Government begins e-auction of imported gas
Government begins e-auction of imported gas --- this will help to salvage gas based projects ( positive for power producers like--Torrent, GVK, GMR Lanco and Bank/NBFCs like SBI , ICICI, IDBI, PFC, IDFC, PFS etc).The government is implementing a special scheme to revive stranded gas based power plants in India. Currently, total stranded gas based power plants stands around 14,300 MW (worth Rs60000 crore) and around 10,000 MW are assets that are running at low utilization (around 30%) with limited domestic gas available.
Suven Life secures two product patents for NCEs
Suven Life Sciences announced the grant of one product patent from Europe and one product patent from Hong kong corresponding to their New Chemical Entities ( NCEs) for the treatment of disorders associated with Neurodegenerative diseases. The granted claims of the patents include the class of selective 5-HT compounds discovered by Suven and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer's disease, Attention deficient hyperactivity disorder (ADHD), Huntington's disease, Parkinson and Schizophrenia.
CPI inflation continue to decline, IIP growth sluggish
CPI Inflation (April 2015) moderated on MoM basis to 4.87% which was in-line with market expectations. While base for CPI was favourable, the food inflation continue to decline on MoM, even after unseasonal rains which is quite significant. This has raised the expectations of reduction in repo rate in the upcoming monetary policy meeting in June. IIP growth (March 2015) came in at 2.1% Vs 5% MoM largely due to negative growth in consumer durables and consumer non durables segments. The manufacturing sector showed a growth of 2.2% Vs 5.2% MoM.
LNG subsidy auction lowest price bid at Rs1.42/unit
Government subsidy to import LNG for restarting stranded gas-based plants concluded with the price band of Rs1.42 - 1.45 per unit. The entire 8.9 million standard cubic meters per day of imported gas will be utilized for running 8,108 MW capacity plants. GMR, GVK, Lanco were the participants. Bidders were asked to quote subsidy in rupees per unit they need so that they can generate power at maximum of Rs5.50 a unit.
Reliance Jio to raise $750 million from Korean company
Telecom arm of Reliance Industries Ltd (RIL), Reliance Jio Infocomm today said it has raised a USD 750 million (nearly Rs4,500 crore) loan that will be used to finance goods and services from Samsung Electronics and Ace Technologies Corp, which are being tapped for its infrastructure rollout.
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