BUSINESS
IEEFA questions ArcelorMittal’s coal-based blast furnace capacities in India
ArcelorMittal appears to be planning a two-speed decarbonisation, with hydrogen-ready, direct reduced iron (DRI) technology to be installed overwhelmingly in developed nations while building more coal-consuming blast furnaces in the developing Global South, IEEFA said
BUSINESS
Vedanta Resources’ $2 bn net debt reduction in line with analyst expectations
The mining major achieves half of its $4 billion three-year debt reduction target in the first year itself; says the next phase of growth will be at the associated companies' level.
BUSINESS
Coal auctions: Metal, mining companies scout for fuel security, hedge, and seek short-term profit
Most power producers are now looking at renewables and may not necessarily be interested in more investment in thermal energy as a strategic priority.
BUSINESS
Essar Oil and Gas reports 273% growth in PAT for Q3
The company attributed the improvement in its Ebitda margins to a reduction in operating cost and internal consumption in the nine-month period.
BUSINESS
MC Explains: Green flag for lithium mining; Here's why India's lithium find is strategic
If accessibility and purity of the lithium reserves are favourable, it could give a big boost to the country’s target of 30 per cent electric vehicle penetration by 2030.
BUSINESS
Reliance to set up 10 GW of green energy capacity in UP: Mukesh Ambani
The group plans to invest Rs 75,000 crore across multiple business segments, including renewable energy, in Uttar Pradesh.
BUSINESS
Oil Minister clears air on Rs 35,000 crore energy transition budget allocation
The minister clarified that the Rs 35,000 crore outlay comprises Rs 30,000 crore as capital support to OMCs and Rs 5,000 crore to augment India’s strategic petroleum reserves.
BUSINESS
No plans of more financial support to OMCs, says Union petroleum minister
At present, the OMCs continue to incur losses from the sale of diesel, which will reduce as crude oil prices are now stabilising opines Union Minister of Petroleum and Natural Gas Hardeep Singh Puri.
BUSINESS
Ownership change-related employee incentives costs, IT costs in Ambuja Cements' exceptional items for Q3
In the consolidated results notes, Ambuja Cements said the Rs 140-crore exceptional item includes a charge of Rs 11.1 crore towards special incentive for certain key employees pursuant to change in ownership and control.
BUSINESS
MC Interview | In talks with UK govt over ‘green steel’ package, says Tata Steel’s Narendran
In an interview with Moneycontrol, Tata Steel’s chief executive officer and managing director attributed a significant portion of the company's Q3 loss to the UK pension fund-related deferred tax adjustments
BUSINESS
Oil price will continue to remain volatile: Oil India CMD
Ranjith Rath, the Oil India chairman and managing director, India spoke to Moneycontrol discussing crude oil prices, investment plans and expectations from the India Energy Week.
BUSINESS
Union Budget 2023 | Energy Sector: Allocated funds to be used for refinery retro-fitting, petroleum reserves
In her budget speech earlier this week, Finance Minister Nirmala Sitharaman said, this budget provides Rs 35,000 crore for priority capital investments towards energy transition and net zero objectives.
ECONOMY
National Monetisation Pipeline is on 'good track' to reach Rs 1.6-lakh-cr target: Ajay Seth
Asset monetisation is being done by government entities and the money goes to them, and they use it to invest it further, says the secretary to the department of economic affairs under the finance ministry
BUSINESS
Cement makers keep prices steady despite strong demand, high cost to grab market share
Although demand is currently high, intense competition has restrained cement companies from making meaningful price increases.
BUSINESS
Budget 2023 impact: Cement, steel demand to strengthen, but not prices
Increased outlay for infrastructure, housing, logistics are all a positive for the cement and steel sectors, as is the focus on green energy, which should help reduce costs.
BUSINESS
Budget 2023: FM increases budgetary support for roads and rail; defence, water find no mention
Union Budget 2023: Finance Minister Nirmala Sitharaman allocated budgetary support of Rs 2.40 trillion to the Ministry of Railways, up 51 percent from Rs 1.59 trillion allocated in revised numbers for the last year.
BUSINESS
Budget 2023: Lacklustre event for metals sector, duties unchanged
Union Budget 2023-24: An increase in infrastructure spending, however, will be positive for the sector
BUSINESS
Budget 2023: FM proposes to allocate Rs10,000 crore for compressed bio-gas plants
The finance minister in total earmarked Rs 35,000 crore to prioritise transition towards cleaner energy projects in the country
BUSINESS
Economic Survey 2023: Multiple players look to make India a semiconductor manufacturing hub
Based on the prospects for the semiconductor industry in India and the fiscal incentives provided, global and domestic players have evinced interest
BUSINESS
Economic Survey 2023: Need to create strategic mineral reserves, states document
Economic Survey 2023: In India’s green ambition, the document highlighted the skewed distribution of critical minerals as a supply risk, pegs green hydrogen cost at $1.7-$2.4/per kg by 2030.
BUSINESS
Vedanta to use $2.9 billion proceeds from zinc asset sale for deleveraging, other purposes
Company executives said on a call with analysts the money will also be used for the group’s capex and payment of dividend, emphasising that an inter-corporate loan is out of the question.
BUSINESS
Economic Survey 2023: Projects worth Rs 108 trillion at different stages of implementation under NIP
At Rs 108 trillion, more than 97 percent of the envisaged Rs 111 trillion investment-worth projects are currently under implementation.
BUSINESS
JSW Steel receives Rs 702-crore demand notices over ore grade at Odisha mines
The demand pertains to allegations over a drop in the grade of iron ore at the Joda and Koira mines during FY22 and the current FY23, compared to the submitted mining plan
BUSINESS
UltraTech expects 95-100 percent capacity utilization in fourth quarter
Despite growth in demand, cement prices have remained flat, which the management attributed to several players focusing on retaining market share.
