NMDC is the only company permitted to mine iron ore from Karnataka by the apex court
State-owned NMDC has ramped up iron ore production from Karnataka up to 30,000 tonnes per day to meet the shortage faced by iron and steel making units in Southern India, a senior company official said.
"At present, we are producing in the range of 28,000 to 30,000 tonnes a day. We can increase it to 35,000 tonnes per day but the rains are playing spoilsport," NMDC director (finance) S Thiagarajan told PTI.
NMDC is the only company permitted to mine iron ore from Karnataka by the apex court, which imposed a ban on mining in the state due to large-scale environmental degradation of the mining areas.
The apex court had allowed the Navratna firm to mine one million tonnes (MT) of iron ore per month (or 12 MT in a year) from the state, which translated to about 33,500-34,000 tonnes of ore per day.
"It will take us a week's time to ramp it up to the desired level once rains in the region stop," Thiagrajan said.
The move, together with e-auction of iron ore stocks in the state, is expected to ease the demand of vital steel making raw material in the state, he added.
"What we produce may not be sufficient as the demand is much more than our production. So, the auctions will ease the situation."
According an estimate of Bangalore Chamber of Industry and Commerce (BCIC), daily demand of Karnataka's iron and steel units is about 1,04,000 tonnes and many units have closed their operations due to paucity of the ore.
The apex court, while banning the mining in state, had permitted to auction 1.5 million tonnes (MT) iron ore per month through e-auction route from the stock of 25.88 MT, lying at the mines in the state.
The first round of auction was conducted on 14th September for about 4,00,000 tonnes. When asked about the supplies, Thiagarajan said that about 35% of iron ore production from the state is being supplied to sponge and pig iron units of Karnataka and other neighbouring states.
"We have kept almost our entire production of high grade iron ore (lumps), accounting for about 35% of total production, for smaller units, who are mainly sponge and pig iron units in Karnataka, Goa, Andhra Pradesh and Tamil Nadu," the NMDC director finance said.
He further said that supply of iron ore has been decided as per the requirements of industry and the demand is being met in smaller quantities.
On Monday, NMDC ended 0.88% down at Rs247.20 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.11% to 16,745.35.
Kavveri Telecom Infrastructure has signed 10 years agreement with the 8th operator for building wireless solutions
Wireless subsystem manufacturer Kavveri Telecom Products Ltd under its subsidiary Kavveri Telecom Infrastructure Ltd has signed a long-term agreement for 10 years with the eighth operator for building wireless solutions. This agreement will provide a substantial long-term revenue source for Kavveri Telecom Infrastructure Ltd.
Kavveri Telecom Products Ltd is currently a leading manufacturer of RF products & antennas in India. Kavveri Telecom Products will supply the products to Kavveri Telecom Infrastructure as per the agreements with customers.
The enormous amount of efforts spent on its R&D over the last several years and the new manufacturing facility set up in Jigani, Bangalore is now reaping rewards for the company. Kavveri Telecom is currently endeavouring to procure orders from overseas markets with an end aim to be a global manufacturing hub for its products in India.
Shivakumar Reddy, managing director, Kavveri Telecom Products said that, "Given the high costs of setting up towers and the loss of signals within enclosed areas and to provide capacity and coverage enhancements within large buildings, in-building wireless solutions is the way forward for the operators. As pioneers and leader in this field we aim to maximise our reach."
On Monday, Kavveri Telecom Products ended 4.84% up at Rs141.95 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.11% to 16,745.35.
In the commercial buildings segment, L&T Construction secured new orders valued at Rs692 crore
Larsen & Toubro Ltd has said that its construction arm L&T Construction has bagged new orders valued over Rs1,015 crore in the building & factories segment during the second quarter of financial year 2012.
In the commercial buildings segment, the company secured new orders valued at Rs692 crore from reputed clients for the development of IT campuses, and for the construction of a commercial establishment.
In the residential buildings and factories segment, L&T won new orders valued at Rs323 crore for the construction of a residential tower and additional orders from on-going projects in the factories segment.
These orders further augment the order book of the company which has already secured major design & build contracts in the sectors of airports, IT parks, commercial and residential buildings.
On Monday, Larsen & Toubro ended 3.02% down at Rs1,560.95 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.11% to 16,745.35.