We d n e s d ay 1 5 , A p r i l 2015
News &
Report Analysis
Currency Market
Precious Metal
Base Metal
Energy Market
 We have 2,269 MT iron ore resources,
K’ taka tells SC
 Adani in talks with Oz aboriginal
group to end land row
 Govt to auction 23 blocks next week
 Centre inks accord with 9 PSUs who have
been allotted coal blocks
 Kanishk plans B2B outlets for
gold brand Krizz
2
Wednesday 15, April 2015
Daily
MMR Landed Prices
London Metal Exchange : Tuesday 14, April 2015
Pr. Sell
(1)
Morning Session
Buy
Sell * (2)
Afternoon Session
Buy
Sell
Kerb
Change
(2) - (1)
Value
Stk(tns)
change
$/ton
Rs/ton
Copper Grade A
Spot
6011.50
5916.00
5916.50
5948.00
5949.00
5955.00
-95.0
3,37,500 MMR LP
4,01,256
3-mth
5995.50
5912.00
5913.00
5938.00
5939.00
5945.00
-82.5
3700 14-D MA
4,08,101
PP (HCL)
3,88,044
Average
10-days - 6031.10
20-days - 6005.40
30-days - 5944
Tin High Grade
Spot
16410.00
16100.00
16150.00
16294.00
16295.00
16221.00
-260.0
9,715
--
--
3-mth
16500.00
16150.00
16200.00
16349.00
16350.00
16275.00
-300.0
-20
--
--
--
--
Average
10-days - 16601.50
20-days - 16928.50
30-days - 17210.50
--
Lead
Spot
1986.00
1962.50
1963.00
1974.00
1975.00
1972.00
-23.0
2,14,650 MMR LP
1,37,654
3-mth
1990.50
1968.00
1969.00
1981.00
1982.00
1979.00
-21.5
-4200 14-D MA
1,33,221
PP (HZL)
1,47,600
Average
10-days - 1900.20
20-days - 1840.60
30-days - 1821.60
Zinc Special High Grade
Spot
2217.50
2176.00
2176.50
2187.00
2188.00
2183.00
-41.0
5,03,750 MMR LP
1,57,027
3-mth
2220.00
2185.00
2186.00
2196.00
2197.00
2194.00
-34.0
-2600 14-D MA
1,54,025
PP (HZL)
1,64,900
Average
10-days - 2135.10
20-days - 2086
30-days - 2061.20
Aluminium
Spot
1781.50
1770.00
1770.50
1791.00
1792.00
1792.00
-11.0
38,87,250 MMR LP
1,41,449
3-mth
1771.00
1767.00
1767.50
1786.00
1787.00
1789.00
-3.5
-1625 14-D MA
1,41,567
Average
10-days - 1776
20-days - 1775.10
30-days - 1773.10
PP (Nalco)
1,46,900
Aluminium Alloy
Spot
1775.00
1800.00
1805.00
NA
NA
NA
30.0
25,460
3-mth
1795.00
1815.00
1820.00
NA
NA
NA
25.0
-220
Average
10-days - 1777
20-days - 1753
30-days - 1768.30
Nickel
Spot
12520.00
12255.00
12260.00
12504.00
12505.00
12546.00
-260.0
4,31,346
--
--
3-mth
12630.00
12310.00
12320.00
12549.00
12550.00
12595.00
-310.0
132
--
--
--
-02-Apr
11-Mar
Average
10-days - 12597
20-days - 13163.80
30-days - 13429
Note: 1. MMR LP = MMR Landed Prices, excluding excise duty. 2. PP = Producer Prices ex-smelter, excl. excise
Copper
Aluminium
Minor Metals ($/LB)
Antimony
99.65%
9,100
Cadmium
99.80%
90.00
Cobalt HG Moly.oxide
99.80%
14.00
9.00
Tantalite
30% Ta2O5
81.00
Titanium Ferro-vana
Con. Ti02
550.00
24.90
Silicon Zinc
Lead
2,050
13-Apr
13-Apr
Week ended Avg of Steel Prices: 11/04/2015 (Incl. Excise duty)
Sponge Iron
Pig Iron
Alum. Alloy :
Mandi
26,100 HMS
31,000 CRP(LSLP)
Mumbai Mkt rates in kgs :
Mumbai
Kolkata
28,800
29,700
31,300
ADC 12 138
Delhi
Chennai
Bhiwandi
29,900
27,700
MS Ingots
39,550
29,300
AlSi 9 Cu3 141.5
LM6
146.5
Indicative Domestic Market Rates (Rs./kg)
Mumbai
14-Apr
Prev
Virgin Metals
Copper Pat
Copper W/Bar
Delhi
14-Apr
Comex Copper (cents/lb)
Prev
Chennai
14-Apr
Prev
Apr'15
- May'15
- Jun'15
-
-463.0
-463.0
418.0
-
418.0
-
Alum Ingot
Zinc Slab
Lead Ingot
Tin Slab
Nickel (4x4)
Scrap
Copper Heavy
Copper Uten.
156.0
180.0
133.0
1,290.0
965.0
156.0
180.0
133.0
1,290.0
965.0
157.0
183.0
129.0
1,310.0
958.0
157.0
183.0
129.0
1,310.0
958.0
438.0
408.0
438.0
408.0
---
---
153.0
-
Copper Mixed
Brass Utensil
Brass Huny
Brass Sheet
Alum Utensil
-318.0
320.0
325.0
127.0
-318.0
320.0
325.0
127.0
403.0
--137.0
403.0
--137.0
-
154.0
-
Metal
Gold Std
Silver
Gold
Silver
Gold
Silver
Rate
271.95
270.00
270.25
Change
-0.6
-0.7
-0.7
Kanpur
39,150
Durgapur
35,550
Comex Al (cents/lb)
Rate
-
Change
-
Precious Metals : Indicative Rates
Market
Mumbai
Mumbai
London
London
Comex
Comex
Unit
Rs./10g
Rs./kg
$/tr.oz.
$/tr.oz.
$/tr.oz.
$/tr.oz.
14-Apr
26,900
37,200
1,194.8
16.08
1,194.6
16.15
Prev
27,050
37,300
1,198.9
16.27
1,199.3
16.28
Forex: April 13, 2015 (Rs/Unit Currency)
- Buy
- Sell
- Buy
USD
62.60
62.51
EURO
65.89
GBP
91.41
91.31
SGD
45.59
----AUD
47.37
YEN
0.5188
0.5179
SFR
63.52
Sell
65.82
45.50
47.33
63.41
Customs Notified Rates: April 01, 2015 [Rs.(Imp/Exp)]: US$ 63.00/62.00;Pound Sterling 94.20/92.10;Euro 68.20/66.50
3
Wednesday 15, April 2015
US stock market ended higher on Tuesday,
USD/INR - 13/04/15
helped by energy stocks and quarterly earnings
62.30
reports that topped modest expectations
62.34
62.38
62.42
result, the Dow and S&P 500 Index also ended
62.46
at higher level on Tuesday. Asian markets
62.50
by poor readings on consumer demand and
industrial activity, underlining the need for
more policy action by Beijing.
USD/INR Overnight VAR
Data releases today
17:00
16:00
15:00
14:00
13:00
12:00
matched its own growth target was soured
62.54
9:00
stumbled on Wednesday as relief China had
11:00
following worries about a strong dollar. As a
10:00
Daily
0.3537
Forecast
Previous
USD Empire State Manuf.Index
7.2
6.9
USD Industrial Production m/m
-0.3%
0.1%
Growth in China's colossal economy did slow
Source : Mecklai Financial
to a six-year low of 7 percent in the first quarter,
dollar has since regained some lost ground. On
but that was better than many feared after a
Tuesday, dollar index slid 0.7 percent, posting
woeful trade performance in March.
its biggest one-day fall in nearly two weeks
China grew at its slowest pace in six years at
as Treasury yields sank. The two-year yield
the start of 2015 and weakness in key sectors
touched a low of 0.500 percent, pulling away
suggested the world's second-largest economy
from Monday's high of 0.576 percent. Major
was
intensifying
currencies were little moved, with the dollar
Beijing's struggle to find the right policy mix to
up 0.19 percent against a basket of its peers
shore up activity.
DXY. The euro held around $1.0634 EUR= after
still
losing
momentum,
A series of cuts in interest rates, lower
bouncing on Tuesday following a soft report on
reserve ratios at banks and easing measures
U.S. retail sales. As a renewed weakness in the
in the property sector look to have mostly
greenback helped the euro currency to climb
flowed into stock market speculation without
as far as $1.0708 and moderated its gains to last
delivering much support to fundamentals. Still,
stand at $1.0651.
the economy's persisting slowdown means
more stimulus measures are expected soon.
Against the yen, the dollar sank as deep
as 119.07, well off a recent high of 120.84. It
Among the other regional data reported
was at 119.39 in early Asian trade. The euro
includes include U.S. retail sales rose 0.9 percent
managed to recover a bit of ground against the
in March, just undershooting the consensus
yen, having slumped to a near two-year low
forecast of a 1.0 percent gain, while core sales
of 126.08 on Tuesday. It last stood at 127.19.
were much softer.
Investors cut short yen positions early this week
Currency Market
after comments from a key economic adviser
to Japan's Prime Minister were taken to mean
US dollar currency posted broad losses early
the currency was too weak. Yet Koichi Hamada
on Wednesday, having snapped six straight
has since told Reuters in an interview that
sessions of gains after retail sales data failed
he thought the yen was fairly valued around
to meet the market's lofty expectations. The
current levels.
4
Wednesday 15, April 2015
Daily
6 mth
LIBOR
Major
Currencies
Today’s
Crosses
Spot
Cash
v/s INR
0.41
USD / INR
-
ATM Options (put/call)
0.15
Forward Rates v/s INR (Export/ Import)
April
May
June
September
December
March
62.43/ 44
62.40/ 42
62.60/ 63
63.00/ 02
63.42/ 46
64.64/ 68
65.80/ 84
66.88/ 92
-
-
-
0.50/0.50
0.66/0.67
0.83/0.84
1.21/1.26
1.50/1.60
1.75/1.93
EUR / USD
1.0630
66.36/ 37
66.33/ 35
66.56/ 58
67.00/ 03
67.48/ 52
68.88/ 92
70.26/ 30
71.56/ 59
0.14
USD / JPY(100)
119.64
52.17/ 18
52.14/ 16
52.33/ 35
52.68/ 70
53.05/ 09
54.16/ 20
55.26/ 30
56.28/ 32
0.69
GBP / USD
1.4756
92.12/ 13
92.08/ 10
92.38/ 42
92.94/ 99
93.53/ 59
95.28/ 33
96.97/ 02
98.57/ 61
-0.72
USD / CHF
0.9742
64.08/ 09
64.05/ 06
64.26/ 28
64.73/ 75
65.28/ 31
66.82/ 84
68.33/ 37
69.71/ 78
3.06
AUD / USD
0.7599
47.43/ 45
47.41/ 43
47.53/ 55
47.74/ 76
47.99/ 01
48.68/ 70
49.35/ 37
50.02/ 03
Source : Mecklai Financial
weeks' time," said Howie Lee, analyst at Phillip
Precious Metal
Futures. The Federal Open Market Committee
Gold prices opened with a negative
sentiment on Wednesday as US dollar currency
recovered from losses spurred by weaker-thanexpected U.S. retail sales data. Besides, China's
economy data grew by 7 percent in the first
quarter, the slowest in six years, suggesting that
physical demand from China, the world's No. 2
consumer would remain tepid this year.
(FOMC) next meets April 28-29, with recent
signals from most policymakers suggesting the
U.S. central bank is still keen on raising interest
rates in June despite recent weak economic
data. That has pulled gold from a recent sevenweek top of $1,224.10 an ounce, as a potential
rate hike curbs the appeal of non-interest
yielding assets. Premiums for physical gold
Spot gold was down 0.1 percent at $1,191.80
an ounce, after touching its lowest in two weeks
at $1,183.68 on Tuesday. Bullion fell as much as
1.2 percent overnight but pared losses at the
on the Shanghai Gold Exchange picked up to
$2-$3 an ounce over spot from just above a
dollar earlier this week, although analysts say a
slowing economy could cap Chinese demand.
close as the dollar retreated after data showed
U.S. retail sales rose 0.9 percent in March, just
Base Metal
below market forecasts for a 1-percent increase.
Base metal prices closed on a mixed note
"The gold market is quite subdued at this
on Wednesday as the widely used Copper
time. There's no clear direction. I think we need
dipped ahead of China’s first quarter GDP
a clearer catalyst down the road and that will
while Nickel took a u-turn and closed higher
come in the form of the FOMC meeting in two
as the strike at BHP Billiton's Cerro Matoso
mine in Colombia began Tuesday, following a
Market Highlights - Gold (% change)
Gold
Gold (Spot)
Gold
(Spot -Mumbai)
Comex Gold
MCX Gold
(Jun’15)
Unit
Last
Prev.
day
as on April 14, 2015
WoW MoM
breakdown in negotiations. As per the recent
YoY
developments, China’s GDP hit on target at 7%
$/oz
1193.1
-0.43
-1.3
-9.5
as per the expectations, however, the industrial
Rs/10
gms
26775.0
0.66
0.3
4.0 -10.2
production and fixed asset investment dipped
$/oz
1192.1
-0.06
-0.9
2.0 -10.2
to 5.6% and 13.5% respectively, maintaining a
Rs /10
gms
26707.0
-0.54
-1.1
3.1
downside pressure on the metals. For the day,
3.4
-6.2
Source: Angel Broking
we have ECB Press Conference followed by
5
Wednesday 15, April 2015
Daily
Empire state Man index, capacity utilization rate
and industrial production m/m data from US
Market Highlights - Crude Oil (% change)
as on April 14, 2015
Crude Oil
Unit
Last Prev.
day
month and are likely to keep a check on the
Brent (Spot)
$/bbl
57.5
1.0
0.4
9.3 -46.6
upside swing in the metals. As per the Karvy
Nymex Crude
(Apr’ 15)
$/bbl
53.3
2.7
-1.3
21.4 -48.8
ICE Brent Crude
(Apr’15)
$/bbl
58.4
0.9
-1.1
9.3 -45.6
MCX Crude
(Apr ’15)
Rs/bbl
3342.0
2.1
0.5
21.9 -46.9
which are expected to decline from the prior
analyst report suggest to sell Copper, Lead and
Zinc for the day whereas suggest buying Al from
lower levels. In case of Nickel, expect the market
WoW
to remain range bound for the day.
from its January swoon to five-year lows down
at $5,340 per tonne. But the recovery lost
momentum at a late-march high of $6,295 and
prices are once again heading south. As the
ongoing concern regarding China economy
impacting on the country's copper consumption
and by implication on its import demand is
currently hotly contested by analysts. The losses
for the metal continued to widen yesterday
ahead of China’s macro-economic data as the
concerns continued to brew over the growth of
the Chinese economy.
Nickel metal ended at a gainers side
after a long time and closed at $12595 MT,
up by around 1.53% from its previous close.
The u-turn in Nickel prices was mainly due
to the strike at BHP Billiton's Cerro Matoso
mine in Colombia began Tuesday, following
a breakdown in negotiations which has
supported the prices of the metal. While
three forward contract of Lead and Zinc
went on a reversal after both the metals rose
stupendously during the last week, as the
markets change to the correction mode.
prices
remain
growth slowing to a six-year low. Front-month
Brent crude futures LCOc1 were trading up 47
cents at $58.90 a barrel, while U.S. crude CLc1
was up 28 cents at $53.57.
In the United States, North Dakota's
February oil production fell 15,000 barrels
per day (bpd) versus January, although the
number of producing wells hit a record high.
This followed a U.S. Energy Information
Administration (EIA) report forecasting U.S.
shale production would fall by 45,000 bpd to
4.98 million bpd in May, which would be the
first monthly decline in four years.
Analysts said the U.S. figures were pushing
prices up. "We expect Brent Jun'15 and WTI
Jun'15 to end today breaking resistance of
$60.3 and $55.34 (per barrel)," Phillip Futures
said.
But the slowing Chinese economy prevented
prices from rising further. On a quarterly basis,
China's economic growth slowed to 1.3 percent
between January and March after seasonal
adjustments, the National Bureau of Statistics
said on Wednesday, compared with growth of
1.5 percent in the previous three months.
Energy Market
Oil
YoY
Source: Angel Broking
Copper three-month delivery has recovered
Global
MoM
March factory output rose 5.6 percent from
bullish
on
Wednesday after signs of a dip in U.S. production,
but gains were capped by Chinese quarterly
a year earlier, below the 6.9 percent seen in a
Reuters poll and its lowest level since the global
financial crisis in 2008.
Daily
Wednesday 15, April 2015
News & Report
Analysis
15 mines before April 10, a bench headed by
We have 2,269 MT iron ore
resources, K’ taka tells SC
these reserves even after the cancellation of
Karnataka has total 2,268.818 million tonne
of iron ore resources, the state government
has told the Supreme Court. However, it said
that the data were not sufficient for getting the
reserve position of a particular mine.
Citing the Indian Bureau of Mines report, the
Karnataka government said the state has 380
million tonne of reserve and 1,888 million tonne
Justices Ranjan Gogoi had last month observed
that the state had made no progress in assessing
the mining leases in April 2013. It has directed
the state to inform the court on or before April
10 the mineral reserve position in the mining
leases, apart from six mines where auction
process has been finalised.
Seeking approval for putting six mines up
for e-auction, the affidavit filed through counsel
Anitha Shenoy said that the state government
is following the direction of the apex court in
letter and spirit.
of resource as on April 1, 2013 and this reserve
position of iron ore is known to the authorities.
The affidavit has come in the wake of the
SC coming down heavily on the Karnataka
Adani in talks with Oz
aboriginal group to end land
row
government for failing to assess its mineral
Indian conglomerate Adani Group said on
reserves and asking it to give details of the iron
Tuesday it is in talks with an aboriginal group,
ore reserves before auctioning 15 category C
which is attempting to stop its 16.5 billion dollar
mines in its three districts —Bellary, Chitradurga
mine project being established on its ancestral
and Tumkur.
land in Australia’s Queensland state, to provide
While asking the Karnataka government to
submit details of the mineral reserves in these
them significant and lasting benefits.
The development came after Wangan and
Jagalingou (W&J) people mounted pressure
to block Adani’s Carmichael mine project and
rejected the ‘Indigenous Land Use Agreement’
with the company.
The Adani statement said that W&J native
title applicants and company’s top official
Samir Vora held discussions on Tuesday on the
implementation of arrangements to provide
significant, lasting benefits to the traditional
owners of the Carmichael mine site.
“Adani’s relationship with Wangan and
Jagalingou people is central to our commitment
to build a long term future with Queensland.
Adani considers that it is critical that the Wangan
6
Wednesday 15, April 2015
Daily
and Jagalingou benefit directly from the jobs
interest, there is no evidence that the project
and economic benefits that the Carmichael
will have any effect on the W&J’s way of life,
mine will bring to Queensland.
culture or traditions, or development of their
“It is, and will always be, a central focus
social, cultural or economic structures, and the
of Adani to work with the W&J to deliver this
project was unlikely to affect any areas or sites
benefit to the community at every stage of
of particular cultural heritage significance.
our projects,” Adani Australia Chief Operating
Adani has argued that the Carmichael mine,
together with its other projects in Queensland,
Officer Vora said.
Adani, which had turned to National Native
the North Galilee Basin Rail and the port at
Title Tribunal (NNTT) recently to override W&J
Abbot Point, was central to the company’s plan
objection, said the tribunal has also handed
to deliver 10,000 jobs to the state and 22 billion
down its determination on the company’s
dollar in taxes and royalties to be invested back
remaining Carmichael mining leases which
into frontline services over the half-life of the
could be granted without further consideration
projects.
According to W&J native title applicant Irene
of native title issues.
NNTT
White, “All members of the W&J native title
determined that the project is in the public
party negotiated with Adani in good faith and
Adani
said
that “in
summary
7
Daily
Wednesday 15, April 2015
reached an agreement that will deliver genuine
has garnered proceeds of Rs 2.09 lakh crore
and lasting intergenerational benefits to our
and the entire money would go to the state
community for now and into the future.
governments where these mines are located.
Govt to auction 23 blocks
next week
Allocation of 38 mines to state-run companies is
The government has finalised a list of 23
coal blocks to be auctioned in the third tranche
beginning next week. These ready-to-operate
mines are to be offered through forward and
reverse bidding mechanism, which, the Centre
is expecting, would fetch proceeds of over Rs 2
lakh crore.
The coal ministry had originally planned
to auction nearly 16 blocks, but last week it is
learnt to have added eight more mines to the
auction list. Of the 23 mines, 15 have been
earmarked for the power sector while eight are
for unregulated sectors like steel, cement and
captive power. In the first two tranches of the
auction of 29 coal blocks bids, the government
likely to take total proceeds to Rs 3.35 lakh crore
over the next 30 years.
“Considering that the first two tranches
mobilised huge proceeds, our expectation is
that in the third tranche we should see total
bids crossing Rs 2 lakh crore,” a source in the
coal ministry said. The auction methodology
would remain the same as in the earlier
tranches. For the power sector mines it would
be reverse bidding and forward bidding for the
unregulated sectors.
These mines classified as Schedule-III
blocks are the ones which are ready-to-operate
and successful bidders are expected to face
minimum hassles in exploring them, the
source said. At the behest of steel and industry
ministries, the coal ministry is likely to allow
8
Daily
Wednesday 15, April 2015
segmentation of utilities in the non-regulated
all the allotment agreements were inked before
sectors to enable them a level-playing field.
March 31, 2015 which was the deadline given by
The reason is that sectors like steel, cement and
Supreme Court for bidding out all the operating
sponge iron should not be competing against
blocks.
each other. After the third tranche of auctions is
Under the 'allotment order' which is the
over, the coal ministry is expected to commence
nomenclature given to the final agreement
allotment of coal blocks to mining PSUs of
by the Coal Ministry, the title and interests in
different states for selling fuel to coal-starved
the concerned coal blocks have formally been
utilities.
transferred to the PSUs to which they have been
Centre inks accord with 9
PSUs who have been allotted
coal blocks
allotted.
In a move that will expedite coal supply and
enhance power transmission across states, the
Centre has finalised the agreements with all
the nine successful public sector undertakings
(PSUs) - both Centre as well as State-owned
- which have been directly allotted under
production coal blocks in the auction process.
Sources aware of the development said that
The allotment orders have been inked
between the successful PSUs and the Nominated
Authority (a Joint Secretary of the Coal Ministry,
who has been appointed by the Centre to
oversee the entire coal blocks auction process).
With the completion of this formality, the
concerned PSUs will now be able to take control
of the coal blocks and fulfill their generation
targets. This in the long run, will ensure smoother
transmission and distribution of power to states
which have been facing shortage.
9
Daily
Wednesday 15, April 2015
10
Apart from this, the Coal Ministry has
also finalised the agreements with all the 19
successful bidders which had received operating
blocks through the auction route. These too were
signed before the aforementioned deadline of
March 31, 2015. The Nominated Authority and
the successful bidders signed the agreements,
which are called the Mines Production and
Development Agreement.
While the pacts with under operation blocks
have been finalised, the successful bidders as
well as allottees of coal blocks which are yet to
start production have been asked by the Centre
to sign the agreements by April 30, 2015.
In case of PSUs which have been directly
allotted coal blocks which are yet to start
production, the deadline for signing final
agreements with the Nominated Authority is
April 30, while for successful bidders which have
received blocks through the auction route, the
deadline is April 15, 2015.
Blocks which are under production, had
been placed under Schedule - II by the Centre
for auction, while reserves which are yet to
start operations, were put under Schedule - III.
Schedule - I consists of all the 204 blocks which
had been cancelled by the Supreme Court in
October 2014. As of now 38 blocks have been
directly allotted to PSUs by the Centre, while 29
coal blocks have been auctioned out.
Kanishk plans B2B outlets for
gold brand Krizz
The company, which set up its manufacturing
facility at Chengalpattu (south of Chennai)
in 2010, has been supplying to many leading
retailers in all major cities. “We believe setting up
of B2B showrooms in Tier-I and Tier-II cities will
enable us to reach more retail outlets with ease,”
said Bhupesh Jain, Chairman and Managing
Director of the company.
According to him, retailers usually place
orders through distributors and get them
delivered at their stores. But, for the first time
in the organised sector, Krizz B2B outlets
will display and stock a range of jewellery to
facilitate retailers to come and pick up designs
and patterns of their choice personally.
In the first phase, Krizz will set up 37 such
Jewellery manufacturer Kanishk Gold plans
showrooms in all major cities in the country,
to set up a chain of B2B (business-to-business)
and one each in Dubai, Singapore and Malaysia,
outlets under the brand Krizz B2B, with the first
at an overall investment of Rs.1,000 crore in the
one be launched tomorrow in Chennai. The
next 2-3 years. “We will fund the project from
showroom will showcase 350 kg of jewellery in
internal accruals and debt. We are also in talks
over 4,000 designs.
with a couple of private equity firms for funding,”
Jain said.