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

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; -retaining the right to unilaterally terminate contracts with buyers; -not providing a fair dispute redressal mechanism; -preferring other state-owned companies over private buyers of coal. ----------------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 , int roduce interest rate futures on 10-year government bonds --------------5) Heineken, the world's third-largest brewer, now owns 38.7 per cent of UBH aft er buying 1.3 per cent (shares pledged by UBH) on Tuesday from Citicorp Finance India - stock moves up 7%