BUSINESS
RIL AGM 2024: Electrolyser giga factory to be ready by 2026, says Mukesh Ambani
Electrolysers are critical components in green hydrogen production, using electricity to split water into hydrogen and oxygen. Along with Reliance, other major players such as Larsen and Toubro and Tata Steel have also invested in investing in electrolyser manufacturing.
BUSINESS
UltraTech Cement raises $500 mn via sustainability-linked financing
As per its FY24 sustainability report, the company's scope 1 and scope 2 combined emissions intensity stood unchanged at 618.17 kg CO2e/tonne.
BUSINESS
All that gas: Emissions reduction performance of top cement companies is a mixed bag in FY24
Most of these companies sourced 6% to 19% of their total energy from renewables in the last financial year. They are committed to achieving net zero emissions by 2050, which is 20 years ahead of India’s national target.
BUSINESS
Hindalco to invest $10 bn in major expansions across India and Novelis: KM Birla
Hindalco is considering a brownfield expansion of approximately 200,000 tonnes at its Aditya Aluminium smelter in Odisha, with a significant portion of the power requirements to be met through renewable energy sources, Birla said in his speech
BUSINESS
Aluminium makers go big on expansion plans to lower costs, boost margins
Lowering the cost of production is crucial for aluminium companies to remain competitive, profitable and resilient in a volatile global market.
BUSINESS
OMCs bet billions on petchem amid rising risk, market shifts
These investments come amid weak global demand for traditional fuels. While the petrochemical sector offers growth potential, state-run companies have underperformed in this area, adding a layer of risk.
BUSINESS
India initiates anti-dumping probe on Vietnamese HRC steel products
The product under investigation is “hot rolled flat products of alloy or non-alloy steel, not clad, not plated or coated, of a thickness upto 25 mm and width upto 2100 mm", the government said
BUSINESS
NMDC chief flags no impact from minerals tax, says customers to foot the bill
As of now, NMDC has a liability of over Rs 2,000 crore towards the state of Karnaraka and Rs 144 crore towards the states of Chattisgarh, but Mukherjee adds that a "very substantial amount" of these liabilities will be recovered through customers.
BUSINESS
How the minerals tax could inflate your electricity bills: MC explains
Since electricity prices are typically regulated by state power regulators, the impact of the recent Supreme Court ruling will be felt differently across states.
BUSINESS
New mining tax could influence metal prices, consumer costs, PSUs to feel the pinch
The ruling directly impacts companies having large-scale mining operations across mineral-rich states like Jharkhand, Odisha, and Chhattisgarh, which means public sector entities like Coal India, Steel Authority of India (SAIL), National Mineral Development Corp (NMDC) and Tata Steel could face higher payouts due to their extensive and long-standing mining operations.
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.
