BUSINESS
L&T sees FY23 revenue, order inflow growth at 12-15%, readies new strategic plan
L&T’s FY22 order inflow grew by 10% and revenue rose 15%, while it had earlier guided that both may have “low-to-mid teens” growth rate.
BUSINESS
Power ministry tells PFC, REC to support imported coal-based, stressed units with short term funds
Around 7,600 megawatts of imported coal based-plants are not running as they would incur losses at the current levels of coal price.
BUSINESS
Can imported coal save us this summer from power outages?
As many as 90 of the 150 domestic coal-fuelled units had critically low average stock as of May 7, which means they had less than 25 percent of their normal requirements, according to the Central Electricity Authority
BUSINESS
Power ministry meets gencos, discoms, lenders to resolve payment issues: Sources
India’s power demand hit an all-time high of 207.1 gigawatts (GW) on April 29, driven by a spike in demand from households amid an ongoing heatwave and a pick-up in industrial demand.
BUSINESS
Explainer: Government invoked Section 11 of the Electricity Act. What is the act and what can it do for imported coal-based power generation?
Around 7,600 megawatts of imported coal based-plants are not running as they would incur losses at the current levels of coal price.
BUSINESS
Power traded on IEX declined 1.7% in April even as India hit all-time high demand
India’s power demand hit an all-time high of 207.1 gigawatts (GW) on April 29, driven by the increase in demand from households amid heatwaves and a pick-up in industrial demand.
BUSINESS
Cap on short-term power price to hurt generation as coal prices remain high: JSW Energy CEO
Based on the current price of coal, the fuel cost is as high as Rs 10 per unit for power generation. The cap on short-term power prices was enforced to restrict profiteering by power producers
BUSINESS
Tata Steel FY23 capex may be over Rs 12,000 crore, deleveraging will continue: CEO
The company is upbeat about domestic demand, even as commodity prices continue to be high.
BUSINESS
PTC, subsidiary can hold board meetings, results to be declared soon, says chairman Mishra
SEBI had in January barred PTC India Financial Services Ltd, a subsidiary of PTC, from holding board meetings after three independent directors, who quit, flagged corporate governance issues
BUSINESS
Vedanta plans Rs 2 billion capex in FY24, doubling it from FY23
The company reported a five percent year-on-year decline in consolidated profit after tax (PAT) at Rs 7,261 crore for the fourth quarter of 2022-23 as it had a significantly higher base in the previous year due to exceptional items.
BUSINESS
It’s not a power crisis or a coal crisis. It’s a payment crisis!
The resolution of payment issues among various stakeholders in India’s power sector may hold the key to meeting electricity demand amid rising temperatures, economic growth and critically low coal stocks.
BUSINESS
Mumbai power outage due to 'technical issue', looking deeper into it: Mahatransco officials
Parts of Mumbai suburbs, Thane and Navi Mumbai got a rude shock on a hot Monday morning as power went off a little after 10 am. Power was restored in most parts by noon.
CURRENT-AFFAIRS-TRENDS
Mumbai suburbs, Navi Mumbai and Thane plunge into blackout as substation trips amid national power crisis
Officials said disruption at the substation was recorded at 10:10 am and power had been restored in most areas by noon.
BUSINESS
Power ministry tweaks method for use of coal allocated to states by private firms, bidding timelines
The ministry has extended the period of supply of coal to IPPs from states to three years from one year, in order to provide better visibility to power plants.
BUSINESS
I want to inspire entrepreneurs with my social media posts, work more on my charities: Anil Agarwal
Agarwal, who built the energy and metals conglomerate Vedanta Resources from scrap, now wants to motivate others to build their business and has taken to social media to tell his story
BUSINESS
Vedanta will be run by management, my children should create another Vedanta: Anil Agarwal
"This company is not going to be run by my family, it will be run by the people, for the people, for the country,” Agarwal said.
BUSINESS
Commodity prices will see more upside, it's high time India prioritizes energy security: Anil Agarwal
India is facing a severe coal shortage that has tripped some power generation units and forced states to cut power supply. For oil and gas too the country is highly dependent on imports making it vulnerable to global commodity price and supply risks.
BUSINESS
Government has withdrawn BPCL divestment offer, will come back with a revised plan: Anil Agarwal
The government is yet to officially make a statement on whether the plan has been shelved in its current form.
BUSINESS
Vedanta can be a $50 billion company: Anil Agrawal
The Vedanta Resources Chairman says India has to prioritise her energy security and open up the space to private sector fast. He says though the business environment in India is changing, there is a lot of foreign interference. Many people don't want India to produce, they want India to be a market.
BUSINESS
India in a sweet spot, need to run faster: Anil Agarwal
Agarwal spoke about the urgent need for India to work on energy security, by providing a level playing field to domestic oil and gas companies and opening up coal mining to accelerate production.
BUSINESS
A fourth of India’s power generation capacity shut, mainly due to lack of fuel
At the beginning of April, the total capacity that was shut down was 66,534.31 MW, but the lack of fuel has tripped more units.
BUSINESS
Maharashtra to start coal imports for blending from end-April as domestic supply remains low
The state witnessed an early onset of summer this year in February and the demand for power from agricultural and industrial consumers soared. Though there has been no power cut in the last 5-6 days, we are keeping a close watch, says top official.
BUSINESS
Catch-22 for Railways as power sector needs more coal transported but rakes availability stretched
As many as 81 of 150 power plants running on domestic coal had critically low coal levels; many of them cited lack of rakes as the key reason.
BUSINESS
Tata Power Co’s debt reduction plan to continue, may monetise assets: CFO
BlackRock Real Assets-led consortium to invest Rs 4,000 crore in fresh equity in the newly-formed green energy company Tata Power Renewables. Hence, the parent company will not get any part of the proceeds.
