PME Power plans to launch IPO

PME Power expects to mop up about Rs300-400 crore from the offering

Electrical transformer maker PME Power Solutions plans to raise Rs300-Rs400 crore through an initial share sale.

The firm has filed preliminary papers with market regulator SEBI for the IPO of more than 1.14 crore equity shares that would constitute 25% of PME Power's fully-diluted post issue paid-up share capital. PME Power expects to mop up about Rs300-400 crore from the offering, according to market sources.

The proceeds would be utilised for making investments in manufacturing facilities, expansion activities, for repaying debt and general corporate purposes.

In 2010-11, PME had recorded a profit of Rs75.18 crore on revenues of Rs415.72 crore. About 75% of the company's revenues come from the African region.

PME has also received an EPC contract in Zambia, which is worth about USD 64 million. The order has been awarded by Zambian power utility firm ZESCO.

The entity is also exploring markets for Amorphous Metal Distribution Transformers (AMDT) in Zambia and Zimbabwe.

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RBI launches household inflation expectation survey

Inflation expectations will be assessed from responses of around 4,000 households in 12 cities based on households' consumption baskets

The Reserve Bank of India has launched the 'Inflation Expectation Survey of Households' (IESH), which will seek responses from households on price changes.

The reference period for the 25th round of Survey would be July-September, 2011, RBI said in a statement.

"The Survey seeks qualitative responses from households on price changes in the next three months as well as in the next one year and quantitative responses on current, three- month ahead and one-year ahead inflation rates," the statement added.

Inflation expectations will be assessed from responses of around 4,000 households in 12 cities based on households' consumption baskets.

RBI said Mumbai-based Beaumont Consultancy Services has been engaged to conduct this round of survey on its behalf.

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Production resumes at Maruti Suzuki’s Manesar plant

The company has brought in 120 ITI-trained workers to the Manesar plant on a contract basis to strengthen the manpower for assembly operations. In addition, 50 engineers from the Gurgaon plant and 290 supervisors are working at the Manesar plant in an effort to normalise operations

New Delhi: Maruti Suzuki India (MSI) today said it has begun to roll out cars from its Manesar plant as it looks to normalise operations, even as tension between the management and workers continued for the third day, reports PTI.

"MSI began assembly operations at Manesar this morning.

The factory was able to roll out its first Swift since production was halted on Monday," a company spokesperson said.

In the last two days, the company had done the ground work for resumption of work in the press, weld and paint shops by bringing in additional workers. These sections of the plant are highly automated, he added.

"The company brought in 120 ITI-trained workers this morning to the Manesar plant on a contract basis to strengthen the manpower for assembly operations," the spokesperson said.

In addition, 50 engineers from the Gurgaon plant and 290 supervisors are working at the Manesar plant. The engineers are strengthening quality systems and preparing for a ramp-up, he said.

Production at the Manesar plant had been at a complete halt since Monday after the company decided to force workers to sign a 'good conduct bond' before entering the factory premises following alleged 'sabotage', resulting in quality issues that arose last week.

So far, 40-odd permanent workers have signed the bond, the spokesperson said.

Yesterday, MSI suspended 16 more permanent workers, taking the total to 26, while the services of another 12 trainees were discontinued, in addition to six earlier, at the plant.

With vehicle production being completely affected for the second day, MSI has suffered an estimated production loss of about 2,400 units, valued at around Rs120 crore till yesterday.

The workers, however, had said the management was taking these steps in 'revenge' for their 13-day strike in June demanding the recognition of a new union-the Maruti Suzuki Employees Union (MSEU)-at the plant located in Haryana.

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