CLSA expects annual net inflows of $15 billion from domestic investors over the next few years in India.
State-owned Coal India is expected to seal deals worth $1.8 billion (about Rs 8,000 crore) with foreign firms in the next two months for mining coal abroad.
Bangladesh has no concerns about Adani Group's ability to supply power from a plant in Jharkhand, said Tawfiq-e-Elahi Chowdhury, adviser to the country's prime minister on energy. Speaking on sidelines of the India Energy Week in Bengaluru, Chowdhury, who holds ministerial rank, said talks with Adani on the supply are private and can't be made public. "Electricity will come very timely. Summer peak is coming and that 600 MW of Adani Power is very helpful," he said.
Despite high exposure of public sector banks to power, iron and steel sectors, analysts remain in a wait-and-watch mode.
The Supreme Court on Wednesday said huge investment made by companies in coal blocks without getting clearance cannot be a ground for not cancelling licences and asked the Centre to respond whether it intends to de-allocate such allocations.
Yes Bank was the biggest gainer in the Sensex pack, climbing 4.08 per cent, followed by Tata Motors, ICICI Bank, Bajaj Auto, Coal India, Hero MotoCorp, HCL Tech, Vedanta, Sun Pharma, Axis Bank, Maruti, ITC, IndusInd Bank, TCS, HUL and SBI, rising up to 2.67 per cent.
Russia has welcomed India's decision to not support the price cap on Russian oil announced by G7 and its allies and offered it cooperation on leasing and building large-capacity ships to overcome the ban on insurance services and tanker chartering in the European Union and Britain to continue buying discounted oil. The offer came as Russian Deputy Prime Minister Alexander Novak held a meeting with the Indian Ambassador to Moscow, Pavan Kapoor, on Friday. "The Deputy Prime Minister welcomed India's decision not to support the price cap on Russian oil, which was imposed on December 5 by the G7 countries and their allies," the Russian foreign ministry said in a statement.
The Supreme Court had cancelled 204 such allotments.
There is a strong hint that the proposed IPO will be of 11 per cent instead of the earlier plan of 15 per cent (10 per cent public, 2 per cent employees and 3 per cent land losers).
The Essar Group is close to buying Trinity Coal, one of the top 10 coal producers in the US, in a deal worth $550-600 million (Rs 2,500-2,735 crore). Trinity is owned by private equity investment firm Denham Capital Management.
The country's largest coal producer Coal India on Thursday said it will facilitate opening of demat accounts for its 4 lakh employees to ensure their participation in the upcoming public issue which is likely to fetch around Rs 12,000 crore (Rs 120 billion) to the government.
India Against Corruption member Arvind Kejriwal said that along with the BJP and Congress, the Communist Party of India-Marxist and Biju Janata Dal also played a major role in the plunder of the natural resource.
The index compiler will add Coal India's stock into FTSE All-World Index and FTSE All-Emerging Index on a fast entry basis.
IndusInd Bank was the biggest gainer in the Sensex pack, rallying 4.84 per cent, followed by Sun Pharma, Bajaj Auto, Bharti Airtel, Coal India, Tata Motors, SBI, ICICI Bank, Hero MotoCorp, ONGC, HDFC, Vedanta, L&T, Kotak Bank, Maruti and Axis Bank, ending up to 2.92 per cent higher.
Freight earnings too saw a decline of Rs 8,284 crore to Rs 13,412 crore in the first two months of FY21, compared to Rs 21,696 crore during the same period last year.
Power stations with captive mines might look at this as an opportunity to sell merchant power at higher rates.
After a 10-month probe, the Central Bureau of Investigation has decided to file a closure report in the coal block allocation case involving industrialist Kumar Mangalam Birla and former Coal Secretary P C Parakh as the agency could not find any evidence in this matter.
Pawar posted on X, formerly known as Twitter, pictures of him and Adani cutting a ribbon of the factory.
With the cooling down of heatwaves as the monsoon spreads across the country, power demand has fallen by 12.5 per cent from the start of this month till Monday. Peak power demand of the country had touched a record of 210 Gw last week, mostly due to rising temperatures and opening up of the economy. Compared with the beginning of this month, almost all states have seen a fall in power demand. Punjab, however, is an exception where the power demand on Monday was 17 per cent higher than on June 1.
Top gainers in the Sensex pack included Vedanta, Coal India, ICICI Bank, PowerGrid, HCL Tech and Bajaj Finance, rising up to 2.65 per cent.
A court asked for further investigation into an illegal coalfield allocation case involving Hindalco Industries on Tuesday, rejecting an earlier report from the CBI that said the probe was likely to be closed.
Probe into alleged irregularities in allocation of Talabira-II coal blocks has gained momentum as CBI has started questioning top executives of Aditya Birla Group and were likely to quiz former Coal Secretary P C Parakh next week.
Bharatiya Janata Party leaders Sushma Swaraj and Arun Jaitley claimed on Thursday that Prime Minister Manmohan Singh has to be directly blamed for the huge loss to the exchequer in allotment of coal mines. Swaraj said the PM can't be shielded behind ministers like A Raja or P Chidambaram as he did in the 2G spectrum scam.
Adani is the fastest growing energy company in Asia-Pacific and the second fastest in the world
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The award of more than 200 coal blocks to steel, cement and power companies has been at the centre of the so-called "Coalgate" scandal.
"We are in interactions with the Ministry of Steel for SAIL, we are in interactions with the Coal Ministry on Coal India. On BSNL also, we are in interaction with the IT and Communication Ministry."
This follows finance minister's directive that PSUs should not fall short of the announced intention to invest.
The 54-page document tabled in Parliament detailed how the Modi-government pull the economy from being counted among the most fragile-five in the world to being the fasted growing and the most attractive investment destination.
"India and Indonesia can do much more in the changing world," Sharma said at a reception hosted by the India-Indonesian Chamber of Commerce last night.
State-run Coal India Ltd is likely to hit the market by the third week of October with India's largest ever public offer to raise up to Rs 15,000 crore (Rs 150 billion).
The Union Government on Thursday said that 5.9 million tonnes of lithium reserves have been found for the first time in the country in Jammu and Kashmir. Lithium is a non-ferrous metal and is one of the key components in EV batteries. "Geological Survey of India for the first time established Lithium inferred resources (G3) of 5.9 million tonnes in the Salal-Haimana area of the Reasi district of Jammu and Kashmir," the ministry of mines said on Thursday.
With another quarter of steady growth in demand, cement companies are expected to report strong year-on-year (Y-o-Y) growth in earnings, according to analysts. The September quarter (Q2FY24) also witnessed a resumption of price hikes in certain markets. UltraTech Cement, India's largest cement producer, reported a 15 per cent Y-o-Y increase in cement sales in the country for the quarter under review.
Shares in Jindal Steel and Power Ltd were heading towards their biggest daily loss in almost two years on Monday.
Reliance Energy Ltd and Tata Power Company are eyeing an equity stake in an Indonesian coal firm -- Bumi Resources -- to meet fuel requirements for their power plants in India.
When Vineet Mittal first got into solar power, sometime around 2009, and was planting solar panels in Gujarat, renewable energy looked like a sector ripe for startups. Renewables were clearly the future of energy, and the big boys - Mukesh Ambani's Reliance, Adani Group, and the Tatas - were focusing much more on coal and petroleum. Little did Mittal know that things were going to change drastically.
It was August 2007. Tata Steel was turning 100. Jamshedpur, its hometown, had an air of celebration. The line-up for the special event included the launch of Air Deccan's commercial flight connecting Kolkata and Jamshedpur, and release of Russi Lala's new book, Romance of Tata Steel. There was also the screening of The Spirit of Steel, a 20-minute documentary directed by Zafar Hai showcasing Tata Steel's legacy, and a corporate anthem penned by Javed Akhtar and composed by Shankar, Ehsaan and Loy.
The shift to gross calorific value-based grading of coal aligned domestic prices with international benchmarks.
India's economy grew 6.1 per cent in the fourth quarter of 2022-23, pushing up the annual growth rate to 7.2 per cent, official data showed on Wednesday.
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