India's largest private power utility company - Tata Power Company - is planning to raise $ 600 million to fund its recently acquired coal mines in Indonesia.
'For the last two elections, the Congress manifesto has been thrown into the dustbin.' 'This manifesto will also be thrown into the dustbin.'
The Central Bureau of Investigation on Monday filed its first charge-sheet in a Delhi court in the coal blocks allocation case against Navabharat Power Pvt Ltd for allegedly misrepresenting facts and making "fraudulent" claims to "embellish" its applications to get allotments between 2006 and 2009.
CLSA expects annual net inflows of $15 billion from domestic investors over the next few years in India.
Adani group opened a $1.2 billion copper plant, bought a port in Odisha, raised stakes in a cement company and stitched an alliance with rival Mukesh Ambani's Reliance Industries, all in a matter of one week in signs that the apples-to-airport conglomerate has shrugged off the Hindenburg effect and is back to rapid expansion spree. In the last one week, Adani group has through regulatory filings and press statements announced expansions and investments in its mainstay ports business, diversification into metal refining, fund infusion into a two-year-old cement foray and continuing progress in the commissioning of its mega solar project.
Digital payments provider Paytm is all set to make its market debut as early as this year, with an aim to raise $3 billion (around Rs 22,000 crore). If successful, this could be the biggest initial public offering (IPO) by an Indian company, breaking Coal India's 2010 record of Rs 15,475 crore. According to media reports, the board of One97, parent company of Paytm, is all set to meet this Friday to formally approve the IPO plan.
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.
If we basically expect the government to use taxpayers' money to intervene every time when there are some 'sunsets,' then I think you introduce possible moral hazards: Subramanian.
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.
'The UK is more of a structural problem, and that's why we're doing the restructuring.'
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.
For India to reach its bold target of having net-zero emissions by 2070, the country's solar power capacity would have to rise to over 5,600 GW, coal use particularly in the power sector will have to drop by 99 per cent by 2060 and crude oil would need to peak by 2050 and fall substantially by 90 per cent in the two decades thereafter, CEEW India has said. Prime Minister Narendra Modi on Monday surprised delegates at the COP26 climate summit with a bold pledge to cutting emissions at the world's third-biggest emitter to net-zero by 2070. Council on Energy, Environment and Water, a Delhi-based not-for-profit policy research institution, said, "The economic cost of India's net-zero 2070 transition (would be) over USD 13,000 billion between 2030 and 2100."
The committee headed by Bharatiya Janata Party MP Vinod Kumar Sonkar is meeting later on Thursday to adopt its draft report in what is likely to be hotly contested by opposition members of the panel.
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 Supreme Court had cancelled 204 such allotments.
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.
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.
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.
Stocks of public sector undertakings (PSUs) have been on fire in the past year as investors cheered an improvement in key operating metrics and embraced counters of these state-owned enterprises, analysts suggest. The S&P BSE PSU Index has gained over 90 per cent in the past year, rising much higher than the S&P BSE Sensex, which has rose nearly 19 per cent during this period, according to ACE Equity data. The BSE PSU Index, reports show, has delivered a compound annual growth rate (CAGR) of 28 per cent (including dividends reinvestments) over five years and risen by almost 60 per cent in the past year.
Power stations with captive mines might look at this as an opportunity to sell merchant power at higher rates.
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.
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.
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.
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.
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
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.
"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."
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.
This follows finance minister's directive that PSUs should not fall short of the announced intention to invest.
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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.
"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).
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