The Mint report for 24 September 2009

The Mint report for 24 September 2009

A day after a chimney collapsed at the Balco plants at Korba, killing 18 people, the Central Electricity Authority or CEA, on Thursday said it would ask the company to submit a report. According to Balco or Bharat Aluminum Co Ltd heavy rains and lightening triggered the collapse. Chinese power generation equipment manufacturer Shandong Electric Power Construction Corp. was awarded the engineering procurement and construction contract for the 1200 MW project.

Loading Video...

The company in turn had outsourced the chimney construction work to a New Delhi based company. The accident comes at a time when the Indian government is considering new guidelines on for Chinese power equipment manufacturers.

A group of physicists including two Nobel laureates have appealed to the Prime Minister, Dr Manmohan Singh, to help overcome objections against the proposed Neutrino observatory to be located deep under the Mudumalai Tiger Reserve at Masinagudi in Tamil Nadu. Neutrinos are neutral subatomic particles, which Scientists believe will help solve mysteries about the age of the universe and the underlying structure of matter.

The shuttered retail chain Subhiksha Trading Services Ltd, which is facing winding up petitions, has appealed to the Madras high court seeking another chance to reach a compromise with creditors. Cash and Carry Wholesale Traders Pvt. Ltd, a company promoted by Subhiksha founder R. Subramanian, filed the appeal to a wider bench after a single judge set aside an earlier petition and admitted the suits seeking the dissolution of the company.

General Motors and Reva Electric Car Company will jointly develop a battery-powered, affordable small car. The car will be sold in India. As both pollution concerns and gas prices are on the rise, more and more carmakers are embracing battery-vehicle technology.

The BJP may be torn from within by internal politics, but it has a new strategy for its election campaign in Maharashtra. The party is focusing on its regional leaders and chief ministers from the neighboring states to capture the migrant vote bank.

The wholesale prices rose for a second week, after 13 previous declines. The benchmark wholesale-price index climbed 0.37 per cent in the week ended 12th September from a year earlier. It rose by 0.125 in the previous week. Economists expect the inflation to rise further in the coming weeks due to a bad monsoon.

Markets ended the day in the green on Thursday. The Sensex went up almost 62 points to close at 16,781 and the Nifty went up 16 points to 4,986.