NTPC serves notices to BSES Rajdhani, BSES Yamuna
NEW DELHI: Power generator NTPC Ltd has served notices to Reliance Infrastructure-owned distribution companies BSES Yamuna Power Ltd and BSES Rajdhani Power Ltd due to payment backlog. In the notice, issued Saturday, the company said BSES Rajdhani Power and BSES Yamuna Power had not maintained letters of credit of adequate value, a pre-requisite for getting power from NTPC stations. It said since the two power distribution firms have not been able to provide the requisite payment security mechanism, notice for regulation of power supply for 90 days starting Feb 11 was been issued to both companies. BSES Rajdhani’s last letter of credit was encashed Friday, leaving a shortfall of 2.72 bln rupees, NTPC said. “There is a payment shortfall of 960.70 mln rupees on BSES Yamuna which, as per PPA provisions, should have been paid by 31 Jan,” NTPC said. -Cogencis
Kotak hikes term deposit rates by 25 bps
Mumbai: After the January 28 rate hike by the Reserve Bank, private sector lender Kotak Mahindra Bank took the lead over its larger peers by raising deposit rates by 25 basis points on select maturities, effective February 6. Though many bankers had hinted that deposit rates could move up in line with the RBI move if credit growth picks up but no banks, including SBI, has done this so far. Kotak Bank will now offer 9.25% per annum for the 390-day deposit and 9 per cent per annum for deposits of 181-269 day tenure. The bank said senior citizen deposits of less than Rs 1 crore will enjoy an extra 50 basis points across maturities.
Bajaj Auto motorcycle sales dip 7% in Jan
Mumbai: Pune-based auto maker Bajaj Auto reported a 7 % decline in motorcycle sales at 2,81,390 units in January 2014. The company had sold 3,01,361 bikes in January 2013, Bajaj Auto said. Overall domestic sales including commercial vehicles also fell by 8 % during January 2014, it said. Exports, however, surged by 7 % to 1,37,644 units as against 1,28,482 vehicles in the same period of 2013, it said.
ATF prices cut by about 3%
New Delhi: Jet fuel or ATF prices have been cut by about 3 % on softening international oil rates, the first reduction in two months. Aviation Turbine Fuel, or ATF, price at Mumbai will cost Rs 76,524.33 per kl from Monday as against Rs Rs 78,783.83 per kl previously, according to Indian Oil Corp, the nation’s largest fuel retailer. The reduction follows two rounds of price hikes – Rs 597.48 per kl or 0.8 % increase on December 1, 2013 and Rs 2,036.59 per kl, or 2.74 % hike on January 1, 2014.
Steel makers hike prices
New Delhi: Domestic steel makers have jacked up prices by Rs 1,000-2,000 a tonne across the product basket from this month to offset the rising pressure on margins due costlier raw materials, sources told PTI. The price of hot rolled coil (HRC), the benchmark steel product, went up to
Rs 41,500 a tonne from Rs 39,500 per tonne earlier.
SAIL Apr-Jan sales grow 8% to 9.48 MT
New Delhi: Buoyed by a 47 % surge in exports, sales of Steel Authority of India grew by 8 % during the April-January period of current fiscal at 9.48 million tonnes (MT). The rise in sales, which the state-run firm attributed to its efforts towards producing tailor-made products to meet the customer requirement, is despite a continuing slowdown in the steel market, SAIL said in a statement.
Drukair, Royal Bhutan, open new route
Mumbai: Drukair is launching its 10th international destination, Mumbai – the commercial hub of India, on 5th February 2014. 6 of Drukair’s10 destinations are now in India. The new route between Paro International Airport and Mumbai Chhatrapati Shivaji International Airport will commence operations from 1stMay 2014. The three-hour flight will operate twice weekly, on Thursdays and Sundays.
Pilot inaugurates Center of Excellence
Mumbai: Minister of Corporate Affairs Sachin Pilot laid the foundation stone of the Center of Excellence Jointly developed by three professional bodies at Ajmer, Rajasthan in the presence of CMA Suresh Chandra Mohanty, President of The Institute of Cost Accountants of India, CA Subodh Agarwal, President of The Institute of Cost Accountants of India and CS SN Ananthasubramanian, President of The Institute of Cost Accountants of India. The Minister assured that the new cost rules will be finalised after careful study of the suggestions given by ICAI and inputs received from other stakeholders, keeping in mind the sensitivity of Cost and Management Accounting in bringing competitiveness to Indian industry and the interest of all stakeholders.