1. business and industrial
2. energy
3. oil
4. oil and gas prices

Th u rs d ay 0 8 , J a nua r y 2015
News &
Report Analysis
Currency Market
Precious Metal
Base Metal
Energy Market
 Effect of scrapping 80:20 rule: gold
imports down 39 t in Dec
 Bengal Global Business Summit attracts
investment pledge of Rs 1 trl
 RINL posts 36% growth in exports; to set
up steel rolling mill in Sri Lanka
 MMDR Act changes hits Posco’s steel
project again
 Tata Steel ferrochrome plant at Gopalpur
to go on stream by July
2
Thursday 08, January 2015
Daily
MMR Landed Prices
London Metal Exchange : Wednesday 07, January 2015
Pr. Sell
(1)
Morning Session
Buy
Sell * (2)
Afternoon Session
Buy
Sell
Kerb
Change
(2) - (1)
Value
Stk(tns)
change
$/ton
Rs/ton
Copper Grade A
Spot
6191.00
6168.00
6170.00
6201.00
6202.00
6182.50
-21.0
1,78,675 MMR LP
4,22,132
3-mth
6121.00
6104.50
6105.00
6129.00
6130.00
6115.00
-16.0
-100 14-D MA
4,32,449
PP (HCL)
4,47,324
Average
10-days - 6305.80
20-days - 6372.50
30-days - 6432.70
Tin High Grade
Spot
19560.00
19675.00
19680.00
19774.00
19775.00
19694.00
120.0
12,110
--
--
3-mth
19630.00
19665.00
19670.00
19774.00
19775.00
19700.00
40.0
0
--
--
--
--
Average
10-days - 19236
20-days - 19655.80
30-days - 19874.80
Lead
Spot
1831.00
1819.00
1820.00
1816.00
1817.00
1834.50
-11.0
2,21,975 MMR LP
3-mth
1846.00
1838.00
1840.00
1833.00
1834.00
1850.00
-6.0
0 14-D MA
1,31,124
PP (HZL)
1,41,400
Average
10-days - 1839.20
20-days - 1893.50
30-days - 1941.10
1,29,466
Zinc Special High Grade
Spot
2170.50
2145.00
2145.50
2141.00
2142.00
2122.50
-25.0
6,80,850 MMR LP
1,56,499
3-mth
2182.00
2155.00
2155.50
2152.00
2153.00
2133.00
-26.5
-4200 14-D MA
1,57,803
PP (HZL)
1,67,500
Average
10-days - 2158.20
20-days - 2160.90
30-days - 2187.30
Aluminium
Spot
1772.50
1761.50
1762.00
1756.00
1756.00
1761.75
-10.5
41,84,400 MMR LP
1,42,266
3-mth
1806.50
1790.50
1791.00
1784.00
1785.00
1790.00
-15.5
-10350 14-D MA
1,46,604
Average
10-days - 1820.70
20-days - 1867.40
30-days - 1924.70
PP (Nalco)
1,58,900
Aluminium Alloy
Spot
1805.00
1780.00
1790.00
NA
NA
NA
-15.0
26,520
3-mth
1815.00
1790.00
1800.00
NA
NA
NA
-15.0
0
Average
10-days - 1846
20-days - 1926
30-days - 1953.20
Nickel
Spot
15285.00
15450.00
15455.00
15484.00
15485.00
15483.00
170.0
4,15,812
--
--
3-mth
15325.00
15530.00
15540.00
15549.00
15550.00
15500.00
215.0
474
--
--
--
-01-Jan
27-Dec
Average
10-days - 15139
20-days - 15609.30
30-days - 15871
Note: 1. MMR LP = MMR Landed Prices, excluding excise duty. 2. PP = Producer Prices ex-smelter, excl. excise
Copper
Aluminium
Minor Metals ($/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 Zinc
Lead
2,050
05-Jan
05-Jan
Week ended Avg of Steel Prices: 03/01/2015 (Incl. Excise duty)
Sponge Iron
Pig Iron
Ferro Alloys :
Mandi
27,100 HMS
31,200 CRP(LSLP)
Mumbai Mkt rates in kgs :
Mumbai
Kolkata
29,800
29,200
31,600
Ferro Moly 1200
Delhi
Chennai
Bhiwandi
30,500
27,500
MS Ingots
38,900
29,300
Ferro Silicon 82
Titanium
171
Indicative Domestic Market Rates (Rs./kg)
Mumbai
07-Jan
Prev
Virgin Metals
Copper Pat
Copper W/Bar
Delhi
07-Jan
Comex Copper (cents/lb)
Prev
Chennai
07-Jan
Prev
Jan'15
- Feb'15
- Mar'15
-
-487.0
-488.0
420.0
-
422.0
-
Alum Ingot
Zinc Slab
Lead Ingot
Tin Slab
Nickel (4x4)
Scrap
Copper Heavy
Copper Uten.
169.0
180.0
131.0
1,485.0
1,120.0
169.0
180.0
131.0
1,485.0
1,110.0
167.0
188.0
128.0
1,463.0
1,122.0
170.0
187.0
128.0
1,460.0
1,120.0
450.0
421.0
452.0
420.0
---
---
162.0
-
Copper Mixed
Brass Utensil
Brass Huny
Brass Sheet
Alum Utensil
-323.0
321.0
333.0
134.0
-324.0
321.0
333.0
134.0
405.0
--136.0
407.0
--138.0
-
163.0
-
Metal
Gold Std
Silver
Gold
Silver
Gold
Silver
- Buy
- Sell
- Buy
Rate
279.60
276.30
275.85
Change
-0.3
-0.8
-0.3
Kanpur
34,800
Durgapur
34,900
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.
$/tr.oz.
07-Jan
27,400
37,700
1,210.5
16.33
1,210.6
16.51
Prev
27,350
37,400
1,210.3
16.29
1,219.3
16.60
Forex: Jan 07, 2015 (Rs/Unit Currency)
USD
63.23
63.14
EURO
74.75
GBP
95.58
95.47
SGD
47.24
----AUD
51.02
YEN
0.5308
0.5300
SFR
62.20
74.66
47.16
50.98
62.13
Customs Notified Rates: Dec 19, 2014 [Rs.(Imp/Exp)]: US$ 63.85/62.80;Pound Sterling 99.90/97.65;Euro 79.15/77.25
Asian stocks gained on Thursday after upbeat
prices and global economic weakness.
Wall Street rebounded on Wednesday from
five straight sessions of losses after strong U.S.
USD/INR Overnight VAR
Data releases today
17:00
16:00
hit this week by concerns over tumbling oil
15:00
slipped into deflation also shored up risk assets,
14:00
stimulus after data showing the euro zone had
13:00
European Central Bank will embark upon bolder
12:00
euro held near a nine-year low. Hopes that the
11:00
oil tempered investor risk aversion, while the
USD/INR - 07/01/15
63.15
63.20
63.25
63.30
63.35
63.40
63.45
63.50
63.55
9:00
U.S. employment data and a halt to a slide in
10:00
Daily
3
Thursday 08, January 2015
0.3376
Forecast
Previous
USD Unemployment Claims
291K
298K
EUR PPI m/m
-0.2%
-0.4%
private sector jobs data underscored strength in
Source : Mecklai Financial
the world's largest economy and fanned hopes
The Indian Rupee bounced back after two
for a strong reading of the all-important non-
days of fall and appreciated by 0.5 percent
farm payrolls due on Friday.
on fresh dollar selling by exporters and some
Optimism over more ECB stimulus may have
banks. Further, sluggish Indian stock markets,
helped equities but the prospect of further
fresh capital outflows mid firm dollar overseas
central bank easing was detrimental for the
could not restrict sharp upside. However, hopes
euro, which slid to a nine-year low against the
of interest rate hike by the Fed in its meeting
dollar. The common currency fetched $1.1819,
exerted pressure on the currency. The currency
within close proximity of $1.1802 hit overnight,
touched an intra-day high of 63.16 and closed at
its lowest since January 2006.
63.27 on Wednesday.
Data released on Wednesday showing euro
zone inflation turning negative for the first time
Precious Market
since 2009 cemented already high expectations
Gold prices are at their highest level relative
that the ECB will embark on a bond buying
to oil since the late 1990s as bullion holds its
programme at its Jan. 22 meeting.
appeal while crude's downward spiral shows
Currency Market
no sign of ending amid rising supplies and
lacklustre demand. Gold added to overnight
The US Dollar Index (DX) strengthened by
losses on Thursday as strength in the dollar and
0.4 percent yesterday hit fresh nine-year highs
equities plus robust U.S. economic data reduced
against the other major currencies as growing
the metal's appeal as a hedge, triggering further
expectations for an upcoming U.S. rate hike
Market Highlights - Gold (% change)
continued to boost the greenback. Further,
Gold
Unit
Last
companies added more workers than forecast
in December, indicating the U.S. job market was
sustaining strength in 2014 acted as a positive
factor. The currency touched an intra-day high
of 92.51 and closed at 92.12 on Wednesday.
Gold (Spot)
Gold
(Spot -Mumbai)
Comex Gold
MCX Gold
(Feb’15)
Prev.
day
as on January 7, 2015
WoW MoM
YoY
$/oz
1210.1
-0.69
2.2
0.6
-2.2
Rs/10
gms
27075.0
-0.46
1.4
3.3
-9.1
$/oz
1210.6
-0.71
0.9
-1.7
-2.2
Rs /10
gms
27161.0
-0.85
1.7
3.0
-6.3
Source: Angel Broking
Daily
6 mth
LIBOR
4
Thursday 08, January 2015
Major
Currencies
Today’s
Crosses
Spot
Cash
v/s INR
0.36
USD / INR
-
ATM Options (put/call)
0.15
Forward Rates v/s INR (Export/ Import)
January
February
March
June
September
December
63.12/ 13
63.06/ 07
63.39/ 42
63.76/ 79
64.18/ 21
65.34/ 37
66.38/ 41
67.36/ 39
-
-
-
0.00/0.39
0.00/0.62
0.00/0.81
0.00/1.21
0.00/1.56
0.00/1.89
EUR / USD
1.1830
74.66/ 68
74.59/ 62
75.01/ 03
75.46/ 49
75.97/ 01
77.43/ 47
78.79/ 82
80.10/ 13
0.14
USD / JPY(100)
119.62
52.77/ 77
52.72/ 73
53.01/ 03
53.33/ 35
53.69/ 72
54.72/ 75
55.67/ 71
56.61/ 65
0.68
GBP / USD
1.5097
95.28/ 30
95.19/ 22
95.71/ 74
96.24/ 26
96.82/ 71
98.51/ 95
100.05/ 01
101.53/ 92
-0.03
USD / CHF
1.0152
62.17/ 18
62.11/ 13
62.44/ 46
62.85/ 87
63.32/ 35
64.64/ 66
65.89/ 89
67.08/ 07
3.06
AUD / USD
0.8116
51.21/ 22
51.16/ 18
51.45/ 45
51.75/ 76
52.09/ 10
53.03/ 04
53.87/ 89
54.67/ 68
Source : Mecklai Financial
outflows from the top bullion-backed fund. Spot
that precious metals pack to trade lower
gold eased 0.2 percent to $1,207.75 an ounce
continuing its losses from the previous trading
by 0336 GMT. The metal fell 0.7 percent in the
session. Movements in the dollar index would
previous session, ending a three-day winning
be the prime driver for driving gold prices lower.
streak. Gold had climbed to a three-week high
The question of Greece exit from the Euro-zone
of $1,222.40 earlier this week as global equities
has become the focus across the globe and the
fell on concern over political developments in
outcome of the January 25 elections will have
Greece that could see it leaving the euro zone.
to be closely watched for further trajectory in
But equities have regained some strength due to
gold prices.
the better U.S. data and a halt, for now, to the slide
Base Market
in oil prices. Gold is unlikely to get much support
from investment flows this year, Meir said, adding
Base metals on the LME traded on a mixed
that gold prices could go higher if there was
note on Wednesday with Aluminium, Nickel and
a sizable correction in equities. In a reflection
lead trading positive while copper and zince
of investor sentiment, holdings in SPDR Gold
prices declining. Strength in the dollar index,
Trust, the world's largest gold-backed exchange-
which is at nine year peak, is exerting downside
traded fund, fell 0.42 percent to 704.83 tonnes
pressure on prices. In the Indian markets, all the
on Wednesday, their lowest since late 2008.
base metals traded mixed in line with trend in
A robust economy reduces gold's safe-haven
the international markets.
appeal and could prompt the Federal Reserve to
Copper prices traded at a four and half
raise interest rates soon, dulling demand for non-
year low on Wednesday, weighed by demand
interest-bearing bullion.
concerns and steep falls in oil that sapped
Among the other precious metals, Spot silver
investors' appetite for most commodities.
prices declined by 0.2 percent to close at $16.5/
Worries about the possibility that Greece will
oz on Wednesday in tandem with fall in gold
quit the euro zone have also dented appetite for
prices. Profit booking at higher levels coupled
risk. Also China, which accounts for more than 40
with strength in the dollar exerted downside
percent of global metal demand, is facing slower
pressure on prices.
economic growth and a cooling property market,
As per Angel Broking analyst report suggest
which is a major copper consuming industry.
Thursday 08, January 2015
Daily
China's annual economic growth likely
slowed to 7.2 percent in the fourth quarter, the
weakest since the depths of the global crisis,
which would keep pressure on policymakers
to head off a sharper slowdown On the MCX,
News & Report
Analysis
Effect of scrapping 80:20 rule:
gold imports down 39 t in Dec
copper prices declined by 0.6 percent and
closed at Rs.389.4/kg on Wednesday. Angel
Broking analyst expect copper prices to trade
lower the uncertainty in Greece has dented
appetite for risk assets. Demand concerns from
China continues as slowdown in growth as well
as in property market will act as a negative
factor for prices.
Energy Market
Crude oil prices rose on Wednesday for
the first time in last 5 trading sessions on
bargain hunting at lower levels as prices have
lost nearly 10 percent over two days and
benchmark Brent fell to below $50 a barrel.
Weekly data for U.S. crude inventories showed
a surprising drop last week, helping oil reverse
early losses, although gasoline and distillates
Gold imports came down substantially in
December after the government scrapped a rule
that mandated traders export one-fifth of the
gold consignment imported into the country.
The trend has continued in January, providing
relief to the government after a spike in imports
stocks jumped by record levels.
EIA inventory update EIA Crude inventories
fell by 3.1 million barrels in the last week.
Gasoline stocks rose by 8.1 million barrels.
Distillate stockpiles, which include diesel and
in recent months worsened the trade deficit.
"There is no surge in gold imports.
Government is not looking at imposing any new
import restriction as the numbers for December
and January are comfortable", said commerce
heating oil, rose by 11.2 million barrels.
secretary Rajeev Kher after a meeting with the
stakeholders on Wednesday to discuss ways to
Market Highlights - Crude Oil (% change)
as on January 7, 2015
Crude Oil
Unit
Last Prev.
day
WoW
MoM
YoY
Brent (Spot)
$/bbl
49.3
-2.1
-11.2
-25.2 -54.1
Nymex Crude
(Feb ’ 15)
$/bbl
48.7
1.5
-10.1
-23.8 -48.1
ICE Brent Crude
(Feb’15)
$/bbl
51.2
0.1
-10.8
-22.7 -52.1
MCX Crude
Jan ’15)
Rs/bbl
3077.0
0.3
-8.7
-21.8 -47.4
promote domestic manufacturing and exports
of gems and jewellery. Gold imports fell to 39
tonne in December and were placed at 7 tonne
in the first week of January, compared to 152
tonne in November.
In September and October, the imports were
95.62 tonne and 109 tonne respectively. In value
Source: Angel Broking
terms, gold imports shot up to $5.6 billion in
November, 561% rise year-on-year, threatening
5
Daily
Thursday 08, January 2015
to impact the current account deficit (CAD) and
“On the first day of West Bengal Global
weigh down the rupee. Trade gap widened to
Business Summit, investors committed Rs
an 18-month high of $16.8 billion in November,
41,600 crore in port sector, while Rs 12,000 crore
almost double of levels a year ago.
has been pledged for mining projects. Another
Bengal Global Business
Summit attracts investment
pledge of Rs 1 trl
Rs 40,000 crore worth of investment pledge
came from SAIL. It would exceed Rs 1,00,000
crore,” Banerjee said. In the chief minister’s
own admission, therefore, the majority of the
investment commitment actually came from
the Centre and central PSUs.
Union shipping, highways and road transport
minister Nitin Gadkari, on Wednesday cleared
the much-awaited crucial inland waterway
projects in the state. The union minister, who
was in Kolkata on Wednesday to attend the
Bengal Global Business Summit, said that the
Sagar Deep sea port and Haldia Dock 2 projects
and the highway project linking Kolkata and
Siliguri, have been cleared by the Centre.
Fund-starved West Bengal on Wednesday,
the first day of the two-day-long Bengal
Global Business Summit, received investment
pledges worth nearly Rs 1 lakh crore, although
the majority of it came from state-run Steel
“The ministry has given its nod to the road
project from Kolkata to Siliguri and we would
now give the financial sanction for the project.
The Kolkata-Siliguri highway is worth Rs 4,500
crore,” Gadkari said.
Authority of India (SAIL) and the union shipping,
talked about “Vibrant Gujarat” campaign, West
RINL posts 36% growth in
exports; to set up steel rolling
mill in Sri Lanka
Bengal chief minister Mamata Banerjee said on
RINL has registered 36% growth in exports
Wednesday evening that the total investment
between April-December 2014, even as total
commitments received on the first day of the
steel exports from India in the same period
global business summit would exceed Rs 1 lakh
went down 5.3%. The company has started
crore. However, state government officials put
leveraging its shore-based location to increase
the figures at nearly Rs 93,000 crore.
exports with export-oriented products hitting
highways and road transport ministry.
Refusing to draw any parallel with the much
A seemingly upbeat Banerjee said at the
the market. Tthe focus is on exports to South
end of the day’s proceedings that the two states
Asia, South East Asia, Middle East and African
(Gujarat and Bengal) were different and the
countries.
Gujarat event had an advantage because prime
minister Narendra Modi came from that state.
In particular, RINL has started marketing its
products in East African markets like Kenya,
6
Thursday 08, January 2015
Daily
to pursue its plans of setting up a plant in India,
may now have to bid for an iron ore reserve for
captive consumption.
The plagued project, one of the largest
foreign direct investment proposals in India,
has had an uphill 11-year journey, with protests
over land acquisition and green clearances, and
Ethiopia, Mozambique, South Africa, Tanzania,
criticism of the state government's decision to
Uganda etc. In step with its strategic thrust on
allot it a prospecting lease for the Kandhadhar
exports, RINL has also opened an International
iron ore deposit, spread over 2,500 hectares
Marketing Office (IMO) at Colombo to roll
between Keonjhar and Sundargarh districts
products in Sri Lanka and export these items to
of Odisha. On Monday, Modi's Cabinet cleared
nearby countries, in addition to targeting sales
through ordinance amendments to the Mines
in the domestic Sri Lankan market.
and Minerals (Development and Regulation)
The rolling facilities and RINL's Sri Lanka
Act, in line with the Supreme Court judgment on
operations are expected to start from next
telecom spectrum that advised policy changes
month.
for competitive allocation - read auction - of
RINL, which posted an export turnover of
natural resources.
Rs 747 crore in 2013-14, recently bagged Star
"The MMDR amendments do not protect
Performer award amongst large industries for
Posco's prospecting lease since it doesn't enjoy
its export performance by EEPC (Engineering
a prior reservation and neither does it have
Export Promotion Council) sponsored by the
a letter of intent (for grant) from the state," a
union commerce ministry.
source in the mines ministry said. "We have
Commenting
on
the
performance
,P
Madhusudan, CMD, RINL congratulated T K
Chand, director(commercial) and the export
department for achieving strong growth. He
also urged the marketing collective to step up its
initiative by increasing sales and strengthening
the company's market presence overseas.
MMDR Act changes hits
Posco’s steel project again
South Korean steelmaker Posco's ambition
to set up a 12-million-tonne-capacity plant in
India with an investment of Rs 51,000 crore may
have taken another hit with the Narendra Modi
government's move to allocate all future leases
through auction. The company, if it still wants
7
Daily
Thursday 08, January 2015
recommended a prospecting lease for Posco
India. It is for the central government to take
a decision on the matter," said Odisha Director
of Mines Deepak Mohanty. A senior executive
at Posco India said the company was unsure of
the implications; the ordinance not being public
yet. Officials of Odisha's industry department
are critical of the steelmaker's insistence on
waiting for a captive lease before making serious
investments on the ground. Following problems
over land acquisition, Posco had settled for
a smaller 8-million-tonne plant. It had, over
to Tata Steel's website. "We are looking at the
the years, also agreed to drop its controversial
cleaner industries like electronics complex,
plan of swapping a third of the Indian ore for
semi-conductor complex, IT units in the SEZ as
Brazilian ore, which it claimed would result in a
it is closer to the sea coast," Misra said.
more efficient mix for its furnaces.
Tata Steel ferrochrome plant
at Gopalpur to go on stream
by July
NMDC inks maintenance
pact for Donimalai plant with
KIOCL
Public sector KIOCL Ltd has signed an
Tata Steel expects to start the operation of
agreement with NMDC for operation and
its ferrochrome plant coming up at Gopalpur by
maintenance of the Donimalai plant in
June 2015 with a capacity of 50,000 tonne per
Karnataka. The company that operates a
annum in the first phase.
highly mechanised magnetite iron ore mine, a
"In the first phase, the 50,000 tonne per
beneficiation plant and a pellet plant has now
annum ferrochrome plant will start operation
entered into an agreement with NMDC, said
by June-July and the work on another plant
Malay Chatterjee, Chairman and Managing
with 2,50,000 tonne per annum capacity will
Director, KIOCL.
start immediately after that. The investment in
NMDC, a central public sector and a merchant
the first phase is Rs 800 crore," Arun Misra, vice
miner that has iron ore mines at Donimalai,
president, Tata Steel (Gopalpur projects) said on
has set up a beneficiation plant of 1.89 million
the sidelines of a seminar on "Energy Efficient
tonne a year and a pellet plant of 1.2 mtpa for
Steel and Aluminium Making Technologies:
commercial pellet manufacturing. KIOCL, with
Research and Applications", organised by
the requisite expertise in the operation and
Confederation of Indian Industry (CII), Odisha
maintenance of beneficiation plant and pellet
chapter. Spanning over 2,970 acres of land, the
plant, has offered its services for operation and
industrial park at Gopalpur includes a multi-
maintenance. NMDC and KIOCL have arrived
product SEZ over 2,570 acres and an anchor
on a common understanding and entered into
project by Tata Steel over 400 acres, according
an agreement on Wednesday at Donimalai to
8
Daily
Thursday 08, January 2015
operationalise the plant. The agreement was
be infusing funds into the newly formed JSL
signed by N Vidyananda, Director-Production
Group post the demerger and these investments
and Projects, KIOCL, and CE Kindo, Executive
will be made in their personal capacity via their
Director and in-charge Donimalai Project,
holding companies.
NMDC. According to the agreement, it will
Demerger is just the beginning of the mega
facilitate KIOCL to gainfully utilise its experienced
restructuring at JSL. As part of the larger plan,
manpower for operating the NMDC plants for
Sajjan Jindal and Naveen Jindal will infuse cash
mutual benefit of both companies. Chatterjee
into Jindal United Steel Ltd to together own a
said: “Operation and maintenance vertical” that
majority stake in the arm. This newly created unit
he has spearheaded for implementation as a
post the demerger will consist of the hot strip
diversification measure, has come as a succour
steel unit at Odisha.
to the company in the absence of captive mines
Prithvi Raj Jindal who owns Jindal Saw will be
to utilise its available experienced competent
acquiring a majority stake in Jindal Coke Ltd via
manpower.
fresh issuance of shares. This will leave the new
Sajjan, Naveen, PRS Jindal to
bail out JSL
avatar of JSL with a minority stake in Jindal United
O.P. Jindal Group is in a huddle to save the
crisis-hit JSL, sources with direct knowledge
share that Sajjan Jindal, Naveen Jindal and PRS
Jindal are coming together to save their brother
Ratan Jindal's company, JSL. Three brothers will
Steel & Jindal Coke. Ratan Jindal will head the
third company carved out by way of demerger,
Jindal Stainless (Hisar) Ltd.
JSL aims to reduce the large debt burden of
Rs 9000 cr by Rs 5000 cr and sources suggest
that the group is targeting to complete the
entire recast by April this year.
9