BUSINESS
L&T will exit road portfolio by FY23, other divestments are work in progress: CFO
As a part of its asset-light strategy, L&T has identified some non-core operations that it wants to exit.
BUSINESS
L&T maintains FY23 revenue, order inflow growth at 12-15%; global slowdown a concern
The company’s management said the June quarter, which is typically a seasonally weak quarter, saw high order execution and robust order inflow which resulted in its highest-ever order book at Rs 3,63,448 crore in June end
BUSINESS
Tata Power pegs FY23 capex at Rs 14,000 crore, to focus on renewable energy projects
The company’s total power portfolio stands at 5,524 megawatts (MW), which includes an installed capacity of 3,634 MW and 1,890 MW under various stages of implementation.
BUSINESS
Adani Group’s $70-billion push may help India become net exporter of clean energy: Gautam Adani
Adani says at AGM his group working on making green hydrogen the “fuel for future”
BUSINESS
Geological Survey of India working on 18 lithium projects in 2022-23 as against 20 in last 5 years
GSI’s 18 projects would be spread across Arunachal Pradesh, Chhattisgarh, Jammu & Kashmir, Jharkhand, Meghalaya, Nagaland and Rajasthan.
BUSINESS
Merchant power sales to remain high, FY23 likely year of acquisitions: JSW Energy CEO
Coal prices are elevated because of higher prices of gas that fuels thermal power plants in the US and Europe. Gas prices have gone up because of the Russia-Ukraine war and subsequent supply disruptions. As the geopolitical situation eases, gas and coal prices will moderate, says Prashant Jain.
BUSINESS
Praj Industries will grow at 30-40%, keen to expand in biochemicals, sustainable ATF: Pramod Chaudhari, Chairman
"We can operate in the range of 30-40 percent growth, I can say that with reasonable confidence, given huge thrust on energy transition and climate action," said Pramod Chaudhari, Chairman, Praj Industries.
BUSINESS
Explained: Why India reduced windfall tax on diesel, aviation fuel and scrapped levy on petrol
A significant correction in global crude oil prices and subsequent correction in gross refining margin (GRM) resulted in erosion of gains being made by these companies and prompted the government to ease the levies.
BUSINESS
Coal India to source more from medium-term tender, scraps short-term import bid
Adani Enterprises Ltd had emerged as the lowest bidder for the short-term coal supply tender but the contract was not awarded
BUSINESS
India can produce crude oil at one-fourth of import price, says Anil Agarwal
The billionaire, who heads the metals and energy conglomerate, has been making a case for higher private sector participation to optimally utilise the country’s natural resources.
BUSINESS
Spike in technical landings from Sri Lanka flights boosts ATF sales of Indian OMCs
This additional demand for ATF at a time when they are selling at record high prices will boost revenue of the OMCs at a time when they are booking losses on the retail sale of fuel.
BUSINESS
India will stop awarding renewable energy projects via e-reverse auctions: MNRE secretary
The e-reverse auction was introduced to promote competition to get the best price but the renewable energy industry has been saying that it led to intense competition and a steep fall in tariffs, making projects unviable
BUSINESS
Coal India workers' unions seek coal ministry’s intervention to expedite wage revision
Analysts believe that Coal India would be walking a tightrope as any revision in wages will have a significant impact on its expenses at a time when the company is pushing its capex but is unable to increase the price of coal in line with rising costs.
BUSINESS
CDPQ buys additional 10% stake in Apraava Energy for Rs 660 crore
The deal is strategic to Apraava Energy’s aims to double its portfolio and potentially tap the capital market with an initial public offer by 2025-26.
BUSINESS
Coal India raises capex by 65% to Rs 3,034 crore for Q1 as power demand spikes
Coal India’s capex and production growth are back-ended in a fiscal year, but the company has been working on both aspects since the beginning of the current fiscal to avoid a shortage going ahead as mining activity gets disrupted due to rains
BUSINESS
ReNew Power, UNEP, SEWA to jointly train women salt pan workers to be solar power technicians
The programme will initially train 60 to 100 women in the first phase and then scale it up to a 1,000.
BUSINESS
Actis sets up new platform to invest in gas-based power units in SE Asia, buys stake in Shapoorji Pallonji group’s unit
Actis’ new platform, called Bridgin Power, aims to build a portfolio of 1.2 gigawatts by 2028.
BUSINESS
Tata Steel to pare debt by $1 billion a year, expansion to be India centric
The steelmaker’s capex plan, around Rs 10,000 crore-Rs 12,000 crore a year, would be mostly India centric.
BUSINESS
Old vs. New, Big vs. Small: Cement makers face a fight on all sides to protect margins, market share
Cement makers could be in a tricky situation because if they aspire for stable pricing and healthy margins, they may lose market share or be forced to revisit growth plans.
BUSINESS
Vedanta puts Tuticorin copper plant on the block: Five questions that need answers
The plan was announced via ads in newspapers. Later in the day, the company informed the bourses that the sale is only at an “exploratory stage”.
BUSINESS
US energy traders counter Biden, say fuel hike did not materialise overnight, won't be solved fast
On June 14, President Joe Biden pulled up oil companies to boost supply and criticized them for making "unacceptable" high profit margins.
BUSINESS
As petrol pumps run dry, dealers cry foul, government push OMCs for supply boost
Oil marketers have blamed a demand-supply mismatch on higher demand and shift of customers from private retailers who are charging higher prices. Petrol pump dealers say that it is only half the story, and OMCs are trying to curb losses by missing supply commitments.
BUSINESS
Govt includes fuel retail outlets in remote areas under Universal Service Obligation to ensure uninterrupted supply
The Universal Service Obligation will make it obligatory for OMCs to provide supply to retail pumps across the country for the benefit of the end-customers.
BUSINESS
Adani Group, TotalEnergies form green hydrogen JV to invest $50 billion over the next 10 years
Gautam Adani has brought TotalEnergies on board to acquire 25% in Adani New Industries (ANIL) and said that ANIL has plans to invest $50 billion over the next decade in developing a green hydrogen ecosystem
