Country’s largest power producer NTPC Ltd said it would pick up 76% equity each in two thermal power projects in Jharkhand.
“We are in talks with Jharkhand government to pick up stakes in Patratu and Tenughat,” NTPC CMD Arup Roy Choudhary said.
He said the undertaking would pick up 76% equity in these two projects which have a combine capacity of 2,640MW.
“Right now I can only say the talks are on between us and Jharkhand government,” Choudhary said.
These power projects have coal linkages and are running on very low efficiency level. On Tuesday, NTPC rose 1.12% to Rs198.80 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.55% to 19,799 points.
Country’s second largest two-wheeler manufacturer TVS Motor Company Ltd plans to ramp up its manufacturing facility at Hosur in Tamil Nadu as part of meeting “huge” demand for its scooterette Wego.
The company had showcased the scooterette in November 2009.
Now backed by huge demand, the Hosur-headquartered company plans to increase its capacity at its plant for production of Wego, TVS Motor Company president (marketing & sales) HS Goindi said.
“Tamil Nadu is the largest market for us. We plan to launch Wego in Tamil Nadu market by January or February 2011,” Mr Goindi added. Currently, Wego is not available in Tamil Nadu and some eastern regions in the country.
On Tuesday, TVS Motor ended 0.54% up/down at Rs73.85 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.55% to 19,799 points.
JSW Steel Ltd said it will raise Rs462 crore through the issuance of securities to Japan’s JFE Steel Corporation.
The Japanese firm currently has 14.61% stake in the Sajjan Jindal-led firm.
“The finance committee, a sub-committee of the board of directors of the company, at its meeting... decided to open on 13 December 2010, the issuance of 30,85,814 global depository receipts (GDRs) to JFE Corporation, Japan, on a preferential basis,” JSW Steel said in a filing to the Bombay Stock Exchange (BSE).
The issuance of GDRs has been approved by JSW Steel’s board and shareholders.
Each GDR would be priced at Rs1,500, valuing the total issue at around Rs462 crore.
On 6th December, JSW Steel received its shareholders’ nod to issue over 9.7 lakh equity shares on a preferential basis, as well as GDRs, to JFE Steel.
On Tuesday, JSW Steel ended 3.23% up at Rs1,165 on the BSE, while the benchmark Sensex gained 0.55% to 19,799 points.