FIPB may defer FDI in pharma sector

The finance ministry may defer 10 proposals for FDI in pharmaceutical sector that are listed to be taken up at the FIPB (Foreign Investment Promotion Board) meeting on Friday, as the government is yet to review foreign investment policy in existing Indian drug companies.

Sources said, "FDI in existing pharma companies and other related proposals would be deferred by the FIPB meeting scheduled for tomorrow," as the current policy has not been reviewed after the DIPP (department of industrial policy and promotion) raised concerns over the increasing number of takeovers of Indian firms by foreign drug makers.

The 10 applications for FDI in pharma sector which are listed for Friday's FIPB meeting include proposals of US-based Mylan Laboratories, Mumbai-based Ferring Therapeutics and Hyderabad-based Verdant Life Sciences.

The DIPP has raised concerns over a spate of acquisitions of domestic pharma firms by multinationals. It has sought the intervention of the Prime Minister's Office (PMO) on this matter.

Earlier, the department had asked the (FIPB) not to take decision on any pharma related proposal.

Government sources said that on an average about 25-percent of the FIPB agenda is related with pharma sector.

The continuing acquisitions of Indian pharma firms by foreign companies would pose serious problems in availability of life-saving drugs to consumers in near future, sources added.

FDI policy in the sector has already been discussed at the PMO's level in December last year. Accordingly, all foreign investments in existing domestic pharma firms was allowed only after clearance by the FIPB.

With no let-up in multinationals seeking nod to acquire stake in Indian pharma firms despite government putting norms to check it, the DIPP has raised concerns stating the FDI policy in the sector needs a relook again at the PMO level.

India allows 100 percent FDI in pharma sector through automatic approval route in case of new projects, but foreign investment in the existing pharma companies are allowed only through FIPB's approval.

In 2008, Japanese firm Daiichi Sankyo had bought out the country's largest drug maker Ranbaxy for USD 4.6 billion. US-based Abbot Laboratories had acquired Piramal Health Care's domestic business for USD 3.7 billion.

Since April 2000, FDI of USD 10.3 billion has come into the pharmaceutical sector, nearly 5 percent of the total foreign inflows the country has received.

The current policy says that "the government may incorporate appropriate conditions for FDI in brownfield cases, at the time of granting approval".

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Gurgaon’s prices up, Ambani to rebuild 100-storey tower

On this week's edition of Prime Property we take a look at trending issues in the property market. Gurgaon is plagued with project delays running into years, yet prices keep moving up.

Also read: Find out: Costs of 2BHK areas acorss all metros

We take stock of the situation at the city's futuristic hub, the Golf Course Extension Road. Anil Ambani is taking one more crack at rebuilding Hyderabad's skyline with a 100-storey business tower. Reliance Infrastructure has decided to revive the Rs 8000 crore project that was shelved in 2008. All this at a time when Hyderabad's commercial market is subdued.

New Delhi's property market may have slowed down with builders struggling to sell flats, but Gurgaon is still going strong. Cushman & Wakefield say prices in Gurgaon's luxury residential market have risen 29 percent year-on-year (YoY). So what used to cost around Rs 17,000-25,000 a square foot has appreciated to Rs 22,000-32,000 a square foot.

In the more affordable mid-end category, Cushman & Wakefield estimates an 18 percent price appreciation. So, apartments that a year ago cost Rs 6,500-9,000 a square foot now carry a price tag of Rs 6,800-11,500 a square foot.
Gurgaon's Golf Course Road saw frenzied real estate activity over the last decade.

Numerous apartment complex projects have come up here. Even companies like American Express, Dell, Ernst & Young have all set up shop. 'Walk to work' was the dream that is still being sold to home buyers. The road actually gets its name from the DLF Golf Course where the realty major has super luxury projects.

Prices here are actually mind boggling, especially if you take into account that DLF was late up to three years in delivery. Aralias is today valued at Rs 18-20 crore versus the launch price of just Rs 1.2 crore, and Magnolias of Robert Vadra fame has been partially delivered. Apartments here cost a jaw-dropping Rs 13-14 crore compared to the launch price of Rs 2.7 crore back in 2006.

According to brokers over the last few days, DLF has pre-launched the third edition of apartments, the Camellias. DLF believes the Camellias will be even more fancy with only one apartment on a floor.

Brokers claim the pre-launch offer is at Rs 21,000 a square foot and a buyer also has to pay Rs 40 lakh for four parking slots. A standard sized apartment spread across 7196 square feet is being sold for Rs 15.5 crore in the pre-launch.

Brokers are trying to entice buyers by saying DLF will raise prices sometime in July at the time of the official launch to Rs 26,000-29,000 a square foot or almost Rs 22 crore. However, if you contact DLF's sales office they tell you the Camellias has not been launched or even pre-launched.

There have seen many launches on the Golf Course Extension Road in the last four to five years from all the big names like Unitech, Ireo, Emaar MGF etc, but not even one project has been delivered.

Construction activity is slow but price appreciation is in fast gear. Ireo in fact shot to fame when it started launching projects from 2009 onwards.
Next is Emaar MGF's commercial project - Digital Greens. This was to be completed in 2011.

Down the road is Emaar MGF's residential project Palm Drive. This was supposed to be delivered in 2011. According to Emaar MGF's 2010 prospectus for its initial public offering (IPO), the average price here was Rs 5,624 a square foot which Cushman & Wakefield now tells us has appreciated to Rs 7,500-8,000 a square foot.

Diagonally opposite is Unitech's Escape. It is supposed to be ready for delivery this year which is a delay of over two years. Launched in 2008 at Rs 5,500 a square foot it today costs Rs 8,500-9,000 a square foot.

We visited projects of lesser known developers as well. This project of pioneer for instance is one and a half years late, but Cushman & Wakefield tell us prices have jumped to Rs 9,000 a square foot from Rs 7,500-8,000 a square foot a year ago.

So is golf course road Extension a good investment bet? Shveta Jain, ED , residential, Cushman & Wakefield India says, "Golf Course Extension Road as a pure investment is something that I will not recommend. However, if somebody has a desire for a long-term objective or a long-term objective of end-use then from that point of view Golf Course Extension should still make sense."

If the horizon is anything between five to seven years, then one can look at investing. However, if it is just about flipping the asset in a short-term then definitely it is not a good idea.

Anil Ambani's dream to change the landscape of Hyderabad may still come true. Reliance Anil Dhirubhai Ambani Group (ADAG) is working on resurrecting an Rs 8,000 crore project a 100-storey business tower and a business district in Andhra Pradesh. It's a project that would have become a landmark in the city but was shelved a few years ago due to unfavorable market conditions. Now, the company has filed a revised proposal for the project with one change -  it wants to build the business district first.

Jayesh Ranjan, MD, Andhra Pradesh Industrial Infrastructure Corporation says, " The project is still on and the promoters have asked for some restructuring of some terms and conditions. In the present market scenario they feel that in terms of sequencing the central business district should come first followed by that 100-storey tower. In original terms, it was suggested that they should first build the tower and then they will be permitted to develop that central business district."

As per the original plan, the Rs 8,000 crore project was floated through a special purpose vehicle (SPV).

Reliance Infrastructure held a 66 percent stake in that SPV. Technical partner Sobha Developers held a 23 percent stake and the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) held the balance 11 percent.

The Andhra Pradesh (AP) government has confirmed that the revised plan is under active discussion. Ranjan said, "We have received a request and we have engaged some consultants to study whether this request is genuine and what will be the implications on the state government. APIIC board is discussing that subject regularly. So, the project is very much on. If we agree to the revision in the terms and conditions then they will construct it accordingly."

But getting APIIC clearance will only be step-one. Reliance ADAG's 100-storey business tower project will no doubt be one of its kind in the country, but the company will have to pound some heavy duty payment to get cracking, especially when it comes to securing the mandatory environmental clearances, achieve financial closure and rope in tenants.

For instance, DTZ said in the first quarter of 2013 office take up declined 37 percent YoY. DTZ says vacancies stand at 8.4 percent.

The rupee hit an all time low, breaching 60 against the dollar and may slide even further. So it's a great time for NRIs to invest and that's one market developers are planning to target even more. So imagine the surprise when Knight Frank said it is holding exhibitions in Mumbai and Delhi to sell Indians properties overseas.

Even Knight Frank admits it was tempted to reschedule the exhibitions given the behaviour of the rupee, but it did find takers. London was the most sought after destination.

Mona Jalota, HD - international project marketing said, "Mumbai had one of the rainiest weekends but we had almost a 150 high networth individuals (HNIs) showing up. So, it was a good response, we were happy. Delhi was a brilliant weekend. We had around 120 people showing up in Delhi as well."
"We had four sales in Mumbai and all of them for London properties. We had around five sales in Delhi out of which three were for London, one was for New York and one was for Malaysia. So, we had London which began at 4,00,000 pounds, we had Malaysia, Kuala Lumpur which also began in the same range, similar range 3,65,000 pounds, we had Queensland Australia and that began at around 3,00,00 pounds, we had Hong Kong which was the million pound plus category. The Hong Kong products were for two million pounds to begin with. We had New York where again the products began at two million pounds."

We were not convinced and asked Knight Frank to explain why Indians should buy given the forex volatility.

Jalota says, "After the exhibition when he had a one on one with the investors the thought process was interesting. Most of them felt that people who are purchasing overseas properties are already people it is a need-based demand. It is not something that they are looking at purely in terms of playing around with investment. They want it for several reasons and when it comes to a want they don't care about the forex difference in an under-construction property.

Suppose the property price is 4,00,000 pounds which was one of the properties we sold in London. At this point of time, the investor has to pay up 15 percent which is around 60,000 pounds. So, what is he standing to lose? If he thought of purchasing when the pound was 88 and now it is 90 or at that day it was 90 so he is only looking at lakh of rupees as difference in the initial amounts. So, he is not really going to bother about that much. "
And here's an interesting trend Knight Frank observed between buyers in Delhi and Mumbai.

Jalota says, " In Mumbai, most of the sales happened in the 4,00,000 to the 5,00,000 pound category. So, it was the sub-5,00,000 pound category that sold in Mumbai in Delhi whereas it was totally the opposite. It was only the million pound-plus product that sold."

London was by far the most popular destination in both Mumbai and Delhi. The only thing was Mumbai people were convinced about real estate as an investment, in the sense that they did not care about the value of the property as long as they saw potential in the investment whereas Delhi was more end-use, it was more the snob value, they wanted Central London and they wanted high ticket size properties.

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Central Bank of India launches 'Wonder Card'

The Central Bank of India on Wednesday rolled out a new debit-cum-credit card, called 'Wonder Card', for the benefit of salaried customers in Bihar. Speaking at a function here after launching the Wonder Card, Central Bank of India executive director Malay Mukherjee said the new card will enable a customer to withdraw a fixed amount in excess of his salary to be adjusted against deposit under salary head in the next month.

A Wonder Card holder with a salary of up to Rs 25,000 per month can withdraw an excess amount of Rs 10,000 against his salary amount, while one with Rs 60,000 salary could withdraw Rs 25,000 excess amount, he said, adding, such a card holder with salary of more than Rs 60,000 per month could withdraw up to Rs 60,000.  

Mukherji said the withdraw of excess amount against salary will be adjusted from the next month's salary with interest at the bank's base rate at 10.25 percent, in addition to four per cent interest.

He added Bihar has become only the second state after Maharashtra where the Wonder Cards have been launched for the salaried account holders. Mukherjee distributed ten Wonder Cards and Rs 12 crore loan among 80 people on the occasion.

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Citi India FY13 net up 41% YoY on lower operating expenses

Moneycontrol Bureau

Aided by lower operating expenses and higher other income, Citi India the domestic arm of global giant - Citi Bank, reported more than 41 percent year-on-year spike in its net profit to around Rs 2,720 crore for year ended March 31, 2013.

"Profits have been driven by the dual combination of steady growth and improving operating efficiency," Abhijit Sen, chief financial officer, Citi India told moneycontrol.com in an email reply.

"Increase in profits has been contributed by higher income from both net interest and other income streams which will include income from the foreign exchange and derivatives business. Operating expense to income ratio stood at 40% as at March 31, 2013, down from 44.5% in FY12," he said.

Must read: Mkt stability, growth pick-up key to INR-$ rate: StanChart

The net interest income (NII) rose more than 6 percent to about Rs 5,200 crore during the year. The other income increased by Rs 604 crore, which also included income on investments.

However, the bank's net non-performing asset (NPA) ratio rose to1.47 percent as against 0.90 percent a year ago. Similarly, gross NPA ratio stood at 2.58 percent in FY13 compared with 1.78 percent in FY12. 

"NPAs for FY13 included a significant exposure to a single corporate entity which while being fully secured, has been reported as an NPA for technical reasons. Provisions for NPAs have reduced by Rs 200 crore," the CFO said.

Citi India expanded its loan book at a slower pace by 10 percent y-o-y to around Rs 52,000 crore while deposit growth was muted at just 3 percent y-o-y to around Rs 66,600 crore.

The relative growth of deposits/loans, according to Sen, reflected the results of a balance sheet optimization exercise.

"We witnessed steady growth across all our businesses, driven by commercial, retail and treasury in particular. Provisioning for NPAs have also reduced on a year on year basis," he said.

During the financial year, Citi India added more than half of its outstanding restructured loan book. As on March, 31, 2013, the total outstanding restructured loans were at Rs 76 crore. During the year, there was fresh restructuring of Rs 46 crore.

saikat.das@network18online.com

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RBI issues draft guidelines to hike provns on unhedged cos

Moneycontrol Bureau

The Reserve Bank of India (RBI) proposed to slap incremental provisions and capital requirements on banks, which lend to corporates having unhedged foreign currency exposures. In the wake of increased exchange rate volatility, some Indian companies are likely to incur losses due to their un-hedged foreign currency exposures.

The Indian rupee had slumped to a record high at 60.71 percent against the US dollar. Since May, the local currency depreciated 10 percent against the greenback.

"Unhedged foreign currency exposures of the corporate are an area of concern not only for individual corporates but also to the entire financial system," RBI said in its draft guidelines issued on Tuesday.

"Corporates who do not hedge their foreign currency exposures can incur significant losses due to exchange rate movements. These losses may reduce their capacity to service the loans taken from the banking system and thereby affect the health of the banking system."

Also read: Mkt stability, growth pick-up key to INR-$ rate: StanChart

Generally, banks provide at the rate of 2 percent for performing (or standard) corporate loans. However, banks have to add incremental provisions between 20 and 80 basis points depending on different risk levels attached to those companies with un-hedged foreign currency exposures.

Also read:  Indian rupee turns senior citizen; PSUs add to woes

For example, a bank has to make an extra 20 bps provisioning over and above standard provisions for its credit exposure to a corporate entity with likely loss up to 15 percent. The additional provision will be 40bps in case of likely risk in the range of 15-30 percent.

For a slab of 50-75 percent likely loss, banks need to provide for 60 bps additionally. The maximum incremental provisioning stands at 80 bps for corporates with more than 75 percent likely loss. Here, it will also fetch a 25 percent increase in the risk weight.

The likely loss is a kind of estimation on the default rates. The loss to the corporate in case of movement in USD-INR exchange rate may be calculated using the annualised volatilities. For this purpose, largest annual volatility seen in the USD-INR rates during the period of last ten years may be taken as the movement of the USD-INR rate, the central bank explained.

RBI mandates risk weight for each asset class and banks abide by such norms. Suppose, a bank lends Rs 100 crore to a company in a sector, which requires 100% risk weight. Therefore, the bank has to set aside 100 percent of 9 percent, the minimum capital adequacy ratio, for that loan. That is Rs 9 crore.

"Banks have to monitor the unhedged foreign currency exposure (UFCE) on a monthly interval. Banks should calculate the incremental provisioning and capital requirements at least on a quarterly basis. However, during periods of high USD-INR volatility, the calculations may be done at monthly intervals. This framework may be implemented from October 1, 2013," RBI said.

Earlier, the central bank had mentioned about such provisiong norms in its annual monetary policy in May 2013. Comments against the proposed draft guidelines may be sent to the RBI latest by August 2, 2013.

saikat.das@network18online.com

 

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Going to move court on AirAsia: Subramaniyam Swamy

Even though the PMO has asserted that government is not divided over the air services agreement between India and Abu Dhabi, cracks are apparent. That the trouble for the 2058-crore deal was far from over became apparent when the PMO advised ministry of civil aviation to consider a calibrated approach towards aviation deals.

Speaking to CNBC-TV18, Janata Party president Subramaniyam Swamy said the clearance for the deal got delayed on his insistence. Swamy is the staunchest opponent of the deal. He is also vehemently opposed the idea of Air Asia operating out of India , saying he will move court to stop it from taking off.

Below is the edited transcript of his interview with CNBC-TV18:

Q: Before I actually get to the objections that you have raised as far as the Jet-Etihad deal is concerned, let me ask you about why you are opposing the AirAsia deal? You have said this morning that you want the AirAsia deal scrapped. What is your objection to the AirAsia deal?

A: The policy was very clear that there are two aspects of it. One is that foreign investment is only permitted for an existing airline. There is no existing airline here in India. Tata is not an existing airline, therefore I have a good opinion about AirAsia.

Q: If you have a good opinion about them, if the Indian consumer stands to benefit, then why would you oppose this particular transaction. Why are you opposing this particular deal and even as far as the foreign direct investment (FDI) regulation is concerned, that matter was clarified by the Department of Industrial Policy and Promotion (DIPP)?

A: They have not clarified it. The civil aviation ministry has stated in the Foreign Investment Promotion Board (FIPB) that this is against the regulations that it has to be an existing airline. Ajit Singh said to one of the leading newspaper that under no circumstances it can be given to any airline which is not existing.

Q: If we are living by regulations, the FIPB has taken a decision to allow AirAsia to operate in this country. The FIPB, which has had consultations with each and every ministry that you just talked about, has said that AirAsia is okay with flying in this country?

A: The FIPB is one of the most scandalous bodies of India under Chidambaram's leadership. It did so in the Aircel-Maxis also and it has done it in this and when I challenge it in court, I will bring it out. How did they disregard this fundamental regulation?

Q: Is your objection against the FIPB or is your objection against Chidambaram?

A: Both combined. There is no difference between the two.

Q: So are you saying that even as far as the AirAsia matter is concerned that you are going to move court?

A: Of course, I may move earlier than this one because I think Jet and Etihad is going to take a long time to finalise.

Q: So you are saying that you will actually move on AirAsia before you will move the Supreme Court against Jet-Etihad?

A: Yes, because Jet-Etihad is going to take a long time to consider. It's not going to be cleared soon.

Q: If you are now saying that Jet-Etihad will take a long time to clear. Through the day and in your letter to the Prime Minister, you have been talking about the sense of urgency, the haste that the government has shown in trying to clear this deal. You yourself are now saying that the Jet-Etihad deal is far from being cleared?

A: Thanks to my letter it is going to be delayed. Otherwise it would have been cleared by now.

Q: So, you are taking credit for the fact that the government hasn't acted on giving it clearance?

A: I am not taking credit. I wrote a letter and the action followed immediately after my letter. Actions speak louder than anything, I might say.

Q: Lets look at the facts and lets leave conjecture aside. The Indian government has not signed the bi-lateral agreement with the Abu Dhabi government so far. As far as the Foreign Investment Promotion Board (FIPB) clearance is concerned, the Jet-Etihad deal has not been cleared by the FIPB the matter was deferred again. As far as Securities and Exchange Board of India (Sebi's) clearance is concerned, the matter has not been cleared by Sebi. As far as the competition commission of India (CCI) is concerned, the matter has not been cleared by the CCI as yet. So, perhaps are you being a bit premature in pronouncing the fact that this deal ought to be scrapped?

A: Had I not written the letter on May 28, the FIPB would have cleared it on June 11.  That was the understanding that I have on the basis of what people told me.

May of them are members of the FIPB meeting. It's because of my letter that this happened. So, its not premature, it was very well timed. It was at the right time.

When I saw that they were even disregarding the parliamentary committee, standing committee report I thought the time had come for me to write a letter. I wrote a letter to the Prime Minister to say that if the deal gets cleared, he would be culpable under Section 13 of the prevention of corruption Act.

Q: What is your biggest objection? Is your objection the bilateral agreement or is it the ownership issue?

A: If my biggest objection has to be summarised, it is that the Indian airlines industry is sought to be wrecked by four ministers who have some other motives other than national interest.

Q: You are saying that you will move the Supreme Court against AirAsia's deal, but you will not move the Supreme Court against Jet-Etihad atleast not as of now?

A: Yes, till they take a decision I can't move. I will go to the Supreme Court as far as AirAsia is concerned.

Q: They have crossed the FIPB, but they are yet to get a licence to fly?

A: FIPB is an illegal decision. So, I have a cause of action. There is no decision where I can take cause of actions in the court. You must know the requirements of the court before I can go to court.

 

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Vodafone offers Rs 4,000 cr for retaining 2G spectrum

Vodafone India has offered to pay Rs 4,000 crore for retaining premium 2G spectrum in three metros - Delhi, Mumbai and Kolkata, where its licences will
expire next year.

Vodafone, the nation's second largest telecom operator , on June 18 wrote to the telecom secretary offering to pay Rs 4,000 crore for extension of its licence beyond November 2014.

"For extension of our licence for 20 years, along with current mix of spectrum and flat spectrum usage charge of 3 percent AGR (Ajusted Gross Revenue), we are willing to pay Rs 4,000 crore," it wrote.

The government, however, has plans to auction spectrum in the three circles in the forthcoming round scheduled later this fiscal. Vodafone had previously approached the court against the government plan to auction spectrum held by it.

It had sought extension of the licences, which was rejected by DoT. DoT is learnt to have presented Vodafone's proposal before Empowered Group of Ministers, headed by finance minister P Chidambaram, when it met on June 26.

The EGoM has referred matter of spectrum pricing back to Telecom Regulatory Authority of India for fresh recommendation  for third round of spectrum auction.

The government plans to auction 900 Mhz spectrum held by Vodafone in Delhi, Mumbai and Kolkata. It is considered to be more efficient than the 1800 Mhz band that was put for auction on November 2012.

Vodafone has approached DoT to pay Rs 1,700 crore each for its 900 Mhz spectrum in Delhi and Mumbai, and Rs 600 crore for airwaves it holds in Kolkata service area.

As per last price fixed by government, Vodafone would be required to pay at over Rs 13,000 crore to retain the quantum of spectrum its holds in 900 Mhz band in these three circles, excluding annual spectrum usage charges for which the company has proposed flat rate of 3 percent.

Government had fixed price of 900 Mhz at double the price of spectrum in 1800 Mhz band, while the company has offered price based on recommendation made by sector regulator Trai for CDMA spectrum which 1.3 times the price of 1800 Mhz band.

While government could determine market rate for 1800 Mhz band in Kolkata in November 2012 auction, it is yet to discover market price for the radiowaves in this band for Delhi and Mumbai. There were no bids received for the radiowaves in Delhi and Mumbai - neither in November 2012 nor in March 2013 auctions.

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BNP Paribas buys Mahindra Holidays shares for Rs 20.3 cr

Jul 01, 2013, 11.18 PM IST

Shares of the Mahindra Holidays were acquired at an average price of Rs 246.15 apeice, as per the bulk deal information with the stock exchanges.

Like this story, share it with millions of investors on M3

BNP Paribas buys Mahindra Holidays shares for Rs 20.3 cr

Shares of the Mahindra Holidays were acquired at an average price of Rs 246.15 apeice, as per the bulk deal information with the stock exchanges.

Like this story, share it with millions of investors on M3

BNP Paribas buys Mahindra Holidays shares for Rs 20.3 cr

Shares of the Mahindra Holidays were acquired at an average price of Rs 246.15 apeice, as per the bulk deal information with the stock exchanges.

Share  .  Email  .  Print  .  A+A-

BNP Paribas Arbitrage today bought 8.25 lakh shares of Mahindra Holidays & Resorts India for around Rs 20 crore from open market.
    
Shares of the Mahindra Holidays were acquired at an average price of Rs 246.15 apeice, as per the bulk deal information with the stock exchanges. Mahindra Holidays, a part of diversified Mahindra Group
Company, is a leading player in the leisure hospitality industry, offering family holidays, primarily through vacation ownership memberships.

Also read: Mahindra launches motorcycle 'Centuro'
    
In a separate bulk deal, Robust Marketing Services acquired over 10 lakh shares of UB Group firm Mangalore Chemicals and Fertilizers for Rs 5.53 crore through open market transaction.
    
A total of 10,14,691 shares of Mangalore Chemicals were purchased by Robust Marketing. The shares were acquired at an average price of Rs 54.52 apiece.
    
On the BSE, shares of Mangalore Chemicals gained 11.17 per cent to close at Rs 55.25 apiece, while shares of Mahindra Holidays declined marginally to settle at Rs 246.15 apiece.

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The latest earning numbers FIRST on CNBC-TV18

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MGL increases CNG PNG prices on re depreciation

City gas distributor Mahanagar Gas (MGL) today increased the price of compressed natural gas (CNG) -- used as fuel by almost all the taxis and autos in the metropolis -- by Rs 2 per kg due to rupee depreciation.

The price of domestic piped natural gas (PNG) has been increased by Rs 2.19 per Standard Cubic Meter.

The move, which will come into effect from midnight, was necessitated in "order to recover part of increase in overall input costs and rupee depreciation against US dollar," MGL statement said.

Higher gas prices to benefit upstream players: CRISIL

The announcement comes within a day of oil retailers announcing increase of Rs 1.82 per litre of petrol due to the slide in rupee, which has depreciated by 12 per cent since May and breached the Rs 60 against the dollar mark last week.

Accordingly, the revised price of CNG will go up to Rs 35.95 per kg in Mumbai and Rs 36.47 in the neighbouring suburb of Thane, it said.

Price of PNG will go up to Rs 24.09 per SCM in Mumbai and Rs 24.17 in Thane, the statement said.

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DMRC to take over Airport Express link

The Delhi Metro will take over the operations of the 22.7 km long Airport Express link from midnight tonight.

"DMRC is going to take over the operations of the Airport Express Link from midnight tonight. Accordingly, the services of airport metro will commence as usual at 5.15 AM tomorrow under DMRC's supervision," Anuj Dayal, Executive Director, Corprate Communications said today.

Reliance Infra owned Delhi Airport Metro Express Private Limited (DAMEPL) had written a letter to DMRC on June 27 expressing its inability to continue operations of the Airport Express link .

DMRC has created an Operations and Maintenance team of 100 officials to handle the line.

A seven-member strong core committee of senior officials has also been formed to handle extreme emergency situations, Dayal said.

The Delhi Metro management has also decided to invite feedback and suggestions from the commuters so that the services can be further improved.

Accordingly, two 'feedback-cum-suggestion counters' will be opened at the Shivaji Stadium and Dwarka Sector 21 stations from 7.30 AM onwards tomorrow.

Commuters will also be able to post their feedback and suggestions on Delhi Metro's website.

On June 28, the DMRC had rejected the notice given by Reliance Infra, and termed it as violation of the Concessionaire Agreement and the ongoing Arbitration proceedings.

The total ridership of the Airport express line during the peak of its operations was recorded at 21,000.

The metro line was shut down last July after problems arose due to defects in the civil structure, which were later rectified and it resumed operations in January this year.

Since then its ridership has been recorded about 11,000 on an average.

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