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Short-covering takes toll, Nifty slips below 4,950
The Nifty closed marginally above the support level of 4,940 on short-covering at lower levels. The trading pattern in the Nifty futures and options suggests the index may fall below the 4,900 mark soon. The 5,000 call option added 2.24 million shares in open interest (OI), mostly through change of hands and sell-side trades, indicating strong resistance above the 5,000 level.

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JSW to raise US mills' output capacity to 30%
To cash in on the rise in demand for its products, JSW Steel plans to hike the annual capacity of its mills in the US to 30 per cent by the end of the current fiscal.
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Haryana farmers to overcome power blues

The small and marginal farmers of Haryana would soon overcome the power shortage as the state government is in advance discussions with the ministry of renewable energy to revive the concessions for the SPV (Solar Photo Voltaic) pump sets. Sensex ends up 35pts She added that a subsidy of Rs 2.43 lakh was provided to farmers having 2-3 acre of land at Rs 125 per watt for maximum of 1,800-watt, 2-hp capacity pump set. After the initial inhibitions, the farmers showed keen interest in seeking the SPV pump sets and 393 pump sets were put up in a span of about three years. The state government contributed Rs 50,000 of subsidy per SPV pump and the pump set worth Rs 3.2 lakh cost a farmer approximately Rs 42,000. She lamented that the security of 400 applicants had to be refunded by the department when the scheme was discontinued by the Centre in 2003. Mishra said she was confident that the ministry of renewable energy would accept the proposal by the state government as Union Minister Farukh Abdullah during his visit to Chandigarh gave assurance to extend maximum support for pushing the reforms in the green energy sector. If the SPV pump sets are installed, this would not only help the farmers but the state utilities too as the dependence on thermal power would decrease. The installation of one 1,800 watt (24 panels of 75 watts each) capacity SPV water pumping system will result in annual electricity saving of 3,360 units. In terms of cross subsidy provided on electricity based tube wells, this scheme would result into net saving of Rs 5,712 per pump set per year. At generation point, she added, this would result into new capacity addition of 3.6 Kw per pump set, which could have come with an investment of Rs 1.44 lakh at generation.


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