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Tuesday, March 31, 2015

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Crompton Greaves bags Rs115crore orders from Power Grid
Crompton Greaves has bagged an order worth Rs115 crore from Power Grid Corporation for supply of transmission equipment for the latter's Vemagiri and Srikakulam sub-stations in Andhra Pradesh.

Asian Oilfield completes project in Kurdistan, Iraq
Asian Oilfield Services has announced that its wholly owned subsidiary has completed a large 3D seismic survey over the Taza Block in Kurdistan Region of Iraq using wireless seismic real time, radio-based RT System 2 seismic data acquisition system.

L&T Construction wins orders valued Rs 2101 cr
Larsen & Toubro ( L&T) has announced that its construction arm has won orders worth Rs 2101 crore in March 2015. These include, orders worth Rs 1664 crore secured for heavy civil infrastructure business and an order worth Rs267 crore for water & renewable business.

RBI eases utlisation of floating provisions for banks
RBI has relaxed provisioning rules against bad loans by allowing banks to set aside up to 50% of floating provisions from 33%. Floating provisions are the amount that banks set aside that are above the mandatory provisioning requirement against bad loans established by the RBI. This will slightly ease the pressure on profitability for PSU banks which have seen rise in provision on account of rising NPAs.

Jindal Steel coal block bidding case gets government nod
As per media reports, the coal ministry’s bid evaluation report — part of the government’s submission in the court — seems to suggest there is no evidence of cartelisation in case of coal block bid won by Jindal power, which had concluded at a very low rate. The case is now in Delhi High Court; however the outcome of the reports make a case stronger for JSPL. Sentimentally positive for JSPL.

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