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.
BUSINESS
Metals and mining industry seeks spending boost on infrastructure, logistics from the Union Budget
In the interim budget, the sector was disappointed by the lack of specific announcements or allocations.
BUSINESS
Capital goods sector expects Union Budget 2024 to have higher allocations towards railways, power
In FY24, spending by the government on railways grew a strong 28 percent on-year and on defence by 10 percent. Conventional sectors increased capex spend by 6-8 percent and investments in renewable capacity increased by a healthy 18 percent, according to Crisil
BUSINESS
JSW Steel sees sales volumes to increase in sustainable product portfolio: CEO
For Q1FY25, the company posted a 64% fall in consolidated net profit, hit by lower sales volume and inventory losses, amidst dwindling steel prices. Production shutdowns and correction in prices impacted close to Rs 2,000 per ton loss on the operating performance of JSW Steel.
BUSINESS
Reliance Q1 Results: O2C EBITDA slips 14.3% but oil and gas segment posts strong growth
The O2C segment’s revenue increased by 18.1 per cent Y-o-Y to Rs 157,133 cror driven by both higher prices for their products and increased sales volumes.
BUSINESS
JSW Steel is discussing trade measures with govt to curb imports: CEO
The discussions come in the backdrop of elevated imports pressuring domestic steel prices, which in turn, impacted earnings of the steelmaker even as raw material cost remained low.
BUSINESS
MC Exclusive: Govt may boost 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.
COMPANIES
Hygenco exploring stake sale, in talks with global investors: Co-founder Anshul Gupta
The fresh inflow of funds will help the company achieve its goal of developing 10 giga watts (GW) of 'commercially attractive' production and distribution assets by 2030
BUSINESS
Tata Steel says no change in UK strategy despite new government
Tata Steel operates a 3 million tonne per annum (MTPA) plant at Port Talbot in South Wales, employing approximately 8,000 people across its operations in the country.
BUSINESS
L&T keen on offshore wind foray to expand green energy portfolio
The company has started bidding for offshore wind projects abroad and is keen to tap the opportunity in India.
BUSINESS
L&T gearing up to tap $60-bn oil-to-chemicals opportunity in Middle East, says energy head
L&T, which has for the last many years decided to focus on its asset-light engineering business, will also be wearing the hat of a developer for green hydrogen.
BUSINESS
MC Exclusive: L&T in talks with global EPC majors to form JVs for mega projects in the Middle East
L&T may be exploring tie-ups with engineering majors like JGC Corporation (formerly Japan Gasoline Co), Toyo Engineering Corporation, Samsung Engineering, and Hyundai Engineering and Construction, according to industry sources.
BUSINESS
L&T acquires land at Kandla port, eyes more in Odisha for export-oriented green power projects
L&T has a multi-pronged strategy for green hydrogen and ammonia as it aims to leverage its capabilities as a contractor and set up manufacturing capacity as a project developer. The port land will give the company access to export markets.
BUSINESS
Budget 2024: Capital goods sector expects higher allocations towards railways, power
In FY24, spending by the government on railways grew a strong 28 percent on-year and on defence by 10 percent. Conventional sectors increased capex spend by 6-8 percent and investments in renewable capacity increased by a healthy 18 percent, according to Crisil
BUSINESS
Budget 2024: Cement industry eyes further step up in infra spend
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.
