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Likely soon: green nod for projects worth Rs 80,000 cr | The Indian Express
The Narendra Modi government plans to give, over the next two days, environmental clearances for Rs 80,000 crore worth of projects. This will be the first set of stranded investments that the government, which was sworn in on May 26, will take up for consideration.
The 28 projects include those of SAIL and Rashtriya Ispat Nigam in the public sector, and those of Aditya Birla Group companies Essel Mining and Grasim in the private sector, sources in the environment ministry said.
All these projects had got stuck at various stages of approvals, both at the Centre and with state governments. They are now expected to be cleared without their having to travel to the Cabinet Committee on Investment set up by the previous UPA government to fast-track project clearances.
Minister of State (Independent Charge) for Environment Prakash Javadekar on Thursday promised to ensure “fast clearances” to these projects, but in a transparent manner. He said quick decision making would ensure that the government overcomes the policy paralysis of the previous government on environmental issues.
“We will strike the right balance in conserving ecology and according approval to projects,” Javadekar said. On the table of the environment ministry’s Expert Appraisal Committee are SAIL’s 1 million-tonne per annum pellet plant at its Dalli-Rajhara mines in Chhattisgarh, and the expansion of the marquee Bhilai steel plant and of its captive power project. These projects will release an estimated investment of Rs 19,000 crore.
Essel Mining plans to more than double the capacity of its iron ore mine at Koira in Orissa’s Sundargarh district to 4 MT from the current 1.5 MT. A 1.2-MT pellet plant of the company will also be considered by the panel. These two projects entail a likely investment of over Rs 9,000 crore.
The EAC will also consider a limestone mine of Grasim Industries Limited, spread over 251 hectares in Raipur. A slew of proposals from pharma companies, including approval for their feedstock inputs and fuel, too will come before the panel.
The Narendra Modi government plans to give, over the next two days, environmental clearances for Rs 80,000 crore worth of projects. This will be the first set of stranded investments that the government, which was sworn in on May 26, will take up for consideration.
The 28 projects include those of SAIL and Rashtriya Ispat Nigam in the public sector, and those of Aditya Birla Group companies Essel Mining and Grasim in the private sector, sources in the environment ministry said.
All these projects had got stuck at various stages of approvals, both at the Centre and with state governments. They are now expected to be cleared without their having to travel to the Cabinet Committee on Investment set up by the previous UPA government to fast-track project clearances.
Minister of State (Independent Charge) for Environment Prakash Javadekar on Thursday promised to ensure “fast clearances” to these projects, but in a transparent manner. He said quick decision making would ensure that the government overcomes the policy paralysis of the previous government on environmental issues.
“We will strike the right balance in conserving ecology and according approval to projects,” Javadekar said. On the table of the environment ministry’s Expert Appraisal Committee are SAIL’s 1 million-tonne per annum pellet plant at its Dalli-Rajhara mines in Chhattisgarh, and the expansion of the marquee Bhilai steel plant and of its captive power project. These projects will release an estimated investment of Rs 19,000 crore.
Essel Mining plans to more than double the capacity of its iron ore mine at Koira in Orissa’s Sundargarh district to 4 MT from the current 1.5 MT. A 1.2-MT pellet plant of the company will also be considered by the panel. These two projects entail a likely investment of over Rs 9,000 crore.
The EAC will also consider a limestone mine of Grasim Industries Limited, spread over 251 hectares in Raipur. A slew of proposals from pharma companies, including approval for their feedstock inputs and fuel, too will come before the panel.
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Big-bang capital market reforms on the cards
Finance ministry lines up major plans to be implemented within three months
Vrishti Beniwal | New Delhi
May 30, 2014 Last Updated at 00:59 IST
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The finance ministry is set to push through major reforms in equity and debt markets to be implemented in the next three months. According to the plan, the foreign borrowing norms are to be liberalised and the capital controls imposed by the Reserve Bank of India last year rolled back. The ministry is also considering replacing short-term capital gains tax with a higher securities transaction tax (STT).
While tax incentives are being considered for retail investors and permanent establishments managing global funds in India, measures are in the offing to deepen corporate bond markets, strengthen retail participation in equities, comprehensively revamp depository receipts and join Euroclear, the world's largest securities settlement system.
To sell the Indian reform story to foreign investors, Finance Minister Arun Jaitley is planning to go to London, Tokyo, Hong Kong, Singapore and New York for road shows.
"We are looking at a three-month timeframe to roll out many of these measures. Some that require legislative amendment might come in the Union Budget. The restrictions imposed by RBI in July last year will also be lifted," a finance ministry official, asking not to be named, told Business Standard.
Budget measures might include abolishing short-term capital gains tax and, instead, levying a higher securities transaction tax (as suggested by the Parthasarathi Shome committee), exempting global income of India-based permanent establishments from tax, and offering tax sops to encourage retail investors' participation in equity markets.
The finance ministry wants to take measures to boost investments by domestic players, especially the retail ones, as the market rally in recent times has mainly been driven by inflows from foreign investors. "Participation of retail investors is a big concern. We have to push this in a big way," another official said.
The ministry will also try to widen the scope of both American and global depository receipts (DRs). Currently, only listed companies are allowed to sell DRs (that too only against underlying equity shares). The M S Sahoo committee had proposed DRs for debt and unlisted companies as well. These would give easy access to foreign investors who don't wish to invest directly in Indian companies.
The finance ministry also wants to relax the external commercial borrowing (ECB) norms and enable companies to fully hedge against foreign currencies. "We want to let borrowers decide how much they want to raise. If you hedge it, the cost of borrowing goes up. So, naturally, they will be cautious," said the second official quoted earlier.
Experts said ECBs should, in fact, be liberalised generally, with control only for certain sectors. "Refinancing of ECBs should be allowed on a wholesale basis. They should ease end-use of ECBs because international markets provide cheaper funds. Its use should be expanded significantly, while there should be control for certain sectors," said Abizer Diwanji, partner and national leader (financial services), EY.
In a step towards internationalising debt, the government is also planning to join Brussels-based Euroclear bank.
This will facilitate cross-border settlement of locally-issued government bonds. Officials said this would bring down borrowing cost for Indian companies. The ministry is getting legal opinion on whether this would require amendment to the Sebi Act. It is awaiting a formal view from RBI on the issue.
The government is also trying to liberalise the rupee-denominated corporate bond market. So far, its efforts to deepen this have yielded little result.
"If banks are ready to lend at cheaper rates, who would go for corporate bonds? Unlike the US, our economy is dependent on bank debt," the official explained.
REFORMS PIPELINE
* ECBs: Foreign borrowing norms likely to be liberalised
* PERMANENT ESTABLISHMENTS: Global income of India-based establishments might not be taxed
* DEPOSITORY RECEIPTS: Unlisted companies' sale of receipts against debt could be allowed
* CAPITAL CONTROLS: Outward remittance limit might be restored to $200,000 from $75,000 at present
* EUROCLEAR: To enable cross-border settlement of locally-issued government bonds
* ROAD SHOWS: Finance Minister Arun Jaitley to sell the India story in London, Tokyo, Hong Kong, Singapore, New York
* RETAIL PARTICIPATION: Tax sops to encourage retail investors' participation in equity
Finance ministry lines up major plans to be implemented within three months
Vrishti Beniwal | New Delhi
May 30, 2014 Last Updated at 00:59 IST
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Read more on: Rbi | Stt | Euroclear | Arun Jaitley | Parthasarathi Shome
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- Jaitley likely to take Central Sales Tax route to convince states on GST
- If petroleum is out, it's not GST: Parthasarathi Shome
- Can't leave too many people out of tax net: Parthasarathi Shome
- Aggressive stand on transfer pricing creating disputes: Parthasarathi Shome
- Participatory notes holders may be taxed in next budget: Shome
The finance ministry is set to push through major reforms in equity and debt markets to be implemented in the next three months. According to the plan, the foreign borrowing norms are to be liberalised and the capital controls imposed by the Reserve Bank of India last year rolled back. The ministry is also considering replacing short-term capital gains tax with a higher securities transaction tax (STT).
While tax incentives are being considered for retail investors and permanent establishments managing global funds in India, measures are in the offing to deepen corporate bond markets, strengthen retail participation in equities, comprehensively revamp depository receipts and join Euroclear, the world's largest securities settlement system.
To sell the Indian reform story to foreign investors, Finance Minister Arun Jaitley is planning to go to London, Tokyo, Hong Kong, Singapore and New York for road shows.
"We are looking at a three-month timeframe to roll out many of these measures. Some that require legislative amendment might come in the Union Budget. The restrictions imposed by RBI in July last year will also be lifted," a finance ministry official, asking not to be named, told Business Standard.
Budget measures might include abolishing short-term capital gains tax and, instead, levying a higher securities transaction tax (as suggested by the Parthasarathi Shome committee), exempting global income of India-based permanent establishments from tax, and offering tax sops to encourage retail investors' participation in equity markets.
The finance ministry wants to take measures to boost investments by domestic players, especially the retail ones, as the market rally in recent times has mainly been driven by inflows from foreign investors. "Participation of retail investors is a big concern. We have to push this in a big way," another official said.
The ministry will also try to widen the scope of both American and global depository receipts (DRs). Currently, only listed companies are allowed to sell DRs (that too only against underlying equity shares). The M S Sahoo committee had proposed DRs for debt and unlisted companies as well. These would give easy access to foreign investors who don't wish to invest directly in Indian companies.
The finance ministry also wants to relax the external commercial borrowing (ECB) norms and enable companies to fully hedge against foreign currencies. "We want to let borrowers decide how much they want to raise. If you hedge it, the cost of borrowing goes up. So, naturally, they will be cautious," said the second official quoted earlier.
Experts said ECBs should, in fact, be liberalised generally, with control only for certain sectors. "Refinancing of ECBs should be allowed on a wholesale basis. They should ease end-use of ECBs because international markets provide cheaper funds. Its use should be expanded significantly, while there should be control for certain sectors," said Abizer Diwanji, partner and national leader (financial services), EY.
In a step towards internationalising debt, the government is also planning to join Brussels-based Euroclear bank.
This will facilitate cross-border settlement of locally-issued government bonds. Officials said this would bring down borrowing cost for Indian companies. The ministry is getting legal opinion on whether this would require amendment to the Sebi Act. It is awaiting a formal view from RBI on the issue.
The government is also trying to liberalise the rupee-denominated corporate bond market. So far, its efforts to deepen this have yielded little result.
"If banks are ready to lend at cheaper rates, who would go for corporate bonds? Unlike the US, our economy is dependent on bank debt," the official explained.
REFORMS PIPELINE
* ECBs: Foreign borrowing norms likely to be liberalised
* PERMANENT ESTABLISHMENTS: Global income of India-based establishments might not be taxed
* DEPOSITORY RECEIPTS: Unlisted companies' sale of receipts against debt could be allowed
* CAPITAL CONTROLS: Outward remittance limit might be restored to $200,000 from $75,000 at present
* EUROCLEAR: To enable cross-border settlement of locally-issued government bonds
* ROAD SHOWS: Finance Minister Arun Jaitley to sell the India story in London, Tokyo, Hong Kong, Singapore, New York
* RETAIL PARTICIPATION: Tax sops to encourage retail investors' participation in equity
Larsen & Toubro Q4 profit rises 69% to Rs. 2,723 crore
Larsen & Toubro on Friday reported a 69 per cent increase in standalone net profit to Rs. 2,723.48 crore in the quarter ended March 31 on the back of steep gains in revenue from its infrastructure and heavy engineering business.
The company reported a profit of Rs. 1,609.91 crore in the corresponding quarter a year ago, L&T said in a BSE filing.
Net sales in the quarter increased to Rs. 20,079.10 crore from Rs. 18,075.60 crore, the company said. Total expenses rose 7.7 per cent to Rs. 17,391.97 crore.
The results for the quarter and year ended March 31 exclude the performance of the hydrocarbon business segment, which was transferred with effect from April 1, 2013, to L&T Hydrocarbon Engineering Ltd, a wholly owned subsidiary of the company, upon the sanction by the Bombay High Court.
“Consequently, the performance of the corresponding previous quarter and year ended March 31, 2013, has been suitably restated,” the company said.
The development agenda of the new government is expected to remove the bottlenecks presently stifling growth and create an enabling business environment, L&T said in a statement.
Core sectors, including infrastructure and power, which hold business prospects for the company, await fresh impetus through focused policy decisions and rigorous implementation, it said.
“Being well positioned to tap the emerging opportunities in its core business, the company looks forward to a period of renewed investment momentum and sustainable growth,” it added.
Larsen & Toubro Q4 profit rises 69% to Rs. 2,723 crore - The Hindu
Larsen & Toubro on Friday reported a 69 per cent increase in standalone net profit to Rs. 2,723.48 crore in the quarter ended March 31 on the back of steep gains in revenue from its infrastructure and heavy engineering business.
The company reported a profit of Rs. 1,609.91 crore in the corresponding quarter a year ago, L&T said in a BSE filing.
Net sales in the quarter increased to Rs. 20,079.10 crore from Rs. 18,075.60 crore, the company said. Total expenses rose 7.7 per cent to Rs. 17,391.97 crore.
The results for the quarter and year ended March 31 exclude the performance of the hydrocarbon business segment, which was transferred with effect from April 1, 2013, to L&T Hydrocarbon Engineering Ltd, a wholly owned subsidiary of the company, upon the sanction by the Bombay High Court.
“Consequently, the performance of the corresponding previous quarter and year ended March 31, 2013, has been suitably restated,” the company said.
The development agenda of the new government is expected to remove the bottlenecks presently stifling growth and create an enabling business environment, L&T said in a statement.
Core sectors, including infrastructure and power, which hold business prospects for the company, await fresh impetus through focused policy decisions and rigorous implementation, it said.
“Being well positioned to tap the emerging opportunities in its core business, the company looks forward to a period of renewed investment momentum and sustainable growth,” it added.
Larsen & Toubro Q4 profit rises 69% to Rs. 2,723 crore - The Hindu
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India has improved its ranking as per the recent data released by ‘UN Comtrade’ in Global Textiles as well as Apparel Exports. In Global Textiles Exports, India now stands at second position beating its competitors like Italy, Germany and Bangladesh, with China still retaining its top position.
Mr. Virender Uppal, Chairman, AEPC, expressed his happiness over this impressive growth and stated that, “Despite having slow recovery in USA and EU, our biggest traditional markets as well as prevailing global slowdown coupled with sustained cost of inflationary inputs, we made the best possible efforts to reach here. The Government policy of diversification of market and product base has helped us and we ventured into the newer markets, which paid huge dividends. We also leveraged our raw material strengths and followed sustained better compliance practices which attracted the buyers and international brands across globe to source from India.”
India’s share in Global Textiles has increased by 17.5% in the year 2013 compared to the previous year. Currently India’s textiles exports to the world is US$ 40.2 billion. This growth is phenomenal as the global textiles growth rate is only 4.7% compared to India as it has registered the growth of 23% beating China and Bangladesh which has registered 11.4% and 15.4%, respectively.
Total global textiles exports is to the tune of US$ 772 billion with India commanding 5.2% of the share. This growth in the increase in share of the Textiles Exports from India is largely attributed to the growth in the Apparel and Clothing sector as it accounts for the almost 43% of the share alone. The Apparel Exports ranking has also improved from 8th position in 2012 to 6th position in 2013. India’s apparel exports, was to the tune of US$ 15.7 billion in 2013, as against US$ 12.9 billion in 2012. Among the top five global clothing suppliers except for the Vietnam; India’s Apparel Exports growth was highest registering 21.8% growth during the year 2013. Apparel exports from India accounts for 3.7% of share in the global readymade garment exports.
Mr. Virender Uppal, Chairman, AEPC, expressed his happiness over this impressive growth and stated that, “Despite having slow recovery in USA and EU, our biggest traditional markets as well as prevailing global slowdown coupled with sustained cost of inflationary inputs, we made the best possible efforts to reach here. The Government policy of diversification of market and product base has helped us and we ventured into the newer markets, which paid huge dividends. We also leveraged our raw material strengths and followed sustained better compliance practices which attracted the buyers and international brands across globe to source from India.”
India’s share in Global Textiles has increased by 17.5% in the year 2013 compared to the previous year. Currently India’s textiles exports to the world is US$ 40.2 billion. This growth is phenomenal as the global textiles growth rate is only 4.7% compared to India as it has registered the growth of 23% beating China and Bangladesh which has registered 11.4% and 15.4%, respectively.
Total global textiles exports is to the tune of US$ 772 billion with India commanding 5.2% of the share. This growth in the increase in share of the Textiles Exports from India is largely attributed to the growth in the Apparel and Clothing sector as it accounts for the almost 43% of the share alone. The Apparel Exports ranking has also improved from 8th position in 2012 to 6th position in 2013. India’s apparel exports, was to the tune of US$ 15.7 billion in 2013, as against US$ 12.9 billion in 2012. Among the top five global clothing suppliers except for the Vietnam; India’s Apparel Exports growth was highest registering 21.8% growth during the year 2013. Apparel exports from India accounts for 3.7% of share in the global readymade garment exports.
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FII inflows hit $5.7 bn in May
PTI New Delhi Last Updated: June 2, 2014 | 00:00 IST
Tags: fiis | foreign investors | fiis in may | economic growth | indian market
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(Picture for representation only)
Overseas investors pumped in nearly Rs 34,000 crore in the Indian market last month on hopes that the new government at the Centre would push reforms and spur economic growth.
As per data compiled by capital markets regulator Sebi, net investment by FIIs into Indian equities in May was Rs 14,006 crore ($2.35 billion), while in the debt markets it stood at Rs 19,772 crore ($3.34 billion) taking the total to Rs 33,778 crore ($5.7 billion).
Market analysts said foreign investors are betting on the Narendra Modi-led BJP government as they see it initiating reforms to spur economic growth on the back of clear majority it has won last month in the general elections.
Given the decisive political mandate, they believe that Indian markets have the potential to get more inflows.
FIIs, main drivers of the equity market, have helped push up the BSE 30-scrip index, Sensex, by over 8 per cent in May.
They had invested Rs 9,602 crore in Indian stocks in April, compared with Rs 20,077 crore in March, Rs 1,404 crore in February and Rs 714 crore in January.
Currently, there are 1,709 registered FIIs in the country, along with to 6,450 sub-accounts.
The strong inflows in the recent months have taken the net investment by FIIs to Rs 45,804 crore in Indian equities so far this year, and over Rs 46,000 crore in the debt market, taking the total to Rs 91,000 crore.
PTI New Delhi Last Updated: June 2, 2014 | 00:00 IST
Tags: fiis | foreign investors | fiis in may | economic growth | indian market
STORY TOOLS
(Picture for representation only)
Overseas investors pumped in nearly Rs 34,000 crore in the Indian market last month on hopes that the new government at the Centre would push reforms and spur economic growth.
As per data compiled by capital markets regulator Sebi, net investment by FIIs into Indian equities in May was Rs 14,006 crore ($2.35 billion), while in the debt markets it stood at Rs 19,772 crore ($3.34 billion) taking the total to Rs 33,778 crore ($5.7 billion).
Market analysts said foreign investors are betting on the Narendra Modi-led BJP government as they see it initiating reforms to spur economic growth on the back of clear majority it has won last month in the general elections.
Given the decisive political mandate, they believe that Indian markets have the potential to get more inflows.
FIIs, main drivers of the equity market, have helped push up the BSE 30-scrip index, Sensex, by over 8 per cent in May.
They had invested Rs 9,602 crore in Indian stocks in April, compared with Rs 20,077 crore in March, Rs 1,404 crore in February and Rs 714 crore in January.
Currently, there are 1,709 registered FIIs in the country, along with to 6,450 sub-accounts.
The strong inflows in the recent months have taken the net investment by FIIs to Rs 45,804 crore in Indian equities so far this year, and over Rs 46,000 crore in the debt market, taking the total to Rs 91,000 crore.
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Kudankulam becomes India’s first nuclear plant to generate 1,000MW power
CHENNAI: The Unit 1 of the Kudankulam nuclear power plant (KNPP) has reached full capacity generation of 1,000MW on Saturday. The Russian-designed Voda Voda Energo Reactor (VVER) achieved the final milestone nearly eight months after power generated at the plant was connected to the grid. This is the first nuclear power plant in the country to touch 1,000MW of power generation.
"At exactly 1.20pm on Saturday, power generation in the unit 1 of the plant touched 1,000MW. The unit will continue to generate 1,000MW for nearly a day. Subsequently, we will scale down generation to 900MW as per the Atomic Energy Regulatory Board (AERB) stipulations," site director RS Sundar told TOI.
On May 1, the AERB had given approval for officials of the KNPP to scale up power generation to 750MW and later to full capacity after fulfilling some mandatory tests. "Russian engineers were present when unit 1 achieved full capacity. There is celebration at the plant since then. We have been waiting for this moment for a long time," said Sundar.
In the coming days, the unit 1 will generate less than 1,000MW and after some dynamic tests are conducted, the plant will apply for permission from the AERB to maintain the power generation at 1,000MW. "The formal commissioning will be decided by the Nuclear Power Corporation of India Limited (NPCIL) authorities after we maintain the generation at 1,000MW continuously for a specified period," said Sundar.
The final milestone should have been reached a few days earlier but for the shutdown in unit 1 due to some technical problems. For nearly 10 days the unit was not generating power and it was re-started only on June 4.
The unit 1 reaching full capacity is good news for power managers in Tamil Nadu, which will now get its full quota of 465MW. A new agreement has to be signed between the Tamil Nadu government and the NPCIL, after which the state will get an additional 100MW from the unit as per the announcement made by Union power minister in Parliament last year.
Power produced from unit 1 is shared amongst Tamil Nadu, Karnataka and Puducherry. An unallocated portion of the 1,000MW is still with the Centre. Recently, chief minister J Jayalalithaa had sought the un-allocated portion from unit 1 and submitted a memorandum to Prime Minister in New Delhi to press her demand.
CHENNAI: The Unit 1 of the Kudankulam nuclear power plant (KNPP) has reached full capacity generation of 1,000MW on Saturday. The Russian-designed Voda Voda Energo Reactor (VVER) achieved the final milestone nearly eight months after power generated at the plant was connected to the grid. This is the first nuclear power plant in the country to touch 1,000MW of power generation.
"At exactly 1.20pm on Saturday, power generation in the unit 1 of the plant touched 1,000MW. The unit will continue to generate 1,000MW for nearly a day. Subsequently, we will scale down generation to 900MW as per the Atomic Energy Regulatory Board (AERB) stipulations," site director RS Sundar told TOI.
On May 1, the AERB had given approval for officials of the KNPP to scale up power generation to 750MW and later to full capacity after fulfilling some mandatory tests. "Russian engineers were present when unit 1 achieved full capacity. There is celebration at the plant since then. We have been waiting for this moment for a long time," said Sundar.
In the coming days, the unit 1 will generate less than 1,000MW and after some dynamic tests are conducted, the plant will apply for permission from the AERB to maintain the power generation at 1,000MW. "The formal commissioning will be decided by the Nuclear Power Corporation of India Limited (NPCIL) authorities after we maintain the generation at 1,000MW continuously for a specified period," said Sundar.
The final milestone should have been reached a few days earlier but for the shutdown in unit 1 due to some technical problems. For nearly 10 days the unit was not generating power and it was re-started only on June 4.
The unit 1 reaching full capacity is good news for power managers in Tamil Nadu, which will now get its full quota of 465MW. A new agreement has to be signed between the Tamil Nadu government and the NPCIL, after which the state will get an additional 100MW from the unit as per the announcement made by Union power minister in Parliament last year.
Power produced from unit 1 is shared amongst Tamil Nadu, Karnataka and Puducherry. An unallocated portion of the 1,000MW is still with the Centre. Recently, chief minister J Jayalalithaa had sought the un-allocated portion from unit 1 and submitted a memorandum to Prime Minister in New Delhi to press her demand.
Sensex hits new record high of 25,711.11; Nifty touches 7,683
Continuing its record-breaking spree for the fourth session in a row, the benchmark BSE Sensex today hit another life-time high of 25,711.11 on sustained capital inflows as the new government unveiled its agenda for economic reforms.
The 30-share index Sensex, which had gained nearly 775 points in the previous three sessions, up by another 130.90 points, or 0.51 per cent, to trade at fresh record high of 25,711.11 in the opening trade today. The gauge had touched intra-day high of 25,644.77 yesterday.
Continuing its record-breaking spree for the fourth session in a row, the benchmark BSE Sensex today hit another life-time high of 25,711.11 on sustained capital inflows as the new government unveiled its agenda for economic reforms.
The 30-share index Sensex, which had gained nearly 775 points in the previous three sessions, up by another 130.90 points, or 0.51 per cent, to trade at fresh record high of 25,711.11 in the opening trade today. The gauge had touched intra-day high of 25,644.77 yesterday.
