Thursday, September 27, 2012
Allmineral Asia plans new plant at Orissa
Jyotirmoyee International, a 50:50 joint-venture with Allmineral GmbH and Jyotirmoyee International is setting up a new plant in Orissa to serve Indian and South Asian customers. Allmineral Asia is a leading player in mineral beneficiation plant technology. Earlier, the parent company Allmineral has tied up with Hari Machines and has successfully executed 15 dry coal beneficiation plants and 2 wet coal beneficiation plants. Now Hari Machines will produce the equipment while Allmineral Asia will take care of customer enquiries, orders, project management, commissioning, after-sales-service, etc.UMPP’s to rely on imported coal
New Ultra Mega Power Projects will get sanction provide their coal linkage is from imported coal. Indian coal reserves estimated at 250 billion tonnes may last only upto few decades at current consumption levels. Further, small and medium power projects rely on domestic coal and they cannot afford to use imported coal. Whereas, UMPP’s if located near the cost, can achieve economies of scale and can use imported coal. So, future UMPP’s are most likely to come up near coast. Cheyyur in TN, Kotipalli in Andhra Pradesh both projects are proposed on imported coal. Currently, around 40 thermal plants in the country are reporting critical stocks.
Singareni Collieries to invest in Adriyala Coal project
Singareni Collieries Ltd has received approval from Union Cabinet committee to invest Rs.8460 million for Adriyala coal mine project in Godavarikhani in Karimnagar district of Andhra Pradesh. The project will use underground shaft mining technology to flush out the coal. CSIRO, a Australian government research organization has been retained to investigate and advise on technical specifications. Its 600 MW merchant power plant is also making progress and the company has achieved financial closure. SCCL Chairman – S Narsing Rao.
Singareni Collieries Ltd has received approval from Union Cabinet committee to invest Rs.8460 million for Adriyala coal mine project in Godavarikhani in Karimnagar district of Andhra Pradesh. The project will use underground shaft mining technology to flush out the coal. CSIRO, a Australian government research organization has been retained to investigate and advise on technical specifications. Its 600 MW merchant power plant is also making progress and the company has achieved financial closure. SCCL Chairman – S Narsing Rao.
Friday, August 3, 2012
Govt announces roadmap for implementation of infrastructure projects
NEW DELHI: The Prime Minister's Office (PMO) has finalised a roadmap for the implementation of flagship infrastructure projects which consist three airports, two ports and rail corridors schemes with the aim to strengthen investments and growth.
The concerned ministries will be needed to finish the formalities for the implementation of the projects within a particular time frame.
The implementation timeline for these two projects has been decided and it consist of two key ports in Andhra Pradesh and West Bengal and three airports at Navi Mumbai, Mopa in Goa and Kannur (Kerala).
A statement from PMO reads, “In recent meetings, detailed roadmaps have been worked for the flagship infrastructure projects in key sectors. These flagship projects had been identified and approved by the Prime Minister in the infrastructure meeting held on June 6, 2012.”
RBI monetary policy: Realty firms unhappy over decision to keep rates changed
NEW DELHI: Real estate firms and property consultants today expressed disappointment over RBI's decision to keep rates unchanged and said the sector urgently needs cut in interest rates to boost housing demand.
"There is once again disappointment from RBI. There was no change in the rates in previous policy announcement and the real estate sector was expecting a rate cut this time," said Lalit Jain, President of the apex realtors' body CREDAI.
"We don't see any positive policies from government which will boost the real estate sector and economy as well," he added.
The Reserve Bank today left key interest rates unchanged. Property consultant CBRE South Asia Chairman and Managing Director Anshuman Magazine said: "The RBI's decision to keep the rates unchanged is very disappointing. The real estate market direly needed a rate cut to boost investor sentiment".
The realty sector is the growth-engine of the nation's economy, but it seems the sector does not figure in RBI's policies at all, Magazine added.
Cushman & Wakefield Executive Managing Director, South Asia Sanjay Dutt said RBI maintaining status quo on policy front is not positive news for both home buyers and developers.
"For the housing sector, this may not be a very positive news as end-users, who have been postponing their purchase decision on account of still high inflation and high interest rates, cannot expect any relief in the near future," Dutt said.
The outlook for the sector remains cautious as persistent high inflation rates are keeping construction costs up, which are not expected to come down in the near future, Dutt added.
Expressing displeasure over RBI's decision, M3M, Head-Finance Gaurav Jain said: "We expected some rate cuts from the first quarter review by RBI, however RBI kept the key rates unchanged."
"We need to understand that the inflation today is not due to high demand, but supply constraints which lead to continuous increase in the input costs, including the cost of funds," Jain added.
CHD Developers Managing Director Gaurav Mittal said the growth of the real estate sector would be fuelled only by a rate cut.
"We hope Reserve Bank will take cognisance of this fact and we will see a rate cut in the next policy," Mittal added.
RBI open to revisiting priority sector lending norms
MUMBAI: Even though the final guidelines on priority sector lending (PSL) was released over a fortnight ago, the Reserve Bank today said it is open to revisiting the norms following demands.
"I thought some of the suggestions were quite reasonable," RBI Governor D Subbarao told reporters at the customary post-policy interaction after meeting bankers.
The RBI Governor added that the guidelines were made final only after taking opinions from a cross-section of stakeholders, including bank chairmen.
However, he said a meeting will be held between the banks' operational heads and RBI officials in the next 15 days, to be followed by a senior-level meet between the bank chairmen and a RBI Deputy Governor next month.
"It is not clear what we will change, but certainly we have an open mind," Subbarao said.
Factors on which the bankers have expressed reservations include the direct lending target of 13.5 per cent to agriculture, Subbarao said, adding the bankers expressed doubts whether the agricultural sector has the ability to absorb so much credit.
Additionally, a head of a foreign bank also questioned on the threshold of 20 branches for the bank above which its priority sector lending requirement will be at par with a domestic bank, Subbarao said.
The RBI released the final guidelines of priority sector lending on July 20 based on the recommendations of a panel led by former Union Bank of India chief MV Nair.
Apart from taking foreign lenders with over 20 branches at par with a domestic bank, RBI also said education and home loans up to the specified limits, and advances to individuals for up to Rs 50,000 to clear debts of money lenders, will be treated as priority lending.
In the home loan segment, RBI said advances of up to Rs 25 lakh in cities with population of over 10 lakh, and Rs 15 lakh in other towns, will be treated as priority lending.
Earlier, all loans up to Rs 25 lakh for purchase and construction of dwelling units constituted priority lending.
To meet credit needs of large sections of the population that have no access to institutional finance, RBI had created the framework of priority sector lending with mandated targets.
Shapoor Mistry-CM meet on infra projects
KOLKATA: Shapoor Mistry, CMD of the $2.5 billion Shapoorji Pallonji Group and the elder brother of Tata Group chairman elect Cyrus P Mistry, will meet chief minister Mamata Banerjee on Wednesday.
Shapoorji Pallonji has joined hands with Singapore-based Universal Success (USEL) of Prasoon Mukherjee for pursuing infrastructure projects in Bengal. This has assumed significance because Shapoorji Pallonji is the single largest shareholder of Tata Sons with 18% stake, the holding company of the Tata empire. It will be the first visit of Shapoor to Kolkata after he took over as the CMD and the first during the new regime.
The Mumbai-based business conglomerate has interests in construction, real estate, textiles, engineering goods, home appliances, shipping, publications, power, and biotechnology. It was headed by Pallonji Mistry until 2012, when he announced his retirement and his son Shapoor Mistry took over. Shapoorji Pallonji is considered as "one of India's most valuable private enterprises". The group has only one listed company, Forbes & Company.
It has been learnt that Shapoor Mistry will give specific proposals about some infrastructure projects in the state. "The Bengal government has worked hard quietly and efficiently in the last 14 months to lay a strong foundation for industry. Now, you will start seeing big results," said MP Derek O'Brien.
The group has infrastructure firms like Afcon Infra, SP Infra and others. SP Infrastructure has presence in ports, power plants, highways, tollways, while Afcon specialized in marine, roads, bridges etc.
The group had built the Brabourne stadium in Mumbai and the Jawaharlal Nehru stadium in Delhi. The Mumbai Central Railway station and Asia's premier stock exchange BSE were also built by them. The financial capital of India BSE was built by this conglomerate. In recent years, it has built the Barakhamba Under-ground Station in Delhi and Providence Stadium in Guyana. In 2010, it had built India's tallest building, The Imperial, a residential tower in Mumbai.
Brokers' call: SpiceJet, Havells India, Crompton Greaves
BSE
31.80
0.15 (0.47%)
Vol:1088634 shares traded
Here's a look at the brokers' call on SpiceJet, Havells India and Crompton Greaves.
HSBC Overweight on SpiceJet
HSBC has reiterated 'overweight' rating on SpiceJet and set target price at Rs 40.
They continue to value SpiceJet on its average one year forward EV/EBITDAR multiple of 9x.
The key downside risk is a sharp demand slowdown owing to fare rises. SpiceJet's 1Q13 reported net profit was Rs 56.2 crore versus a loss of Rs 72 crore in 1Q12 and forecast loss of Rs 56.3 crore.
The y-o-y change in profitability was driven by yields increasing faster than costs. Unit yields increased 27% y-o-y, stronger than the 19% y-o-y rise in unit costs.
Citi puts a 'Buy' on Havells
Citigroup has recommended a 'Buy' on Havells India with a target price of Rs 633.
Havells' business is a quality play on domestic construction and consumer demand.
The company has managed to create entry barriers in a competitive business and has established large network of dealers (~4,300) across India to sell its products.
Moreover recent results have demonstrated healthy demand in India. Business in Europe remains largely stable with focus on profitability.
LatAm business continues to grow at 4-5% CAGR and ~7% EBITDA margins. Citigroup value the India business at Rs 615 and Sylvania at Rs 18.
HSBC Neutral on Crompton
HSBC has maintained a 'Neutral' rating on Crompton Greaves with a target price of Rs 122.
Just a week after announcing another dire set of results on the back of struggling subsidiaries in Europe, Crompton announced its biggest acquisition ever, of ZIV Group (Spain) for a total of 150 million euros.
Ironically, this acquisition comes at a time when it is struggling with its first iconic acquisition in Europe, Pauwels (Belgium).
While the ZIV acquisition doesn't appear expensive based on comparables and recent acquisitions, it does carry several risks particularly as Crompton is already battling on several fronts and this acquisition will take it into uncharted territories.
HSBC Overweight on SpiceJet
HSBC has reiterated 'overweight' rating on SpiceJet and set target price at Rs 40.
They continue to value SpiceJet on its average one year forward EV/EBITDAR multiple of 9x.
The key downside risk is a sharp demand slowdown owing to fare rises. SpiceJet's 1Q13 reported net profit was Rs 56.2 crore versus a loss of Rs 72 crore in 1Q12 and forecast loss of Rs 56.3 crore.
The y-o-y change in profitability was driven by yields increasing faster than costs. Unit yields increased 27% y-o-y, stronger than the 19% y-o-y rise in unit costs.
Citi puts a 'Buy' on Havells
Citigroup has recommended a 'Buy' on Havells India with a target price of Rs 633.
Havells' business is a quality play on domestic construction and consumer demand.
The company has managed to create entry barriers in a competitive business and has established large network of dealers (~4,300) across India to sell its products.
Moreover recent results have demonstrated healthy demand in India. Business in Europe remains largely stable with focus on profitability.
LatAm business continues to grow at 4-5% CAGR and ~7% EBITDA margins. Citigroup value the India business at Rs 615 and Sylvania at Rs 18.
HSBC Neutral on Crompton
HSBC has maintained a 'Neutral' rating on Crompton Greaves with a target price of Rs 122.
Just a week after announcing another dire set of results on the back of struggling subsidiaries in Europe, Crompton announced its biggest acquisition ever, of ZIV Group (Spain) for a total of 150 million euros.
Ironically, this acquisition comes at a time when it is struggling with its first iconic acquisition in Europe, Pauwels (Belgium).
While the ZIV acquisition doesn't appear expensive based on comparables and recent acquisitions, it does carry several risks particularly as Crompton is already battling on several fronts and this acquisition will take it into uncharted territories.
Home in on pre-launch project only for investment
Varun Avasthy (name changed), a Mumbai-based software professional, booked an apartment in a residential property in Mulund, an eastern suburb in Mumbai. He went for an under-construction property as he was getting the new house at almost 20% lower than those that were ready to move in the same neighbourhood.
The waiting period of a year to get the possession of his house was a small inconvenience he was willing to submit himself to.
He had booked the house in 2010 in the pre-launch phase to get the best price, but the delivery deadline of April 2012 proved to be a disaster. The builder didn't keep his word and the project may now be completed by the end of this year or early next year.
Avashty is clearly not amused. "Although I paid less for the house because I booked it at the pre-launch phase, I am paying more now in the form of rent and housing loan EMI," he says. He is paying a rent of 25,000 and a pre-EMI of 30,000, which is an added strain on his finances.
There is nothing wrong in booking a house in the pre-launch phase. But clearly buying an under-construction property does not make sense for buyers who are looking for self-occupation within one to two years' time.
"Pre-launch phase is recommended for investors who have a higher risk appetite. This is because at the pre-launch phase there are only few approvals in place, resulting in higher amount of risk," says Shveta Jain, Director, Residential Services, Cushman & Wakefield." On the flipside, buying a property in the launch phase is a safer bet for end-users as all approvals are usually in place and there is more certainty on the delivery of the project," she adds.
In short, it makes sense to book a property in pre-launch phase only if it is an investment. In case of self-occupation, be ready to wait for a couple of years or more for the completion of the property.
Some of the factors to consider while booking an under-construction property are as follows:
Price factor
The primary advantage of investing in a pre-launch deal is the price. The buyer should find out the potential for price appreciation from the pre-launch offer price to the future. "This can be judged by the demand profile and historic market performance of the location, availability of infrastructure, current and future market drivers, etc.
You can compare the stated pre-launch price with the prices being quoted in projects in the same locality. If the prices are already high and appear to have reached saturation point, there would be no future price advantage," says Om Ahuja, CEO, Residential Services, Jones Lang LaSalle India.
Credentials of the builder
One of the most important factors you should consider is the 'track record and reputation' of the developer. "The risk reduces if the developer is a prominent and a trusted one, with many successfully completed projects to his credit, besides being financially sound," says Jain. The past few years have not been kind to real estatedevelopers. Many reputed builders were also forced to divert money from pre-launch projects to projects nearing completion.
The waiting period of a year to get the possession of his house was a small inconvenience he was willing to submit himself to.
He had booked the house in 2010 in the pre-launch phase to get the best price, but the delivery deadline of April 2012 proved to be a disaster. The builder didn't keep his word and the project may now be completed by the end of this year or early next year.
Avashty is clearly not amused. "Although I paid less for the house because I booked it at the pre-launch phase, I am paying more now in the form of rent and housing loan EMI," he says. He is paying a rent of 25,000 and a pre-EMI of 30,000, which is an added strain on his finances.
There is nothing wrong in booking a house in the pre-launch phase. But clearly buying an under-construction property does not make sense for buyers who are looking for self-occupation within one to two years' time.
"Pre-launch phase is recommended for investors who have a higher risk appetite. This is because at the pre-launch phase there are only few approvals in place, resulting in higher amount of risk," says Shveta Jain, Director, Residential Services, Cushman & Wakefield." On the flipside, buying a property in the launch phase is a safer bet for end-users as all approvals are usually in place and there is more certainty on the delivery of the project," she adds.
In short, it makes sense to book a property in pre-launch phase only if it is an investment. In case of self-occupation, be ready to wait for a couple of years or more for the completion of the property.
Some of the factors to consider while booking an under-construction property are as follows:
Price factor
The primary advantage of investing in a pre-launch deal is the price. The buyer should find out the potential for price appreciation from the pre-launch offer price to the future. "This can be judged by the demand profile and historic market performance of the location, availability of infrastructure, current and future market drivers, etc.
You can compare the stated pre-launch price with the prices being quoted in projects in the same locality. If the prices are already high and appear to have reached saturation point, there would be no future price advantage," says Om Ahuja, CEO, Residential Services, Jones Lang LaSalle India.
Credentials of the builder
One of the most important factors you should consider is the 'track record and reputation' of the developer. "The risk reduces if the developer is a prominent and a trusted one, with many successfully completed projects to his credit, besides being financially sound," says Jain. The past few years have not been kind to real estatedevelopers. Many reputed builders were also forced to divert money from pre-launch projects to projects nearing completion.
Ten stocks in focus in Wednesday morning trade
BSE
105.00
-2.25 (-2.10%)
Vol:66309 shares traded
NSE
105.10
-1.95 (-1.82%)
Vol:294418 shares traded
NEW DELHI: Indian shares are expected to trade lower on Wednesday tracking weak Asian markets as fragile Chinese manufacturing data stoked fears of a slowdown in the global economy.
China's official factory purchasing managers' index (PMI) slipped to 50.1 in July, below expectations and down from 50.2 in the month of June.
Here is a list of ten stocks that are likely to be in action in morning trade today.
1) Blue Star Ltd, after the air conditioner firm said its net profit surged by 110 percent to Rs 20.54 crore in the June quarter. The company had a net profit of Rs 9.79 crore in the corresponding period last fiscal, Blue Star said in a statement.
2) Cipla Ltd, after India's second-largest pharmaceutical company by revenue, turned around its domestic business after a long slumber as the company declared a 30 per cent growth in domestic sales for the quarter ended June 2012.
This growth in the domestic market helped Cipla clock a 52 per cent increase in net profit to Rs 401 crore from Rs 253 crore in the same quarter of last financial year. Cipla's revenues for this quarter were at Rs 1,864 cr, a 24 per cent growth from the previous year.
3) Jaiprakash Associates Ltd, after the company reported a fall of 24.57 per cent in net profit to Rs 138.84 crore for the quarter ended June 30, 2012, mainly on account of over 21 per cent rise in interest payments.
The Noida-based firm, which has presence in cement, construction, power and real estate, had reported a net profit of Rs 184.06 crore during the corresponding quarter of the last fiscal.
4) IDBI Bank, after the bank posted 27.5 per cent rise in its net profit for the first quarter ended June 30, 2012, at Rs 427.34 crore.
Its net profit over the corresponding period (April-June) a year ago stood at Rs 335.10 crore, the Bank said in a BSE filing.
5) Usha Martin Ltd, after the wire rope manufacturer reported 86.5 per cent decline in consolidated net profit at Rs 3.47 crore for the quarter ended June 30, compared to Rs 25.67 crore in the year-ago period.
On a standalone basis, the company posted a loss of Rs 10.86 crore during the period compared to a profit of Rs 7.64 crore in the first quarter of the previous fiscal.
6) Voltas Ltd will be in focus ahead of its quarterly results. According to an ET Now poll, the company is likely to post a net profit of Rs 73.7 crore for the quarter ended June 2012, down 44 per cent YoY from Rs 131.8 crore.
7) Coal India Ltd, after the company is mulling to revise the penalty clause for its fuel supply agreements but will stick to the 80 per cent trigger level. It has officially agreed on price pooling and will import coal on behalf of power producers — 18-20 million tonnes this year.
8) Natco Pharma Ltd, after US-based pharma major Bristol-Myers Squibb has filed a contempt suit against Natco Pharma for allegedly violating a court order that prevents it from selling a generic version of its patentedcancer drug dasatinib.
9) Bhushan Steel Ltd, after the company reported a marginal decline of 1.90 per cent in net profit to Rs 205.97 crore for the quarter ended June 30, 2012, largely due to increase in interest payments.
The Delhi-based steel major had posted a net profit of Rs 209.96 crore during the corresponding quarter of the last fiscal.
10) Shoppers Stop Ltd, after reported a 95.69 per cent decline in net profit at Rs 50.36 lakh for June quarter amid spike in expenses, mostly debt servicing and service tax outgo.
Standalone sales for the quarter rose 14.92 per cent to Rs 449.98 crore from Rs 391.56 crore in the year-ago period.
China's official factory purchasing managers' index (PMI) slipped to 50.1 in July, below expectations and down from 50.2 in the month of June.
Here is a list of ten stocks that are likely to be in action in morning trade today.
1) Blue Star Ltd, after the air conditioner firm said its net profit surged by 110 percent to Rs 20.54 crore in the June quarter. The company had a net profit of Rs 9.79 crore in the corresponding period last fiscal, Blue Star said in a statement.
2) Cipla Ltd, after India's second-largest pharmaceutical company by revenue, turned around its domestic business after a long slumber as the company declared a 30 per cent growth in domestic sales for the quarter ended June 2012.
This growth in the domestic market helped Cipla clock a 52 per cent increase in net profit to Rs 401 crore from Rs 253 crore in the same quarter of last financial year. Cipla's revenues for this quarter were at Rs 1,864 cr, a 24 per cent growth from the previous year.
3) Jaiprakash Associates Ltd, after the company reported a fall of 24.57 per cent in net profit to Rs 138.84 crore for the quarter ended June 30, 2012, mainly on account of over 21 per cent rise in interest payments.
The Noida-based firm, which has presence in cement, construction, power and real estate, had reported a net profit of Rs 184.06 crore during the corresponding quarter of the last fiscal.
4) IDBI Bank, after the bank posted 27.5 per cent rise in its net profit for the first quarter ended June 30, 2012, at Rs 427.34 crore.
Its net profit over the corresponding period (April-June) a year ago stood at Rs 335.10 crore, the Bank said in a BSE filing.
5) Usha Martin Ltd, after the wire rope manufacturer reported 86.5 per cent decline in consolidated net profit at Rs 3.47 crore for the quarter ended June 30, compared to Rs 25.67 crore in the year-ago period.
On a standalone basis, the company posted a loss of Rs 10.86 crore during the period compared to a profit of Rs 7.64 crore in the first quarter of the previous fiscal.
6) Voltas Ltd will be in focus ahead of its quarterly results. According to an ET Now poll, the company is likely to post a net profit of Rs 73.7 crore for the quarter ended June 2012, down 44 per cent YoY from Rs 131.8 crore.
7) Coal India Ltd, after the company is mulling to revise the penalty clause for its fuel supply agreements but will stick to the 80 per cent trigger level. It has officially agreed on price pooling and will import coal on behalf of power producers — 18-20 million tonnes this year.
8) Natco Pharma Ltd, after US-based pharma major Bristol-Myers Squibb has filed a contempt suit against Natco Pharma for allegedly violating a court order that prevents it from selling a generic version of its patentedcancer drug dasatinib.
9) Bhushan Steel Ltd, after the company reported a marginal decline of 1.90 per cent in net profit to Rs 205.97 crore for the quarter ended June 30, 2012, largely due to increase in interest payments.
The Delhi-based steel major had posted a net profit of Rs 209.96 crore during the corresponding quarter of the last fiscal.
10) Shoppers Stop Ltd, after reported a 95.69 per cent decline in net profit at Rs 50.36 lakh for June quarter amid spike in expenses, mostly debt servicing and service tax outgo.
Standalone sales for the quarter rose 14.92 per cent to Rs 449.98 crore from Rs 391.56 crore in the year-ago period.
Nikkei falls as large caps punished for disappointing earnings
TOKYO: Japan's Nikkei share average fell on Wednesday morning as a host of companies were pummelled for disappointing earnings and as investors look to key central bank meetings this week for action to stem a global slowdown.
Construction machinery maker Komatsu Ltd and shipbuilder Sumitomo Heavy Industries Ltd were among a raft of companies that cut profit outlooks after being hit by weakening demand in China, while Seiko Epson slumped to a lifetime low after reporting poor sales in Europe.
"The market feels very rough today, there are a lot of names being really hammered," said a hedge fund partner.
"It seems quite an extreme reaction considering earnings really weren't that bad -- it makes me wonder what expectations people actually had when they bought them."
The Nikkei dropped 1.1 percent to 8,601.63, falling back below 8,687.93, the 50 percent retracement of its rally from June 4 to July 4 that it reached on Tuesday as investors sought to improve their portfolios at the end of the month.
Earnings-inspired gains for a handful of companies including Panasonic Corp, which shot up 6.4 p ercent after striking its first quarterly profit since the October-December quarter of 2010, were not enough to counter losses prompted by disappointing forecasts at other firms.
Ink-jet printer maker Seiko Epson slid 14.8 percent, slamming into a record low of 536 yen after the company cut its full-year operating profit forecast by 20 percent to 28 billion yen ($359 million), citing poor U.S. and Europe sales.
Weakening demand in the euro zone due to the region's fiscal crisis has cast a large shadow over Japan's earning season. While China's slowdown was in focus on Wednesday morning when its official Purchasing Manager's Index (PMI) came in at 50.1, below expectations and down from 50.2 in June.
"China's central bank cut rates last month but it's not helping; the Shanghai Composite index is still falling and shows no sign of stopping," said Masayuki Doshida, senior market analyst at Rakuten Securities.
Komatsu Ltd, a construction machinery maker dependent on China for much of its revenue, skidded 7.8 percent after cutting its annual operating profit outlook by 16.8 percent and posting an 18.5 percent drop in quarterly operating profit in April-June compared to the previous year.
Construction machinery maker Komatsu Ltd and shipbuilder Sumitomo Heavy Industries Ltd were among a raft of companies that cut profit outlooks after being hit by weakening demand in China, while Seiko Epson slumped to a lifetime low after reporting poor sales in Europe.
"The market feels very rough today, there are a lot of names being really hammered," said a hedge fund partner.
"It seems quite an extreme reaction considering earnings really weren't that bad -- it makes me wonder what expectations people actually had when they bought them."
The Nikkei dropped 1.1 percent to 8,601.63, falling back below 8,687.93, the 50 percent retracement of its rally from June 4 to July 4 that it reached on Tuesday as investors sought to improve their portfolios at the end of the month.
Earnings-inspired gains for a handful of companies including Panasonic Corp, which shot up 6.4 p ercent after striking its first quarterly profit since the October-December quarter of 2010, were not enough to counter losses prompted by disappointing forecasts at other firms.
Ink-jet printer maker Seiko Epson slid 14.8 percent, slamming into a record low of 536 yen after the company cut its full-year operating profit forecast by 20 percent to 28 billion yen ($359 million), citing poor U.S. and Europe sales.
Weakening demand in the euro zone due to the region's fiscal crisis has cast a large shadow over Japan's earning season. While China's slowdown was in focus on Wednesday morning when its official Purchasing Manager's Index (PMI) came in at 50.1, below expectations and down from 50.2 in June.
"China's central bank cut rates last month but it's not helping; the Shanghai Composite index is still falling and shows no sign of stopping," said Masayuki Doshida, senior market analyst at Rakuten Securities.
Komatsu Ltd, a construction machinery maker dependent on China for much of its revenue, skidded 7.8 percent after cutting its annual operating profit outlook by 16.8 percent and posting an 18.5 percent drop in quarterly operating profit in April-June compared to the previous year.
Corporate employees opting for ayurveda to deal with stress: Study
NEW DELHI: Corporate employees may be adept at managing businesses, but many among them are take recourse to ayurvedic and other alternate treatment to handle stress, according to a survey by Assocham.
The study by the industry body found that over 72 per cent of the employees queried are opting for naturopathy, massage, acupuncture, acupressure and ayurvedic treatment to deal with high stress levels.
Of the 200 corporates who participated in the survey, "over 72 per cent opted for ayurveda, naturopathy and homeopathy, while the rest preferred allopathic treatment" to overcome stress.
Corporate employees in Delhi topped the chart in taking alternative treatment followed by Mumbai, Kochi, Bangalore, Ahmedabad, Chandigarh, Hyderabad, Pune and Dehradun, it said.
The employees who participated in the survey were from sectors like IT, consumer durable, construction, energy, healthcare, steel, HR, engineering and telecom, media, infrastructure, power and real estate sector.
Assocham said the domestic homeopathy market is expected to more than double and touch Rs 10,000 crore.
China official services PMI falls to 55.6 in July
BEIJING: China's official purchasing managers' index (PMI) for the services sector fell to 55.6 in July from 56.7 in June as growth in new orders eased, although a construction services sub-index strengthened, theNational Bureau of Statistics said on Friday.
The services sector index follows two PMI surveys of China's vast manufacturing industry that showed smaller, private firms beginning to stabilise while larger, state-owned enterprises faced continuing pressure from unsold inventories and slowing growth.
"The index indicates the stable economy expansion in the non-manufacturing sector has not been changed," Cai Jin, a vice president at the China Federation of Logistics and Purchasing, which conducts the survey on behalf of China's National Bureau of Statistics.
Notably, a sub-index tracking the construction services industry rose by 2.3 points to 60.4, reflecting a loosening of the tight restrictions on China's property developers that had reined in economic growth in the first half.
An index reading below 50 indicates activity is contracting and one above 50 signals expansion.
China's fast-growing services industry has so far weathered the global slowdown much better than the factory sector, with the PMI consistently signalling healthy expansion and hitting a 10-month high of 58.0 in March.
Relatively strong readings of services PMIs reflect long-term optimism that China's maturing economy will support more services and consumption.
China's top leaders, President Hu Jintao and Premier Wen Jiabao, promised this week to step up policy "fine tuning" in the second half of the year to support the economy.
Beijing has cut interest rates twice and banks' reserve requirements three times since November. Investors expect to see more, though few expect a full-blown stimulus package similar to the one launched during the global financial crisis of 2008/2009.
China's economic growth has eased for six consecutive quarters as the country felt the chill of the euro zone debt crisis. However, a Reuters poll in July showed most economists estimate the slowdown bottomed out in the second quarter.
The services sector index follows two PMI surveys of China's vast manufacturing industry that showed smaller, private firms beginning to stabilise while larger, state-owned enterprises faced continuing pressure from unsold inventories and slowing growth.
"The index indicates the stable economy expansion in the non-manufacturing sector has not been changed," Cai Jin, a vice president at the China Federation of Logistics and Purchasing, which conducts the survey on behalf of China's National Bureau of Statistics.
Notably, a sub-index tracking the construction services industry rose by 2.3 points to 60.4, reflecting a loosening of the tight restrictions on China's property developers that had reined in economic growth in the first half.
An index reading below 50 indicates activity is contracting and one above 50 signals expansion.
China's fast-growing services industry has so far weathered the global slowdown much better than the factory sector, with the PMI consistently signalling healthy expansion and hitting a 10-month high of 58.0 in March.
Relatively strong readings of services PMIs reflect long-term optimism that China's maturing economy will support more services and consumption.
China's top leaders, President Hu Jintao and Premier Wen Jiabao, promised this week to step up policy "fine tuning" in the second half of the year to support the economy.
Beijing has cut interest rates twice and banks' reserve requirements three times since November. Investors expect to see more, though few expect a full-blown stimulus package similar to the one launched during the global financial crisis of 2008/2009.
China's economic growth has eased for six consecutive quarters as the country felt the chill of the euro zone debt crisis. However, a Reuters poll in July showed most economists estimate the slowdown bottomed out in the second quarter.
Shapoorji Pallonji plans to invest in West Bengal
KOLKATA: Leading construction company Shapoorji Pallonji plans to invest in West Bengal in deep-sea port, an IT park, hydro electricity and construction of roads and night shelters for the poor.
"Shapoorji Pallonji already has over Rs 1,000 crore investment in the state. We have come today to see various other avenues which could be of mutual benefit and interest for both West Bengal government and S P Group," Shapoor Mistry, group managing director, told reporters after an hour-long meeting with West Bengal Chief Minister Mamata Banerjee at the state secretariat.
"Some areas we are looking at are deep sea port, hydro electricity, IT park and construction of roads in the plains and the hill areas," Mistry, elder brother of Tata Group chairman elect Cyrus P Mistry, said.
He expressed happiness over the meeting and thanked the chief minister for giving him audience.
West Bengal industry minister Partha Chatterjee, Finance Minister Amit Mitra and industrialist Prasoon Mukherjee were present in the meeting.
Shapoorji Pallonji has joined hands with Singapore-based Universal Success (USEEL) of Prasoon Mukherjee for pursuing infrastructure projects in West Bengal.
Chatterjee told reporters that during discussions with the chief minister, Shapoorji Pallonji had given proposals for a deep sea port, hydel power, IT hub, marine port consultancy and expertise besides in road construction in the plains and the hill areas of West Bengal.
When Banerjee heard that the company had taken up corporate social responsibility (CSR) she requested Mistry to take up setting up of night shelters for the poor and run homes as part of CSR.
"Shapoorji Pallonji already has over Rs 1,000 crore investment in the state. We have come today to see various other avenues which could be of mutual benefit and interest for both West Bengal government and S P Group," Shapoor Mistry, group managing director, told reporters after an hour-long meeting with West Bengal Chief Minister Mamata Banerjee at the state secretariat.
"Some areas we are looking at are deep sea port, hydro electricity, IT park and construction of roads in the plains and the hill areas," Mistry, elder brother of Tata Group chairman elect Cyrus P Mistry, said.
He expressed happiness over the meeting and thanked the chief minister for giving him audience.
West Bengal industry minister Partha Chatterjee, Finance Minister Amit Mitra and industrialist Prasoon Mukherjee were present in the meeting.
Shapoorji Pallonji has joined hands with Singapore-based Universal Success (USEEL) of Prasoon Mukherjee for pursuing infrastructure projects in West Bengal.
Chatterjee told reporters that during discussions with the chief minister, Shapoorji Pallonji had given proposals for a deep sea port, hydel power, IT hub, marine port consultancy and expertise besides in road construction in the plains and the hill areas of West Bengal.
When Banerjee heard that the company had taken up corporate social responsibility (CSR) she requested Mistry to take up setting up of night shelters for the poor and run homes as part of CSR.
Wednesday, August 1, 2012
Trans Arunachal Highway halts work for indefinite period
SME News, Tuesday, Jul 31, 2012 11:02:59 AM IST
ITANAGAR: The construction work of Prime Minister Dr Manmohan Singh's dream project 'Trans Arunachal Highway' has been halted as its executing agency decided to stop the present work for an indefinite time period.
Hyderabad-based SRK Constructions Private Ltd took the decision to halt the project after its employees were repeatedly attacked.
The firm said that in one attack Sombhu Shankar Rai, a senior surveyor, has been allegedly attacked by his driver Ashi Riba at the firm's Pangin camp in East Siang district last week, which injured him critically.
The firm said that in one attack Sombhu Shankar Rai, a senior surveyor, has been allegedly attacked by his driver Ashi Riba at the firm's Pangin camp in East Siang district last week, which injured him critically.
Almost 15 days back, the project manager of the construction company has been attacked by two youths on July 17.
Tuesday, July 31, 2012
Quality issues threaten India iron ore sales to China
India's iron ore exports and prices could be hit by quality issues on $2.2 billion of shipments raised by top buyer China, an Indian industry official said on Thursday.
India is the world's third-largest iron ore supplier and sends almost all its exports to China, trade worth around $1.5 billion per month.
During the first four months of 2011, over a third of India's exports to the Chinese province of Jiangsu were substandard, China's General Administration of Quality, Supervision, Inspection and Quarantine (AQSIQ) said in a notice posted on its website (www.aqsiq.gov.cn).
"We should check the quality of ore before shipping. It is a serious issue. It may affect India's exports (and) price realisation," Basant Poddar, vice-president, Federation of Indian Mineral Industries told Reuters.
Jiangsu is China's third-largest importing province, receiving over 10 percent of the country's iron shipments in the first quarter.
Of the 2289 shipments that AQSIQ inspected from India into Jiangsu from January to April, 827 either had a lower iron content than stipulated in contracts or contained too many impurities, AQSIQ said.
India's shipments to China have yet to recover after Karnataka state, supplier of about a quarter of India's shipments, lifted an export ban in April. China's imports from India in the first quarter were down over 20 percent on the year at 26.5 million tonnes.
Iron ore prices are around $185 a tonne for spot sales while contract prices, set on a quarterly basis, hit a record $179.2 per tonne in the second quarter. [ID:nL4E7GJ0DM]
The problems were with cargoes sent by some traders rather than those from India's large mining companies, AQSIQ and industry players said. India's biggest iron ore miner is state-run NMDC and its biggest iron ore exporter is Sesa Goa .
Some traders and inspectors had produced inaccurate shipment reports for iron ore cargoes, AQSIQ said.
AQSIQ said local inspection departments would crack down on the practise and urged local iron ore importers to pay more attention to contracts, and to the reputation and size of their trading partners.
"Small miners and traders sometimes supply substandard ore as some of them are buying (different-grade) ores and blending them," said an iron ore trader based in Jiangsu province.
Chinese buyers often pay as much as 98 percent of the price for the key steel-making ingredient up front on the basis of Indian inspection reports.
After the shipment has cleared customs, buyers get their own checks on quality. If the shipment is below standard, they ask for compensation.
Aluminium prices low but Indian companies getting high premiums
Even as Vedanta and Nalco bagged higher premiums for the lightweight metal, signalling a tightening market and limited metal availability, Novelis' new $100 million plant in China is set to boost demand.
London-listed mining group Vedanta Resources said it has sold 3,000 tonnes of aluminium ingots at a premium of $220 a tonne over the London Metal Exchange (LME) price in the Asian market.
India's state-run National Aluminium Company (Nalco) has also sold 8,000 tonnes of aluminium ingots at a premium of $202.80 per tonne premium over the LME price.
Earlier this month, the company had sold 4,500 tonne of aluminium ingots at about $180 per tonne premium over the average LME cash price. Buyers tend to pay a premium in addition to the LME cash price to cover freight and insurance and to reflect regional supply and demand.
Last Thursday (June 21), aluminum prices on the LME hit a two-year low. But for Indian firms, the time has been ripe to ink new deals.
Novelis Inc, the world's leading producer of premium aluminum rolled products, signed an agreement with the Changzhou National Hi-Tech District to build the company's first automotive sheet manufacturing facility in China. With a capacity of 120,000 metric tonnes per year, the plant will cater to the rapidly expanding Chinese automobile industry.
Novelis expects demand for aluminium in the global automotive sector to grow at a compound annual rate of 25% over the next five years.
In 2007, Novelis was acquired by Hindalco Industries and became part of the Aditya Birla Group in India. The latter already has announced investments of $1.3 billion (Rs 70 billion) to set up new facilities and expand the capacity of existing units.
The Novelis deal in China is especially significant since the top five alumina producers in China, including Aluminium Corp of China, said they would cut production by 10% from June due to the changes in the supply of bauxite imports.
Chalco has an alumina capacity of 14 million tonnes a year, making it the country's top producer of the material used for the production of primary aluminium.
Chalco is to cut alumina capacity by 1.7 million tonnes because the change in Indonesia's bauxite policy has affected the supply of imported bauxite for the company, Shandong Nanshan Group, Nanchuan Minerals Group, Xinfa Group and Gaoxin Aluminum and Power Companu, which has been the sole alumina supplier since January 2010 to aluminium producer China Hongqiao Group, have all decided to cut output.
Analysts say that aluminium smelters in China's Xinjiang province, which is aiming to become a key production hub of the metal, have been hobbled by costly power rates and are set to add only about a third to half of the capacity expansion originally planned for 2012.
In India, Vedanta Resources has said the increase in premiums over the LME was an outcome of global ``tightness in the physical market due to closure of smelters in recent quarters in the wake of low LME prices''.
In a statement, the company said aluminium premiums were also increasing because of ``highly profitable financing deals and business consumers have to compete with warehouses to get hold of metal from producers.''
South Korea too has purchased a total of 4,000 tonnes of aluminium at premiums ranging from $207.2 to $242 a tonne.
Analysts added that LME prices have remained subdued because of the current economic situation in Europe, but record high premiums are helping Indian companies. The say that an acute shortage of supply has prompted buyers to speed up settlements, since producers were cutting back output.
As demand remains strong, supply of accessible metals has been reduced considerably. Buyers are targeting ingots due to worries about short supply. However, growth in May shipments of aluminium have reportedly accelerated in both the US and Canada, an improvement from the smaller growth levels shown in April. Inventory positions improved slightly in both countries.
According to the US Service Center activity, 136,100 tonnes of aluminum products were shipped by US Service Centers in May, an increase of 6.8% from the same month in 2011. For 2012 year to date, aluminum shipments were 664,200 tonnes, an increase of 5.6% from the same period in 2011.
Inventories of aluminum products were 385,700 tonnes at the end of May 2012 an increase of 6.3% over May 2011 and an increase of 2.3% from April 2012.
Similarly, according to the Canadian Service Center activity, 14,600 tonnes of aluminum products were shipped by Canadian Service Centers in May, an increase of 17.2% from the same month in 2011. Year to date, aluminum shipments were 69,800 tonnes an increase of 14.2% from the same period in 2011.
Vedanta Group, India's largest aluminium producer, said premiums in the US and Japan have already reached their record-high levels and the scenario is expected to continue unless there is an increase in interest rates or reduction in LME spreads.
Aluminium prices are hovering around $ 1,878.50 to 1,920.50 a tonne on the LME.
Corruption and poor regulation in the Indian mining sector is causing environmental, health and human rights problems. It is also damaging the economy and has led to a political crisis and scandal at local and national levels.
Mining is one of India’s most important industries, employing several hundred thousand people and indirectly guaranteeing the livelihoods of many more. The Indian metals and mining industry was estimated to be worth US$106.4 billion in 2010. But according to a report by Human Rights Watch, it is poorly regulated and the government is failing to protect human rights or the environment.
Vital sector ‘left to regulate itself’
The report, which highlighted iron ore mining in the states of Goa and Karnataka, says that laws are in place in India to protect communities affected by mining, but “their enforcement has essentially collapsed.”
The South Asia director of Human Rights Watch, Meenakshi Gangulay, told RT that, “Regulation and rules are pretty good; the problem is that they are not enforced.”
The government has essentially left the mining sector to regulate itself, the watchdog said. It is often left to the mining companies to produce supposedly-independent reports instead of giving the central role to the regulators. This has led to a conflict of interest.
The report says a few dozen government officials are tasked with regulating all 2,600 authorized mining operations in India. This means the government has to rely on information provided by the mining operators and in many cases this information is either substandard or does not exist.
Problems in the mining industry have been linked to a number of high-profile corruption allegations. Last year BS Yeddyurappa, the former chief minister of the Karnataka region, had to resign after he was embroiled in a mining scandal which allegedly cost the state $400 million.
The chaos in the mining sector helped bring down two state governments in 2011 and 2012.
There is also a substantial amount of illegal mining. Some mines may be hidden deep in the forest and constitute just a few men and machines. This has deprived the state of much-needed revenues and has resulted in costly shutdowns of mines.
JP Hedge, a former member of the Karnataka region’s Legislative Assembly, told HRW, “The way they do illegal mining up there. You wouldn’t believe there was a government here. It’s not mining, it is looting.”
Economic damage not worst woe
The environment, health and human rights of many people living near to mines have suffered as a result of the lawlessness in the sector.
Residents in the south of Goa say that mining has destroyed vital groundwater supplies, ruined crops and created serious health risks. “People are getting breathing problems,” one farmer complained to Human Rights Watch.
Convoys of overloaded iron ore trucks pass along narrow roads, spewing out clouds of iron dust as they trundle past. The thick dust then settles on crops, destroying them and causing economic ruin.
Groundwater, rivers and streams have also been contaminated by nearby mining activities. Rama Velip, a farmer and anti-mining activist, told HRW that, “because of water pollution there is no money for agriculture, some wells are dry, [and] some spring water is destroyed.”
There have also been reports of direct threats and violence against anti-mining activists who refuse to be brought off by the mining companies.
Nilesh Gaukar, who helped organize an anti-mining protest in 2011, told HRW that he received an anonymous phone call that mine owners were planning to attack him. A few days later someone hit him over the head with an iron rod as he got off a bus, he said.
Another prominent activist and widow, Cheryl DeSousa, told the campaigning group that she had received rape threats.
“They told me that my problem was that I hadn’t had a man in so long and they will fix that,” she recalls.
HRW’s Meenakshi Gangulay added that it is very difficult to determine how many casualties and victims there are as a result of Indian mining because of insufficient data.
“Mining is an important part of India’s economy, but that does not mean the industry should be allowed to write its own rules,” Gangulay said.
Mittal: Investing in mining, but not India or China
Lakshmi Mittal, in charge of the world's largest steel company ArcelorMittal, has no immediate plans to invest in his home country India, "where his recent attempts to build steel plants in Jharkhand and Odisha reportedly face local opposition and wrangles over land acquisition," reports The Times of India:
"India remains a priority but not for investment. I'm not locating capital to India or China as I don't see things progressing there. We can't remain stuck, so we move on. Now our priority is to reduce debt, we sell non-core assets. But we continue to invest in mining and become self-dependent."
Asked about his strategy to target India and China for growth, he said: "We've not succeeded in both countries".
According to calculations by Bloomberg, Mittal's wealth has declined more than 10% this year making him one of the worst performer on the Top 40 Billionaires Index.
Mittal's various investments are now worth only $16.9 billion. At the end of last year his fortune still amounted to more than $20 billion although that was already $10 billion less than in 2010.
The London-based magnate's wealth topped out $45 billion in 2008, before the global financial crisis hit.
Indian miners accuse government of causing artifical iron ore shortage
India's merchant miners have accused the Indian government of creating an 'artificial' shortage of iron ore via the imposition of high export duties and freight charges.
The Federation of Indian Mineral Industries (FIMI), India's leading industry body representing the interests of its merchant miners, levied the accusations against both the state and central governments in a letter to the finance ministry last week.
According to the Economic Times, FIMI claims that a 30% export duty imposed by the government has led to a fall in exports of 42% over the past two years, costing India $8.3 billion in forex. FIMI claims that the export duty is also responsible for a 'state-induced' iron ore supply crunch.
Railway freight charges have also surged over the past two years, with a cumulative increase of 126% during the period.
The plea to the government for reforms arrives days after similar complaints from Ficci and Assocham made on behalf of the steel industry. The mines ministry is believed to be ready to reduce the 30% export duty after the decline in exports.
FIMI has also requested a 30% duty on the import of iron to protect the interests of merchant miners, following an increase in the import of iron pellets to 174,319 tonnes in May from 122,331 tonnes in April.
Power outage in N India; 300 million affected
New Delhi: In one of the worst ever nightmares for
MW), Anta (413 MW) and Badarpur (705 MW) -- stopped generating following the failure.
Capital had a harrowing time.
Express, Allahabad Chandigarh Unchahaar, Lucknow
passenger and local trains.
as the entire system had shifted to the backup generators. Delhi Metro was initially hit but now
since January 2001.
New Delhi: In one of the worst ever nightmares for
urban India, 300 million people of North India, were
affected by a massive power failure which lingered
for over 15 hours.
Power supply was restored in a phase-by-phase
manner across North Indian sates that had plunged
into darkness early on Monday. By the Tuesday
evening the electric supply was completely
restored.
"The Northern Grid was brought back to normalcy to meet the required demand of about 30,000
MW at 19.00 hours," Power Grid said in a statement.
An NTPC official said all the affected plants have resumed operations and are now connected to
the grid.
The northern transmission grid collapsed at 2.35 AM, plunging Delhi, Haryana, Punjab, J&K,
Himachal Pradesh, Uttarakhand, Uttar Pradesh, Rajasthan and Chandigarh into darkness.
NTPC's six plants -- Singrauli (2,000 MW), Rihand (2,500 MW), Dadri (1,820 MW), Auriya (652
MW), Anta (413 MW) and Badarpur (705 MW) -- stopped generating following the failure.
Railways and Delhi Metro came to halt for a few hours in
the morning, as power supply was disrupted. While 300
trains were delayed, Metro commuters in the National
Capital had a harrowing time.
The trains affected include Amritsar Delhi Shatabdi
Express, Allahabad Chandigarh Unchahaar, Lucknow
Chandigarh Sadbhavna, Howraha Kalka Mail, Delhi
Jammu Mail and a number of other super fast, express,
passenger and local trains.
In Delhi, IGI Airport functioned normally through the crisis
as the entire system had shifted to the backup generators. Delhi Metro was initially hit but now
services have returned to normal. DTC bus services were also hit as CNG stations were shut due
to lack of power.
Water supplies in major cities of North India were also hit.
This is reportedly the worst northern grid failure
since January 2001.
Thursday, July 26, 2012
Singareni Collieries to invest in Adriyala Coal project
Singareni Collieries Ltd has received approval from Union Cabinet committee to invest Rs.8460 million for Adriyala coal mine project in Godavarikhani in Karimnagar district of Andhra Pradesh. The project will use underground shaft mining technology to flush out the coal. CSIRO, a Australian government research organization has been retained to investigate and advise on technical specifications. Its 600 MW merchant power plant is also making progress and the company has achieved financial closure. SCCL Chairman – S Narsing Rao.
UMPP’s to rely on imported coal
New Ultra Mega Power Projects will get sanction provide their coal linkage is from imported coal. Indian coal reserves estimated at 250 billion tonnes may last only upto few decades at current consumption levels. Further, small and medium power projects rely on domestic coal and they cannot afford to use imported coal. Whereas, UMPP’s if located near the cost, can achieve economies of scale and can use imported coal. So, future UMPP’s are most likely to come up near coast. Cheyyur in TN, Kotipalli in Andhra Pradesh both projects are proposed on imported coal. Currently, around 40 thermal plants in the country are reporting critical stocks.
Allmineral Asia plans new plant at Orissa
Jyotirmoyee International, a 50:50 joint-venture with Allmineral GmbH and Jyotirmoyee International is setting up a new plant in Orissa to serve Indian and South Asian customers. Allmineral Asia is a leading player in mineral beneficiation plant technology. Earlier, the parent company Allmineral has tied up with Hari Machines and has successfully executed 15 dry coal beneficiation plants and 2 wet coal beneficiation plants. Now Hari Machines will produce the equipment while Allmineral Asia will take care of customer enquiries, orders, project management, commissioning, after-sales-service, etc.
Subscribe to:
Posts (Atom)