Companies & Sectors
JP Power Ventures shuts down Vishnuprayag Hydro Power plant due to floods in Uttarakhand

While there is no damage to the power house, the barrage has been suspended and would take around 3-4 months to resume full operations, JP Ventures said

Jaiprakash Power Ventures, a subsidiary of Jaiprakash Associates, has informed the exchanges that its 400 MW Vishnuprayag Hydro Power plant has been shut due to the unprecedented floods in Uttarakhand.

 

While there is no damage to the power house, the barrage has been suspended and would take around 3-4 months to resume full operations, JP Ventures said. While the management has not been able to assess the internal status of the barrage, the structure is intact.

 

However, the loss (including the loss of profit) would be minimal due to enforcement of force majeure in the PPA agreement and the cover of an Industrial All Risk Insurance policy.

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Gold hits 1-month low; slips below Rs27,000 level on global cues

Selling pressure gathered momentum after gold plunged to a 33-month low in overseas markets as weak US economic data strengthening the case for reduced stimulus from the Federal Reserve as the dollar climbed

Gold prices on Wednesday declined to a one-month low by losing Rs620 to Rs26,680 per 10 gram on hectic selling by stockists, triggered by a steep fall in the precious metal’s prices overseas.

 

The current fall in the yellow metal prices placed it to a level last seen on 28th May.

 

Silver followed suit and plunged by Rs1,000 to Rs40,500 per kg on poor offtake by industrial units and coin makers.

 

Traders said selling pressure gathered momentum after gold plunged to a 33-month low in overseas markets as weak US economic data strengthening the case for reduced stimulus from the Federal Reserve as the dollar climbed. Silver sank to its lowest level since August, 2010.

 

Gold in Singapore, which normally sets the price trend on the domestic front, dropped by 2.6% to $1,244 an ounce, the lowest level since 13 September 2010 and silver retreated 4.5% to $18.76 an ounce.

 

On the domestic front, gold of 99.9% and 99.5% purity suffered a setback of Rs620 each to Rs26,680 and Rs26,480 per 10 grams, respectively, a level last seen on 28th May.

 

Sovereigns followed suit and lost Rs200 to Rs24,000 per piece of eight grams.

 

In a similar way, silver ready nosedived by Rs1,000 to Rs40,500 per kg and weekly-based delivery by Rs1,025 to Rs39,590 per kg. Silver coins plunged by Rs2,000 to Rs76,000 for buying and Rs77,000 for selling of 100 pieces.

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Rupee breaches 60-mark against the dollar; plunges to new all-time low of 60.35

The rupee plunged by 69 paise to 60.35 a dollar at 1535 hrs on the Inter-Bank Foreign Exchange market today due to increased buying by banks and oil importers

The rupee on Wednesday plunged to an all-time low of 60.35 against the dollar in mid-session trade, dragged down by heavy month-end demand for the US currency.

 

After a lower start, the rupee plunged by 69 paise to 60.35 a dollar at 1535 hrs on the Inter-Bank Foreign Exchange market today due to increased buying by banks and oil importers, forex dealers said.

 

Persistent foreign capital outflows from weak local equities also affected the rupee value against the dollar, they said.

 

The Indian currency also remained under pressure following reports of the dollar continuing its upward march against other leading currencies for the sixth straight day.

 

The downward trend was fuelled further by data underscoring the US Federal Reserve's view of an improving economy and a likely slowdown in monetary stimulus.

 

Treasury managers are expecting the RBI to intervene to stem rupee's fall.

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