Tata Power Company Ltd said it issued 100 transferable, secured, redeemable, non-convertible debentures aggregating to Rs350 crore, carrying a coupon rate of 9.15% and with a tenor of 15 years, on private placement basis. The proceeds of this issue would be used largely to refinance the existing loan from IREDA.
The lead arranger for this issue is Citibank NA and the distribution & placement agent is Citicorp Capital Markets Ltd. The issue opened and closed on 20 July 2010.
On Wednesday, Tata Power shares gained 0.5% to Rs1,335 on the BSE, while the Sensex closed 0.6% higher at 17,977 points.
The PMEAC in its February report had projected an 8.2% economic growth for the current fiscal, while the budget had projected 8.5% GDP growth for this fiscal
Prime minister Manmohan Singh will be briefed on the state of the economy and the growth outlook by his economic advisory council on Friday, reports PTI.
Chairman of the Prime Minister's Economic Advisory Council (PMEAC) C Rangarajan is expected to brief the prime minister about the gross domestic product (GDP) projections and the challenges before the economy, notably high inflation, ahead of the monetary policy review by the Reserve Bank of India (RBI) scheduled for Tuesday next.
"We will submit the economic outlook for 2010-11 (to the prime minister) on Friday," Mr Rangarajan told newsmen here this evening.
The PMEAC in its February report had projected an 8.2% economic growth for the current fiscal, while the budget had projected 8.5% GDP growth for this fiscal. In the meantime, different agencies, like the International Monetary Fund (IMF), have projected much higher growth numbers for 2010. The fund last week had projected a full 9.5% GDP growth this calendar year.
However, the key challenge before the government and the central bank is to tame both the core inflation which was ruling at 10.55% in June and food inflation at 12.81% in the second week of July.
The RBI is expected to announce a second hike in its short term interest rates in less than a month. "They (RBI) may raise policy rates by another 25 basis points. Inflation continues to be the biggest worry," PMEAC member Govinda Rao told newsmen today.
Though inflation remains a big worry for the government, widespread rains have improved the prospects of prices coming down, particularly of the food items.
Yesterday cabinet secretary KM Chandrasekhar had said inflation was likely to drop to 5%-6% by December-end and the economic growth would accelerate to 8.5% during the current fiscal.
India had dragged the 27-member EU to the World Trade Organisation, protesting against the confiscation of its off-patent drugs by some European nations while they were en-route to destinations in Africa and Latin America
In an effort to resolve a dispute on seizure of Indian drugs by some European countries, officials of the European Union (EU) and the Indian government will meet again at Geneva in September, at the instance of the WTO, reports PTI.
"In the first round of consultations, basic information was exchanged. In the next meeting, we will try to seek the source of complaints that led to the seizure of consignments," an official said in New Delhi.
India had dragged the 27-member EU to the World Trade Organisation (WTO), protesting against the confiscation of its off-patent drugs by some European countries while they were en-route to export destinations in Africa and Latin America.
In accordance with a WTO rule, both the parties were asked to engage in formal bilateral consultations as part of efforts taken to resolve the problem.
If the issue still remains unresolved, it would be referred to the dispute settlement panel of the WTO.
In the last few years, customs authorities of Europe — especially the Netherlands — had seized several drug consignments belonging to Indian companies while they were en route to their export destinations.
The Dutch authorities had alleged violation of their patent laws, even though the Indian government maintained that they were off-patent drugs.
India's $22-billion pharmaceutical industry gets 45% of its revenue from the export of generic drugs.