1. business and industrial
2. energy
3. coal

Tu e s d ay 2 3 , D e ce m b e r 2 0 1 4
News &
Report Analysis
Currency Market
Precious Metal
Base Metal
Energy Market
 Goldman sells Metro metals warehouse
unit to Reuben Bros
 SteelMin mulls merging small PSU units
with bigger ones
 Govt eyes Rs 1.47 lakh cr from 92 coal
blocks allotment, auction
 Govt working to raise iron ore supplies for
steel industry
 Panel asks government to ensure no more
delay in NMDC steel mill
2
Tuesday 23, December 2014
Daily
MMR Landed Prices
London Metal Exchange : Monday 22, December 2014
Pr. Sell
(1)
Morning Session
Buy
Sell * (2)
Afternoon Session
Buy
Sell
Kerb
Change
(2) - (1)
Value
Stk(tns)
change
$/ton
Rs/ton
Copper Grade A
Spot
6350.50
6426.00
6426.50
6420.00
6421.00
6404.00
76.0
1,68,700
MMR LP
3-mth
6318.50
6381.00
6382.00
6371.00
6371.00
6355.00
63.5
-1300
14-D MA
4,37,926
PP (HCL)
4,51,445
Average
10-days - 6435.40
20-days - 6562.30
30-days - 6562.30
4,39,717
Tin High Grade
Spot
19200.00
19095.00
19100.00
19034.00
19035.00
19044.00
-100.0
12,130
--
--
3-mth
19225.00
19070.00
19075.00
19049.00
19050.00
19050.00
-150.0
885
--
--
--
--
Average
10-days - 19955
20-days - 20125.30
30-days - 20061
Lead
Spot
1854.00
1862.00
1864.00
1876.00
1857.00
1861.50
10.0
2,20,750
MMR LP
1,32,543
3-mth
1868.00
1876.00
1877.00
1871.00
1872.00
1875.00
9.0
575
14-D MA
1,36,189
PP (HZL)
1,49,300
Average
10-days - 1932.30
20-days - 1982.90
30-days - 1998.20
Zinc Special High Grade
Spot
2121.50
2179.00
2179.50
2174.00
2174.50
2160.00
58.0
6,79,150
MMR LP
1,58,939
3-mth
2130.00
2186.00
2187.00
2180.00
2181.00
2165.00
57.0
-9625
14-D MA
1,56,642
PP (HZL)
1,64,700
Average
10-days - 2160.40
20-days - 2195.80
30-days - 2216.50
Aluminium
Spot
1888.50
1877.00
1878.00
1864.00
1865.00
1853.00
-10.5
42,51,075
MMR LP
1,50,163
3-mth
1917.00
1904.00
1905.00
1889.00
1890.00
1880.00
-12.0
-30975
14-D MA
1,51,025
PP (Nalco)
1,66,900
Average
10-days - 1905.80
20-days - 1967.60
30-days - 1992.10
Aluminium Alloy
Spot
1975.00
1945.00
1955.00
NA
NA
NA
-20.0
26,520
3-mth
1995.00
1960.00
1970.00
NA
NA
NA
-25.0
-100
Average
10-days - 1995.50
20-days - 2003.30
30-days - 2011
Nickel
Spot
15505.00
15625.00
15630.00
15654.00
15655.00
15579.00
125.0
4,08,408
--
--
3-mth
15525.00
15700.00
15705.00
15724.00
15725.00
16450.00
180.0
3222
--
--
-Copper
Aluminium
-01-Dec
16-Dec
Zinc
Lead
15-Dec
15-Dec
Average
10-days - 15987
20-days - 16191.80
30-days - 16052
Note: 1. MMR LP = MMR Landed Prices, excluding excise duty. 2. PP = Producer Prices ex-smelter, excl. excise
Minor Metals ($/LB)
Antimony
99.65%
9,100
Cadmium
99.80%
90.00
Cobalt HG Moly.oxide
99.80%
14.00
9.00
Tantalite
30% Ta2O5
81.00
Titanium Ferro-vana
Con. Ti02
550.00
24.90
Silicon
2,050
Week ended Avg of Steel Prices: 20/12/2014 (Incl. Excise duty)
Sponge Iron
Pig Iron
Ferro Alloys :
Mandi
27,600 HMS
31,200 CRP(LSLP)
Mumbai Mkt rates in kgs :
Mumbai
Kolkata
30,100
29,200
32,000
Ferro Moly 1300
Delhi
Chennai
Bhiwandi
30,500
27,600 MS Ingots
39,000
29,400
Ferro Silicon 80
Titanium
170
Indicative Domestic Market Rates (Rs./kg)
Mumbai
22-Dec
Prev
Virgin Metals
Copper Pat
Copper W/Bar
Delhi
22-Dec
Comex Copper (cents/lb)
Chennai
Prev
22-Dec
Prev
Dec'14
- Jan'15
425.0
- Feb'15
-
-498.0
-495.0
427.0
-
Alum Ingot
Zinc Slab
Lead Ingot
Tin Slab
Nickel (4x4)
Scrap
Copper Heavy
Copper Uten.
172.0
182.0
130.0
1,485.0
1,130.0
174.0
180.0
130.0
1,485.0
1,125.0
175.0
187.0
128.0
1,486.0
1,125.0
176.0
186.0
128.0
1,487.0
1,123.0
462.0
424.0
459.0
423.0
---
---
164.0
-
Copper Mixed
Brass Utensil
Brass Huny
Brass Sheet
Alum Utensil
-325.0
321.0
335.0
136.0
-324.0
322.0
334.0
135.0
412.0
--139.0
412.0
--139.0
-
164.0
-
Metal
Gold Std
Silver
Gold
Silver
Gold
Silver
Rate
290.35
290.00
288.10
Change
-0.2
-0.1
-0.4
Kanpur
38,700
Durgapur
35,000
Comex Al (cents/lb)
Rate
-
Change
-
Precious Metals : Indicative Rates
Market
Mumbai
Mumbai
London
London
Comex
Comex
Unit
Rs./10g
Rs./kg
$/tr.oz.
$/tr.oz.
$/tr.oz.
$/tr.oz.
22-Dec
26,985
36,745
1,195.3
16.09
1,179.7
15.64
Prev
27,050
36,700
1,195.5
15.86
1,195.9
15.99
Forex: Dec 22, 2014 (Rs/Unit Currency)
- Buy
- Sell
- Buy
USD
63.30
63.21
EURO
77.61
GBP
98.80
98.69
SGD
47.98
—
—
AUD
51.60
YEN
0.5286
0.5278
SFR
64.49
Sell
77.50
47.90
51.54
64.39
Customs Notified Rates: Nov 21, 2014 [Rs.(Imp/Exp)]: US$ 62.60/61.60;Pound Sterling 98.45/96.25;Euro 78.90/77.00
3
Tuesday 23, December 2014
Daily
U.S. stocks rose for a fourth straight session
USD/INR - 22/12/14
on Monday, with both the Dow and S&P 500
63.14
ending at records as large-cap technology
63.18
shares gained and offset continued weakness
63.22
63.26
in energy names. Major indexes opened with
63.30
slight gains but strengthened throughout the
17:00
16:00
15:00
14:00
13:00
12:00
11:00
9:00
10:00
63.34
session, ending near their highs of the day.
Despite that, trading was quiet with many
USD/INR Overnight VAR
market participants out ahead of the upcoming
0.3362
Data releases today
Forecast
Previous
0.2%
Christmas holiday. A holiday silence settled
USD Personal Income m/m
0.6%
over Asian markets on Tuesday after Wall Street
USD Richmond Mfg Index
8
closed at historic highs while oil prices suffered
a stinging setback after Saudi Arabia quashed
all thought of curbing supply. A revival in risk
appetite undermined the safe haven yen and
kept the U.S. dollar elevated across the board,
while sovereign bonds were content to sit on
recent gains. Equity investors chose to focus on
the benefits that falling fuel prices would have
for consumer spending power.
Asian commodity stocks fell, dragging the
regional index lower for the first time in four
days. The dollar traded near a two-week high
versus the yen before data on the U.S. economy,
while crude oil climbed.
4
Source : Mecklai Financial
greenback's advantage over the euro, pushing
it back down to a 2-1/2 year low in thin preholiday trade. The Bloomberg Dollar Spot Index
yesterday posted the highest close since March
2009 as the S&P 500 added 0.4 percent to an alltime high of 2,078.54.
"We think the yields are the story here for
the dollar. The two-year Treasury auction of just
over 70 basis points is the highest since mid2011, and that's widening the dollar's frontend yield advantage and driving it higher," said
Vassili Serebriakov, currency strategist at BNP
Paribas in New York.
The euro slipped past Friday's 2-1/2 year
Currency Market
low to reach a new trough at $1.2216 EUR=, a
The dollar recovered ground late on Monday
small loss for the day. Earlier in the day the euro
on rising U.S. Treasury yields that increased the
benefited from some profit-taking on short-
6 mth
LIBOR
Major
Currencies
Today’s
Crosses
Spot
Cash
v/s INR
0.35
USD / INR
-
ATM Options (put/call)
0.15
Forward Rates v/s INR (Export/ Import)
December
January
February
May
August
November
63.26/ 26
63.21/ 22
63.35/ 37
63.76/ 78
64.10/ 13
65.22/ 25
66.28/ 31
67.27/ 30
-
-
-
0.00/0.52
0.00/0.69
0.00/0.86
0.00/1.33
0.00/1.69
0.00/2.03
EUR / USD
1.2232
77.37/ 38
77.31/ 33
77.49/ 51
78.01/ 04
78.45/ 48
79.89/ 93
81.30/ 33
82.62/ 65
0.15
USD / JPY(100)
120.12
52.66/ 66
52.62/ 63
52.74/ 76
53.10/ 12
53.39/ 43
54.38/ 42
55.35/ 39
56.26/ 30
0.68
GBP / USD
1.5592
98.63/ 64
98.55/ 58
98.77/ 74
99.41/ 26
99.89/ 71
101.57/ 95
103.17/ 01
104.70/ 92
-0.02
USD / CHF
0.9835
64.31/ 32
64.26/ 28
64.41/ 43
64.84/ 86
65.26/ 28
66.56/ 55
67.81/ 81
68.98/ 96
3.06
AUD / USD
0.8122
51.41/ 42
51.37/ 39
51.45/ 50
51.79/ 85
52.06/ 13
52.97/ 04
53.84/ 90
54.64/ 71
Source : Mecklai Financial
Tuesday 23, December 2014
Daily
euro positions. The dollar was hit earlier in the
0.4 percent on Dec. 19. Trading of the Shanghai
trading session after the weakest existing U.S.
Gold Exchange’s benchmark bullion spot
home sales data in six months. The dollar held
contract advanced on Dec. 18 to the highest
near a two-week high of 120.08 yen JPY=, up
since April 2013.
0.45 percent on the day. Sterling fell 0.25 percent
Gold for February delivery fell 0.2 percent
to $1.5629 and traded at 78.45 pence versus the
to $1,177.10 an ounce on the Comex in New
euro, a loss of about 0.27 percent
York. Futures dropped to $1,170.70 yesterday,
Precious Metal
the lowest intraday level since Dec. 1. Among
the other precious metals, Silver for immediate
Gold held near a three-week low as investors
delivery was little changed at $15.6766 an
assessed prospects for slowing inflation spurred
ounce, after dropping 2.5 percent yesterday.
by slumping oil prices against signs of rising
Spot platinum rose 0.4 percent to $1,186.88 an
physical demand. Platinum was near the lowest
ounce after declining yesterday to $1,176.75, the
level since 2009. Bullion for immediate delivery
lowest level since July 2009. Palladium traded at
traded at $1,177.31 an ounce by 11:56 a.m. in
$812.47 an ounce from $810.90 yesterday.
Singapore from $1,176.44 yesterday, according
to Bloomberg generic pricing. The metal sank
Base Metal
to $1,170.76 yesterday, the lowest level since
A year that was supposed to be characterized
Dec. 1, as U.S. oil futures for February delivery
by supply divergence among the base metals
tumbled 3.3 percent. Crude prices in New York
traded on the London Metal Exchange (LME)
and London have plunged to five-year lows
is ending with all of them falling in tandem in
and are more than 40 percent below their 2014
response to growing concerns about demand.
peaks in June, boosting concern that inflation
There is plenty to be concerned about. Take your
will stay low and limit gold’s appeal as a hedge.
pick from collapsing oil prices, stagnation in
Holdings in the SPDR Gold Trust, the largest
Europe and the still-unfolding Russian crisis. But
exchange-traded product backed by bullion,
for industrial metals the persistent underlying
was unchanged yesterday after climbing to
worry throughout the year has been slowdown
the highest in a week on Dec. 19. The Federal
in China, a drag on demand growth that shows
Reserve pledged last week to be patient on the
no sign of ending any time soon.
timing for higher rates.
Base metal prices particular the benchmark
Assets in the SPDR Gold Trust were
metal - copper futures posted modest gains on
unchanged at 724.55 metric tons after rising
Tuesday after retreating in the previous session,
Market Highlights - Gold (% change)
Gold
Gold (Spot)
Gold
(Spot -Mumbai)
Comex Gold
MCX Gold
(Feb’15)
Unit
Last
Prev.
day
as on December 22, 2014
WoW MoM
YoY
but remained vulnerable to concerns of global
oversupply. A massive sell-off sent the metal to its
lowest level in 4-1/2 years earlier this month amid
$/oz
1174.7
-1.73
-1.5
-1.9
-2.3
Rs/10
gms
26850.0
-0.19
-0.3
0.9
-9.9
$/oz
1179.7
-1.35
-2.3
-1.3
-1.3
Rs /10
gms
26608.0
-1.44
-2.6
0.0
-6.8
signs of a supply glut, a situation aggravated by
slowing industrial growth in China.
Most commodities appear oversold, but
weak near-term fundamentals are unlikely to
Source: Angel Broking
4
Daily
5
Tuesday 23, December 2014
boost investor confidence, ANZ Bank said in
research. Supply-side issues will dominate early
Market Highlights - Crude Oil (% change)
as on December 22, 2014
Crude Oil
Unit
Last Prev.
day
muted, according to the research released late
Brent (Spot)
$/bbl
58.5
-0.9
-4.5
-24.5 -48.1
on Monday. "We think it will be a year of two
Nymex Crude
(Feb ’ 15)
$/bbl
55.3
-2.2
-1.2
-27.1 -44.4
ICE Brent Crude
(Feb1’15)
$/bbl
60.1
-2.1
-1.6
-23.4 -46.2
MCX Crude
Jan ’14)
Rs/bbl
3534.0
-2.3
-1.8
-23.3 -42.9
next year while the demand backdrop remains
halves. The first half will be weaker and more
volatile, but the second half should improve
as increased supply-discipline and stabilising
growth begins to emerge," ANZ said. Three-
WoW
MoM
YoY
Source: Angel Broking
month copper on the London Metal Exchange
of the Organization of Petroleum Exporting
had edged up $9 to $$6,364 a tonne by 0136
Countries refuse to cede market position, Iraqi Oil
GMT. The most-traded copper contract on the
Minister Adel Abdul Mahdi said. The yen dropped
Shanghai Futures Exchange was down 0.11
as much as 0.1 percent today to 120.18 per dollar,
percent at 45,710 yuan ($7,345) a tonne.
its weakest level since Dec. 9. The currency
As per the Reuters report, China's implied
consumption of refined copper rose 8.9 percent
capped a fourth day of losses last session, its
longest slump in a month.
month-on-month in November, reversing a fall
Fighting in Libya that’s pushed oil production
in the previous month, helping support copper
below consumption in the holder of Africa’s
prices. Elsewhere, three-month nickel was
largest reserves is a reminder that not all OPEC
untraded after closing up 0.3 percent at $15,650
members are in a position to defend market
per tonne on Monday, following losses of 6.4
share by maintaining output. As Iraq plans
percent last week. Investors shrugged off LME
to boost supplies next year amid repeated
data showing that nickel stocks rose to a fresh
pledges by Saudi Arabia and the United Arab
record 408,408 tonnes. Aluminium gained 0.3
Emirates to keep pumping the same amount of
percent to $1,886 per tonne, barely denting an
crude, Libya’s National Oil Corp. said output has
overnight drop of 1.4 percent. Zinc was up $4, or
dropped to a “very low point.” Conflict between
1.8 percent, at $2,171 a tonne.
the government and Islamist militias has spread
Energy Market
to the region of Mellitah, where the country’s
West Texas Intermediate crude rose 1.1
percent to $56.02 a barrel, after falling 3.3
percent yesterday. Prices are down 43 percent
this year. Brent crude added 0.7 percent to $60.54
a barrel after slipping 2.1 percent last session.
Oil inventories in the U.S., the world’s largest
consumer, probably dropped for a second week
through Dec. 19, a Bloomberg News survey of
energy analysts showed before data tomorrow.
Iraq plans to boost output next year as members
fourth-largest oil port is located, after disrupting
two other export terminals, according to the
state-run company.
The Organization of Petroleum Exporting
Countries chose to maintain its output targets
last month, resisting calls for action from some
smaller members including Libya to prop up
plunging oil prices. Benchmark crude has
since fallen a further 20 percent, exacerbating
the decline in revenue from Libya’s shrinking
crude production.
Daily
Tuesday 23, December 2014
News & Report
Analysis
Goldman sells Metro metals
warehouse unit to Reuben
Bros
Goldman Sachs Group Inc has sold its
controversial metals warehousing business to
Swiss private equity group Reuben Brothers, the
Wall Street bank said on Monday. The deal for
Metro International Trade Services comes months
after Goldman formally put the business on the
block. Goldman bought Metro for an estimated
$550 million in 2010, capitalizing on a surge in
demand for storing base metals such as aluminum
as demand slumped. But the bank came under
fierce political and regulatory pressure to divest
the Detroit-based operation amid allegations it
had encouraged hoarding supply, inflating metals
prices. Goldman has denied it did anything wrong.
Last month, Goldman executives testified
before a Senate subcommittee on the matter,
and reaffirmed the company's intention to sell
the metals warehousing unit. The deal is the
latest in a string of commodity and energy
market acquisitions by private equity groups,
who are partly filling a void left by global banks
that have been withdrawing from parts or
even all of the volatile raw materials markets. A
person familiar with the matter said Goldman
earned a profit from the Metro business over
the duration of its ownership. A second source
said Goldman recouped its initial investment in
Metro last year. Neither source was authorized
to speak publicly about the matter.
6
Tuesday 23, December 2014
Daily
From the time it purchased Metro, Goldman
had planned to sell the business within 10
100 per cent equity is with MSTC. SAIL, RINL and
NMDC are the major PSUs.
years, but accelerated its timetable. Reuters
"The Secretary, Ministry of Steel, was candid
first reported Goldman's plans in April. Most
enough to admit during evidence that a study
of the bidding came from international buyers,
has been conducted to look into the matter of
including interest from companies in China, but
repositioning of MSTC and FSNL," the report said.
ultimately the bid from Reuben Brothers won
MSTC is the holding company of FSNL. While
out, one of the sources said. Reuben Brothers
FSNL is into selling of scrap; MSTC is in the
has a history in steel and iron ore investments
business of e-commerce.
through its metal trading company Metalloyd.
The Committee recommended that an
In April, the firm sold its stake in Erus Metals, a
extensive study should be undertaken regarding
small warehousing company based in the U.K.,
other PSUs under the administrative control of
to commodity trader Gerald Group.
the Steel Ministry within the next three months.
SteelMin mulls merging small
PSU units with bigger ones
With
eight
companies
under
its
administrative control, Steel Ministry has started
Stating that it was concerned to observe that
"at times the issue regarding chances of survival
of smaller companies crops up", the Committee
felt that "due to smaller units, a lot of expenditure
is incurred under the non-plan head..."
discussions on merging smaller units with the
"Our secretary has directed to study the
Govt eyes Rs 1.47 lakh cr from
92 coal blocks allotment,
auction
feasibility of merger of MSTC and FSNL. A
Government is targeting a revenue of Rs 1.47
discussion is going on in Ministry regarding
lakh crore from the allotment and auction of 92
smaller units," the ministry informed the
coal blocks out of those being given out in the
Standing Committee on Coal and Steel.
first phase to private as well as public sector
bigger PSUs, including MSTC with Ferro Scrap
Nigam Ltd (FSNL).
The committee, which tabled its report in the
entities.
Lok Sabha on Monday, said the issue of merger
The 92 coal blocks to be both alloted and
of small units came up for discussions during
auctioned have geological reserves of 18,446
oral evidence.
"In a post evidence reply, the Ministry have
informed the Committee that feasibility of
merger of smaller PSUs would be examined
taking into account the desirability, shareholding
pattern, functions and other aspects of the
larger entities," the report said.
Steel Ministry has eight companies -- SAIL,
RINL, NMDC, Moil, KIOCL, HSCL, MECON and
MSTC -- under its administrative control. FSNL's
7
Daily
Tuesday 23, December 2014
million tonne, according to an official source.
Of the 92 coal blocks, 57 blocks are for the
power sector and 35 mines are for non-power
sector and captive power plants, he said. In
the first phase a total of 101 mines are being
allocated, including 65 through the auction
route.
The blocks for the power sector have
geological reserves of 15,305 million tonne and
the revenue from these blocks, at a base price of
Rs 100 per tonne, is likely to come to around Rs
the steel industry," the Minister said in the Lok
1.53 lakh crore, said the source.
Sabha during Question Hour.
While in the case of non-power or captive
According to him, if there is a crisis in the steel
power plant blocks having geological reserves
industry, it is due to inadequate availability of
of 3,141, at a price of Rs 295 per tonne, comes
iron ore. Mining activity, particularly that of iron
to around 92,696 crore, he added. "If we add
ore, was affected after Supreme Court imposed
revenue from both power and non-power sector
ban to prevent illegal mining activities. Later the
the total revenues likely to be earned comes to
apex court lifted the ban with some riders.
around Rs 2.45 lakh crore," he said further.
"Coal production from coal producing coal
"If extractable reserves are taken as 60
blocks has been permitted till March 31, 2015.
per cent of the geological reserves, the total
Therefore, coal supply has not been disrupted
revenue would be around Rs 1,47,448 crore," he
due to cancellation of coal blocks by the
said.The government had last week increased
Supreme Court," Tomar said. He was responding
the number of coal mines to be auctioned or
to a query as to whether government has
allotted in the first tranche to 101, from 92.
made any assessment of the adverse effect of
Govt working to raise iron ore
supplies for steel industry
cancellation of coal block allocations by the
Amid the domestic steel industry facing
problems, Steel Minister Narendra Singh Tomar
said on Monday that government is trying its
best to increase iron ore supplies.
Tomar also asserted that fuel supplies to steel
plants have not been disrupted due to Supreme
Court cancelling coal blocks.
Grappling with shortage of iron ore, a
key raw material for the steel industry, many
companies are importing it. "We are trying
our best to increase availability of iron ore for
Supreme Court on operational steel plants.
Further, he said the matter of fuel supplies
for steel and iron plants has been taken up with
the Coal Ministry. "Representations have been
received from some stakeholders stressing upon
the need to maintain the supply of coal to iron
and steel sector in the new allocation process.
"Ministry of Steel has taken up the matter
of ensuring adequate availability of coal to the
steel sector with Coal Ministry," Tomar said.
Among others, two projects of SAIL would
be coming up and would help increase steel
production, he added.
8
Tuesday 23, December 2014
Daily
Ministry of Environment and Forest has been
Panel asks government to
ensure no more delay in
NMDC steel mill
received, stage II forest clearance for certain
matters is still pending," it said asking the
A Parliamentary panel has asked the Steel
Ministry to ensure that commissioning of the
Rs 15,525-crore plant by country's top iron ore
miner NMDC is not delayed further.
government to expedite clearances.
EU launches anti-dumping
probe into Indian cast iron
tubing
The three million tonne steel plant was
The European Commission has begun
scheduled to be commissioned in February this
investigating a complaint that India has been
year. It is now likely to be operationalised in
flooding the EU market with cast iron tubes
December next year.
and pipes at below market cost, following
"Though the date of completion of the
a complaint by French building materials
project has been rescheduled twice, Ministry of
supplier Saint-Gobain. In an official notice,
Steel/NMDC should ensure that no further delay
the Commission, the EU executive, said it had
occurs in the matter," the Standing Committee
received a complaint in November that Indian
on Coal and Steel said in its report tabled in the
tubes and pipes of "ductile cast iron" were
Lok Sabha on Monday.
being dumped in the EU and damaging the
The
committee
also
desired
that
competitiveness of the European industry.
environment clearance for the project be
The complaint was brought by Saint-Gobain
obtained expeditiously, while noting that the
units in Britain, Germany and Spain on behalf
scheduled commissioning has been extended
of producers representing more than three-
to December 2016 from May 2015 due to delay
quarters of the total EU production of these
in certain green approvals.
tubes and pipes, the Commission said. Under
"The committee have been informed that
EU rules, the Commission could propose
the likely date of commissioning of the plant is
provisional steps within nine months and
December 2016 as the environment clearance
definitive punitive measures within 15 months
for the construction of steel plant from the
of official publication.
The European Foundry Association (CAEF),
which represents the cast iron industry, was not
immediately available to comment. Cast iron is a
separate product to steel and serves a different
market. It is iron mixed with carbon that has been
heated and then poured into a mould to solidify.
Saint-Gobain, Europe's biggest supplier of
building materials, has suffered from depressed
construction and car markets this year, and has
been betting on cost savings, innovation and a
recovery in the US to improve profits.
9
Tuesday 23, December 2014
Daily
chairman as well as managing director, figure
SAIL's titanium project
depends on technology
availability: Minister
among 260 entities barred by Sebi for suspected
money laundering and tax evasion activities
Over 19 months after the signing of an initial
pact, fate of SAIL's titanium project in Kerala still
hinges on the availability of suitable technology,
to
the
Techno
through stock markets.
Those barred by Sebi include the company
chairman Brij Bhushan Singal, his son and
managing director Neeraj Singal, as also their
Parliament was informed on Monday.
"According
10
Economic
Feasibility Report, the financial viability of the
project depends upon the latest cost effective
technology, which is still not available in India,"
Minister of State for Steel and Mines Vishnu Deo
Sai said in Lok Sabha. Replying to an unstarred
question, Sai said: "Efforts to obtain transfer of
technology from leading global supplies has
not been very encouraging and further course
of action is dependent on availability of titanium
production technology."
Steel Authority of India had signed a
Memorandum of Understanding (MoU) with
Kerala State Industrial Development Corporation
(KSIDC) and Kerala Minerals and Metals (KMML)
on behalf of the Kerala Government in April,
2013. The MoU was aimed at jointly exploring
possibilities of setting up a titanium sponge
and metal complex in the state through a joint
venture in a phased manner.
Subsequently, a joint committee of SAIL
and Government of Kerala was constituted
to carry out a feasibility study of the technical
and financial viability of the project which was
supposed to produce 10,000 tonne titanium
sponge per annum.
Bhushan Steel promoters
among 260 Sebi-barred
entities
In fresh troubles for crisis-hit Bhushan Steel,
four members of its promoter family, including
respective spouses Uma Singal and Ritu Singal.
All four of them were allotted shares on
preferential basis by Radford Global and First
Financial - the two firms at the centre of a
massive Sebi crackdown on misuse of this route
of share allotment to launder money and avoid
taxes. While further probe is continuing by Sebi
along with other agencies such as the Income
Tax Department, the Enforcement Directorate
and the Financial Intelligence Unit, all the 260
entities, including four from the Singal family,
have been barred from all kinds of dealings in
securities markets till further directions through
an interim order.
In its orders, Sebi last Friday said that
the modus operandi of the barred entities
typically involved stock market dealings aimed
at evading long-term capital gains tax and
showing the source of income as legitimate
from stock markets.