This comes at a time when the group's copper plant in Tamil Nadu remains shut for nearly three years, causing a Rs 5 crore loss every day.
The government on Tuesday proposed to launch a mission to give fillip to the domestic output of critical minerals like copper and lithium, their recycling as well as acquisition of such assets abroad. Presenting Union Budget for 2024-25, Finance Minister Nirmala Sitharaman also said the government will launch the auction of the first round of offshore mining blocks.
The Goud Saraswat Brahmin Seva Mandal's Ganesh Mandal, located in Matunga, north central Mumbai, is widely considered to be the city's richest Ganesh Mandal.
Standing at the edge of Dholavira is witnessing history textbooks crammed in school coming to life. One is suddenly standing face to face with a 4,000-year-old civilisational site that is now but a ruin.
Sanayi Gupta is a chameleon when it comes to style.
Vedanta Ltd, which is planning to restart its copper plant in Tamil Nadu, is weighing the option to sell the unit at a valuation of up to Rs 4,500 crore, banking sources have said. The company had sought expressions of interest (EoIs) for the plant in June last year but did not get a good response as the unit was shut for the last five years. "The process has now restarted with the bankers reaching out to potential bidders," said a banker.
Anil Agarwal, chairman of metals major Vedanta group, has called for the sale of government stake in Bharat Gold Mine and Hutti Gold Mine so as to increase production of the yellow metal in the country. In a social media post, Agarwal said global gold prices are currently at record highs and India imports 99.9 per cent of its requirement. "With massive investments, we can be a major producer of gold and a big generator of employment," Agarwal said.
The Madras high court has expressed displeasure over the manner in which the Central Bureau of Investigation (CBI) conducted the probe into the 2018 Tuticorin police firing against anti-Sterlite protestors in which 13 persons were killed.
The bench said when the people were running, the police chased them and opened fire.
Gold, silver and other precious metals along with imported mobile phones, certain cancer drugs and medical devices are set to become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in customs duty in the Union Budget 2024-25.
It would be a challenge to India's policy makers how to deal with Trump so that mutual economic growth remains sustained and mutual understanding on global issues are not hampered, observes Dr Rajaram Panda.
The Badrinath-Kedarnath Temple Committee on Wednesday dismissed Jyotirmath Shankaracharya Swami Avimukteshwaranand's allegations that 228 kg gold bought for lining the Kedarnath temple's internal walls is missing, and asked him to approach authorities if he had any evidence.
Widespread rains lashed parts of Tamil Nadu on Thursday, prompting authorities to declare a holiday for schools in Chennai and many other districts.
The environment ministry is likely to soon issue regulations that will mandate automakers to recycle a specified percentage of steel from old vehicles, starting from the next financial year, according to people familiar with the matter. "We recently held a meeting with members of the Society of Indian Automobile Manufacturers (Siam). "The final regulations are likely to be issued in the next 10 days," a government source informed.
Fifteen personnel of the public sector company got trapped in a mine Tuesday night when a cage used to carry the personnel fell down after a rope broke, police said.
Latest statistics from the International Copper Study Group, the apex copper body in the world, say global copper use in 2008 is projected to grow by 3.6 per cent.
Anil Agarwal-promoted Vedanta Resources on Tuesday said its acquisition of Konkola Copper Mines in Zambia is complete, making it the fifth largest producer of refined copper in the world.
The government order said it endorsed the recent closure direction of the Tamil Nadu Pollution Control Board, and also asked the TNPCB to "seal the unit and close the plant permanently".
The United States won a 67-66 thriller over France in the women's basketball final on Sunday, claiming an historic eighth consecutive Olympic crown while denying the hosts the golden finish to the Paris Games that had seemed within their grasp.
The FM proposed reduction in basic customs duty on gold and silver to 6 per cent and platinum to 6.4 per cent.
Copper is one of the most widely used metals across the globe. But you need to know some interesting facts on copper.
The government's two-year-old production-linked incentive (PLI) for air conditioner (AC) components has boosted domestic production, with average value addition or localisation increasing from 25 per cent to 55 per cent now, according to the scheme's beneficiaries. Last year, 10 million ACs were manufactured and sold in India and the number is expected to reach 14 million in 2024, according to industry estimates. Domestic production is expected to hit 30 million by 2030.
Gold has risen from Rs 9,290 on March 5 to Rs 9,530 by mid-April, a rise of 4% while copper rose from Rs 268 on March 2 to Rs 330 by mid-April, a jump of 25%.
India needs to recognise and address challenges posed by its dependence on China for critical minerals and examine the implications of phasing down coal on bank balance sheets as it accelerates its green transition, the government's Economic Survey 2023-24 tabled in Parliament on Monday said. As part of its national plan to contribute to meeting the global goal of limiting the average temperature rise to 1.5 degrees Celsius, India has committed to reducing emissions by 45 per cent below 2005 levels by 2030, achieving 50 per cent cumulative electric installed capacity from non-fossil fuel-based energy resources, and creating a carbon sink of 2.5 to 3 gigatons of CO2 equivalent through additional forest and tree cover.
Mutual funds (MFs) scooped up smallcap shares across sectors such as healthcare, banking and financial services in March 2024 amid a near 4.5 per cent fall in key smallcap indices. Aster DM Healthcare, NLC India, and Aavas Financiers topped the list of most-bought stocks in the Rs 10,000-40,000 crore market capitalisation (mcap) bracket, according to a study by Nuvama Alternative & Quantitative Research. Aster and Aavas had corrected by 13 per cent and 10 per cent in March, respectively, while NLC India ended the month with a 2.5 per cent gain.
The growing demand for copper combined with a lack of new refining capacities could make India one of the largest copper importers in the world, experts said.
Industrial base metals major Hindalco delivered a strong consolidated performance during the January-March quarter (Q4) of FY24. Consolidated revenue was reported at Rs 56,000 crore, up 6 per cent quarter-on-quarter or Q-o-Q (flat year-on-year or Y-o-Y), with better realisation and higher India volumes.
Earthen ware are environment-friendly and keep the food's nutritional content intact Heat can circulate through the food in earthen pots, preserving the nutrition.
The highest-ever goods and services tax (GST) evasion has been done by the online money gaming industry.
Closure has meant loss of Rs 2,000 crore to the public exchequer; around three per cent of Tamil Nadu's Gross State Domestic Product is from the facility
In what seemed a political understanding, Trinamool Congress chief and Railway Minister Mamata Banerjee stayed away from a cabinet committee meeting where the government finally cleared two disinvestment proposals she had been opposing.
The Madras high court on Tuesday rejected a plea from mining giant Vedanta to order reopening of its Sterlite copper unit at Tuticorin in Tamil Nadu.
In the October-December quarter (Q3) of FY24, Hindalco reported flat consolidated revenue year-on-year (Y-o-Y) at Rs 52,800 crore. Copper revenue rose due to higher shipments and better Average Selling Price (ASP). Revenue from the aluminium vertical and Novelis declined 3 per cent and 6 per cent Y-o-Y, respectively.
Smelter produces more than 300,000 tonnes a year to supply half of India's domestic copper needs.
Vedanta Resources, the Indian mining company floated last month, has said copper and zinc production had increased sharply over the last quarter and commodity prices in India had begun to improve.
But the company should take extra steps to prevent pollution.
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.
Mutual funds' largecap investment universe is expected to see seven changes in the upcoming stock reclassification exercise by the Association of Mutual Funds in India (Amfi). According to a report by IIFL Securities, Hero MotoCorp, Zydus Lifesciences, JSW Energy, NHPC, Bharat Heavy Electricals, Bosch and Samvardhana Motherson are expected to earn upgrades in the revised list of largecap, midcap and smallcap stocks set to be released in the first week of July. Amfi revises the list at the start of January and July every year based on the previous six-month performance of the stock.
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.
Gautam Adani had in the late 1970s applied to join a Mumbai college for education, but the college rejected his application. He did not pursue education but turned to business and went on to build a $220 billion empire. About four-and-a-half decades later, he gets called to the same college to deliver a lecture to students on Teachers Day. Adani had moved to Mumbai at the age of 16 and started working as a diamond sorter.
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