Sunday, 22 December 2013

CRISIL assigns stable outlook to Tata Sons' Rs 630-cr NCD issue

CRISIL Ratings has assigned a stable outlook to Tata Sons' Rs 630-crore non-convertible debenture (NCD) issue, said the media report.

It also maintained the 'outstanding' rating on the company's debt programmes and bank facilities at 'CRISIL AAA/FAAA/Stable/CRISIL A1+.'

The stable outlook for the NCDs reflected Tata Sons' financial flexibility as the principal holding company of the Tata group, the agency said in a release.

"CRISIL believes Tata Sons' business risk profile will be increasingly dependent on the success of its investments, which carry risks associated with implementation and integration," it said.

The rating agency may revise its outlook to 'negative' if Tata Sons' financial flexibility is adversely affected, especially in case of larger-than-expected investments, added the media report.

Sandip Ginodia , Director

We deal in over 60 unlisted companies with 15 years of experience .
For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .





Govt official sent to jail in bribery case

 A government official has been sentenced to five years in jail by a Delhi court for accepting a bribe of Rs two lakhs from a scrap metal firm to favour it in allotment of lots during e-auction of metal waste. 

Special CBI Judge Sanjeev Jain awarded the jail term to 57-year-old Samir Kumar Ghosh, who was Senior Manager with MSTC Limited here, after holding him guilty under the various provisions of Prevention of Corruption Act. 

Sandip Ginodia , Director

We deal in over 60 unlisted companies with 15 years of experience .
For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

CRISIL assigns stable outlook to Tata Sons' Rs 630-cr NCD issue

CRISIL Ratings has assigned a stable outlook to Tata Sons' Rs 630-crore non-convertible debenture (NCD) issue, said the media report.

It also maintained the 'outstanding' rating on the company's debt programmes and bank facilities at 'CRISIL AAA/FAAA/Stable/CRISIL A1+.'

The stable outlook for the NCDs reflected Tata Sons' financial flexibility as the principal holding company of the Tata group, the agency said in a release.

"CRISIL believes Tata Sons' business risk profile will be increasingly dependent on the success of its investments, which carry risks associated with implementation and integration," it said.

The rating agency may revise its outlook to 'negative' if Tata Sons' financial flexibility is adversely affected, especially in case of larger-than-expected investments, added the media report.



Essar, JSPL, KIOCL keen on joining RINL-NMDC pipeline venture

Essar Steel, JSPL and state-run KIOCL have evinced interest in participating as the partner in the Rs 2,200-crore joint venture between NMDC and RINL for setting up a 450-km slurry pipeline and a pellet plant.
“It is understood that Essar Steel, JSPL and KIOCL responded against the Expression of Interest issued by NMDC for joining as the third partner in the project for slurry pipeline and pelletisation Plant,” a highly placed source in Steel Ministry told PTI.
Rashtriya Ispant Nigam Ltd and iron ore producer NMDC, two state-run firms under the administrative control of the Steel Ministry, in May last had year singed a MoU for the proposed equal venture to make it a win-win for both.
However, NMDC later wanted to induct a third partner and entrusted with the job of operating the project and give it some equity stake.
The slurry pipeline that would run between Jagadalpur in Chhattisgarh to Visakhapatnam in Andhra Pradesh would be used to transport iron ore. The pellet plant would be ten million tonnes per annum capacity.
While Essar Steel and Jindal Steel and Power (JSPL) did not comment on the development, Malay Chatterjee CMD of KIOCL (formerly Kudremukh Iron Ore Company Ltd) said the company was most suitable as the third partner as it has the requisite experience and exposure to operate pipeline.
The issue of induction of the new partner would require approval of the Steel Ministry. The route survey for the pipeline would be completed by the end of next year, the source said.
Out of the total investment, Rs 1,200 crore would be used to lay the pipeline having a capacity of 10 mtpa and the rest Rs 1,000 crore for setting up the pellet plant.
Sandip Ginodia , Director

We deal in over 60 unlisted companies with 15 years of experience .
For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .