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SCI Registers Profit In Q1 2014-15

The Shipping Corporation of India Limited (SCI), the largest Indian Shipping Company, has reported a net profit of Rs. 49.50 crores for the quarter ended 30.06.2014. This is against the loss of Rs. 98.70 crores reported for the corresponding quarter last year.

 

 

Despite the depressed market conditions, operationally SCI has performed better as can be seen from the profit from operations before other income & finance cost, which stood at Rs. 11.94 crores, as against the loss of Rs. 61.11 crores during the same period last year.

 

 

GE Energy Financial Services Invests In Atria Power’s Wind Farms In India

GE Energy Financial Services has invested equity in three Atria Power wind projects under construction in India, supporting GE’s commitment to invest USD $1 billion annually in renewable energy projects worldwide. The wind farms will have a combined capacity of 126 megawatts and will support the Indian Ministry of New and Renewable Energy’s program to generate competitively priced grid-interactive wind power through feed-in tariffs. Financial details were not disclosed.

 

 

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GE Energy Financial Services Invests In Atria Power’s Wind Farms In India

GE Energy Financial Services has invested equity in three Atria Power wind projects under construction in India, supporting GE’s commitment to invest USD $1 billion annually in renewable energy projects worldwide. The wind farms will have a combined capacity of 126 megawatts and will support the Indian Ministry of New and Renewable Energy’s program to generate competitively priced grid-interactive wind power through feed-in tariffs. Financial details were not disclosed.

 

 

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KN FreightNet: A New E-commerce Solution To Ease Airfreight Management

KN FreightNet is Kuehne + Nagel's new integrated web application for quotations, booking and tracking services. Its launch recognises an ever-increasing trend towards the use of e-commerce solutions in industry.

 

Currently, quotation and booking processes in the airfreight industry are mainly handled via email or phone. Now, with KN FreightNet, Kuehne + Nagel customers can obtain quotes for export and import shipments online within seconds and are able to place their orders directly.

 

Senvion SE Inks Agreement For Working Capital Facilities

Senvion SE, a wholly owned subsidiary of the Suzlon Group, the world’s fifth- largest wind energy turbine manufacturer, has signed an agreement with a consortium of banks headed by BayernLB, Commerzbank Aktiengesellschaft and Deutsche Bank AG for a syndicated working capital facilities of EUR 850 million for the period of 3 years.

 

This move enables Senvion SE to secure follow-on financing early for the credit facilities of EUR 750 million agreed in May 2012 for the period up to August 2014.

 

Essar Steel Prepays Loan Of Rs 205 Crore

Essar Steel has prepaid Rs 205 crore of loans taken from Axis Bank. The company has prepaid the same by issuing secured redeemable non-convertible debentures (NCDs) of Rs 10 lakh each aggregating Rs 205 crore to the private sector lender.

 

The coupon rate on the securities had been revised to 16.5 per cent from 13.4 per cent originally. Essar Steel has a capacity of 14 million tonnes per annum with presence in India, Canada, the US, West Asia and Asia.

Linde India’s Operating Profit Rises By 50 Per Cent

Linde India, a member of The Linde Group, has announced its audited financial results for the year ended 31 December 2013.

 

Indian Government To Spend On IT Products, Services

According to Gartner, Indian Government will spend $6.4 billion US Dollars (USD) on IT products and services in 2014, an increase of 4.3 per cent over 2013.

 

This forecast includes spending by government (government is composed of state and regional government and central government agencies.) on internal IT (including personnel), hardware, software, external IT services and telecommunications.

 

ASSOCHAM Reaction On Interim Rail Budget 2014-15

ASSOCHAM has appreciated the Railway Minister for making a serious and detailed assessment of the present state of finances of Indian Railways. The mounting pressure on the services provided by Indian Railways coupled with deteriorating financial health makes the task of preparing Annual Railway Budget progressively difficult over the years.

 

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ONGC’s Overseas Arm To Raise $2.5 Billion

In an offshore 5-year loan facility arranged by an Indian company during the last three years, ONGC Videsh (OVL), the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has entered into separate agreements with two consortiums of international banks to raise $2.5 billion via offshore borrowing. The company would use these funds to finance 10 per cent  Mozambique block acquisition.

 

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