Regulations
8 coal mines to be auctioned after 10 in Round 3: Coal secretary

Swarup said that in view of the need to step up India's coal production to 1.5 billion tonnes by 2020, there is a plan to hire manpower for mining

 

The government will put eight more coal mines up for auction after completing the process for 10 mines in the third phase in mid-August, Coal Secretary Anil Swarup said on Wednesday.
 
"After these 10 mines (in August), eight more mines are in the queue," he told reporters here on the sidelines of a conference on minerals and metals organised by a business chamber.
 
"We have more and more mines coming in so that they would suffice for other sectors also," he said.
 
Swarup also said that in view of the need to step up India's coal production to 1.5 billion tonnes by 2020, there is a plan to hire manpower for mining.
 
"As far as 1.5 billion tonnes of production is concerned we have a full-fledged HR plan of having manpower to mine these mines," he said.
 
The third round of coal mine auctions for 10 blocks will be held from August 11 to 17.
 
Coal and Power Minister Piyush Goyal said last month that the government will open more than 60 coal mines across the country in the coming days.
 
He had said the new mines were part of the overall plan for state miner Coal India to double its current production of 500 million tonnes per annum in five years to reach the country's total production target of 1,500 million tonnes by 2020.
 
Coal India achieved a record 32 million tonnes increase in production in the last year, which led to a 12% increase in power production, the minister said.

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CCEA nod for Artificial Limbs Manufacturing Corp financial restructuring

The government had given interest bearing loans totalling Rs21.82 crore to the company from 1977-78 to 2001-02, for meeting its working capital requirements

 

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved conversion of the interest of Rs52.14 crore, including penal interest, on a loan of Rs21.82 crore made earlier to the Artificial Limbs Manufacturing Corporation of India (ALIMCO) into equity.
 
"The increase in capital base support will strengthen the financial position of the corporation to fulfill the objectives for which it was established," a CCEA communique said of ALIMCO, which was set up in 1972 as a non-profit organisation.
 
"It will ensure availability of increased working capital required for enhanced targeted business and also enable the corporation to seek loans from financial institutions/banks on favorable terms," the CCEA said.
 
The government had given interest bearing loans totalling Rs.21.82 crore to the company from 1977-78 to 2001-02, for meeting its working capital requirements.
 
According to the ministry of social justice and empowerment, though ALIMCO has fully repaid the loan amount to the government, interest was not paid and continued to be shown as accrued.
 

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Nifty, Sensex, Bank Nifty to move sideways: Wednesday Closing Report
head higher. A decline below 8,300 could be bearish
 
We had mentioned in Tuesday’s stock market report that while the trend is up, there is a chance of a decline after eight consecutive days of rally. As expected, there were small percentage losses on Wednesday in the S&P BSE Sensex and NSE’s CNX Nifty. Bank Nifty managed to stay in the green. The general trend is still upward both in India and abroad.
 
 
Indian Finance Minister Arun Jaitley has said the government is targeting to weed out the root causes of this menace and a one-time compliance window will be announced in the next few days for those with undeclared assets abroad to come clean. While a new law will come into effect from 1 April 2016, to tackle the black money menace, the government is in the process to put in place a compliance window for those with undeclared assets abroad to come clean by paying the penalty.
 
The Income tax department has notified a new, more simplified, set of tax return (ITR) forms for taxpayers for assessment year 2015-16. The new form has done away with intrusive details such as the number of foreign trips and bank account balances that assessees were expected to furnish earlier. Taxpayers will need to disclose passport numbers in place of travel details.
 
Adani Group has halted engineering work related to Australia’s largest proposed mine, raising speculation that it could abandon the contentious $16.5 billion project altogether. Adani Power shares closed Wednesday marginally up 0.17% at Rs29.75.
 
Persistent Systems fell 12.61% to Rs629.45 at 1:52pm on BSE after the company warned that its Q1 June 2015 earnings are likely to be muted. The announcement was made after market hours Tuesday. This is in line with the overall weakness in the performance in the IT sector. Persistent closed 12% down at Rs633 on NSE.
 
L&T Hydrocarbon Engineering (LTHE), a subsidiary of engineering conglomerate Larsen & Toubro (L&T), on Wednesday said it has won a Rs2,715 crore offshore contract from state-run hydrocarbons explorer ONGC. "The project, part of ONGC's strategy to enhance the field life and increase the recovery of Bassein field, is scheduled to be completed by December 2017," LTHE said in a regulatory filing.  L&T closed Wednesday marginally down 0.99% at Rs1,749.10 on NSE.
 
Manpasand Beverages made its debut on the securities market on Wednesday with an initial public offering (IPO) of fresh issue of 1.25 crore shares in the price band of Rs290-320. The company aims to raise around Rs400 crore through this public offer. The issue will close on 26 June 2015.
 
Among the Sensex 30-stocks, BHEL closed at Rs253.95, up 4.06% and Hindalco closed at Rs117.15, down 3.70%, representing the top gainer and top loser, respectively.
 
Among BSE-100 stocks, BHEL was the top gainer and JP Associates was the top loser, which closed at Rs11.75, down 6.00%.
 
Among Nifty 50-stocks, BHEL was the top gainer, which closed at Rs253.00, up 9.20% and
 
Hindalco was the top loser, which closed at Rs116.95, down 4.65%.
 
Among sectoral indices on the BSE, S&P BSE Healthcare closed at 16,376.07, up 0.71%. S&P BSE Metal closed at 9,350.99, down 1.57%. S&P BSE Information Technology closed at 10,679.72, down 0.32%.
 
Among US indices, NASDAQ Composite closed at 5,160.09, up 0.12% and Dow Jones closed at 18,144.07, up 0.13%.
 
In Asian indices, Nikkei closed at 20,868.03, up 0.28% and Hang Seng closed at 27,404.97, up 0.26%.
 
Among European indices, DAX was at 11,445.33, up 0.77% and FTSE 100 was at 6,857.78, up 0.34%.  Athex Composite Share Price Index was at 769.26, down 3.24%.

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