Power cuts cost India Inc over Rs.43,000 crore: Study

October 5th, 2009 RAIPUR - Chhattisgarh has embarked on a plan to become a leading power producer in India, signing 61 deals with independent power producers (IPPs) to generate about 50,000 MW of electricity, an official said Monday. The coal-fired power projects will come up in northern Chhattisgarh, a coal-rich belt, on a total investment of around Rs.250,000 crore.

September 23rd, 2009 MUMBAI - India's cash-strapped national carrier Air India Wednesday decided to cut productivity linked incentives (PLI) of employees by 25 to 50 percent. The decision was taken at a board meeting of the carrier here, an Air India spokesman said.

August 20th, 2009 MUMBAI - Cash-strapped national carrier Air India Thursday decided to cut performance-linked incentives of its employees by 30 to 50 percent. The decision was taken at a meeting between the management and employees union leaders and the workers have accepted the cut, an airline official said.

August 3rd, 2009 NEW DELHI - Though the overall economy has started showing signals of an early recovery, the country's textile sector, the second largest employment provider, is still struggling with the slowdown, an industry report said Monday. The report by the Associated Chambers of Commerce and Industry (Assocham) said decline in textile exports and massive layoffs in the industry were still continuing.

July 30th, 2009 NEW DELHI - Buoyed by the recent surge in capital markets, India Inc is planning to raise Rs.16,000 crore ($3.3 billion) through initial public offerings (IPOs) this fiscal, an industry lobby report said Thursday. "The companies are weighing higher expectations from renewed investor's sentiments to raise funds from the primary market," Assocham president Sajjan Jindal said.

July 29th, 2009 NEW DELHI - Reliance Power has posted a net profit of Rs.100.56 crore ($21 million) for the quarter ended June 30 as against Rs.59.7 crore reported in the like period last year. The total income has increased to Rs.144.24 crore from Rs.77.67 crore, the company said in a statement.

July 27th, 2009 NEW DELHI - State-run power utility National Thermal Power Corp (NTPC) Monday reported a 27 percent increase in its net profit to Rs.2,193.6 crore (Rs.21,936.2 million) for the first quarter this fiscal, as compared to the Rs.1,726.53 crore it netted in the year-ago period. Its total income surged 24 percent to Rs.12,778.96 crore from Rs.10,256.7 crore, the company said in a regulatory statement.

July 25th, 2009 MUMBAI - State-run gas utility company GAIL India Saturday reported a 26.8 percent dip in its net profit at Rs.655.8 crore ($135.5 million) for the quarter ended June 30, compared to Rs.896.8 crore in the same period last fiscal. However, the total income increased 4.3 percent to Rs.6,101.3 crore from Rs.5,845.5 crore, the company said in a regulatory statement.

July 14th, 2009 NEW DELHI - Maintaining that low fare carriers were the need of the hour, Civil Aviation Minister Praful Patel Tuesday said national carrier Air India will launch its own low-cost carrier under the existing Air India Express, which currently flies to 14 international destinations. "Air India Express will be our low-cost carrier and it has to be given a meaningful role.

June 16th, 2009 MUMBAI - Public sector electricity major Power Grid Corp of India Tuesday reported a net profit of Rs.1,690.6 crore for 2008-09 as against Rs.1,448.5 crore recorded the year before, an increase of 16.7 percent. The company is involved in construction, operation and maintenance of inter-state transmission system and regional power grids.

May 22nd, 2009 NEW DELHI - The state-owned power utility NTPC Ltd, formerly National Thermal Power Corp, posted a net profit after tax of Rs.8,201 crore in 2008-09 against Rs.7,415 crore netted the last fiscal, an increase of Rs.786 crore, the company announced Friday. Total income increased from Rs.40,018 crore 2008-09 to Rs.45,273 crore the previous fiscal, NTPC said in a regulatory statement.

May 14th, 2009 NEW DELHI - State-run power major NTPC Ltd has signed a Rs.8,500-crore ($1.7-billion) loan agreement with State Bank of India (SBI), the country's largest lender, it was announced here Thursday. The agreement was signed by NTPC general manager (finance) M.

April 23rd, 2009 MUMBAI - The Anil Ambani-led Reliance Infrastructure Thursday said its standalone net profit rose 5 percent to Rs.1,138.88 crore in 2008-09 from Rs.1,084.63 crore the year before. The power distribution company, also involved in generation, transmission and trading of electricity besides constructing power plants, saw a 51.5 percent rise in its consolidated income at Rs.12,844.67 crore last fiscal as against Rs.8,480.31 crore the previous year.

March 30th, 2009 MUMBAI - Engineering and construction major Larsen and Toubro (L&T) has bagged a Rs.345 crore ($67.5 million) order from the Nuclear Power Corp of India (NPCI) for supply of four steam generators, it was announced Monday. The steam generators are critical and long lead equipment which will be supplied to the Kakrapar Atomic Power Project-3 and 4, L&T said in a statement.

February 7th, 2009 NEW DELHI - General insurance premium earning is likely to grow at 20 percent annually over the next six years and top the Rs.1-trillion (Rs.100,000-crore) mark by 2015, says an industry report released Sunday. The Associated Chambers of Commerce and Industry of India (ASSOCHAM), in a joint study with the United India Insurance Co, also said the massive increase in premium earning from Rs.280 billion (Rs.28,000 crore) currently would be on account of increased awareness.