plantation drive was undertaken in association Odisha Forest department today.

Dr. Tapan Kumar Chand, CMD, NALCO, planting a sapling and formally launched the mass plantation drive at NRTC. Shri Kedar Kumar Swain, DFO of Chandaka Division, all Directors of NALCO, Senior officials and employees in large numbers participated with much enthusiasm and planted saplings of various fruits & medicinal plants in the NRTC premises.

Director HR NLC Inaugurates Relocated Shandy Bazaar

Neyveli: NLC India Township Administration Department has relocated the Weekly shandy bazaar hitherto functioning on all Sundays from Block-30 in the Township with a newly built complex at Block-28 .

Shri R. Vikraman, Director (HR) opened the complex in the new premises on 4th July 2019 in the presence of Shri S.R. Sekar, CGM (Township Administration) and other NLCIL officials and dedicated to the general public.

MRPL Conducts a workshop on Household Waste Management.

Mangalore: In the wake of Swacch Bharat Mission, Mangalore Refinery and Petrochemicals Limited (MRPL), an oil refinery and subsidiary of ONGC in Mangalore, has conducted a workshop on the theme 'Household Waste Management' for the benefit of Women from the surrounding villages as part of Swachhta Pakhwada. Ms. Ramya from DKZP Swachatha Kosh has explained about the theme.

Budget to boost investment in renewable energy sector.

Mumbai: Cheering the government's proposal to set up mega manufacturing plants for solar cells, batteries and solar charging infrastructure, industry experts said the move will give a boost to the sunrise industry and Make in India programme.

The industry experts, however, noted that such initiatives would require larger support structure in the form of soft loans, export credits in order to compete globally.
https://energy.economictimes.indiatimes.
com/news/renewable/budget-to-boost-investment-in-renewable-energy-sector/70100186

Mangalore Refinery and Petrochemicals Ltd to set up desalination plant.

Mangalore. City-based Mangalore Refinery and Petrochemicals limited (MRPL) is to set up a permanent desalination plant to produce industrial quality fresh water, the company managing director M Venkatesh has said.

The proposed 70 MLD (million litres per day) plant at Tannirbhavi is expected to be commissioned by the end of next year, he told reporters on July 6. MRPL will avoid a crisis during next summer by deploying a portable desalination plant. The project received environment clearance from Union Environment Ministry on April 18.

Venkatesh said MRPL's attempt is to keep consumption of fresh water to the minimum and will receive more sewage and in-house treated water from the city with the co-operation of Mangaluru city Corporation and Mangalore special economic zone.

Venkatesh said MRPL is thankful for the positive response from the public to its retail outlets. The company opened a new retail outlet at Gubbi in Tumakuru last year and is planning to expand its retail presence by opening 257 outlets in Karnataka and Kerala in the next two years.
https://www.moneycontrol.com/news/
business/mangalore-refinery-and-petrochemicals-ltd-to-set-up-desalination-plant-4179271.html

   
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