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Fundamentals February 6, 2013

Nik's Diary
The Indian market opened in the green today, mirroring SGX Nifty which is trading higher by ~0.4%. Most of the Asian markets are trading in the positive zone with gains in the range of 0.2% to 3.0%. US markets staged a strong recovery on Tuesday after sliding on Monday’s trade. Stocks rebounded as traders saw the sharp pullback on Monday as a good buying opportunity. Markets were also buoyed by a private survey which showed that growth  in  China's  services  sector  hit  a  four-month  high  in  January. A  separate report from the Institute for Supply Management showed that activity in the US service sector continued to expand in the month of January. European markets too rose on Tuesday with key benchmark indices gaining 0.4%-1%.  Meanwhile India’s Key benchmark indices closed lower on Tuesday for the fourth consecutive session in a row. Going ahead, the market will keenly follow the statements by the government prior to the Union Budget. 

CCEA gives in-principle nod to coal price pooling proposal
The Federation Chambers of Commerce and Industry on Wednesday said that coal pool pricing can only provide respite in a short-term horizon. The Cabinet Committee of Economic Affairs (CCEA) on Tuesday gave an ‘in-principle’ nod for the coal pool pricing mechanism. “What we should not miss is that pooling of coal prices results in subsidisation of expensive imported coal by cheaper domestic coal. In addition to greater incomes to other nations, this will also mean creation of more jobs in foreign lands. Besides, this will further reinforce the inherent inefficiencies in the present exploitation of our domestic coal reserves,” said Naina Lal Kidwai, President of FICCI. According to FICCI, coal sector needs to be strategically developed and no quick-fix solution can work to meet the long-term goals. Restructuring of Coal India and divesting the Government’s stake in the miner to 51 per cent in tranches will enable it to progress. In addition, opening up of coal exploration for commercial mining to bring in private investments would improve efficiency and accelerate production. Competitive bidding of coal blocks and advent of mine developer-cum-operator licences are some of the ways to bring in competent players to the sector, FICCI said in its statement. “Techniques and procedures which reduce manual operation and are environmentally benign are needed to be adopted.” Source: Business Line
BHEL secure Rs.2,854cr. contract
"BHEL has bagged a contract for supply of the Steam Generator Package for three coal-fired thermal units of 660 MW each. Valued at 2,854 Crore, the order has been placed on BHEL by Nabinagar Power Generation Company Ltd," the company said in a statement. Nabinagar Power Generation Company Ltd is a joint venture of NTPCBSE Ltd and Bihar State Electricity Board for this project. The other major contracts involving supply of supercritical sets (which are energy efficient and environment friendly), presently under execution by BHEL include Barh Project of NTPC, Bara Project of Prayagraj Power Generating Company Ltd, a part of Jaypee Group, Singrauli project of Dainik Bhaskar Power Ltd etc. BHEL has established the capability to deliver power plant equipment of 20,000 MW per annum. Source: IndoLink

Exide Industries ties-up with Shin-Kobe Electric Machinery Company
Leading battery-maker Exide Industries Tuesday said it has entered into an additional agreement with Japan's Shin-Kobe Electric Machinery Company Ltd. for implementing new manufacturing process for automotive batteries. Exide already has a technical collaboration with Shin-Kobe, a leading manufacturer of automotive and industrial batteries and a part of the Hitachi Group. Under this agreement, Shin-kobe will provide Exide the technology and extensive technical support and assistance to enable it to manufacture quality automotive batteries in various parts of India, the Kolkata-based company informed the Bombay Stock Exchange (BSE). "This new technology would enable Exide to not only manufacture superior quality batteries but is also expected to result in cost reduction," it said. The firm early last year entered into technical collaboration and assistance agreements with US battery maker East Penn Manufacturing Co. Inc. for technical support in manufacturing, designing, quality control and procurement. Source: SMETimes


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