Explaining the reasons behind export ban, the textiles ministry had said that the country has already shipped 10 lakh bales more than the exportable surplus, reducing the domestic availability. The meeting of the GoM, headed by finance minister Pranab Mukherjee, is scheduled to meet later today to decide on the ban
New Delhi: The commerce ministry today issued a clarification on the cotton export ban, stating that the consignments for which export orders have been issued till 4th March would not be affected by the move, reports PTI.
The Directorate General of Foreign Trade (DGFT), which is under the commerce ministry, had issued a notification on 5th March banning cotton exports. It had also prohibited export against registration certificates already issued.
“...consignments for which Let Export Orders (LEOs) have been issued till 2400 hours on Sunday, 4 March 2012 will be outside the purview of” the notification dated 5th March regarding ban on cotton exports, DGFT said in a circular.
The ban was imposed on cotton exports apprehending shortfall in the domestic market and hoarding in warehouses.
On 7th March, prime minister Manmohan Singh asked a group of ministers to ‘urgently’ review on 9th March the decision to ban cotton exports, which agriculture minister Sharad Pawar said was taken without his approval.
The meeting of the GoM, headed by finance minister Pranab Mukherjee, is scheduled to meet later today.
The ruling Congress party’s Maharashtra and Gujarat units opposed the move when they met the prime minister on 7th March.
Gujarat chief minister Narendra Modi had written to the prime minister seeking revocation of ban.
On Monday, the textile ministry had said the ban was imposed after taking into account “the trend of domestic consumption and depletion of domestic availability”.
Explaining the reasons behind export ban, the ministry had said that the country has already shipped 10 lakh bales more than the exportable surplus, reducing the domestic availability.
“Almost 94 lakh bales (170 kg each) have already shipped out, against an estimated export surplus of 84 lakh bales,” the ministry had said, fearing that the exports could have reached 100 lakh bales by mid-March with registration of export contracts touching 120 lakh bales so far.
This is the first 100% acquisition by Mahindra Satyam since it became part of Mahindra Group.
Mahindra Satyam, a leading global consulting and IT services provider today announced the 100% acquisition of BPO firm vCustomer's international operations for USD 27Mn. This is the first 100% acquisition by Mahindra Satyam since it became part of Mahindra Group and marks the entry of Mahindra Satyam's BPO operations into other verticals such as retail and consumer technology in addition to significantly enhancing technical support credentials.
The combination of vCustomer's expertise in the retail and consumer technology verticals with Mahindra Satyam's domain expertise and customer base will further strengthen the ability to address evolving market needs.
C P Gurnani, CEO - Mahindra Satyam, commented "This is a landmark moment in Mahindra Satyam's resurgence and reflects our investment appetite to enhance domain depth and global scale, across diverse verticals. The focus of vCustomer maps perfectly with our global operating model - allowing for seamless integration and smooth transition of processes and associates."
Sujit Baksi, chairman of Mahindra Satyam BPO Board stated "The expertise of vCustomer aligns well with our operations and enhances our competencies. We look forward to collaborating and creating new benchmarks of excellence."
Commenting on the business outlook, Sanjay Kumar, founder and CEO vCustomer said "vCustomer has harnessed formidable expertise and a diversified geographical presence across the Retail and Consumer Technology sectors. Mahindra Satyam's synergy and commitment to investment in business growth will spur growth plans and help build new service offerings."
In the late afternoon, Mahindra Satyam was trading at around Rs67.50 per share on the Bombay Stock Exchange, 2.82% up from the previous close.
The project consists of 5 units, each of 800 MW which will generate saleable power of 3800 MW.
Tata Power, India's largest integrated private power utility's wholly owned subsidiary, Coastal Gujarat Power Limited (CGPL), which is setting up India's first Ultra Mega Power Project (UMPP) in Mundra, Gujarat, announced the commissioning of the country's first 800 MW sized super critical Unit 1. Unit 1 was earlier synchronized with the national grid on 8 January 2012 and had achieved full load on 25 February 2012.
The country's first 800 MW Unit 1 has been ready for synchronization since 29 June 2011 awaiting transmission evacuation system from PGCIl, which got commissioned on 29 September 2011. Unit 1 was commissioned in a record 48 months of construction work starting on the project. Work on Unit 2, 3, 4 and 5 of the project is on track and progressing well.
The 4000 MW Mundra UMPP is the first of the UMPPs which heralds the entry of 800 MW super critical boiler technology in India which environment friendly and efficient. The project site, approximately 1000 hectares is located south of Tunda Wand Village in Mudra Taluk, Kutch district of Gujarat. The project consists of 5 units, each of 800 MW which will generate saleable power of 3800 MW to be supplied to 5 states viz. Gujarat, Maharashtra, Rajasthan, Haryana and Punjab. The super-critical technology and the choice of unit sizes will help the project achieve higher efficiency, thus saving fuel and reducing greenhouse gas emissions vis-a-vis conventional technology prevailing in the country.
In the late afternoon, Tata Power was trading at around Rs109.65 per share on the Bombay Stock Exchange, 0.6% up from the previous close.