Industry Updates on 2nd April, 2013
The Supreme Court has asked Sterlite Industries to pay a compensation of Rs 100 crore for polluting environment through its copper smelting plant in Tamil Nadu.
It has refused to direct closure of the plant in Tuticorin. It said that the compensation amount will have to be paid in five years.
Compensation must act as a deterrent and any amount less than Rs 100 crore would not have desired impact, the apex court said in its ruling.
terlite Industries stock surged as the Supreme Court refused to direct closure of the plant in Tuticorin.
After the court ruling, the stock climbed to a high of Rs 93.3 and was hovering around Rs 92.5 at 11.30 a.m, that is 3 per cent higher than the previous day's close.
Coal India misses FY13 output target by 12 MT; meets off-take goal
Coal India mined 452.2 million tonnes of coal in the complete financial year of 2012-13. This is nearly 12 million tonnes less than the output target set for the public sector miner.
On February 15, Business Line had reported that Coal India may fall short of nearly 12 million tonnes (mt) from its annual production target of 464.10 mt.
The miner achieved nearly 97 per cent of its target and reported 3.8 per cent growth in production when compared to the previous year.
However, to the relief of the customers, offtake mark up to 99 per cent of the target. Coal India delivered 465.2 mt of fuel to its customers against the target of 470 mt. This is 7.4 per cent higher than 2011-12.
The dip in production is because during the October-November period heavy rains and cyclone Neelam pulled down the output.
Besides, October-November are also festival months when most of the workers go on leave, official sources said.
Cabinet may consider cut in non-urea fertilisers’ subsidy
To reduce its subsidy burden, the Cabinet is likely to consider lowering the rates on various nutrients for decontrolled potassic and phosphatic fertilisers.
Once approved, the move will bring down the decontrolled fertiliser subsidy bill by about 15 per cent, which is less than the Budget estimate.
At present, urea comes under the category of controlled fertiliser and its retail prices are fixed by the Government.
The difference between its retail and cost price is paid as subsidy.
But, phosphatic (DAP) and potassic (MOP) fertilisers are decontrolled. Here, the companies are free to fix the retail price, while subsidy is given on the basis of nutrients.
This system is known as nutrient-based subsidy (NBS), which was implemented from April 1, 2010.
“The Cabinet may discuss lower subsidy on the three nutrients, Nitrogen (N), Phosphorus (P) and Potassium (K), while subsidy on sulphur may not see any change,” a senior Government official told Business Line.
Sugar edges up on demand expectations
Sugar prices were slightly firm on Monday tracking extended gain in futures market and on expectation of higher demand in start of the month. Vashi APMC wholesale market observed one-day token bandh in support of call given by Federations of Associations of Maharashtra (FAM) against the State Government’s decision to implement local body tax in place of octroi in seven cities of the State .
A Vashi-based wholesaler said: “There were no activities, new business, loading and unloading of the goods in the markets. The decision of token bandh was taken earlier so very little arrivals were witnessed. Retail brokers also joined the bandh so there were no new business or loading from the market. The market sentiment was positive on expectation of higher local demand at the start of the new month and ahead of Gudi Padva – Ram Navami festivals . Domestic futures prices showed firm trend.”
On the NCDEX, sugar May futures closed higher by Rs 22 to Rs 3,001, June contracts ended higher at Rs 3,060 (Rs 3,052) and July at Rs 3,110 (Rs 3,109) till noon.
On Saturday evening, about 11-12 mills offered tenders and sold 33,000-35,000 bags to local traders at steady price of Rs 2,920-2,960 (Rs 2,920-2,960) for S-grade and Rs 2,975-3,130 (Rs 2,970-3,130) for M-grade.
SALE OF USED ALUMINA SHIP LOADER (EXPRESSION OF INTEREST)
Vedanta Aluminium Limited (VAL) is one of the operating company of Vedanta in aluminium business. VAL is a leading producer of metallurgical grade alumina and other aluminium products. The company has set up a greenfield aluminium smelter at Jharsuguda, having capacity of 0,5 MTPA along with 1215 MW CPP. Smelting capacity of additional 1.25 MTPA is being added at Jharsuguda plant and 1 MTPA alumina refinery is operative at Lanjigarh.Odisha.
Expression of Interest is invited from interested parties for the sale of an alumina ship loader in "As is where is" condition present as part of the alumina export facility in Kakinada, Seaports Pvt ltd, Kakinada, Andhra Pradesh, India. The ship loader is in working condition & can also be used for Cement loading as Cement & Alumina has similar properties.