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QIPs back in vogue with Rs 10k cr plans
With stock market sentiments bullish and investors back from their holidays, Qualified Institutional Placement (QIP) is also back in vogue. India Inc plans to raise more than Rs 10,000 crore through QIP in the next few months.

Not me, sir
Communications Minister A Raja has learnt it’s better to be safe than sorry. After the EGoM meeting on the 3G spectrum auction, Finance Minister Pranab Mukherjee was surrounded by journalists. He refused to make any comment and then turned towards Raja and said, “Nobody should talk to the press about this meeting.” Even before Mukherjee could finish, Raja waved his hands and said, “Sir, I am not saying anything. I am not saying anything.” A few days ago, Mukherjee had summoned Raja and told him not to talk to the press about the 3G issue and to ensure that no inter-ministerial communication related to the 3G auction was leaked from his office — letters from Mukherjee to Raja and vice versa have all been leaked to the press in recent weeks.

News of the day

Rupee slips on dollar buys by importers
The rupee fell, reversing earlier gains, on speculation importers used the currency’s rise to a week’s high today to buy cheaper foreign exchange.
Management

CIL's coal price hike may burden thermal power stations

The Coal India Limited"s (CIL"s) move of 11 per cent hike in the price of coal is likely to impose a heavy financial burden on some of the coal-based thermal power stations in the state, Gujarat State Electricity Company (GSECL), sources said. - Consumers peeved at inferior coal quality - GSECL plans to procure 15 lakh MT of imported coal - CIL targets 7.7% growth in 2009-10 - CIL eyeing partnership with global cos like BHP, Rio - CIL may develop coal assets with Australian mining firms - GUVNL aims to buy 1050 Mw from GSPC The impact would be felt by power stations located at Wanakbori in Central Gujarat, Ukai in South Gujarat, Gandhinagar in North Gujarat and Sikka in Saurashtra region of the state, which have about 3,500 MW power generation capacity, they said. The sources in GSECL told PTI today that it has been purchasing about 15 million tonnes of coal per annum from CIL for its coal-based thermal power stations located in Gujarat. "The majority of power generated in the state is only through coal. Gujarat will have to suffer heavily due to 11 per cent hike in the prices of coal," they said. The rough calculations, assuming Rs 70 increase per tonne in the prices of coal, can put additional financial burden of more than Rs 105 crore on GSECL, they added. This Diwali gift of CIL will be costlier for GSECL which purchases coal from CIL for its coal-based thermal power stations located in Gujarat, official sources of CIL, on its move of hiking the prices of coal by 11 per cent per tonne, said adding that the last revision of its prices was in 2007.


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