The Rs380 crore contract received by BHEL is the expansion project of Ramgarh power plant in Jaisalmer district of Rajasthan
New Delhi: State-owned BHEL on Monday said it has won an order worth Rs380 crore from Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL) for setting up a 160MW gas- based plant in Rajasthan, reports PTI.
BHEL has secured a contract for setting up a 160 MW Combined Cycle Power Plant (CCPP) in Rajasthan from RRVUNL, the company said a release.
The Rs380 crore contract is the expansion project (Stage IV) of Ramgarh power plant in Jaisalmer district of Rajasthan. BHEL's scope of work envisages design, engineering, manufacture, supply, erection and commissioning of the Main Plant and providing equipment for the Gas-based power project, it said.
The equipment for the project will be supplied by BHEL's Hyderabad, Trichy and Bangalore plants, while the company's power sector Northern Region will undertake erection and commissioning of the equipment.
Meanwhile, Industrial Systems Group (ISG), a unit of BHEL received an order worth Rs312 crore from state-run NTPC for coal handling plant package for the Meja thermal power project in Uttar Pradesh.
The order includes mechanical, civil, structural and electrics and all related auxiliary facilities.
BHEL-ISG specialises in system integration of bulk material handling like coal and ash handling systems for thermal power plants, raw material handling for industry.
With the third plant production capacity of India Yamaha Motor will be increased in stages to a level of 18 lakh units annually by 2018 with an initial annual capacity of 4 lakh units achieved in 2014
New Delhi: Japanese two-wheeler giant Yamaha on Monday said it would set up third facility in India, entailing an investment of Rs1,500 crore over the next five years, reports PTI.
The company's wholly-owned subsidiary - India Yamaha Motor (IYM) - will start the production of this new plant near Chennai by 2014 with an initial annual capacity of 4 lakh units, which will be expanded to 18 lakh units by 2018.
"India Yamaha Motor signed a memorandum of understanding with the government of Tamil Nadu today approving the construction and operation of a new two-wheeler factory in the state," the company said in a statement.
The facility will be located at the industrial park in Vallam Vadagal on outskirts of Chennai and the construction is scheduled to begin in September 2012, it added.
"The forecast for the total investment in the new factory and facilities is approximately Rs 1,500 crore over the next five years," IYM said.
The company had earlier said it was scouting for land in South India, preferably with port facility, to make the country an independent export unit for selling in overseas markets, including Latin America and Africa.
As per plans, the new plant will initially employ 1,800 people and have an annual production capacity of 4 lakh units.
"Production capacity will then be increased in stages to a level of 18 lakh units annually by 2018, at which time employment is expected to reach 6,500 people," it said.
IYM has two manufacturing units at Surajpur in Uttar Pradesh and Faridabad in Haryana. While the Surajpur plant produces motorcycles for both domestic and export markets, the Faridabad unit makes two-wheeler parts.
"To keep pace with the growth in demand, plans have been implemented to boost the existing factory's annual production capacity of 6 lakh units to 10 lakh units on an investment of approximately Rs 750 crore in 2012," IYM said.
By 2018, the company will have a combined production capacity of 28 lakh units.
"We are very pleased with this development as this is in line with YMC's medium-term management plans of enhancing local production levels to meet the demand growth in emerging markets such as India and their export markets," IYM Chief Executive Officer and MD Hiroyuki Suzuki said.
The Indian two-wheeler market has witnessed robust growth in the last few years and IYM expects it to attain 2 crore units level by 2016, when the company is targeting to sell 20 lakh units and achieve 10 market share, he added.
The S&P futures derivative product launched by the NSE is finally paying for its inherent limitations. Volumes have collapsed as investors and brokers shun a product which can only be traded when the US market is closed, creating uncontrollable risk
The volumes of the Standard & Poor 500 index derivative, traded on National Stock Exchange (NSE) have plummeted. The volumes traded on the contract this fiscal was meagre, with only an average of 234 contracts per day changing hands, since the beginning of this fiscal. On the other hand, the average volume of the contract from its launch in up to 31 March 2012 was 1,549 contracts per day. Since 31 March 2012, the number of contracts traded has not crossed 1000 per day except once.
What is most pertinent is that the volumes have plummeted despite transaction charges being waived off. Earlier, the exchange announced, at time of product launch, that the transaction charge would be waived off till 29 February 2012. However, the charges continue to be waived off, presumably to keep volumes healthy. However, volumes have clearly indicated that investors aren’t interested in a half-baked product.
One reason for this collapse in volumes is that the product design of S&P 500 futures is flawed. The Indian futures prices are derived from the US-based S&P 500. But these two are in two different time zones and two different trading timings. The futures traded in India don’t move as per live prices because the underlying market is closed when the futures are traded in India. The futures prices are determined by the market players on the National Stock Exchange, who based their prices either on previous day’s closing which is dated or pre-opening prices of the US market prices which are highly unreliable because they are a product of poor volumes. This makes a nonsense of this futures product. If trading is done on the basis of only closing prices, both buyers and sellers would feel trapped and would not like to take a chance.
The whole idea of this product was to participate in the American market using rupees. According to NSE’s press release at time of the launch, managing director and chief executive officer, Ravi Narain had said that, “derivative contracts on these global indices will provide Indian investors easy access to US markets in Indian market hours, without taking any currency risk.”
The reality is that, for this product to work, the timings have to be similar if not identical.
NSE, in order to induce healthy volumes, even encouraged brokers and investors to participate by introducing a “rewards scheme” known as Liquidity Enhancement Scheme (LES), wherein market participants fulfilling all the required terms and conditions would be rewarded from a common pool. According to a circular issued by NSE, it said that the existing cash incentive payable for maintaining open interest is Rs25 lakh per month, from which the top 10 market participants will be paid on a proportionate basis. Further, it said that all trading members with average daily volume of at least Rs5 crore across clients in a month (excluding proprietary trading) and average daily participation from at least 15 clients in a month will be eligible for additional incentives. Thus, it is encouraging brokers and dealers to encourage a product which is fundamentally flawed.
For a brief of the product, please see here: NSE to launch S&P 500, Dow Jones futures from Monday