Posco Steel Plant Wins Environmental Approval, India

Chandrasekhar Atreya
04 Jan, 2011
New York City

Stocks in Mumbai fluctuated and closed lower. South Korea based Posco

[R]5:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai fluctuated and closed lower. South Korea based Posco’s $12 billion proposed steel project in Orissa received environmental clearance. Manufacturing sector expanded at a slower pace in December. Coffee exports surge 56% in 2010.[/R]

Mumbai stocks fluctuated and the Sensex index closed lower 0.30% after a 4-day rally.

The BSE Sensex fell 0.30% or 62.33 to 20,498.72. The CNX Nifty on the National Stock Exchange fell 11.25 to 6,146.35.

The rupee fell 38 paisa to close at Rs 45.33 in Mumbai today.

The Environmental Appraisal Committee appointed by the government of India has given environmental clearance to Posco’s proposed $12 billion or 12 million tons a year steel plant to be built in the state of Orissa.

The report said that the compensation given to farmers and fisherman, displaced by the project is “fair.”

Coffee exports in 2010 surged 56% from the previous year to record 292,500 tons on strong overseas demand. The country exported 187,326 tons in 2009, dropping from the high of 213,158 tons in 2008.

In 2010, India’s Arabica exports surged 71.4% to 51,398 tons and Robusta shipments soared 63.2% to 157,006 tons, the state-run Coffee Board said Monday.

Reliance Capital Ltd confirmed Monday it had acquired a 26% stake in Indian Commodity Exchange Ltd from Indiabulls Financial Services Ltd.

With the purchase, Reliance is an anchor investor in the Indian Commodity Exchange, or ICEX, a screen-based online derivatives exchange for commodity trading.

India would like French infrastructure firms to help the country develop its fast growing transport and road network Minister for Transport Kamal Nath said in an interview with French daily Le Figaro published in Paris today.

India plans to build 20 kilometer of highways per day, or 7,000 kilometers per year, Nath told Le Figaro.

Banks have the potential to lend an additional Rs 50,000 crore more to small and medium enterprises, a report by ratings firm Crisil said.

Banks have funded only 60% of their incremental working capital towards the small and medium enterprises between 2007 and 2009 as against the required 75%, to companies with a turnover of less than Rs 50 crore, according to the report released to media on Monday.

Air India reported operating profit of 21.66 crore in November 2010 first in nearly four years.

The airline posted better than expected performance on the back of a significant improvement in efficiency, better yield management strategies and passenger’s faith in the national carrier, an official statement said on Monday.

India’s manufacturing sector expanded at a slower pace in December than in November, indicating that growth may have peaked in October, a survey showed on Monday.

The purchasing manager’s index compiled by HSBC Holdings and Markit Economics fell by 1.7 points to 56.7 in December although the momentum is still quite strong.