1) NTPC Reaction to CERC (Central Electricity Regulation Commission) draft to re duce tariffs (Others - NHPC, Torrent Power): CERC

draft:decide the multi year power tariffs for the years between 2014-19 Historically, between drafts and final orders, there is a lot of difference. Fin al draft expected in January end. a) Norms for 2009-14 allowed utilities to retain tax benefits applicable to powe r projects by recovering higher tax from beneficiaries than the actual income ta x paid b)incentive structure for generation projects has been changed from earlier plan t based (for PAF > normative PAF of 85%) to generation linked (PLF) which are be low 70% for most of its plants. [ PAF - Plant availability factor] Positives for company:Water charges pass through, O&M escalation increased, Lat e payment increased 25bp, ROE same

Rises - 2.2% ---------------------------------------------2) Reliance - Bharti Deal:(RIL jumped but then down....Both down) Is even bigger than the infrastructure sharing pact($2.1-billion) Reliance Infoc omm has signed with Anil Ambani's Reliance Communications Bharti has 4G spectrum in just eight telecom circles while Reliance has in all 2 2, but the latter does not have 2G or 3G airwaves anywhere. pan-india infrastructure-sharing accord , aimed at avoiding duplication of infra structure, lead to cost reduction include areas such as spectrum and networks, when government rules allow it to utilize each other s infrastructure including their optic fibre network, undersea cables, wireless towers and Internet broadband services Bharti has access to a significant amount of infrastructure that it has built up over the years and loses significant competitive advantage by giving access to a newcomer like Reliance Other players don't see 4G as a deal breaker

Bharti Infratel rises 4%, Airtel down 2%, RIL constant due to possible quadruple gas production news with BP ---------------------------------------3) Coal India penalized for monopoly Coal India Ltd fell as much as 3.7% on Wednesday after the CCI regulator imposed a fine of Rs.1,773 crore saying Coal India abused its dominant position and imp osed unfair conditions in fuel supply agreements with customers

-retaining the right to unilaterally terminate contracts with buyers. ----------------4) RBI Focus -focus remains on inflation -growth seems to be stabilising -rupee had stabilised "somewhat" -Financial market development is seen as a priority .improve liquidity and dept h in government bonds -RBI will soon introduce interest rate futures on 10-year government bonds .7 per cent of UBH aft er buying 1.imposing unfair or discriminatory conditions in fuel supply agreements (FSAs) w ith power producers for supply of non-coking coal -supplying low-quality coal at high prices.3 per cent (shares pledged by UBH) on Tuesday from Citicorp Finance India . int roduce interest rate futures on 10-year government bonds --------------5) Heineken. the world's third-largest brewer. -preferring other state-owned companies over private buyers of coal. now owns 38. -not providing a fair dispute redressal mechanism.stock moves up 7% .

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