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Hindusthan National Glass & Industries announces demise of director
May 17,2017

Hindusthan National Glass & Industries announced the sad demise of the Chairman and Promoter Chandra Kumar Somany on 17 May 2017.

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Cabinet approves construction of electrified third line between Manmad-Jalgaon in Maharashtra
May 17,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the construction of electrified third line between Manmad-Jalgaon in Maharashtra.

The total length of the Manmad-Jalgaon line will be 160 km. The estimated cost of the Project will be Rs.1035.16 crore with expected completion cost of Rs.1198.92 crore. The project is likely to be completed in next five years.

Construction of third line will greatly ease the ever increasing passenger and freight traffic on Manmad-Jalgaon route thereby increasing the revenue of Railways. Jalgaon and Nashik districts of Maharashtra will be covered by this route.


Manmad-Jalgaon section caters to the traffic of Delhi-Mumbai and Kolkata-Mumbai corridors. Two double line tracks from Wardha and Itarsi, respectively, converge at Bhusawal. Work of 3rd and 4th line in Jalgaon-Bhusawal section is already under progress. Operations on the section have already reached to saturation. The third line between Manmad-Jalgaon section is imperative and inescapable.

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ICICI Bank allots 286,000 equity shares
May 17,2017

ICICI Bank has allotted 286,000 equity shares under ESOS on 15 May 2017.

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Board of Dr Lal Pathlabs approves allotment of shares under ESOP
May 17,2017

Dr Lal Pathlabs announced that the Board of Directors of the Company on 17 May 2017 approved allotment of 2,66,560 equity shares under the ESOP 2010 Plan of the Company.

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Jumbo Bag commences commercial production at new unit in Thiruvallur
May 17,2017

Jumbo Bag has successfully commenced the commercial production in the new manufacturing unit at Peruvoyal Village, Thiruvallur District (Tamil Nadu) w.e.f. 17 May 2017.

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Manali Petrochemicals appoints director
May 17,2017

Manali Petrochemicals has appointed C Subash Chandra Bose as Whole Time Director of the Company

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Polaris Consulting & Services allots 45,080 equity shares
May 17,2017

Polaris Consulting & Services has allotted 45,080 equity shares under ASOP.

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Cabinet approves Signing of Fuel Supply Agreement (FSA) with Letter of Assurance (LoA) holders of Thermal Power Plants(TPPs)
May 17,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the signing of Fuel Supply Agreement (FSA) with the Letter of Assurance (LoA) holders. Allocation of linkages for power sector shall be based on auction of linkages or through Power Purchase Agreement (PPA) based on competitive bidding of tariffs except for the State and the Central Power Generating companies and the exceptions provided in Tariff Policy, 2016. Coal drawal will be permitted against valid Long Term PPAs and to be concluded Medium Term PPAs.

The approved framework ensures that all projects with linkages are supplied coal as per their entitlement. This will ensure the rights of coal supplies for FSA holders and signing of FSA with LoA holders.

Allocation of linkages in future will be transparent and bidding based, barring some exceptions as per Tariff Policy. Future allocation/grant of linkages will be based on auction and/or tariff based bidding. It attempts to make optimal allocation of the vital natural resource across the power units.

The salient features of the SHAKTI are as follows:

i. TPPs having LoA shall be eligible to sign FSA after ensuring that the plants are commissioned, respective milestones met, all specified conditions of the LoA fulfilled within specified timeframe and where nothing adverse is detected against the LoA holders and the TPPs are commissioned before 31.03.22.

ii. TPPs, part of 78000 MW, that could not be commissioned by 31.03.15 shall now be eligible for coal drawal if the plants are commissioned before 31.03.22.

iii. Actual coal supplies to all TPPs shall be to the extent of long term PPAs or medium term PPAs to be concluded in future.

iv. Future coal linkages shall be granted as per the following provisions:

a) To Central and State Gencos, on recommendations of Ministry of Power (MoP).

b) Coal linkages shall be granted on auction basis for Independent Power producers (IPPs) with PPA based on domestic coal. The IPPs participating in auction will bid for discount on the existing tariff. The discount on tariff would be adjusted from the gross amount of bill at the time of billing.

c) The future coal linkages for supply of coal to IPPs without PPA shall be on the basis of auction where bidding for linkage shall be done over the Notified Price of Coal Company. The LoA shall be issued to the successful bidders and FSA signed after meeting the terms of LoA.

d) Linkages shall be earmarked to the States where any linkage quantity unutilized for two years shall lapse. States may indicate the earmarked linkages to the DISCOMs/SDAs, who may:

n++ Undertake tariff based competitive bidding on long-term and medium-term PPAs and allot these linkages to the successful bidder; or

n++ Assign these linkages to capacities that are covered under exceptions and proviso clauses of para 5.2 of the Tariff Policy dated 28.01.16.

e) Power requirement of group of States can be aggregated and procurement of power on tariff based bidding shall be made by a designated agency. Coal linkages shall be earmarked for such agency.

f) Linkages, for full normative quantity, shall be granted for setting up Ultra Mega Power Projects (UMPP).

g) Coal linkages, for IPPs having PPA based on imported coal, shall be made available through a transparent bidding process.

Policy directions will be issued by the Ministry of Coal and Ministry of Power and will be implemented by CIL (Coal India Ltd.) / SCCL (Singareni Collieries Company Ltd.) and different power entities of the State and Central Government.


The coal supply to the TPPs has been made as per the provisions of the New Coal Distribution Policy (NCDP), 2007. Till 2010, CIL had issued LoA for approximately 1,08,000 MW capacity and no new LoAs were issued thereafter due to the prevailing scarcity scenario. The CCEA decision of 21.06.13 directed CIL to sign FSA with TPPs of about 78,000 MW capacity. The coal availability scenario has, now, emerged from scarcity to adequacy. In this adequate coal availability scenario, the present policy proposes a fading away of the old linkage allocation policy and emergence of a new linkage allocation policy based on transparent and objective criteria for the optimal utilisation of the natural resources.

Coal linkage to the power sector is governed by provisions of the NCDP, 2007. Under the NCDP, a system of issuance of LoA was introduced wherein requests for Linkage/LoA are forwarded to MoP for its recommendations. These recommendations are placed before the Standing Linkage Committee (SLCLT) which authorizes issue of LoA.


I. Existing Regime

n++ FSA to be signed with the existing LoA holders

-About 28,000 MW

-Plants have to be commissioned within 31.03.2022

-Respective milestones are met

-All LoA conditions fulfilled in specified time frame

-Nothing adverse is detected

n++ TPPs which are part of 78000 MW, to get coal if commissioned within 31.03.2022

n++ TPPs to get coal at existing rate (@75% of ACQ)

n++ Coal supply to increase on coal availability

II. New Regime (SHAKTI, 2017)

n++ State/Central Gencos & their JVs to get coal linkages as per MoP recommendations

n++ Coal Linkage on auction basis for IPPs:

-Having PPA based on Domestic Coal

n++ Bid for discount in existing tariff (paise/unit)

n++ A minimum discount in tariff to be determined

n++ Discount to be adjusted from gross amount at time of billing

-Without PPA

n++ Bid for linkages over CIL notified price

n++ PPA to be submitted within 2 years

-Having PPA based on Imported Coal

n++ Transparent bidding process of linkages

n++ Methodology to be formulated by MoC & MoP

n++ Future Medium Term PPAs also to be eligible for linkage coal

n++ Coal linkages for full normative quantity of UMPPs on tariff based competitive bidding

n++ Coal linkages to be earmarked to States for

- Tariff based competitive bidding for PPA; OR

-Grant to capacities covered under exceptions in Tariff Policy dated 28.01.16, namely,

n++ One time capacity addition of up to 100% of existing capacity

n++ Plant set up under a notified policy of State Government for investment promotion (maximum 35% can be procured by State Discom)

-State to decide from above two, in public interest and requirement

-Linkage quantity unutilised for 2 years to lapse

n++ Power requirement of group of States can be aggregated

- Linkage to agency designated by MoP/States

-Agency to undertake tariff based competitive bidding

III. Benefits of the Policy

n++ Coal available to all Power Plants in transparent and objective manner

n++ Auction to be made the basis of linkage allocations to IPPs; cheaper and affordable POWER FOR ALL

n++ The Stress on account of non-availability of linkages to Power Sector Projects shall be overcome. Good for the Infrastructure and banking Sector

n++ PPA holders to reduce tariff for linkage; Direct benefit of reduced tariff to Discom/consumers

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Cabinet approves Pan-India implementation of Maternity Benefit Program
May 17,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval to Pan-India implementation of Maternity Benefit Program which now has been extended to all districts of the country w.e.f. 01.01.2017. The Prime Minister in his address to the nation on 31.12.2016 had announced Pan-India implementation of Maternity Benefit Program.

The Maternity Benefit Program will provide compensation for the wage loss in terms of cash incentives so that the women can take adequate rest before and after delivery and not be deprived of proper nutrition.

The total cost of the proposal for the period from 01.01.2017 to 31.03.2020 including Central and State Government share isRs.12,661crore. Government of Indias share during the period 01.01.2017 to 31.03.2020 comes to around Rs. 7932 crore.

Objective of the Scheme

i)        To provide partial compensation for the wage loss in terms of cash incentives so that the woman can take adequate rest before and after delivery of the first living child.

ii)      The cash incentives provided would lead to improved health seeking behaviour amongst the Pregnant Women and Lactating Mother (PW&LM) to reduce the effects of            under-nutrition namely stunting, wasting and other related problems.

Target Group

All eligible Pregnant Women and Lactating Mothers (PW&LM), excluding the Pregnant Women and Lactating Mothers who are in regular employment with the Central Government or State Government or Public Sector Undertakings or those who are in receipt of similar benefits under any law for the time being. It has been decided to give the benefit of Rs.5000/- to PW&LM in three installment for the birth of the first live child by MWCD and the remaining cash incentive as per approved norms towards Maternity Benefit under existing programmes after institutional delivery so that on an average, a woman will get ? 6000/-.

Conditions and installments

Pregnant Women and Lactating Mothers who are eligible will receive a cash benefit of Rs.5,000/- in three installment at the following stages as specified in the table given below:

Cash TransferConditionsAmount (in Rs)

First installment

n++   Early Registration of Pregnancy.


Second installment

n++   Received at least one antenatal Check-up (after 6 months of pregnancy)


Third installment

n++   Child birth is registered.
n++   Child has received first cycle of BCG, OPV, DPT and Hepatitis-B or its equivalent/substitute.


The eligible beneficiaries would continue to receive the remaining cash incentive as per approved norms towards Maternity Benefit under existing programmes after institutional delivery so that on an average, a woman will get Rs 6000/-.

Mode of cash transfer to the Beneficiaries

The conditional cash transfer scheme would be in DBT mode.


The Government of India is committed to ensure that every woman gets adequate support and health care during pregnancy and at the time of delivery and every newborn is immunized on time which is the foundation for better health of the mother and the newborn. Normally, the first pregnancy of a woman exposes her to new kinds of challenges and stress factors. Hence, the scheme intends to provide support to the mother for safe delivery and immunization of her first living child. The improved health care seeking behaviour of the PW&LM would lead to better health status for the mother and the child.

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Cabinet approves Industry-Academia Collaborative Mission for accelerating discovery research to early development for biopharmaceuticals
May 17,2017

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has given its approval for Industry-Academia Collaborative Mission for accelerating discovery research to early development for biopharmaceuticals - Innovate in India (13) empowering biotech entrepreneurs & accelerating inclusive innovation to be funded by the Government of India. The Mission will be implemented by Biotechnology Industry Research Assistance Council (BIRAC) - a Public Sector Undertaking of Department of Biotechnology (DBT).

The Mission Program would be a Pan-India program. The key focus areas of the program would aid in preparing Indias technological and product development capabilities in the biopharmaceutical sector to a level that it is globally competitive over the next 10-15 years and will transform the health standards of Indias population through affordable product development.

Total project cost to be funded by Government of India is Rs. 1500 crore for five years. 50% cost for the Mission Programme will be arranged through the World Bank loan.

For the implementation, a Programme Management Unit will be set up at BIRAC which will work as an operational and functional arm that oversees and monitors program implementation and progress.

The Mission will focus on Development of specific products - vaccines, biotherapeutics, medical devices and diagnostics; establishment of shared infrastructure and facilities; building and strengthening domain specific knowledge and management skills; creating and enhancing technology transfer capabilities in public and private sector.

The Mission will provide a holistic and integrated approach to strengthen and support the entire product development value chain for accelerating the research leads to product development. This will help not only in immediate product development addressing public health needs, but will also help to create an ecosystem which will facilitate development of a continuous pipeline of products.


The National Biotechnology Development Strategy 2015-2020 announced by the DBT lays emphasis on making India ready to meet the challenge of achieving US $100 billion biotech industry by 2025. The focus is on generation of biotech products, processes and technologies for affordable and accessible health care, promoting innovation R&D, establishing India as world class biomanufacturing hub, and building the required skilled workforce. To achieve this, it is important to promote industry -academia interface and enable the start-ups and small and medium enterprises to build translational innovation research capacities for affordable healthcare product development.

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Board of JK Lakshmi Cement approves fund raising up to Rs 500 crore
May 17,2017

JK Lakshmi Cement announced that the Board of Directors at its meeting held on 17 May 2017 has approved raising of funds by way of issue of securities, convertible/ non convertible with or without warrant by any of public and/or private offerings and/or qualified institutional placement or any combination thereof of up to Rs 500 crore, subject to requisite approval of shareholders in the ensuing AGM of the Company.

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Eastern Gases to allot convertible warrants
May 17,2017

The Allotment Committee of Eastern Gases in their meeting held on 17 May 2017 has considered and approved the Preferential Allotment of 2,00,000 Fully Convertible Warrants (Warrants), convertible into equivalent number of Equity shares of Rs. 10/-, at an Issue Price of Rs. 58/- each to the following person belonging to promoter group and non- promoter group.

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Outcome of board meeting of JSW Steel
May 17,2017

The Board of Directors of JSW Steel has approved raising of long term funds through issue of non-convertible foreign currency/ rupee denominated senior unsecured fixed rate bonds upto USD 1 billion in one or more tranches in international markets. The Board also approved the raising of additional long term funds to meet approved capital expenditure and/or for general corporate purposes, an amount not exceeding Rs 10,000 crore in the aggregate, by a combination of rupee term loan / non-convertible debentures / ECA/ ECB.

The Board has approved the appointed of P Hemalatha in place of Naveen Raj Singh, as Nominee Director of Karnataka State Industrial and Infrastructure Development Corporation. The board also approved appointment of Hiroyuki Ogawa in place of Hiromu Oka as Nominee Director of JFE Steel Corporation, Japan.

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Cabinet approves Restructuring plan for Hindustan Organic Chemicals
May 17,2017

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved a restructuring plan for Hindustan Organic Chemicals (HOCL), a loss making and sick Central Public Sector Enterprise (CPSE) under the Department of Chemicals & Petrochemicals. The company, having units at Rasayani (Maharashtra) and Kochi (Kerala), has been making continuous cash losses since 2011-12 resulting in acute shortage of working capital. Most of its plants have remained shut down during the last few years. It could not pay regular salary and statutory dues to the employees since February, 2015.


The restructuring plan involves closing down the operations of all the non-viable plants at Rasayani unit of HOCL except Di-Nitrogen Tetroxide (N2O4) plant which is to be transferred to ISRO on as is where is basis, with about 20 acres of land and employees associated with the plant. The N2O4 plant is of strategic importance as it is the only indigenous source of N2O4 which is used as liquid rocket propellant by ISRO in the space launch vehicles.

Financial implications:

Financial implications of the plan is Rs. 1008.67 crore (cash) which is to be met partly from sale of 442 acres HOCL land at Rasayani to Bharat Petroleum Corporation Ltd. (Rs.618.80 crore) and the balance (Rs.365.26 crore) through bridge loan from the Govt. The funds will be used to liquidate the various liabilities of the company, including payment of outstanding salary and statutory dues of employees and repayment of Govt. guaranteed bonds of Rs.250 crore due for redemption in Aug.-Sept. 2017. The bridge loan amount, along with other Govt. liabilities of the company, is proposed to be repaid to the Govt. from the disposal of remaining unencumbered land and other assets of Rasayani unit.


Implementation of the restructuring plan will enable HOCL to close down the operations of non - viable plants at Rasayani unit while transferring the strategically important N2O4 plant to ISRO to ensure continuity of manufacture and supply of N2O4 for ISROs space programme. Interest and welfare of employees will be addressed by payment of all their outstanding salary dues. Disposal of land assets, initially through sale of 442 acres to BPCL and subsequently of the remaining unencumbered land, will unlock the land assets for being redeployed for economically productive investments and thereby creating new employment generation opportunities.

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Asia Pacific Market: Stocks fall on Trump accusations
May 17,2017

Asia Pacific share market closed down on Wednesday, 17 May 2017, as uncertainty mounted over US President Donald Trumps future following reports that he tried to interfere with a federal investigation.

Skepticism about the Trump administration grew after a news report that he disclosed highly classified intelligence related to the Islamic State militant group to Russian Foreign Minister Sergei Lavrov in their meeting at the White House last week. Trump also came under fire following a media report that he held a meeting in February with then Federal Bureau of Investigation Director James Comey and asked him to end the FBIs investigation into shady ties between former national security adviser Michael Flynn and Russia.

Among Asian bourses

Australia Stocks fall to 7-week low

Australian equity market closed session at seven week low, as disappointing wage growth and consumer confidence data hurt sentiment. Most of the ASX sectors declined with financial issue being major loser. The S&P/ASX 200 index slipped 1.1%, or 64.518 points, to 5,786 at the close of trade, to its lowest settlement since 27 March 2017.

Financial stocks accounted for more than half of Wednesdays losses with the Big Four banks leading decliners in the benchmark. Moodys Investors Service weighed in on the four biggest banks, warning that measures introduced in Canberras budget could further pressure earnings growth already set to moderate due to low interest rates and competition. The banks have been under pressure for several weeks, following lackluster earnings reports and then a surprise tax on liabilities proposed in the budget. Commonwealth Bank of Australia lost 2%, Westpac Banking was 2.3% weaker, Australia & New Zealand Banking lost 1.3% and National Australia Bank was 2.1% lower. Investment bank and asset manager Macquarie dropped by 1.3%.

Energy stocks also weakened, as crude oil retreated amid concerns that U.S. production was undercutting efforts by major producing nations to curtail output. Woodside Petroleum slipped 0.2%, Oil Search fell 0.3% and Santos declined 2.5%.

Resource stocks were the only part of the Australia market in positive territory, buoyed by a rally in Chinese iron-ore futures. Diversified miners BHP Billiton and Rio Tinto rose 0.2% and 2.2%, respectively, and Fortescue Metals Group gained 4.2%. The three are among the worlds largest producers of iron ore.

Japan Stocks fall on firm yen

The Japan share market finished lower, as risk sentiments weighed down by the yens ascent against the dollar. Meanwhile selloff pressure intensified on growing uncertainty over the policy management of U.S. President Donald Trump after news reports that he has leaked to Russia highly classified information related to the Islamic State militant group. The 225-issue Nikkei average shed 104.94 points, or 0.53%, to finish at 19,814.88. The Topix index of all first-section issues closed down 8.41 points, or 0.53%, at 1,575.82. Falling issues far outnumbered rising ones 1,287 to 630 in the TSEs first section, while 98 issues were unchanged. Volume fell to 1.96 billion shares from Tuesdays 2.17 billion shares.

Financial institutions, including mega-bank groups Mitsubishi UFJ, Mizuho and Sumitomo Mitsui, insurer Dai-ichi Life and brokerage firm Nomura met with selling, reflecting overnight falls of their U.S. peers in New York and lower U.S. long-term interest rates.

The higher yen pushed down export-oriented names, such as automakers Toyota, Honda and Subaru, electronics manufacturer Panasonic and electronics parts producer Murata Manufacturing. A stronger yen is bad for Japanese shares as it hurts the profitability of the countrys major exporters. The dollar weakened to 112.31 yen, from 113.15 yen in New York.

Oil companies Idemitsu, Cosmo Energy Holdings and Showa Shell suffered sharp drops due to weaker crude oil prices.

By contrast, game-maker Nintendo, mobile phone carrier SoftBank Group and drugmaker Takeda gained ground. Toshiba ticked up 0.13 per cent after diving more than 12 per cent in the previous session in response to warnings that it likely lost more than US$8.4 billion in the past fiscal year.

China Stocks break 4-day winning streak, regulatory concerns linger

The Mainland China equity market closed higher down for the first time in five straight sessions, as investors opted to book gain off the table amid lingering concerns over tighter regulation and economic growth despite recent soothing regulatory comments. Most sectors lost ground, led by defensive consumer and healthcare stocks, as investors took profits from the recent rally. The blue-chip CSI300 index fell 0.5%, to 3,409.97 points, while the Shanghai Composite Index lost 0.3% to 3,104.44 points.

Chinese stocks had declined for five weeks in a row amid concerns that Beijings stepped-up efforts to reduce leverage in the financial system would trigger liquidity stress and damage the economy. But the market rebounded in the past sessions after Beijing moved to ease investor concerns through generous cash injections in the interbank market and market-friendly comments.

Hong Kong Stocks fall 0.2%

The Hong Kong stock market finished session down, as anxiety over the fallout from the U.S. Presidents reported interference in a federal investigation weighed on risk assets. However, losses were limited, aided by steady flows of money from mainland China. The Hang Seng index fell 0.2 per cent, to 25,293.63, while the China Enterprises Index lost 0.5 per cent, to 10,383.14 points.

Shares of the Peoples Insurance Group Of China hit a near two-month high after it unveiled plans to list in Shanghai. But shares of Shanghai Fosun Pharmaceutical Group Co Ltd slumped roughly 6 per cent after the drugmaker announced plans to offer additional shares at a discount to the market price.

Cathay Pacific (00293) jumped 4.9% to HK$11.1 making itself the best blue-chip winner. The local carrier held its AGM this morning, with management saying that the worst is behind now. It also plans job cut, which triggered share price spike of 6.6% at one stage.

MTRC (00066) gained 2.3% to HK$49.1 after its Chairman Frederick Ma said the company is interested in bidding, along with China Railway, the 350-km high-speed railway connecting Singapore and Malaysia, which is part of the Road and Belt Initiative projects.

CLP (00002) and Link REIT (00823) hit all-time highs of HK$84.45 and HK$59.4. But CLP closed down 0.2% to HK$84. Link REIT gained 1.6% to HK$59.15.

Meitu (01357) plunged 9% to HK$9.8 after Morgan Stanley Capital International (MSCI) withdrew its previous decision of adding the stock into its MSCI China All Shares Index.

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