RMGL achieves financial closure for metro link project in Delhi

Rapid MetroRail Gurgaon Ltd (RMGL), said it achieved the financial closure worth Rs1,088 crore for construction of 6.1 km rail metro link from Delhi Metro Sikanderpur station on MG road to National Highway (NH) 8 in Gurgaon.

RMGL is a joint venture between ITNL Enso Rail Systems Ltd, IL&FS Transportation Networks Ltd and DLF Metro Ltd. RMGL was awarded the contract by Haryana Urban Development Authority on build, operate and transfer (BOT) basis.

On Monday, IL&FS Transportation's shares ended 1.1% down at Rs275 on the Bombay Stock Exchange, while the benchmark Sensex closed 2% lower at 16,781 points.

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NLC starts power project in Rajasthan

Neyveli Lignite Corp (NLC) said, it has started its lignite based power plant at Barsingar in Rajasthan.

The state owned company has commissioned the first 125 MW unit of the 250 (2x125) MW project. The government of India had already sanctioned expansion of this lignite cum power project, which would add another 250 MW of power plant linked to 2.25 million tonne per annum (MTPA) lignite mine.

On Monday, NLC shares ended 1.9% down at Rs145 on the Bombay Stock Exchange, while the benchmark Sensex closed 2% down at 16,781 points.

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Govt should put 25% public float norm on hold: CII chief

While it is a good move in the long run and will help the government's disinvestment process, in the short-to-medium term, there would be crowding out of resources, Hari S Bhartia said

The government's move to enforce a minimum 25% public holding in all listed firms should be put on hold for another three months, as a lot of "grey areas" need to be cleared, CII president Hari S Bhartia said today, reports PTI.

"Large cap firms, in fact all the companies, should definitely be given more time. The government can give three months' time. The policy announcement of 4th June can be treated as the concept paper on which views of different stakeholders can be sought," Mr Bhartia said.

According to the new rules, both public and private sector listed companies will have to increase their public participation to at least 25%.

The companies can achieve this threshold over a period of years but will have to offload at least 5% per annum.

Mr Bhartia said while it is a good move in the long run and will help the government's disinvestment process, in the short-to-medium term, there would be crowding out of resources.

"Too much paper—Initial Public Offerings (IPOs) and Follow-on Public Offers (FPOs)—will chase the same money," the CII chief said, adding that wider industry consultations should be held in the next few months before implementing the new rules.

He said the grey areas on which clarity is required included the treatment of the private equity investment.

The stock market has reacted negatively to the new norms that were announced after market hours on Friday. The benchmark Sensex settled 336 points lower today.

"We are living in uncertain times. We have to be cautious," Mr Bhartia said.

However, according to the CII Chief, the move will help the government consolidate its fiscal position further after raising Rs67,719 crore from the auction of the third generation (3G spectrum) radio frequency.

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