The Supreme Court verdict on mining royalty case will give a further jolt to the Indian mining industry and will have very large financial implications, as arrears may work out to the tune of more than Rs 1.5 lakh crore to Rs 2 lakh crore, industry players said on Wednesday. The Supreme Court on Wednesday upheld the power of states to levy tax on mineral rights and mineral-bearing land, and allowed them to seek refund of royalty from April 1, 2005 onwards. According to a senior mines ministry official, the verdict will have a very large financial impact on mining, steel, power and coal companies.
Power generating companies (gencos) that use imported coal to produce electricity, may find it difficult to switch on their idle units immediately in the wake of high fuel costs, several players have told Business Standard. Recently, the Union power ministry had invoked Section 11 of the Electricity Act mandating all imported coal-based plants to generate power at full capacity. However, some generating companies that use imported coal, argue that it is simply unviable for them to produce power when the price of coal in the international market is high, while the per-unit price of power has been capped at Rs 12 per unit on the domestic power exchange.
Their coal block bids may be referred to CCI.
The top gainers on the Sensex are Gail(India), HDFC, Infosys.
The government's disinvestment programme is set to get a boost this Diwali, with the finance ministry planning to hit the market to sell a five per cent stake in Steel Authority of India Ltd (SAIL) by October.
The issue of missing files relating to coalgate paralysed proceedings in Parliament on Tuesday with the Bharatiya Janata Party demanding an immediate response from Prime Minister Manmohan Singh, even as the government said it will leave no stone unturned in tracing the documents.
Unexpected discovery of huge coal reserves beneath NTPC's Karanpura plant site has led to a stand-off between the coal and power ministries.
The Finance Ministry has invited private sector bankers.
Rules for mining, roads, power and irrigation projects relaxed.
The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be 'extraordinarily generous' to Securities and Exchange Board of India (SEBI) and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue.
An articulate ex-banker and a chartered accountant by training, Piyush Goyal is particular about numbers.
While there are some new faces in the cabinet, leaders such as BJP president JP Nadda and Jual Oram have returned as ministers.
Public-sector enterprise stocks have seen a good run thus far in 2023-24 (FY24), with the S&P BSE PSU Index surging by over 26 per cent during the period, compared to an 11 per cent increase in the benchmark S&P BSE Sensex.
From 5G to Tesla to Covid vaccine, 10 things will shape India's future.
'We are planning load shedding in such a way that the entire state will not suffer.'
This is the first time India is offering coalmines to private companies for commercial sale.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
Shares of ING Vysya Bank and Kotak Mahindra Bank rallied by up to 6% on the BSE on reports that Kotak Mahindra Bank in final stages to buy the bank.
Russia has been grappling with sanctions slapped by the US and its allies over Moscow's invasion of Crimea.
Friendlier government policies, greater demand and better supply of coal have fuelled investor interest.
At the review meeting, chaired by cabinet secretary Rajiv Gauba in New Delhi, the IMD said above normal maximum temperatures are likely over most parts of northeast, east and central India and some parts of northwest India.
As per norms, sanction for prosecution of government employees accused of corruption has to be given within four months' stipulated time.
The National Democratic Alliance government is weeding out independent directors on the boards of public-sector undertakings (PSUs).
Investor confidence has evaporated amid fears over the rising cost of funding India's gaping current account deficit, prompting New Delhi to delay plans to raise much-needed funds through partial privatisations, finance ministry sources said.
If the fear of ED could drive the powerful people of today to be honest or at least be minimally corrupt, will it not be a great thing for our nation?, asks Sudhir Bisht.
The headline for corporate profit growth has been very encouraging in the July-September quarter (Q2) of 2023-24 (FY24), with the combined net profit of listed companies up by 38 per cent year-on-year. However, the earnings distribution has been very lopsided, with most of the growth coming from public-sector oil-marketing companies (OMCs), banks, non-bank lenders, automobile (auto) companies, and cement producers. By comparison, companies from information technology services, fast-moving consumer goods (FMCG), retail, and consumer durables were disappointed, experiencing a sharp slowdown in net sales growth and a relatively muted increase in reported net profit.
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.
Pressure on the government increased with the Reserve Bank of India's surprise move on Thursday to cut interest rates
Minister of state for power Piyush Goyal will gift wooden-framed 'appreciation letters' to one million govt employees.
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Likely to set the ball rolling for Rs 1.72-lakh-cr projects today
Faced with one setback after another in expanding the scope of mining in the country, almost all the major miners of the world have wound down their operations in India.
Sebi might come out with a regulatory framework for issuance of 'green' bonds
Officials say a fall in global oil prices will reduce the government's subsidy burden, giving it a greater chance of hitting its ambitious fiscal deficit target of 4.1 percent of gross domestic product in the fiscal year to March.
Over 65 Union ministers are likely to take oath, going by the visual of the meeting Modi held with his likely council of ministers.
The Narendra Modi-led National Democratic Alliance government has given environment clearance to five projects since it took charge on May 26.
Yes, India needs desperate measures to kick-start growth. But selling off its lungs to the highest bidder to hack away cannot be the way out, says Sumit Bhattacharya.
100-day agenda: Commerce ministry pushes for separate logistics department
The government is likely to go ahead with divestment in 12-15 public sector units, including SAIL, Coal India, Hindustan Copper, Satluj Jal Vidyut Nigam Ltd and Engineers India Ltd among others next fiscal to raise Rs 40,000 crore, as stated in the budget.
The government, which on Thursday decided to sell ten per cent stake in NALCO, now contemplates offloading ten per cent stake in the Coal India Limited through initial public offerring.
Rather than talking endlessly about lost and marginal opportunities, India's climate envoys need to start thinking bigger, says Mihir S Sharma.
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