BUSINESS
Indian Oil cancels tenders for 10 KTA-green hydrogen unit
IOC cancelled the tender amid a lacklustre response and allegations that the tender norms favoured a joint venture that included the state-run oil marketing company
BUSINESS
Why Indian behemoths are betting on the paints sector?
A post-pandemic boom of investments and infrastructure development has resulted in a demand spike from the real estate sector, which accounts for about 70 percent of the total paint demand in India.
BUSINESS
Cement business growth will be through organic, inorganic routes: Kumar Mangalam Birla
The competition heated up in the Indian cement industry after Adani's take over of Ambuja Cement and ACC Ltd., which placed Adani in direct competition with UltraTech. Analysts expect the war for market share to continue and may lead to price wars even as new capacities are added.
BUSINESS
Grasim's Birla Opus expects to exit FY25 with high-single-digit market share
The comments come as industry players are betting high on the decorative cement business amid expectations for the sector to grow to Rs 1 lakh crore in the next five years.
BUSINESS
South African thermal coal gains popularity in India amid cheaper prices
A drop in prices towards the end of 2023 pushed up South African thermal coal shipments to India by 74% to 4.7 million metric tonnes in November-December from a year ago.
BUSINESS
Confidence Petroleum says more industries want to switch to LPG
Currently, the steel industry relies on coke, derived from coal, to smelt iron ore to produce steel.
BUSINESS
Confidence Petroleum, BW LPG JV to build Rs 650 crore LPG terminal at JNPT
The terminal will have the capacity of 62,000 metric tonnes capacity and is expected to enhance the storage capacity and distribution capabilities for LPG in India
BUSINESS
JSW Group to invest Rs 65,000 crore in steel, cement plants in Odisha
The steel facility to is expected to drive economic growth in the region and generate around 30,000 direct and indirect jobs, the company has said
INDIA
Offshore mineral blocks to be auctioned in 2-3 months: Secretary of Mines Ministry
The Geological Survey of India has already handed over 35 offshore mineral blocks for auction to the government and 24 more blocks are in pipeline to be handed over.
BUSINESS
Exclusive: Exploration for vanadium, crucial for EV battery, to start soon in Gujarat
The mining of the metal may advance India's efforts to ensure raw materials security as it forays into EV supply chain amid decarbonization goals. Vanadium is among the 30 minerals identified as 'critical' by the Indian government.
BUSINESS
Exclusive: Hindalco eyes lithium, nickel mines in India; to enter critical minerals mining: MD Satish Pai
The company is looking to use its mining expertise to enter the exploration space of critical minerals, Pai tells Moneycontrol.
BUSINESS
JSW Steel and Japan's JFE form JV to produce grain-oriented electrical steel in India
The global grain-oriented electrical steel market size is poised to reach $18.81 billion by 2030, led by the rising demand from the EV industry, according to a report by Fortune Business Insights
BUSINESS
Cement companies expect demand to remain robust, shrug off slowdown concerns
During Q3, UltraTech, ACC, Ambuja and Shree Cement saw their consolidated net profit soar on the back of healthy demand and lower costs.
BUSINESS
Grasim Industries Q3 net profit rises 48% on a comparable basis
The reported net profit of the company, however, declined 40 per cent from Rs 2,515.78 crore amid weakness in chemicals unit. Revenue from operations came in at Rs 31,965 crore, up 11.6 percent from Rs 28,638 crore in the corresponding quarter last fiscal, Grasim Industries said
BUSINESS
Exclusive: Retail fuel price cut possible if crude supply stays stable, says Hardeep Puri
In 2022, OMCs froze the retail fuel prices despite soaring crude oil to keep inflation in check, which dented their bottom line. However, oil prices moderated from record high in September 2023, helping OMCs return to profitability
BUSINESS
Exclusive: In talks to secure crude supplies but won't rush into long-term contracts: Oil Minister
The International Energy Agency said that it expects India to be the largest source of global oil demand growth by 2030 and projects crude oil imports further to rise to 5.8 million barrels per day (mb/d) by 2030 from current 4.6 mb/d
BUSINESS
Vedanta promoters can sell, dispose of shares as lender lifts restriction
The company's promoter Anil Agarwal had pledged the mining company's stake from 2020 onwards in a bid to raise funds. According to the filing, the promoters had pledged 63.71% of shares
BUSINESS
India to be largest source of global oil demand growth by 2030: IEA
India's massive industrial expansion means that diesel/gasoil is the single largest source of oil demand growth, the IEA said in a report released at the India Energy Week in Goa.
BUSINESS
Tata Steel calls off merger with TRF, amalgamation of 5 other businesses done
In 2022, Tata Steel announced plan to amalgamate nine strategic businesses to simplify operations
BUSINESS
Vedanta in a more comfortable position to manage debt, says chairman Anil Aggarwal
The company has raised $1.3 billion via loans and is also betting on dividends, royalty and cash raised from the sale of non-core assets to repay lenders.
BUSINESS
India Energy Week: Modi says nation set to become green hydrogen production, export hub
The ministry of new and renewable energy recently rolled out guidelines for green hydrogen pilots for steel and shipping sectors
BUSINESS
MC Explainer: New guidelines, challenges for using green hydrogen in steel industry
Pilot projects in existing steel plants can begin by blending a small percentage of green hydrogen in their processes. Upcoming plants should be capable of operating with green hydrogen
BUSINESS
Vedanta has received offers from domestic, international players for non-core assets: CFO
According to media reports, steelmakers JSW Steel and ArcelorMittal feature among the likely bidders for the iron ore mines and a steel plant of ESL Steel, which is a part of the mining company.
BUSINESS
UltraTech Cement aims for zero net debt status by end-FY25
As of December 31, 2023, net debt of the company stood at Rs 5,541 crore.
