Markets | Tata Power to retain Indonesian mines’ stake

Markets | Tata Power to retain Indonesian mines’ stake
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First Published: Mon, Mar 16 2009. 09 58 PM IST
Updated: Mon, Mar 16 2009. 09 58 PM IST
Mumbai: The country’s biggest electricity generator outside state control, Tata Power Co. Ltd has said it has no intention to sell its stake in two Indonesian coal mines owned by PT Bumi Resources, Asia’s third biggest coal producer.
“We strongly deny the rumours regarding our stakes in Indonesian Coal mines—KPC and Arutmin,” Tata Power said in response to emailed questions from ‘Bloomberg’ on Monday. “This acquisition is a key part of the company’s growth strategy and we have no intention to sell our stake in the coal mines to Bumi Resources or any other party.”
— Bloomberg
HSBC sells 1 mn shares of Patni Computer
Mumbai:HSBC Global Investment Fund sold 1 million shares of Patni Computer Systems Ltd for Rs11 crore.
The fund sold the shares at an average price of Rs110 each, the Bombay Stock Exchange said on Monday on its website. The holding represents 0.8% of Patni Computer’s share capital.
— Bloomberg
No MTM worry for gilts, says Indian Bank chief
Mumbai: Indian Bank is not likely to make additional provisioning towards mark-to-market losses for investments in government bonds in Jan-Mar, chairman and managing director M.S. Sundara Rajan said on Monday.
“In the last quarter (Oct-Dec), we did not reverse our surplus position in investments. So we need not make any provisioning in this quarter,” Sundara Rajan said. In Oct-Dec, the bank’s treasury profit stood at Rs25.76 crore.
Many state-owned banks may have to provide for mark-to-market losses on their investments in gilts during Jan-Mar due to the surge in yields. The 10-year benchmark 2018 gilt has risen by 137bps since January to 6.62% on Monday.
— NewsWire18
RBI extends deadline for buying back FCCBs
Mumbai: The Reserve Bank of India (RBI) has extended the deadline for buying back foreign currency convertible bonds, or FCCBs, a quasi debt instrument, to 31 December, giving a temporary relief to Indian corporations. The previous deadline was 31 March.
Indian firms are facing a huge debt burden as their stocks had fallen below the level at which these bonds would have been converted into equities. RBI in December allowed Indian companies to prematurely buy back their FCCBs without its approval at a minimum discount of 15% on the book value, provided the funds used for the repurchase were from existing foreign currency funds.
— Anup Roy
GMR set to take equity stake in power exchange
New Delhi: GMR group, which is enhancing its presence in the energy sector, said on Monday it would take a call by this month-end on equity participation in Power Exchange India Ltd, a venture promoted by the National Stock Exchange and the NCDEX for sale and purchase of electricity.
“The percentage of share will be decided by the exchange (PXIL) first and then by the company’s board members,” Sunil Agrawal, head, power trading and regulatory of GMR Energy, which would buy equity in the venture, said.
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First Published: Mon, Mar 16 2009. 09 58 PM IST
More Topics: Tata Power | HSBC | Indian Bank | GMR | Money Matters |