Adani Enterprises is in the process of setting up a copper smelter project with a capacity of one million tonnes per annum at an investment of Rs 10,000 crore at Adani Port Special Economic Zone (APSEZ) in Gujarat.
The stock markets have been reacting positively to Sebi’s move to regulate P note holders, the typical route through which foreign investors come into India, with the Sensex off early highs and trading up 0.01%.
The rupee fell for the fifth consecutive day on Wednesday as it depreciated by 8 paise to trade at 66.95 against the US dollar in early trade, due to sustained demand for the American unit from importers and banks amid a lower opening in the domestic equity market.
In a bid to fuel stranded gas based power projects the government is negotiating long term contracts with leading gas suppliers in the Gulf region. The plan is to enter into contracts for importing 70-80 million metric standard cubic metres (mmscmd) of natural gas through long-term contracts of 10-15 years and at affordable rates. Given the price sensitivity of fueling a power project, the government wants these long term contracts in the price range of $5 per million British thermal unit (mmBtu).
Bank of Baroda (BoB), India’s second-biggest bank by assets, which reported a huge net loss of Rs 3,230 crore in the January-March quarter, expects a turnaround in the current fiscal with higher recoveries and lower bad loans, backed by a no-soft-option approach scripted by CEO PS Jayakumar and the senior management. With a rise in provisions towards pension and other liabilities, and gross bad loans of Rs 40,500 crore in the fourth quarter, Jayakumar is looking to decentralise systems and compliances.
Many people wrote-off gold in 2014 and 2015 as investors turned to equity markets and domestic mutual fund investments surged. Globally, too, foreign investors started moving investments back to the US to the safety of the dollar, following volatility in emerging markets from the slump in crude oil and metals.