An Australian environmental group has launched a legal challenge against Adani Enterprises' $7 billion Carmichael coal mine project in the Galilee Basin.
IT, FMCG and manufacturing sectors are less attractive to foreign portfolio investors
Strong performance by its US subsidiary Novelis and better returns in the copper business helped Hindalco Industries post consolidated revenue growth of 2 per cent quarter-on-quarter (Q-o-Q) to Rs 54,100 crore in the July-September quarter of 2023-23 (Q2FY24). Novelis' Flat Rolled Products (FRP) volumes grew 6 per cent Q-o-Q to 933,000 tonnes (down 5.2 per cent Y-o-Y) on better North American and European volumes. The consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) declined 2 per cent Q-o-Q to Rs 5,610 crore despite lower input costs in India and better Novelis performance.
"I am proud to announce the project has Final Investment Decision (FID) approval which marks the official start of one of the largest single Infrastructure -- and job creating -- developments in Australia's recent history," Gautam Adani said.
The incidence of shareholder activism in India is more than that in other Asian countries, according to a BNP Paribas Asia Strategy report.
India lost around 38.5 thousand hectares of tropical forest in the last decade. Nearly 14 per cent of the country's tree cover! It is one thing for Modi to announce that India will reach a net-zero level of emissions in 2070. But if it is serious, it needs to start today, points out Ramesh Menon.
Coal India was the biggest gainer on both Sensex and Nifty
China on Tuesday announced a major policy change for its crisis-ridden power sector by allowing coal-fired power plants to charge their industrial and commercial customers market-driven prices. The National Development and Reform Commission (NDRC) of China said the electricity generated by coal-fired plants would discover price in market trading "in an orderly manner" from October 15. This is being done to pass on the high costs of coal and is being held up as the boldest reform in the Chinese power sector.
De-allocation could raise import bill by $3 billion, add to coal shortage.
'Banks make money because they take the right credit calls. So they need to focus on risk mitigation rather than risk avoidance.'
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
These numbers show overall exposure and are not a reflection that all loans are going to be impacted.
The Coal Ministry on Monday received a total 69 applications from various PSUs
The Congress on Friday alleged that the electoral bonds data has exposed 'corrupt tactics' of the Bharatiya Janata Party such as quid pro quo, seeking donations for the company's protection, kickbacks and money laundering through shell companies.
Delhi Waveriders stunned defending champions Ranchi Rays 7-4 in a hard-fought battle in the 4th Coal India Hockey India League.
The Indian steelmaker, which bought the Mozambique project with Australia-listed Riversdale Mining, sees the mine as essential in ensuring it has a sustainable supply of coking coal.
The Prime Minister's Office on Tuesday reviewed the coal supply and power generation scenario as the government looks at ways to defuse the energy crisis being faced by several states.
In a setback to initial public offer (IPO)-ready Coal India, the Jharkhand government has rejected a forest clearance for a railway link being planned for evacuation of coal from the North Karanpura coalfield operated by the coal miner.
Sale at acquisition price may have been prompted by slow coal traffic and fall in prices.
"We will complain. He can meditate, but televisions cannot show it," she said, alleging that this will amount to "violation of the MCC."
The apex court had observed that the allocation was arbitrary, illegal, and resulted in unfair distribution of national wealth.
Plug-in hybrids have two engines and the electric part has a much larger battery than in the regular hybrids. Car companies, led by the Japanese, are pushing the Indian government to look at hybrids in the interim if it wants to reduce carbon emission.
The approval was announced by Environment Minister Greg Hunt, who said "after undertaking a thorough assessment and consideration under national environment law, I have approved the Carmichael Coal Mine and Rail Infrastructure project, subject to 36 strict conditions".
Progress on the mine was blocked in August after a claim Adani failed to take into account the welfare of the yakka skink lizard and ornamental snake.
The Supreme Court on Friday refused to give any further hearing on the pleas of companies which were illegally allocated coal blocks by the government.
It has so far managed to raise only Rs 1,700 crore (Rs 17 billion), by divesting a 5% stake in Steel Authority of India.
Australia's federal and Queensland governments are eager to see the mine built following the loss of more than 4,000 coal jobs over the past two years, but analysts and project finance experts believe Adani may have underestimated the challenge of raising funds for the project.
10 Indian companies are holding as much as Rs 2.34 lakh crore (Rs 2.34 trillion).
The court said accused cannot leave India without getting its permission.
You can tuck into everything from spicy chaats to flavourful snacks to kebabs and, of course, desserts!
Other losers included Maruti, HDFC, Hero MotoCorp, Sun Pharma, HUL, Kotak Bank, Coal India, RIL, TCS and Bharti Airtel, shedding up to 3.39 per cent.
A drop in global coal prices softened the impact of the surging imports on India's finances.
Tata Consultancy Services (TCS), the group's biggest cash generator, overtook Vedanta to become the highest dividend payer in India in FY23. The IT services major paid Rs 42,090 crore for FY23, up 167.4 per cent from Rs 15,738 crore for FY22. The 10 biggest payers together shelled out Rs 2.06 trillion for FY23, more than double the Rs 98,371 crore for FY22.
More than a year after the Comptroller and Auditor General of India (CAG) tabled the coal block allocation report in Parliament, indicting the government for a notional loss of Rs 1.86 lakh crore while allocating coal blocks, the Central Bureau of Investigation (CBI) has filed 14 First Information Reports (FIRs) against private sector companies, and more are in the offing.
Union Coal Minister Sriprakash Jaiswal on Saturday admitted that some files related to the coal block allocation scam are missing.
Tata Power declared encouraging results for the April-June quarter (Q1) of the 2023-23 financial year (FY24). The firm's revenue rose 5 per cent year-on-year (Y-o-Y) to Rs 15,210 crore. It was driven by higher sales to distribution companies (discoms) and capacity addition in renewables. Company's adjusted profit after tax (PAT) rose 3 per cent to Rs 906 crore with reported PAT at Rs 1,100 crore on a one-time gain of Rs 235 crore.
Earlier this year, the Union Cabinet gave the management of state-run companies the freedom to decide on divesting their subsidiaries. However, the very next day a meeting was held at the top level of the Government of India, for the presentation of proposals for more autonomy for state-run companies. Interestingly, no chiefs of any of these companies were invited. It is a problem that will stare the government in the face with the state-owned banks too, as talks have again begun for inviting strategic investments in these companies.
Allotments that were done without conducting due diligence should be reversed but the UPA's procedure smacks of favouritism.
Jindal Steel and Power Ltd has shelved a $10 billion coal-to-diesel project, its chairman told Reuters, becoming the first big casualty of a court decision to scrap coalfields allocated to private firms since 1993.
