BUSINESS
Mining body seeks legislative fix as SC ruling may create Rs 2-lakh-cr royalty backlog
The companies which will be liable to the backdated mineral taxes and royalties include Tata Steel, NMDC, Jindal Steel and Power, Vedanta, Hindustan Zinc, Coal India, and SAIL
BUSINESS
Hindalco plans expansion into copper foil to tap into growing market for EVs, energy storage
The latest foray comes as the Aditya-Birla flagship company aims at capitalizing on the accelerating demand in the battery materials market. Last year, Hindalco had announced plans to manufacture fine-quality aluminium foil used in rechargeable batteries, with an investment of Rs 800 crore
BUSINESS
Honeywell eyes opportunity from India’s emissions-cut push in petrochemical industry
The move comes as Indian state-run refiners are increasingly focusing on expanding into the production of more profitable petrochemicals.
BUSINESS
Vedanta Q1 results: Here are the key highlights
First quarter EBITDA increased by by 47 percent YoY to Rs 10,275 crore. Net debt- to EBITDA ratio unchanged from Q4 at 1.5x. .
BUSINESS
Oriana Power announces electrolyzer gigafactory for green hydrogen and e-fuels
The company said the factory will be commissioned in two phases and the first phase of 500 Megawatt (MW) annual capacity for electrolyzer production is expected to be operational in 2026.
BUSINESS
Indian Oil scraps tender for maiden green hydrogen project
In March, the company had re-floated the tenders for the second time with revised norms following the an outcry against favouring the IOCL consortium.
BUSINESS
Hindustan Zinc plans battery manufacturing partnership with US company: CEO
Misra said that executives from Aesir Tech are invited to India and that the company will help set up a manufacturing facility in the country.
BUSINESS
A dozen deals in the pipeline as Indian renewable energy firms attract investors: Rothschild India co-head
In the last 12 months, the renewables sector in India witnessed mergers and acquisitions activity to the tune of $3 billion, with both strategic and financial investors being active, according to Rothschild.
BUSINESS
Tata Steel boss Narendran flags concerns on Chinese imports, warns of impact on the industry's capex
During Q1FY25, the country saw an increased supply of steel driven by a preference for cheaper imported alternatives and need-based procurement, putting domestic steel prices under pressure.
BUSINESS
Tata Steel chief expects MMDR Act amendments to address minerals tax issue
According to the Federation of Indian Mineral Industries, India's mining industry faces the highest tax burden globally, with rates ranging from 45.9 to 49.9 percent.
BUSINESS
Tata Steel may need to pay over Rs 17,000 cr to Odisha govt as minerals tax
Tata Steel operates 10 mines the state which includes iron ore mines, chromite mines and manganese mines. These mines play a crucial role in supplying raw materials for Tata Steel's operations in India.
BUSINESS
MC Exclusive: Indian Oil mulls cancelling maiden green hydrogen tender again to revise bidding norms
Sources indicate that IOCL received two bids for the project, one from a consortium that has IOCL itself as a partner. But it is considering revising norms and floating the tender again after feedback from other companies.
BUSINESS
Jindal Stainless to begin shipments to Japan in Q2 amid red sea crisis impact on key export markets: MD
Due to stagnant growth in US and EU markets, the export volumes for JSL have remained flat on a QoQ level.
BUSINESS
Power Grid Corporation projects capex of more than Rs 2 lakh crore by 2032: MD Tyagi
Approximately 91% of the projected capital expenditure will be allocated to the transmission business, with the remaining funds reserved for other ventures.
BUSINESS
Power Grid exploring Middle East interconnection projects worth up to Rs 40,000 crore: MD
As of now, India has been actively involved in several interconnection projects for power with its neighboring countries such as Nepal, Bhutan, Sri Lanka, Myanmar and Bangladesh.
BUSINESS
It's battleground South India as UltraTech announces acquisition of India Cements
Southern India has been a challenging market for large cement makers, including UltraTech, Ambuja Cements, and ACC. However, consolidation is expected to intensify competition among the major players, led by UltraTech and Adani Cement
BUSINESS
Hindustan Zinc launches low-carbon zinc brand, invests Rs 3,000 cr for renewable power
The company said that it expects it newest offering will lead to a total carbon emission avoidance of about 400 kgs across their value chain in galvanizing one stonne of steel.
BUSINESS
Zero-duty on critical minerals to supercharge India's energy transition
Key minerals proposed for zero import duty include Lithium, Copper, Nickel, Rare Earth Elements, Vanadium etc among others, which play a key role in energy storage, powering electric vehicles, wind turbines and solar panels.
BUSINESS
Budget 2024: Zero import duty on ferro-nickel to ease strain on stainless steel
The customs duty on ferro nickel has been slashed from 2.5% to zero, making it duty-free. Duty exemption on ferrous scrap has been extended to March 2026
BUSINESS
FM announces policy shift to tackle industrial emissions from heavy polluters
Emission-intensive industries such as steel, cement, and aluminium are the hardest climb for the country’s industrial decarbonisation journey due to their complex infrastructure
BUSINESS
Finance Minister proposes to exempt customs duty on 25 critical minerals in Budget 2024
India is heavily dependent on imports for most of the critical minerals, with a few exceptions like copper, gallium, graphite, cadmium, phosphorus, potash and titanium
BUSINESS
FM Sitharaman proposes critical minerals mission in Budget 2024
The mission's mandate will include technology development, skilled workforce, extended producer responsibility framework suitable financing, Sitharaman added.
BUSINESS
Cement industry eyes further step up in infra spend in the upcoming Union Budget
In the Interim Budget 2024-25, the Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, announced an 11.1 percent increase in the capital expenditure outlay for infrastructure.
BUSINESS
MC Exclusive: Govt likely to enhance green ammonia production with Rs 10,000-crore viability gap funding scheme in Budget 2024-25
There is a large difference in the cost of production between grey and green ammonia. The cost of natural gas is a major element of the cost for the production of grey ammonia.
