Private electricity generators have expressed their concern over the latest auction for coal linkage being conducted by Coal India (CIL) for power plants without power purchase agreements (PPAs). In a letter to Union coal minister Pralhad Joshi, the Association of Power Producers (APP) has claimed that the auction methodology is not in line with the recommendations of the high-level empowered committee (HLEC) which was constituted to address issues of stressed thermal power projects.
The Ministry of Coal aims to issue the Notice Inviting Tender (NIT) documents before the end of the current financial year to begin the process of commercial coal mining auctions.
According to a top Coal Ministry official, this change would require an approval of the Union Cabinet, followed by an Ordinance or a Bill depending on the urgency and subject to the House being in session.
Strong growth returned to the services sector in December as international business helped it scale a five-month high, according to a global survey.
The widely tracked Nikkei India Services Purchasing Managers Index (PMI) stood at 53.3 in December, up from 52.7 in November.
Services growth had peaked to a 43-month high of 54.7 in August, followed by two-straight months of contraction. This was in line with manufacturing activity, which also rose to 52.7 from 51.2 in November after October’s two-year low, according to a survey.
The recent price hike by domestic steel companies, supported by improving demand and firming up of global steel prices in anticipation of a US-China trade deal, may significantly improve their margins during the fourth quarter of this financial year, say metal sector analysts.