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Indian-Commodity  :  Top News  :  Coal India, MT Educare and NALCO may grab investor's attention today

Coal India, MT Educare and NALCO may grab investor's attention today (05-Nov-2012)

State-run Coal India (CIL) would double its production capacity in Chhattisgarh to 220 million tonnes by 2017. The company stated that if rail connectivity is established then in the next 5-6 years the production capacity from its subsidiaries would double from the current level of 110 MT. The company has planned a capital expenditure of Rs 7,500 crore on building three railway lines. CIL would spend an equal amount on new projects after the commissioning of these railway lines. CIL has fixed a production target of 468.74 million tonnes (MT) for the current fiscal. The off-take target has been fixed at 474.70 MT. Coal India accounts for 80 percent of the domestic production. CIL missed its revised 2011-12 production target as it achieved only 435.84 MT as against 447 MT.

MT Educare (MTEL), a leading education support and coaching services provider, is actively looking for acquisitions. The company is looking at acquisition opportunities to strengthen its service offeringsand has short-listed a company in existing IIT entrance space. MTEL has around Rs 65 crore of cash available and the company added 8 coaching centres during the first six months of the financial year, taking the total number of centres to 199. The company now plans to strengthen its presence in Maharashtra, Tamil Nadu, Karnataka and Gujarat. The company has reported a consolidated net profit of Rs 11.51 crore for the six months ended September 30, 2012, as compared to Rs 9.62 crore in the corresponding period last year. Total consolidated income for the first six months of FY2012-13 stood at Rs 82.84 crore, a rise of 15 percent y-o-y.

Vedanta group firm Sesa Goa will finalize the capital expenditure plan for first phase of its Liberia iron ore mining project by January. The company is aiming to produce 10 million tonnes of iron ore per annum in the first phase from Liberia's Western Clusters project, in which it had acquired 51 percent stake for about $90 million (about Rs 411 crore) last year. The company has completed over 31,000 metres of drilling at the project site and first shipment from the project will be delivered in 2013-13. On the back of higher than estimated iron ore reserves of 1 billion tonnes, the Goa-based miner also has plans to ramp up the production by up to 30 MT in the second phase, which is expected to begin by 2016-17. The company had begun exploration of the asset during April-May and would be spending about Rs 400-450 crore on the project this year. The investments would be made largely on payments to the local government, exploration, equipment and other related studies for the project.

State-run National Aluminium Company (NALCO) faces the prospect of its refinery in Odisha's Koraput district shutting down with renewal of its mining lease unlikely to happen anytime soon. The country's third-largest aluminium producer sources bauxite for its Damanjodi refinery from its captive mine at Panchpatmali, whose 30-year-old lease expires on November 16. The renewal of the lease is likely to be delayed as the public hearing mandatory for its clearance is yet to take place. The company had lined up a public hearing on October 3, but people stayed away due to threats from extremists.

Realty major DLF expects to raise about Rs 2,500 crore by end of this fiscal from sale of its two non-core businesses, luxury hospitality chain Amanresorts and wind energy. The sale proceeds would be utilized to bring down the net debt that stood at Rs 22,680 crore as on June 30, 2012. Of the three big-ticket non-core assets, the company has already sold Mumbai land and is in advance stage of discussion for sale of Amanresorts and wind energy business. Last week, DLF received the Rs 2,727 crore in full from Lodha Developers against the sale of 17-acre land in Mumbai. In August, DLF had announced sale of this land parcel, which it had purchased in 2005 for Rs 703 crore. DLF had then got Rs 500 crore as advance and Lodha paid the balance amount last week to complete the acquisition. The country's largest real estate developer has been selling its non-core assets such as hotel plots and IT Parks/SEZs since last couple of years to reduce its debt and also keep focus on real estate business only.

Essar Ports, a group concern of the diversified Essar Group, will be commissioning its 16-million tonne iron ore berth at the Paradip Port within a few weeks. The civil and engineering work is over and the company is just waiting for an official go-ahead to formally commission the 20 million tonne per annum facility. The Rs 520-crore iron ore berth project, with an installed capacity of 16 mt per annum, has a 75:25 debt equity component. The scheduled date for commissioning the iron ore berth was last month. The company, which already operates two ports with a combined capacity of 88 mt at the Vadinar and Hazira in Gujarat, bagged the 30-year concession BOT order in 2009 from the Paradip Port Trust. The company also has a contract to develop a 14-mt coal berth terminal at the Paradip Port, for which it had got the forests clearance in June this year. Essar Ports currently operates 88 mt of port capacity between the Vadinar and Hazira ports.

The Odisha government has asked leading steel and iron ore companies to pay over Rs 50,000 crore for alleged illegal and excess mining in a move that could lead to a lengthy standoff between the private sector, the Centre and the resource-rich state that produces a third of the country's iron ore. Around 40 notices from the mining department of the state's Joda district have been issued seeking recovery of as much as 48,450 crore from both captive and non-captive mining leases in the district. The companies include Tata Steel, Essel Mining, Sarada Mines which has a long-term arrangement with Jindal Steel & Power, Mideast (Mesco Steel) as well as firms belonging to KJS Ahluwalia, MC Rungta and the state's own Orissa Mining Corporation. The hefty fines have been imposed as the state is seeking to recover all of the revenue miners have made in the past decade by extracting beyond permissions.

Central Bank of India is targeting to take its home loan portfolio to over Rs 10,000 crore by this fiscal end. With the huge success of 'Swapna Sankul-2012', the first realty exhibition organized by the bank last week, the bank now intends to take the initiative forward to 100 other cities by March. The expo was also aimed at tapping the huge government housing market. At the expo, the bank notched up sales worth Rs 174.24 crore from 525 applicants. Central Bank has over 4,100 branches and over 1,900 ATMs across the country. The retail portfolio stood at Rs 18,964 crore, as of end September, up 34 percent from the year ago quarter.

Auto paints major Kansai Nerolac is targeting 15 percent revenue growth this year. Kansai Nerolac is the second largest paints company in the country and leader in the auto space with close to 57 percent market share. However, the demand from auto sector is sluggish due to poor sales amid high interest rate scenario. The company had recently acquired a Nepal-based paint company at an investment of Rs 7.55 crore. The company's current capacity stands at 2,15,000 tonne and sells close to 2,00,000 tonne of paints each year. The company enjoys a market share of 18 percent in the Rs 21,000-crore domestic paints market and spends close to Rs 110 crore on marketing.

LIC Housing Finance is scaling down share of high-margin developer loans to 4-6 percent of its loan book from an initial target of 8 percent this fiscal, owing to poor support from banks to commercial realty segment as well as its decision to stop-term loans to the industry. Accordingly, the mortgage arm of the life insurance giant LIC, it is exploring other options like reducing the composition of bank borrowings and increasing borrowing through debentures to meet its margin guidance of 2.5-2.7 percent. Also, following adoption of standard operating procedures in the wake of its previous chief executive getting caught in the cash-for-loans scam, the company has also stayed away from giving term loans to developers and is offering construction finance which is linked to the progress of the projects.

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