Monday 01/09/2014

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The Supreme Court is likely to decide on Monday the fate of the 194 coal blocks whose allocations it had termed illegal last week. Since the court had earlier questioned distribution of mining rights through the screening committee route, experts say the solution worked out would be weighed on the basis of legality.

Of the 216 blocks allotted between 1993 and 2010, private companies were allocated 105, public-sector undertakings got 99 and 12 allocations were made to ultra mega power projects. After adjusting 24 de-allocations and two re-allocations, the total number of coal blocks comes to 194.

The pace of activity in Chinese factories slowed in August, the release of a pair of official purchasing managers' indexes (PMI) on Monday confirmed.

The official (PMI) came in at 51.1 in August, according to the National Bureau of Statistics, a tad below expectations for a reading of 51.2 and down from a 27-month high of 51.7 in July. It remains above the 50-mark which separates expansion from contraction.

The final reading of HSBC's flash manufacturing PMI for August meanwhile fell to a three-month low of 50.2, a dip from the flash reading of 50.3.

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ABove Rs.135/-

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