Mineral Exploration Corporation enters drilling agreement

March 22, 2010 By Leave a Comment

New Delhi, Mar 22 (ANI): Country’s premier exploration agency the Mineral Exploration Corporation Ltd. (MECL), on Monday signed a Memorandum of Understanding (MoU) with the Union Mines Ministry for the financial year 2010-11.

Mines Ministry secretary Santha Sheela Nair and MECL chairman A.K. Lomas signed the agreement on behalf of their respective organisations.

Continuing with the improvement in physico-financial performance of the company, MECL has committed to carry out 275000 meter of exploratory drilling and 7500 meter of exploratory/developmental mining along with associated activities, in the MoU.

Apart from this, due care has also been proposed in maintaining the sustainability under which MECL shall optimize the power consumption particularly utilization of Petrol Oil Lubricants (POL).

The MECL has also proposed an ambitious programme for modernization and expansion in the forthcoming year.

In addition to above, it has also proposed to adopt the parameters related to corporate social responsibility and emphasised on customer satisfaction by maintaining quality, quantity and time schedule.(ANI)

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Centre to revive closed fertilizer units

March 6, 2010 By Leave a Comment

New Delhi, Mar 5 (ANI): The Union Government on Friday informed the Rajya Sabha that it would explore the feasibility of revival of closed public sector fertilizer units of Hindustan Fertilizer Corporation Ltd. (HFCL) and Fertilizer Corporation of India Ltd (FCIL).

Replying to a question, Union Minister of State for Chemicals and Fertilisers Srikant Kumar Jena said the government is also looking for availability of natural gas, to meet the emerging demand production gap of urea in the country.

“An Empowered Committee of Secretaries (ECOS) has been constituted with the mandate to evaluate all investment options for revival of the closed units of FCIL/HFCL and to make suitable recommendations for consideration of the Government,” Jena said.

“The ECOS has considered various possible investment options for revival of each of the closed units and have finalized its recommendations regarding the suitable options. The recommendations of ECOS are under consideration of the Government,” he added.

The revival of closed plants is likely to reduce the supply and demand gap regarding availability of urea in the country.

As regards prices of urea to the farmers, Jena said urea is made available to farmers at same maximum retail price irrespective of imported or indigenously produced. (ANI)

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Supreme Court issues notices to Karnataka, Centre on Sivasamudram project

August 21, 2009 By Leave a Comment

New Delhi, Aug.21 (ANI): A two-judge bench of the Supreme Court on Friday issued notices to the Karnataka Government and the Centre to reply within three weeks to an allegation by the Tamil Nadu Government that the Karnataka Government has unilaterally decided to go ahead with Sivasamudram Hydero power project in the Cauvery Basin by violating the directions of Cauvery Water Disputes Tribunal.

The bench comprising Chief Justice K G Balakrishnan and Justice P Sathasivam issued the notices.

Senior advocate K Parasaran mentioned the Tamil Nadu Government’s application in which it alleged that instead of putting the control of the project under a neutral agency, the Karnataka Government was executing it through Karnataka Power Corporation Ltd.

Counsel for the Tamil Nadu Government submitted that the Karnataka Governmenty has not accepted the direction of the Cauvery Water Disputes Tribunal that the project has to go through a neutral body like National Hydro Power Corporation (NHPC).

It said the Centre had come out with a proposal Cauvery-Mettur Hydro Electrical Project in 1998 by which four projects — ivasamudram, Mekadatu, Rasimanal and Hogenekkal-were to be executed by the NHPC.

While the Sivasamudram and the Mekadatu projects fall within the territory of Karnataka, the Rasimanal and the Hogenekkal projects come under Tamil Nadu.

The Tamil Nadu Government has sought a direction to the Centre to execute all the four hydro projects as a package through NHPC or any other appropriate central power generation utility so as to derive maximum benefits of power potential.(ANI)

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Operationalisation of National Security Guard hub at Mumbai today

June 30, 2009 By Leave a Comment

Mumbai, June 30 (ANI): After the Mumbai terror attacks, the National Security Guard (NSG) hub at Mumbai will become operational today.

The NSG hubs at Chennai, Hyderabad and Kolkata will become operational on July 1.

Union Home Minister P Chidambaram and dignitaries from the State Governments will be present during the operationalisation ceremonies.

The Government has also sanctioned two NSG regional centres to be established at Kolkata and Hyderabad.

The existing hubs at Kolkata and Hyderabad will subsequently be merged with the regional centres.

The hubs have been established at Marol (23 acres) in Mumbai, Nedunkundram (85 acres) in Chennai, Trimulghery (22 acres) in Hyderabad and Badu (20 acres) in Kolkata.

Pre-fabricated and permanent structures are being constructed to station NSG commandos at these locations.

The National Buildings Construction Corporation Ltd (NBCC) has been assigned the construction work.

The State Governments including civil and police administration, Airport Authority of India and Army have extended full assistance in the establishment and operationalisation of the hubs within the scheduled time frame.

With the establishing of the hubs, the response time of NSG for countering any terrorist action would be reduced very significantly. (ANI)

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Operationalisation of National Security Guard hub at Mumbai

June 29, 2009 By Leave a Comment

New Delhi, June 29 (ANI): After the Mumbai terror attacks, the National Security Guard (NSG) hub at Mumbai will be operationalised on Tuesday.

The NSG hubs at Chennai, Hyderabad and Kolkata will become operational on July 1.

Union Home Minister P Chidambaram and dignitaries from the State Governments will be present during the operationalisation ceremonies.

The Government has also sanctioned two NSG regional centres to be established at Kolkata and Hyderabad.

The existing hubs at Kolkata and Hyderabad will subsequently be merged with the regional centres.

The hubs have been established at Marol (23 acres) in Mumbai, Nedunkundram (85 acres) in Chennai, Trimulghery (22 acres) in Hyderabad and Badu (20 acres) in Kolkata.

Pre-fabricated and permanent structures are being constructed to station NSG commandos at these locations.

The National Buildings Construction Corporation Ltd (NBCC) has been assigned the construction work.

The State Governments including civil and police administration, Airport Authority of India and Army have extended full assistance in the establishment and operationalisation of the hubs within the scheduled time frame.

With the establishing of the hubs, the response time of NSG for countering any terrorist action would be reduced very significantly. (ANI)

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Buy HDFC, Target Rs 1910: Nirmal Bang

April 17, 2009 By Leave a Comment

Nirmal Bang Research is bullish on HDFC and maintained ‘Buy’ rating on the stock to achieve a target of Rs 1910 within 1-5 days.

Traders can buy the stock on dips with a stop loss of Rs 1825.

Shares of the company, on Wednesday (April 15), closed at Rs 1771.55 on the Bombay Stock Exchange (BSE). Current EPS and P/E ratio stood at 81.46 and 21.23 respectively. The share price has seen a 52-week high of Rs 2950 and a low of Rs 1116.10 on BSE.

Huge volumes witnessed in last couple of days, and the structure looks very positive, so buy the stock and hold, it has strong support at Rs 1710.

Housing Development Finance Corporation Ltd (HDFC) declared that a meeting of its directors will be held on May 04, 2009, inter alia, to consider the sanction of audited financial results of the Corporation for the year ended March 31, 2009.

The Board will also mull over approval of consolidated financial results for the year ended March 31, 2009 and recommend dividend for the financial year 2008-09, if any, and matters relating to the ensuing AGM.

Mr. Deepak Parekh, Chairman, HDFC, on April 10, said that there is scope for slashing rates of interest by around 0.50-1% points with immediate effect as cost of funds for financial institutions has plunged.

Parekh’s remarks come on a day when industry heads met RBI governor D Subbarao urging him to impress upon banking institutions to slash lending rates.

There is also a need for lower interest rates in addition to deposit rates for higher financial growth, Parekh added.

During the last month, HDFC cut lending rates by 0.5%.

With this fall, HDFC’s Retail Prime Lending Rate (RPLR) stands at 14%. The lender has lowered its RPLR by 1% in Dec 2008.

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Sahara locks horns with Jet

April 2, 2009 By Leave a Comment

Jet Airways and Sahara India Commercial Corporation Ltd, the erstwhile owners of Sahara Airlines, are locked in a dispute over payment towards the acquisition of the Subroto Roy controlled airline by Jet in April 2007. According to a PTI report, the Bombay High Court on Tuesday stayed further attachment of Jet Airways’ property, after Sahara initiated attachment of Jet’s movable property earlier in the day.

Justice S C Dharmadhikari, in his order on a Jet plea against this, said attachment till now would remain unaffected, but there shall be no further attachment. The Judge also asked Jet to file an undertaking by April 3 that it will not create third party rights in respect of its movable property – including some 40 aircraft – till further orders.

The dispute centres around deductions made by Jet Airways towards income tax from amounts payable by it to Sahara. The Income Tax department raised a demand on Sahara Airlines.

Jet adjusted some amount towards tax payment from instalments it is supposed to pay Sahara. Jet was to pay Rs 550 crore to Sahara in four equal installments starting March, 2008 to March, 2011.

Since Jet made deductions in the first and second installments, paid in March 2008 and 2009, upon which Sahara moved court. Jet refused to comment as the matter is sub-judice.

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Lavasa’s first business hotel from ITC begins operations

March 6, 2009 By Leave a Comment

Pune/ Lavasa, Mar 6 (ANI/Business Wire India): Lavasa Corporation Ltd., and ITC’s wholly-owned subsidiary Fortune Park Hotels Ltd., today announced the opening of the upscale, Fortune Select Dasve, in Lavasa.

The 60-room hotel on the Warasgaon lakefront has been set up in partnership with Fortune Park Hotels Ltd., a subsidiary of ITC Limited. The elegant property has been created with a carefully crafted blend of contemporary style and aesthetics to provide premium accommodation for visitors. Lavasa is free India’s first and largest Hill City being developed by Lavasa Corporation Ltd., an HCC Group Company.

Set admist the Sahyadri hills and facing the Warasgaon lake, Fortune Select Dasve is spread over 1.5 acres. It offers a choice of 60 standard rooms and suites. All the rooms have been tastefully designed in a contemporary cor, equipped with modern amenities and offer two equally breathtaking views – scenic hills or the serene lake. A wide range of dining facilities is available within the hotel, including a fine dining restaurant, an all-day dining outlet and a bar beside the swimming pool. State-of-the-art banquet facilities for exclusive events and indoor play facilities for children are also available.

Speaking on the occasion, Ajit Gulabchand, Chairman, Lavasa Corporation Ltd., said, “Lavasa continues to attract best in class partnerships to provide an exciting experience for visitors. Our vision is to develop Lavasa as a preferred destination for both business and leisure. The new ITC hotel is a key milestone and a first step towards setting up world-class hospitality facilities at Lavasa. The new property also enjoys green certification as we strongly believe in keeping environment foremost in mind on any construction activities that are carried out in Lavasa. “

“With the opening of its 26th hotel-Fortune Select Dasve, Fortune Hotels now has properties in the key destinations of Kolkata, Navi Mumbai, Gurgaon, Chennai, Bengaluru, Ahmedabad, Indore, Pune, Hyderabad serving the needs of the discerning business traveler” says Pawan Verma, Senior Executive Vice President, ITC Ltd.-Hotels Division. He adds, “ITC also has plans to build and own landmark Fortune Hotels in the key gateway cities of Bengaluru, Kolkata and Coimbatore and subsequently, in other key destinations.

Suresh Kumar, President, Fortune Hotels, is happy that Lavasa’s very first hotel is opening under the Fortune Hotels brand. He says, “We are delighted to add another hotel in our ‘Select’ category and to partner with Lavasa Corporation Ltd., in this venture. Fortune Select Dasve is a well-designed property having spacious rooms with excellent view that offer all modern comforts and amenities and we can expect it to be seen as a preferred hotel for corporate and leisure travelers.

Lavasa has already established tie-ups with the best of international as well as domestic institutions such as ITC Hotels (Fortune Select) and Accor (Pullman, Novotel and Grand Mercure) in the field of hospitality, Oxford University (Said Business School), Girls’ Day School Trust (UK), Ecole hotelier de Lausanne (Switzerland), Symbiosis (Pune) and Christ University (Bangalore) and NSHM (Kolkata) in the field of education and Apollo Hospitals in health and wellness. In the Edutainment space Lavasa has tied up with SpaceWorld LLC to set up a 65-acre space theme park that will offer a space-like experience to visitors.

The fortune hotels chain is known for the excellence of its cuisine and Fortune Select Dasve will also ensure that its cuisine lives up to this reputation. Fortune’s multi-cuisine brand of restaurants, ‘Zodiac’, offers round-the-world cuisine as well as a wide selection of Indian and regional dishes. In addition, Earthen Oven – the Indian specialty restaurant – and Nostradamus-Bar and Lounge will also soon be opening at the hotel.

A subsidiary of ITC Limited, Fortune Park Hotels Ltd. is one of the fastest growing chain of first class hotels, with 52 properties across 41 cities in India. (ANI)

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