'We are planning load shedding in such a way that the entire state will not suffer.'
Adani's $15-billion Carmichael coal mine is stuck since 2010.
Hindustan Zinc (HZL), a subsidiary of Vedanta, announced an interim dividend of Rs 21 per share last week, resulting in an outflow of Rs 8,863 crore. The announcement has turned the spotlight on India Inc's dividend-paying policy - more so for reasons driving the generosity of firms. An analysis of BSE 500 companies by Business Standard Research Bureau shows that some of the top 20 dividend-paying companies in 2021-22 (FY22) include Vedanta, Tata Consultancy Services, HZL, Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IndianOil), Hindustan Unilever (HUL), Reliance Industries (RIL), and Bajaj Auto, among others.
There was an acceptable domestic performance in India but there continues to be concerns about the Europe business and that overshadows the local performance. The consolidated revenues for the Q2FY24 stood at Rs 55,682 crore with an operating profit of Rs 4,315 crore and an operating profit margin of 8 per cent.
The document also recommends setting up of a high-level committee with the task of examining the option and asking it to submit a report within six months.
Major gainers include L&T, Asian Paints, Vedanta, Tata Steel, Coal India, Infosys, M&M, Adani Ports, Maruti Suzuki, Axis Bank, HDFC, Power Grid, ONGC, Tata Motors, Sun Pharma, ITC, IndusInd Bank, HDFC Bank and SBI
The immediate denial of any issues with approvals by the Queensland government raises questions as to what Adani is trying to accomplish
Anil Agarwal-led Vedanta's Sterlite Copper has come out with a fresh notification inviting expressions of interest (EoIs) to supply raw materials like copper concentrate, imported thermal coal, rock phosphate and petroleum products, among others, as part of its preparatory measures to restart production at its Thoothukudi unit in Tamil Nadu. This plant is likely to restart operations if a Supreme Court verdict goes in favour of the company. On June 12, the company had invited EoIs for carrying out plant 'restart activities'.
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.
Prime Minister Manmohan Singh has asked administrative ministeries to work out viable plan for disinvestment of BHEL and Coal India, including dividend payment, so as to achieve Rs 40,000 crore (Rs 400 billion) target in the current fiscal.
Politicians and Twitter warriors around the globe have a new buzzword among them: Net zero. Everyone appears to be keen to state their commitment to net zero, with India providing an outlay of Rs 35,000 crore to achieve energy transition and net-zero objectives in its Budget for FY24, even as the latest and final report by the United Nations' Intergovernmental Panel on Climate Change (IPCC) warned that current efforts are not enough to curb global warming. A number of small factory owners and businesses, however, have pointed out that the transition to net-zero emissions will cost them hugely.
The plea came up for hearing before a bench comprising Justices B V Nagarathna and Ujjal Bhuyan.
Coal Secretary Anil Swarup has been appointed as school education secretary.
A looming global shortage of diesel in Europe presents India with more than one opportunity to profit from strong margins. A shortage of the fuel, a key contributor to inflation, has been exacerbated by the conflict in Ukraine, and western sanctions on Russian fuel supplies. The slowdown in natural gas supply means the West needs diesel to heat their homes this winter.
India's leading commodity exchange, National Commodity and Derivatives Exchange (NCDEX), and private weather forecasting company Skymet took a significant step towards launching the country's first tradeable weather index on Monday (August 14) by entering into an agreement to deepen their understanding of the impact that weather has on agricultural commodities. The memorandum of understanding (MoU) between NCDEX and Skymet is a profound step in the direction of linking farmers with the weather in a scientific way, according to an official statement. Sources indicate that NCDEX and Skymet will conduct workshops and seminars across the country to educate farmers about how they can scientifically use weather forecasts to hedge risks.
LIC public offer will remain open for subscription even on weekend to enable people to participate in the mega IPO of the state-owned insurer. This is perhaps for the first time the special dispensation is granted to any public offer. The issue period also includes bidding on Saturday, May 7, 2022 and Sunday, May 8, 2022, LIC informed exchanges. Earlier bidding was allowed on May 7 (Saturday) only.
Given India's reliance on coal, electric vehicles could at best be 10% more efficient than petrol in terms of CO2 savings.
LIC's public offer, the country's biggest-ever IPO, witnessed full subscription of the retail portion on day three on Friday. The overall issue was subscribed 1.38 times, according to data posted on stock exchanges on 7 pm. Against 16,20,78,067 shares on offer, 22,36,98,915 bids were received. However, the Qualified Institutional Buyer (QIB) and Non-Institutional Investor (NII) portions are yet to be fully subscribed.
The National Democratic Alliance government is weeding out independent directors on the boards of public-sector undertakings (PSUs).
LIC's public offer, the country's biggest-ever IPO, was fully subscribed on the second day of bidding on Thursday. Against 16,20,78,067 shares on offer, 16,68,60,765 bids were received -- translating into a subscription of 1.03 times, as per data on stock exchanges as of 7 pm. However, the Qualified Institutional Buyer (QIB) and Non-Institutional Investor (NII) portions have received a tepid response so far.
Freight rates for 12 commodities hiked.
In the year to date, 61 PSUs have lost an average of 22 per cent, with five companies losing more than half their share value. The BSE PSU index is down 10.6 per cent.
The PSU had earlier this week filed the draft papers for its initial public offering, billed to be India's biggest issue, through which the government expects to raise up to Rs 15,000 crore (Rs 150 billion).
The average top executive monthly compensation is Rs 1 crore. The median employee salary is now Rs 820,000.
The incident took place at the unit, located 40 km from Nagpur, causing severe damage to the building, an official at Kondhali police station said.
Exports contracted by 2.6 per cent to $34.47 billion in September even as the country's merchandise trade deficit narrows to $19.37 billion during the month under review, according to the government data released on Friday. Easing commodity prices helped in cutting down the country's import bill by 15 per cent to $53.84 billion in September, the 10th consecutive month of decline. During April-September this fiscal, exports contracted by 8.77 per cent to $211.4 billion.
As investors struggle to find quality stocks following the sharp rise in the benchmark indices, four brokerages give their picks.
The government has amended rules of the Foreign Exchange Management Act (FEMA), paving the way for up to 20 per cent foreign direct investment in the insurance behemoth LIC. The government is planning to dilute its stake in LIC through the the Initial Public Offering (IPO). LIC in February had filed the Draft Red Herring Prospectus (DRHP) before the markets regulator Sebi for the IPO.
International oil prices retreated from an over seven-year high but was still above $100 a barrel and continue to pose threat to India's inflation rate and current account deficit. While there are no supply concerns as the oil route remained open, consumers will feel the pinch when PSU oil firms start passing on the increase in international rates through a revision in petrol and diesel prices, which have been on a pause for over three-and-a-half-months in view of elections in Uttar Pradesh and four other states. The government is "closely monitoring the situation" and will "take appropriate steps as and when required", a top official said. Brent crude oil surged past $105 per barrel on Thursday for the first time since August 2014, following Russia's invasion of Ukraine.
Adani Group on Thursday said it has formed a 50:50 joint venture with Japanese conglomerate Kowa Group for sale of green hydrogen in Japan, Taiwan and Hawaii markets. Billionaire Gautam Adani-led conglomerate is investing up to $50 billion over the next 10 years in setting up a fully integrated green hydrogen ecosystem in India. This includes the production of 1 million tonne of green hydrogen in the initial phase which will be ramped up to 3 million tonne later.
Pressure on the government increased with the Reserve Bank of India's surprise move on Thursday to cut interest rates
The 50-share NSE Nifty index recaptured the crucial 8,700-mark.
India will either have to create a system in which certain geographical areas will wind up being permanent political outsiders at the Union level or it will have to create a system in which certain votes are weighted more heavily than others, observes Mihir S Sharma.
On the gaining side, Hero Moto, SBI, HDFC, HUL and L&T have gained between 1-1.4 per cent.
Select committees on Mines and Minerals Amendment Bill and Coal Mines Bill recommended their approval without any change
In an interview with Business Standard, CIL Chairman Singayapally Narsing Rao attributes the performance to volume growth but adds a decision on price hike will be taken at an appropriate time.
Lack of numbers would upstage it in Rajya Sabha
Modi orders coal, insurance sector reforms.
He recalled that the state was home to Vaishali, said to be the oldest republic in the world.
The groundstaff at the Chepauk were on Wednesday seen using burning coal to dry the pitch set to be used for the fifth and final cricket Test between India and England starting December 16. Cyclone 'Vardah' that lashed the city last Monday caused considerable damage to property and the iconic stadium has also not been spared. However the square and the outfield have not been damaged. But the downpour has certainly left a lot of dampness on the 22-yard strip.
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