NTPC to begin production in 6 coal blocks by 2017

State-run power major NTPC today said it expects to start production at its six coal blocks by 2017, which will help it secure an additional 40 million tonne of captive coal. The six coal blocks include Pakri Barwadih, Chatti-Bariatu, Kerandari, and Chatti-Bariatu (South) in Jharkhand; Tallaipali in Andhra and Dulanga in Odisha.

Also read: Law min, PMO made changes in Coalgate report: CBI to SC

"One of the mines in Jharkhand is expected to start production this year. We expect to start production in all the six mines by 2017," NTPC Technical Director A K Jha told reporters on the sidelines of an event here. He said, once these six mines start production, the company will be able to add nearly 40 million tonnes of capacity for captive use. Last year, the Coal Ministry had cancelled allocation of five blocks -- Chatti Bariatu, Chatti Bariatu (South), Kerandari, Brahmani and Chichiro Patsimal -- to NTPC as it could not develop the mines within the stipulated timeframe.

However, in January, the ministry decided to return the Chatti Bariatu, Chatti Bariatu (South) and Kerandari coal blocks to the nation's largest utility. Jha further said the 800-mw Kol Dam hydel project in Himachal is expected to be commissioned this fiscal. Besides, he said that NTPC was planning to commission 100 mw of solar power projects this year.

"We are setting up solar power projects in different states, which are at various stages of development. We expect to commission nearly 100 mw by March next," Jha said. It is setting up 50 mw solar plant at Raigarh in Madhya Pradesh, 5 mw at Faridabad (Harayana), 10 mw at Talcher (Odisha), 10 mw at Unchahar and 25 mw at Singrauli (UP) and 25 mw in Ramagundam (Andhra).

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The late, late show

By Ross McCammon

In business, time management is never about managing time. Time is a known and stable factor. It can't be managed; it can only be acknowledged or ignored, according to how much you appreciate its importance.

If you're late for a meeting, it's probably not because some unavoidable obstacle put itself in your way. It's because you didn't allow for the obstacle. You didn't spend time thinking about the obstacle.

And if you didn't spend time thinking about the obstacle, you're not showing respect for the people you're doing business with. In other words, you are the obstacle. Because being on time is easy.

Respecting time is the tricky part. There are many opportunities to be late or on time, but for the purposes of this column, let's stick with the most useful example: the meeting.

Be on time
For the first time ever, we are about to reveal how to be on time for a meeting. Countless studies by scientists, the military, various government agencies and the guy who invented Clocky, 'the alarm clock that runs away,' have all come together to prove that the way to be on time for a meeting is as follows: Be on time for the meeting.

There is no skill. There is nothing to learn. If you want to be on time, you'll be on time. People who are consistently late make lots of excuses: traffic, children, illness, subway trouble, inclement weather, "they took a long time with my Caffe Misto," etc. But those excuses are representative of one thing: ambivalence about what you're supposed to be on time for. Whatever the meeting is about, it's just not important enough.

"It cracks me up when people say it's a time-management issue when people don't show up on time," says Steve McClatchy, time-management expert and Founder of Malvern,

Pennsylvania-based Alleer Training & Consulting. "If I told you that I have a million dollars for you if you can make an 8 o'clock meeting tomorrow morning, but if you're a minute late you don't get the million dollars, there's not a person in the world who would turn it down." It's easy money because being on time is not hard. After all, we're on time all the time. We tend to eat on time. We press the gas when the light is green.

We say hello immediately after someone else says hi. So when we decide not to be on time (and it is always a decision) the message isn't, I'm too busy. The message is, I don't respect this meeting enough-I don't respect the people waiting for me in the meeting room enough-to do the easiest thing in the world: just show up.

Is it a lifestyle thing?
"One of the things people love about being an entrepreneur is: 'Hey, I don't have to punch a clock,'" says Angela Benton, Founder and CEO of NewMe Accelerator, a San Francisco incubator for under-represented minorities in the tech industry. "But the fact is that most people do business from 9 to 5. So you have to put some kind of schedule in place for yourself and put some level of structure in so that you're not late for things."

Being late is about little decisions you make on the way to being late. It's never about the moment in time when you're scheduled to meet.

It's about days of preparation. Months, even. In some ways, years. Because an inability to keep an appointment is about something much larger than the hour at hand. If you're struggling with being on time, imagine that your meeting is a lot more important than it actually is. Imagine that your being late would scuttle the whole thing. Imagine the meeting is-oh, I don't know-a rocket launch.

Here's what Tim Dunn, Launch Director for the Launch Services Program at NASA's John F. Kennedy Space Center in Florida says about all those little decisions: "The general public tends to think in terms of launch countdown, which is all the excitement on launch day. But the launch campaign is the greater effort of everything that goes into leading up to launch day. When people are late for those meetings, it detracts from the overall progress toward our launch date or countdown." You are NASA. The meeting is your rocket. Launch the rocket on time.

What lateness tells you
One way of looking at lateness is to consider the price you're paying for being late And there's always a price to pay. Says McClatchy: "If you are just a little late, a sincere apology typically remedies the issue. If being late is a chronic problem, then it communicates that you don't care. This can show up in many different ways in business."

People might smile and say, "Oh, that's OK." But the price has been paid. Morale is lower. You're trusted less. They're frustrated. And they're going to take out that frustration in ways you can't quantify. The whole basis of business is trust. A meeting time is a commitment, and when that commitment isn't honored, bad things happen.

Let's turn the tables and look at timeliness from the perspective of those who show up early and end up waiting on the not-so-timely. Think about what they've learned. They've learned the score. They've learned where they stand with the person who is not on time. They now know that the tardy person respects the situation less than they do. They know that they are more on top of the schedule than the tardy person is. Which is extremely useful. Especially if they're considering going into business with that person.

When you're not on time, you have said one thing and done another. Your words do not jibe with your actions. It's a cardinal sin, especially for a manager. Each time you do what you say, each time you're on time, trust is maintained and bonds are strengthened. You are a hero. You have launched the rocket.

Now, while we're waiting, care for some coffee?

Key Technical Matters

The gap between on time (T) and late is very narrow

T plus five minutes is not yet late

T plus six minutes is extremely late

T plus 10 minutes is a total disaster

Tea plus honey is good for a sore throat

When walking in late to a meeting: Do not offer an excuse. Seem sheepish for exactly two seconds, then abandon all shame

If the meeting room is full, stand with your back against the wall just inside the doorway. No slithering

If there are beverages available, do not avail yourself

If there are flogging instruments available, do not avail yourself

Do not speak for the first 10 minutes of the meeting. Late people have a way of covering ground that has already been covered

At the end of the meeting, seek out the most important person in the room and apologize

Unless you are the most important person in the room

In which case, why have you been standing at the back of the room all this time?

©Entrepreneur Inc. All rights reserved.

© Entrepreneur India April 2013
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Three blasts kill 11 in Iraqi capital-police, medics

At least 11 people were killed in three bomb explosions in the Iraqi capital Baghdad on Monday, medics and police said.

Also read: Three blasts kill 11 in Iraqi capital-police, medics

Two car bombs exploded near police checkpoints at the entrance to the Shi'ite district of Hussainiya in the north of the city, killing one policeman and seven civilians.

A third bomb near a restaurant frequented by police killed three civilians in the southern district of Doura, medics and police said.

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New York to sue BofA, Wells Fargo over mortgage practices

New York Attorney General Eric Schneiderman on Monday said he plans to sue Bank of America Corp and Wells Fargo and Co for violating the National Mortgage Settlement brokered last year between the country's biggest banks and 49 state attorneys general.

Schneiderman said that since last October he has documented 339 violations of standards that Bank of America and Wells Fargo agreed to follow.

He said homeowners victimized by the banks' violations would speak at a press conference later Monday.

Representatives of the banks did not immediately return calls seeking comment.

BofA and Wells Fargo were among five big US banks that agreed to a USD 25 billion settlement in February 2012. The pact was supposed to curb abusive foreclosure practices and was expected to help roughly one million borrowers.

The settlement released the banks from claims over faulty foreclosure practices and the mishandling of requests for loan modifications

It was supposed to speed mortgage relief to homeowners in need and provide USD 2,000 payments to borrowers who lost their homes to foreclosure.

JPMorgan Chase & Co , Citigroup Inc and Ally Financial Inc also entered into the National Mortgage Settlement.

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Amartya backs food bill, blames opp for Par disruption

Nobel laureate Amartya Sen today sought to blame the opposition for disruption in Parliament, saying they were "bursting debates" and "killing arguments" in the House as he backed the Food Security Bill in its present form. Sen, an eminent economist, said the essence of democracy is to have arguments and there is a need for skillful presentations of what the issues are. At a press conference along with activists on the Food Security Bill here, he said, "There are things on which opposition may have different views. They should debate the issue...rather than disrupting proceedings.

Also read: Amartya backs food bill, blames opp for Par disruption

In Parliament they are killing arguments. If the Opposition succeeds in bursting Parliamentary debate, they should be held responsible it." Sen said he is "shocked at media being not able to play up the issue of non-discussion in Parliament". Favouring the passage of the food bill, he said it would lead to a substantial enhancement of entitlements of the poor through the PDS.

The Food Bill aims to give legal right over a uniform quantity of 5 kg food grains at a fixed price of Rs 1-3 per kg via ration shops to 67 per cent of the population. Last week, the amendments to the Food Bill, which was originally introduced in Parliament in December, 2011, was moved in the Lok Sabha but discussion could not take place due to disruption of proceedings on several issues, including the 'coalgate scam'. Amid uproar over several scams, government today sprang a surprise over the Opposition in the Lok Sabha by taking up the ambitious National Food Security Bill for consideration despite protests.

A brief debate was held amid an unprecedented din with members from Left and Right in the Well denouncing "dictatorial ways" of the government in pushing through the much talked about legislation when Parliament is paralysed over various scams. When pointed out that the government is planning to bring an ordinance, Sen said it would not be a happy situation. The question to be asked then would be why did the government have to go the ordinance way and who was responsible for Parliament not functioning, he said.

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Emerging markets drive investment into Africa - EY report

Foreign direct investment from emerging markets into Africa outpaced that from developed markets in 2012, but the number of new FDI projects into the continent fell 12 percent from the previous year, Ernst & Young said on Monday.

Despite this drop, which came amid a 15.2 percent decline of FDI project flow globally, Africa's share of global FDI rose in the past five years to 5.6 percent in 2012, reflecting greater investor interest, the financial consultancy said in a report.

Ernst & Young's 2013 Africa Attractiveness survey said that greenfield investments on the African continent from emerging markets such as China and United Arab Emirates increased in 2012, while those from developed markets declined.

The United States, Britain and France have been the three biggest investors in Africa over the past decade, but only the UK increased its project numbers from 2011 to 2012.

New FDI projects from the United States and France in Africa decreased by 22 percent and 39 percent respectively in the same year to year period, while projects from the UAE more than doubled, and those from China grew 28 percent.

"In the period since 2007, this category of investment from emerging markets into Africa has grown at a healthy compound rate of over 20.7 percent, in comparison to investment from developed markets, which has grown at only 8.4 percent," the report said.

Ernst & Young said Africa's strong growth - the continent's economy has more than trebled since 2000 and is expected to grow by 4 percent in 2013 and 4.6 percent in 2014 - should be attracting higher levels of FDI.

"There is no doubt ... the African growth story is real and that the potential over the next 10-20 years is even bigger," said Ajen Sita, Ernst and Young's Managing Partner for Africa.

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TN announces steps for agricultural sector growth

In a bid to give a push to agriculture sector in the state, Tamil Nadu government today announced a slew of measures with an allocation of Rs 984.70 crore. The government would implement 'Sustained Sugarcane Production Scheme' over 50,000 acres at a cost of Rs 275.20 crore, Chief Minister Jayalalithaa said, making a suo motu statement in the state assembly.

Also read: Tamil Nadu to set up over 60 foodgrain godowns

The state would set up special commercial complexes for tender coconut and banana in Coimbatore and Tirunelveli districts respectively and buildings for sale counters at a cost of Rs 23.60 crore. The government would spend Rs 186.46 crore to set up infrastructure facilities for horticulture in the state, to collect quality seeds and to sell them in select markets in the state using electronic auctioning under 'Hub and Spoke' model, she said.

Steps would taken for setting up Farmers Service Centres in 50 places and five District Horticulture Technical Support Centres at a cost of Rs 28.25 crore. A sum of Rs 124.70 crore would be earmarked as subsidy for farm equipment this year, Jayalalithaa said. The government would also allocate Rs 112.49 crore for setting up a Special Purpose Vehicle to source quality equipment in time for farmers involved in horticulture.

A total of Rs 55.60 crore has been allocated for bridging the pigeon pea demand in the state by cultivating the crop in over 50,000 acre. A part of it (10,000 acre) would have drip water irrigation, she said. The government would also rent 'rain guns' and mobile sprinklers at a subsidised rate for farmers affected with inadequate rainfall, she said.

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RIL surpasses ITC to reclaim third most valued co status

Reliance Industries Ltd (RIL) on Monday overtook FMCG major ITC to become the country's third most-valued company after TCS and ONGC .

At the end of the trade, RIL commanded market value of Rs 2,65,814 crore. This is about Rs 7,978 crore more than ITC's m-cap of Rs 2,57,836 crore.

Shares of RIL ended 2.53 per cent higher at Rs 821.50, while ITC's fell by 1.35 per cent to Rs 326.30 on the BSE.

RIL had last week slipped to fourth position in the list of top-10 most valued companies of the country in terms of their market valuation.

TCS with a market capitalisation of Rs 2,86,703 crore was at the top of the chart, followed by ONGC (Rs 2,72,663 crore), RIL, ITC and Coal India (Rs 1,99,249 crore).

Market capitalisation or the value of a listed company is arrived at by multiplying the total number of its shares with its stock price on a particular day or time. This figure changes every day with the change in the stock price.

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Liquidity squeeze is likely to be 'less uncomfortable': RBI

Reserve Bank Governor D Subbarao today said liquidity squeeze is likely to be "less uncomfortable" in the coming months as the government starts spending. "Our objective is to maintain liquidity at plus or minus one per cent of NDTL (net demand and time liabilities).

Also read: RBI says will deploy all options to tackle cash crunch

We have actively managed liquidity conditions... Liquidity situation should be less uncomfortable going forward. "We have also indicated that we will actively manage liquidity. Consistent with that policy, we have announced an OMO (open market operation) of Rs 10,000 crore on Friday," Subbarao told analysts in a customary post-policy conference call.

He also said as and when the difference between deposit and credit growth rates lessens, the tight liquidity condition will further ease. Currently, banks are borrowing close to Rs 90,000 crore from RBI through the overnight window, which is above the central bank's comfortable level of 1 per cent of NDTL at Rs 60,000 crore.

As per reports, the government's cash balance is close to Rs 1 trillion, which can significantly ease liquidity situation as the government starts spending. However, Subbarao also said the RBI prefers liquidity to be in deficit mode given the upside risks to inflation. Answering to a question on rising housing prices, he said, "there is no housing price bubble building up in the country." Referring to monetary policy transmission, Subbarao said the RBI expects base rates of banks to come down in the coming months adding as yields on government securities come down, money will be cheaper to that extent for corporates.

On the high current account deficit (CAD) level, Subbarao said CAD of 2.5 per cent of GDP is sustainable and the present level of 6.7 per cent in third quarter of last fiscal is way above the limit. He added that RBI wanted low CAD funded by stable non-debt flows (like FDI).

In the last policy review, RBI had reduced repo rate by 0.25 per cent with no change in cash reserve ratio (CRR) with flagging up concerns on high CAD and upside risks to inflation. Meanwhile, on allegation of money-laundering by banks, Deputy Governor K C Chakrabarty, who is in charge of banking operations, said that RBI's probe into the allegations has not found any irregularities at these branches.

However, he added that the regulator is working on strengthening the KYC (know your customer) norms.

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Wall St flat but indexes near records; Apple aids Nasdaq

US stocks were little changed on Monday, pausing after a rally that pushed the Dow and S&P 500 to record highs last week on improving earnings and reassuring signs about the economy.

Also read: Wall St opens flat as market pauses after rally

Apple shares were among the top gainers, up 2 percent at USD 458.65 and giving the biggest boosts to the Nasdaq composite index and benchmark S&P.

Market watchers said there is more room for stocks to rise as investors use weakness in the market as an opportunity to add to positions.

"There were some negative sentiment heading into earnings and concerns about the spring slowdown or 'sell in May and go away,'" said Todd Salamone, director of research at Schaeffer's Investment Research in Cincinnati, Ohio.

"Also economic numbers were weak. We don't see that now. We've hit this sweet spot in economic data where numbers are better-than-expected. But on an absolute basis, they won't make the Fed unwind their support for stimulus."

Although weak economic data from the euro zone and China has caused concerns over the global growth outlook, Friday's stronger-than-expected US payrolls report fueled the gains that took the indexes to record levels.

Equities have been strong so far this year, with the S&P 500 up more than 13 percent in 2013 on the back of strong corporate earnings and accommodating monetary policies that have kept interest rates low.

The Dow Jones industrial average was down 26.54 points, or 0.18 percent, at 14,947.42. The Standard & Poor's 500 Index was up 0.46 point, or 0.03 percent, at 1,614.88. The Nasdaq Composite Index was up 6.21 points, or 0.18 percent, at 3,384.85.

A number of bellwether names rallied on Monday, with Bank of America Corp up 2.3 percent to USD 12.52 and Apple Inc up 1.7 percent to USD 457.58. Humana Inc jumped 3.4 percent to USD 76.45 as the S&P 500's biggest percentage gainer. JPMorgan upgraded the stock to "overweight."

But Johnson & Johnson shares were down more than 1 percent at USD 84.79, weighing on the blue-chip Dow average.

BMC Software Inc agreed to be acquired by a private equity group led by Bain Capital and Golden Gate Capital Corp for about USD 6.9 billion. Shares were up 0.2 percent to USD 45.50.

Tyson Foods Inc reported a steep drop in its second-quarter earnings, hurt as customers switched to chicken from beef to save money. The stock dropped 4.3 percent to USD 23.86, the biggest percentage decliner on the S&P 500.

Of the 404 companies in the S&P 500 that have reported earnings so far, 68.3 percent have beaten earnings expectations, according to Thomson Reuters data, though only 46.3 percent have reported revenue above expectations. Over the past four quarters, 67 percent of companies beat on earnings and 52 percent beat revenue estimates.

Warren Buffett said on Monday low interest rates have made bonds "terrible" investments, but stocks are "reasonably priced," and he continues to shy away from sectors such as media where he cannot predict which will thrive in the long run.

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