• The rupee pared initial gains to settle almost flat at 71.71 against the US dollar on
    Monday as rising crude oil prices kept investors edgy.
  • The rupee finally settled at 71.71, higher by just 1 paisa over its previous close. The
    rupee has extended gains for the fourth day in a row.
  • Sical Logistics Ltd a Coffee Day Group company that runs port terminals and container
    freight stations is likely to see bidding by JSW Group and Adani Group, sources close
    to the development reported media. The Dubai government-owned DP World, a
    container major, too, has shown interest, the sources said.
  • Sical also has a category 1 license from the Indian Railways that permits it to run
    container trains across India. Apart from port terminals and container train operations,
    Sical has interests in mining, road transport, inland container depot, warehousing and
    shipping. It also provides offshore support services to the oil and gas industry and owns
    and operates a cutter suction dredger.
  • In an indication of continued concerns for the NBFC sector, India Ratings on Monday
    revised its outlook for the non-banking finance companies to negative from stable and
    also maintained its negative outlook on large ticket housing finance companies (HFCs).
  • The agency also cut its growth forecast for NBFCs for 2019-20 to 10% to 12% from the
    earlier estimate of 15% due to funding challenges and slowdown in economic activity,
    which is evident from the fall in auto sales, slowdown in rural infra activity and small
    and medium enterprises (SME) challenges. It also said that measure announced by the
    government to improve liquidity for the sector are likely to play out over the medium-to-
    long term.
  • The NBFC and HFC sector has been in the midst of a financial crisis for a year now
    and the Reserve Bank of India and the Finance Ministry have announced a slew of
    measures to improve funding to them. NBFCs focussed on retail asset financing with
    long track records have been able to mobilise funding owing to the granular nature of
    their loan books and the control they have exhibited in maintaining asset quality, India
    Ratings said.
  • It however, cautioned that wholesale and semi-wholesale NBFCs in real estate,
    corporate lending and large ticket housing segment have seen challenges in mobilising
    liabilities, largely because of the asset-side perception risk arising from the slowdown in
    real estate and moderation in refinancing opportunities.
  • Terming the revision of power purchase agreements (PPAs) for wind and solar plants in
    Andhra Pradesh as “unfortunate”, Union Power Minister Mr RK Singh on Monday said
    foreign investments have been coming in the country’s renewable energy sector on the faith of sanctity of contracts.
  • The Andhra Pradesh government had formed a committee to revise “abnormally priced
    wind and solar” PPAs, these might have been inked with “malafide intentions and could
    have resulted in unjustified burden on consumers of the state.”
  • While addressing the media in Hyderabad about the achievements of the government
    in the first 100 days, Mr Singh said that If there is any concrete and specific evidence of
    illegality, go ahead and take action as per law but contracts cannot be re-opened
    across the board.
  • Chief Minister Mr Pramod Sawant said after meeting with Union Mines Minister Mr
    Pralhad Johi on Monday, the Centre’s Group of Ministers (GoM) will submit its detailed
    report on resumption of mining in Goa to Prime Minister Narendra Modi on September
    11. On in inputs, positive solutions will be worked out by November.
  • Mining came to a standstill in Goa in March last year after the Supreme Court quashed
    88 leases and banned extraction of fresh iron ore. The prime minister has insisted an
    early decision should be taken on the issue of mining in Goa. We will be submitting a
    report to him suggesting solutions, Joshi said.

  • Coal is likely to remain in short supply until 2024, national miner Coal India has
    informed the ministry of coal in a recent note. Considering the current fuel supply
    agreements (FSAs) and several MoUs for coal supply, Coal India said the current year
    will witness a deficit of 168.45 million tonne; the next year’s shortfall will be 71.25
    million tonne.
  • According to the note, Coal India also said the deficit may widen to 262.4 million tonne
    in the current financial year, if the Centre brings in more schemes. And if such a
    scenario prevails, the deficit will be 111.27 million tonne for the next financial year, the
    deficit will continue until 2026 in such a case. In current financial year, Coal India has
    set a production and sales target of 660 million tonne and plans to scale up to 710
    million tonne in the next financial year. During 2024-25, the company aspires to
    achieve a production of 940 million tonne of coal.
  • Besides the FSA and the e-auction routes, Coal India has started supplying for the new
    scheme of the Centre SHAKTI. Including SHAKTI, Coal India is currently supplying coal
    through more than 12 supply channels. This includes linkage auctions, FSAs with
    public sector companies, e-biddings, linkages with states, and short-term PPAs.
  • Against the 100% FDI in coal mining, federation had announced a one-day strike on
    September 24 will also affect Coal India.