Info Edge India share jumped 13% to hit its 52-week high at Rs436.80 on BSE following the company’s additional investment in Zomato Media, an online food guide site
Info Edge (India) Ltd, which runs web portals like naukri.com, jeevansathi.com and shiksha.com, saw its share hit a new 52-week high on Thursday after the company said it invested Rs57 crore in Zomato Media Pvt Ltd, that runs Zomato.com, an online food guide portal.
In the early noon trade, Info Edge rose about 13% to Rs436.8 on the BSE, its 52-week high.
In a regulatory filing, Info Edge said it invested additional Rs57 crore, taking its total investment in Zomato Media to Rs143 crore.
According private equity circles, among the various unlisted dotcom properties of Info Edge, 99acres.com alone could be valued at around Rs800 crores, whereas the market cap of company is Rs4,581 crore as per today’s closing price.
In a release, Zomato said it received a funding of $37 million from Sequoia Capital and Info Edge, taking its total funding to over $53 million. Earlier, Info Edge had invested $16.5 million in Zomato.
"This financing will help us develop a product that will change the way people look for restaurant recommendations around them," said Deepinder Goyal, founder and chief executive of Zomato.
Info Edge closed Thursday 10.1% higher at Rs419.7 on the BSE, while the 30-share benchmark ended marginally down at 20,288.
Baja Electricals share soars 5% up at Rs183.10 in early trade Thursday as the company said it won three power distribution projects in Bihar worth Rs757 crore
Bajaj Electricals Ltd has said its engineering and project business unit had won power distribution projects worth Rs757 crore in Bihar under Rajiv Gandhi Gramin Vidyutikaran Yojna Scheme (RGGVY). Following a regulatory filing by the company, its share rose 5% to Rs183.1 on the BSE in early trade Thursday.
Bajaj Electricals said it won total three power distribution projects of three districts – Kishanganj (Rs213.43 crore), Purnia (Rs354.42 crore) and Bhojpur (Rs189.09 crore) Project.
The projects were awarded by North Bihar Power Distribution Company and South Bihar Power Distribution Company, which includes construction of new line, providing power supply to substations of district and to give connections in villages to BPL (Below Poverty Line) families.
At 12.45pm, Bajaj Electricals was trading 4.1% up at Rs178 on BSE while Benchmark S&P BSE Sensex was marginally up at 21,119.6.
While a few last minute approvals and clearances are expected shortly, NTPC is now set to get coal from its own captive mines at Pakri Barwadih coal block in Jharkhand, a major step in the right direction
NTPC is India's largest power generator whose coal requirement for 2013-14 is estimated at 178 million tonnes. Though the supplies from Coal India have been regular, in order to ensure that there are no interruptions in power generation and supplies, NTPC had to import 5% of its requirement in the first half this fiscal year, amounting to 7.3 million tonnes. At the end of the year, this may be close to 9% of its total requirement!
Roughly 85% of its fuel requirement is met by coal and for the balance, gas supplies from Reliance (D-6 block) was signed in 2009 and the Empowered Group of Ministers (eGoM) allocated 4.46 million standard cubic metres per day (mmscmd); of this, 2.30 mmscmd comes from Reliance. The current supply contract actually expires in March 2014 and NTPC has sought its continuance as it is essential to keep its power stations at Anta, Auriya, Dadri and Faridabad going. No firm commitment has been received, but Reliance is asking for changes to be made in the GSPA (gas sale and purchase agreement). This matter is now with the ministry to resolve the issue.
In the meantime, NTPC had received allocation of coal mine blocks for its own requirements. While a few last minute approvals and clearances are expected shortly, NTPC is now set to get coal from its own captive mines at Pakri Barwadih coal block in Jharkhand. This is a major step in the right direction.
Congratulations to NTPC for making this breakthrough. This is bound to generate serious efforts by others to follow suit.
Once final clearance is received, it is envisaged that this coal block could commence its mining operations almost immediately. NTPC hopes to obtain
3 million tonnes in the first year; raise it to 8 million in the next and reach the target of 15 million tonnes by the third. It will be a splendid achievement, if they can achieve these production targets.
However, because of the projected increase in the consumption of coal due to increased power generation planned, it is estimated that, despite captive coal mines, NTPC foresees the need to import 16 million tonnes of coal in 2013-14 and raise it to 22 million tonnes by 2015-16. By this time, as the captive mines are expected to be fully operative, import is likely to be reduced to 12 million tonnes by 2016-17.
Apart from Pakri Barawadih, NTPC has also received three other coal blocks
viz Kerandari, Chhatti Baritu and Chhati Bariatu II. On the top of these blocks, government has announced allocation of additional four blocks, two each in
Chhattisgarh (Banai and Bhalmula) and Odisha (Chanribila and Kudanali-
Laburi). These four blocks are estimated to hold coal reserves of about 2 billion tonnes.
Moneylife has been covering these coal-related issues on a regular basis. So far, statistical and geological data available indicates that India has proven coal reserves of over 60 billion tonnes and yet due to lack of a focussed approach to develop our own resources, we continue to import billions of dollars worth of coal from countries like Indonesia and Mozambique.
Imports are contingency measures but what we need is to actively and seriously work on our own mines rather than spend precious foreign exchange. It may be better to acquire sophisticated machinery and technology to dig into our own resources for safety. This could be also supplemented by divesting some of these mines to power generators and permit them to develop and increase the output of coal. We need to think of the box, or shall we say "outside the mines?"
(AK Ramdas has worked with the Engineering Export Promotion Council of the ministry of commerce. He was also associated with various committees of the Council. His international career took him to places like Beirut, Kuwait and Dubai at a time when these were small trading outposts; and later to the US.)