Many are utilising the profits generated in the current year to add capacity
GN Bureau | December 19, 2016
State-owned enterprises aren’t holding back on their capital expenditure (capex spends) even though there has been negative cash flows last year. Many are utilising the profits generated in the current year to add capacity and bridging the deficit with borrowings, reported Financial Express.
Steel major SAIL is on track to complete its Rs 4,000-crore capex programme for the year, having spent Rs 2,374 crore or well over 50 percent of the outlay in the first six months. The management has planned for a capacity expansion of 50 percent at a cost of nearly Rs 40,000 crore.
NTPC has invested close to Rs 13,400 crore between April and September, nearly half the outlay envisaged for the year; the lack of free cash flows in each of the last three years hasn’t stopped the power producer from enhancing capacity.
Kulamani Biswal, finance director, has said that the company had issued Rs 1,470 crore worth of bonds at around 7.5 percent. “We have also mopped up Rs 2,000 crore via Green Masala Bonds at 7.4 percent to fund solar and wind power projects,” Biswal was quoted as saying.
Smaller PSUs like Container Corporation of India seem to be on course to meet their capex targets for FY17. CMD V Kalyana Rama said: “We have completed about 40% of the work in the first six months.”
Oil marketing company BPCL has spent just Rs 3,800 crore in H1FY17. While that is less than half the targeted Rs 13,000 crore, the management is confident spends will pick up soon.
Ever since the controversy over Major Leetul Gogoi`s meeting with a young girl in a Kashmir hotel started raging on May 23, I have seen that people, particularly scribes, are leaving no stone unturned to blemish the Indian Army’s image. First things first! If the meeting had happened a
IIT Bombay Racing will launch its 6th generation electric car ‘EVoX’ in the institute’s on Saturday. The racing car developed by Formula Student team from India based at IIT Bombay is designed to run at 100 km per hour in just 2.88 seconds. It is powered by 40 KW motors, titanium uprights
SAIL has supplied 10,500 tonnes of steel for the 330 mega watt hydroelectric project, featuring three power generating units of 110 MW each. The enterprise’s steel supply consists of TMT rebars, structurals, plates and sheets. SAIL had also supplied around 70 percent steel used in the
The recent visit of Ambassador of Algeria to India H.E. Hamza Yahia Cherif to Goa Shipyard Limited has given a boost to the PSU’s ambition of receiving international orders from the Mediterranean region. CMD, GSL, Rear Admiral (Retd) Shekhar Mital apprised the Ambassador about various
IndianOil has clocked a net profit of Rs 21,346 crore for 2017-18 fiscal as compared to Rs 19,106 crore in the last fiscal. The reported revenue from operations for 2017-18 FY was Rs 5,06,428 crore as compared to Rs 4,45,442 crore in 2016-17. IndianOil’s reported revenue from operation
A memorandum of understanding (MoU) was entered amongst Bihar government, Bihar State Power Holding Company Ltd. (BSPHCL), Bihar State Power Generation Co. Ltd (BSPGCL), North Bihar Power Distribution Company Ltd.(NBPDCL), South Bihar Power Distribution Company Ltd.(SBPDCL), Bihar State Power Transmission