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Sponge Iron maker <keyword id="90610" type="COMPANY" weightage="100" keywordseo="Monnet-Ispat">Monnet Ispat</keyword> and Energy was among the volume buzzers and jumped limit up 20 percent on news that it would divest a controlling stake in its power generation arm in a bid to cut debt. 
 Monnet Ispat surged 7.15 rupees to 42.90 rupees on the <keyword id="53581" type="CITY" weightage="100" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword>. The stock has fallen 72 percent over one year as it had a huge outstanding debt of 10,737 crore rupees at the end of March 2014 
 Monnet signed a pact with <keyword id="47954" type="COMPANY" weightage="100" keywordseo="JSW-Energy">JSW Energy</keyword> to sell its 1,050 MW power plant, still under construction, in Odisha. The thermal plant, under <keyword id="184171" type="ORGANIZATION" weightage="100" keywordseo="Monnet-Power-Company">Monnet Power Company</keyword>, is located in a coal-rich area and has 2 units each worth 525 megawatts. Shares of JSW Energy fell 0.6 percent to 98.75 rupees on the NSE, post the deal's announcement. 
 
(Image credits: coalscam)

It's up, up and away for Monnet Ispat

A high-ranked government official has said that the government is planning to issue notices to two companies, one being <keyword id="6440383" type="COMPANY" weightage="100" keywordseo="Essar-Power">Essar Power</keyword> for not paying its dues to Jharkhand government over the Tokisud North coal block; the other enterprise that would receive the notice is <keyword id="161385" type="COMPANY" weightage="100" keywordseo="Monnet-Ispat-Energy">Monnet Ispat &amp; Energy</keyword>, since it got late in paying upfront fees on a mine that it had won in an auction. 
 
Both companies will get a show-cause notice, asking them why their proportionate bank guarantees should not be forfeited by the government. 
 
Talking of Essar Power, mining lease for Tokisud coal block, the most expensive of those bids, was executed in its name but it is yet to pay the dues to Jharkhand. Earlier, the Tokisud coal block belonged to GVK Power, but the Supreme Court cancelled its permit. 
 
A spokesperson from Essar Power MP said that the initial amount of Rs 147 crore has been paid to the coal ministry while signing the agreement in March 2015, and two more instalments of upfront payments worth Rs 53 crore have also been paid. Once the company receives clarifications from the government, the third and final instalment of Rs 18 crore will be paid too. 
 
<a href="http://theindiantalks.com/wp-content/uploads/2015/02/an_open_cast_coal_mine.jpg">Image source</a>

Show-cause notices to Essar Power and Monnet Ispat over unpaid dues

<keyword id="260829" type="COMPANY" weightage="100" keywordseo="Monnet">Monnet</keyword> Ispat &amp; Energy, a steel maker, rebounded from 3-month lows on news that the company may sell off stakes in units in a bid to cut down on debt payments. 
 Monnet said it was in talks with larger rival <keyword id="47912" type="CITY" weightage="100" keywordseo="Bhushan-Steel">Bhushan Steel</keyword> to exit its 35 percent stake in Orissa Sponge Iron &amp; Steel Ltd., which owns ore mines in Odisha. Additionally, Monnet was negotiating the sale of its power division with <keyword id="45609" type="CITY" weightage="100" keywordseo="JSW-Steel">JSW Steel</keyword>, which will help it cut 4,000 crore rupees liability from its balance sheet. 
 
Debt-laden Monnet will still have 7,000 crore rupees of loans on its balance sheet after the proposed sale of its power division. 
 Monnet rose 2.35 rupees, or 7.5 percent, to 33.60 rupees on the <keyword id="53581" type="CITY" weightage="100" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword> where 4.1 lakh shares were traded compared with the 5-day average of 1.51 lakh shares 
 
Monnet has seen its market capitalisation plunge 71 percent to 201 crore rupees in the past one year as investors exited the steel sector globally owing to a sharp fall in demand. Lower sales have made servicing debt difficult for steel companies of all sizes, prompting them to push for asset sales. 
 
(Image credits: Indiatimes)

Monnet Ispat & Energy rebounds from 3-month lows on plans to take measures to cut down on debt payments

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Voom</div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/airbus">Airbus</a>' Voom, an on-demand helicopter ride-hailing company, has launched in the San Francisco Bay Area.</li><li>The company's CEO, Clément Monnet, explained the company's vision in an interview with Business Insider. </li><li>Eventually, the service could run electric, flying robotaxis, and sees that helicopters are the starting point for that. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>On-demand helicopter flights are here, and competition in the space is heating up.Following <a href="https://markets.businessinsider.com/news/stocks/uber-reportedly-to-offer-helicopter-rides-from-lower-manhattan-to-j-f-k-1028258289">Uber Copter's debut</a> earlier this year (the airport connection service is now available to any Uber rider, not just power users), the space has begun a transition to what many investors see as a new wave of "urban air mobility" (UAM).Now Airbus, the French aerospace giant, has entered the space.Voom, a consumer-facing helicopter charger service that's been active in Latin America for three years, launched this week in the San Francisco Bay Area, shuttling wealthy travelers between the region's airports, Silicon Valley, and Napa's wine country."We want to offer a better alternative to ground <keyword id="34991" type="ORGANIZATION" weightage="100" keywordseo="transportation">transportation</keyword> to people living in an urban environment," Clément Monnet, the company's chief executive, told Business Insider in an interview.Like Uber and its older competitor Blade, business travelers and their corporate credit cards are the first target for Voom as it launches in the US. Prices start at $245 for a flight from Oakland to San Jose and climb as high as $425 from San Francisco International Airport to Napa.Read more: <a href="https://www.businessinsider.com/blade-continuous-helicopter-flight-review-nyc-jfk-airport-photos-2019-7">I took a $120 Blade helicopter flight from midtown Manhattan to JFK Airport - here's what it was like</a>"The key with Voom is that we have Airbus to understand how these markets behave," Monnet said, brushing off the intense competition from the bevy traditional helicopter chartering services.Uber's launch in particular, he says, "is great because it validates the assumptions we made three years ago when we decided that the best way to make UAM a reality was to incorporate first with helicopter as prep for the arrival of EVToL (Electric, vertical takeoff and landing)."Earlier this year, Airbus' other UAM subsidiary showed off its vision for a flying taxi. The "Vahana" is an all-electric, four-seat aircraft, and successfully completed 50 full-scale test flights, the company said.Voom declined to share ridership or revenue figures thus far, but Monnet said the company has shuttled "tens of thousands" of passengers in Mexico and Brazil so far. More cities are in the company's sights, he said, though any announcements are still under wraps."We want to make Voom the platform of reference for Urban Air," Monnet said. "Thanks to our experience working in previous markets, and leveraging Airbus' expertise to work with the best in class operators in the world so that we can safely integrate with any type of platform to offer mobility services to passengers."<a href="https://www.businessinsider.com/intelligence/40-big-tech-predictions-for-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=uber&amp;itm_campaign=40-big-tech-predictions-for-2019-3"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/airplane-tap-water-tainted-epa-faa-fda-flight-attendants-avoid-study-video-2017-2">Here's why flight attendants avoid drinking tap water on airplanes</a></h3> <div> </div> </div>

Uber and Blade have a new helicopter competitor in the United States - and it's backed by one of the world's largest aerospace companies

major cos: RameshNew Delhi, Mar 12 () The insolvency and bankruptcy lawhas resulted in recovery of just 10 per cent of defaultedloans in case of companies other than the seven big onesreferred for resolution, senior Congress leader Jairam Rameshsaid in Rajya Sabha on Thursday.Speaking on a bill to further amend the Insolvency andBankruptcy Code to give protection to new owners of a loandefaulter company against prosecution for misdeeds ofprevious owners, Ramesh said of the 970 cases referred to IBC,780 have been liquidated, indicating a mortality rate of 80per cent.The first objective of the IBC was to save companies butwith a mortality rate of 80 per cent it is not life saving, hesaid.Ramesh said against admitted claims of Rs 3.51 lakhcrore, Rs 1.50 lakh crore has been recovered by way ofauctioning defaulting firms to new buyers.The recovery was 43 per cent, implying that banks took ahair cut of 57 per cent on their loans, he said.If the big seven firms -- Electrosteel, Bhushan Steel,Monnet Ispat, Essar Steel, Alok Industries, Bhushan Power &amp;Steel and Jyoti Structures are excluded then the totalrecovery is 10 per cent, he said, "This means banks took haircut of 90 per cent.""That is matter of great concern," he said.Ramesh also sought revisiting provision in the amendedIBC that gives power to resolution professional to order otherfirms such as small and micro enterprises to continuesupplying goods and services to the defaulter firm.Under the law, a resolution professional oversees theinsolvency process.This raises the risk of default for MSME firms, he saidseeking revisiting of the provision in the bill on supplyingto defaulter firm."You should not sacrifice interest of MSME sector," hesaid.He went on to advocate a special regime for MSMEs byamending the 2006 MSME Act by allowing them to list accountsreceivable above Rs 1 crore so they can invoke IBC to recoverdue amounts.MSMEs face cash flow issues mostly due to delayedpayments, he said.Earlier, introducing the Insolvency and Bankruptcy Code(Amendment) Bill 2020, Finance Minister Nirmala Sitharamansaid insolvency and bankruptcy code (IBC) was brought in 2016as desired results were not coming from prevalent laws toresolve defaults.Since 2016, several amendments to IBC have been broughtto keep pace with developments in the outside world and orderspassed by courts and tribunals on their interpretation of thelaw, she said.She said the bill was brought in the previous Wintersession of Parliament but couldn't be passed and so anordinance was promulgated. The present bill is to convert theordinance into a law.Mahesh Poddar (BJP) said the amendment to the IBC willprotect current management from past mistakes of previousowners. ANZDV DV

IBC led to recovery of just 10% of defaulted loans in non-

The Nifty is likely to remain weak and trade in a sideways band on Friday as investors and traders refrain from taking long positions ahead of the weekend and as overseas cues continue to be muted. 
 Meanwhile, stocks in Asia posted minor gains after Chinese authorities stepped into absorb panic from their markets. Markets on <keyword id="42111" type="COMPANY" weightage="100" keywordseo="Wall-Street">Wall Street</keyword> closed with modest gains of 0.19-0.23 percent on Thursday. Commodities offered little or no clue on the direction which equities may take. Crude oil futures continued near 3-month lows, Copper and Gold futures were trading flat. 
 
The Nifty is likely to see resistance coming in at 8,420-8,370 levels and the support at 8,325-8,275 points. The Index closed at 8,328, down 35 points on Thursday, falling for a 3rd day in a row. 
 
Foreign funds continued to remain net sellers on Indian equities on Thursday. The sold net 254 crore rupees of stocks, their 5th straight day of sales and their sales in the derivatives markets stood at 1,247 crore rupees in Index Futures and 497 crore rupees in Stock Futures. These numbers point to further weakness in Indian stocks. 
 And now for a bit of good news: the IMF has retained its forecast for global growth at 3.8 percent for 2016. It pegs India's <keyword id="35050" type="CITY" weightage="100" keywordseo="gdp">GDP</keyword> expansion at 7.5 percent, making us the fastest growing economy in the world. 
 
 
STOCKS TO WATCH: 
 <keyword id="6357585" type="CITY" weightage="100" keywordseo="Tata-Consultancy-Services">TATA CONSULTANCY SERVICES</keyword>: Top software exporter failed to meet sales forecast for the fourth time in a row. Q1 Sales rose 6 percent sequentially to 25,668 crore rupees, below analysts expectations. Net Profit fell 3.3 percent sequentially to 5,709 crore rupees. The software giant's attrition rate surged to 15.9 percent. Major global brokerages remain optimistic on TCS's futures growth and they maintain their `Buy' stance on the stock. 
 
BHARAT HEAVY ELECTRICALS: Brokerage CLSA has upgraded the stock to `Buy' from `Sell' and raised its price target to `320 per share from `205 earlier, citing the company to be the biggest beneficiary of the surge in orders in FY16. CLSA sees EPS double over FY15 - 17 as raises FY16 order flow by 17%. 
 <keyword id="10862" type="CITY" weightage="100" keywordseo="Wipro">WIPRO</keyword>: Has finalised a deal to buy a digital Danish firm for 85 million euros. 
 <keyword id="6653" type="CITY" weightage="100" keywordseo="ICICI-bank">ICICI BANK</keyword>: The lender may sell its <keyword id="100080" type="ORGANIZATION" weightage="100" keywordseo="housing-finance">Housing Finance</keyword> Arm for `4,400 crore rupees to private equity players, reports the Economic Times. The unit contributes to 10 percent of the lender's total loan book and focuses on financing affordable housing. 
 
JSW ENERGY: signed a non-binding pact to buy out Monnet Ispat's 1,050 MW power plant in Odisha. 
 
MAHINDRA &amp; MAHINDRA: The auto giant is set to enter the branded oils and pulses category with a sales target for `1,000 crore rupees in the first year of operation. 
 
TITAGARH WAGONS: Sets floor price of `104.64/share for its placement process that is aimed at raising 250 crore rupees from institutional investors. 
 
(Image credits: openmarkets)

You Searched For "Monnet Power Company" and got 6 results

It's up, up and away for Monnet Ispat

Shailendra Bhatnagar

Show-cause notices to Essar Power and Monnet Ispat over unpaid dues

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Monnet Ispat & Energy rebounds from 3-month lows on plans to take measures to cut down on debt payments

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Uber and Blade have a new helicopter competitor in the United States - and it's backed by one of the world's largest aerospace companies

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IBC led to recovery of just 10% of defaulted loans in non-

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