India has substantially increased its crude oil imports from the US, with the country's share in India's crude basket hitting a record 14.3 per cent in December, commerce ministry data showed.
Reliance Industries Ltd on Friday reported a 27 per cent jump in its September quarter net profit as earnings from the oil and gas business rebounded, and a pick-up in fashion and grocery helped boost retail revenues. The oil-to-retail-to-telecom conglomerate's consolidated net profit of Rs 17,394 crore, or Rs 25.71 per share, in July-September - the second quarter of the current 2023-24 fiscal - was 27.3 per cent higher than Rs 13,656 crore, or Rs 19.92 a share, earning a year back, the company said in a statement. The net profit was also higher quarter-on-quarter compared to Rs 16,011 crore earnings in the preceding three months ended June 30.
Glass shortage in China and the rising prices of imported glass used in finished solar panels have already hit the cost of solar panel imports. The cost of solar modules imported by India have increased 22 per cent since June last year. India imports close to 90 per cent of its solar cells and modules, of which nearly 80 per cent is from China. Domestic solar equipment makers import glass panels and are the largest suppliers in China. The price of a solar module glass has increased 150 per cent in the past six months, revealed industry estimates.
Despite enduring a weak first quarter of the 2023-24 financial year (Q1FY24), Power Grid Corporation (PGCIL) has laid out an ambitious capex plan going forward. It is looking to invest around Rs 1.8 trillion on an existing asset base of Rs 2.7 trillion to aim at keeping over 50 per cent market share in the transmission market. This includes opportunities from the Rs 2.4 trillion green energy corridor.
The power sector is always strongly correlated to economic activity and is receiving its share of investor attention as India's post-Covid-19 recovery continues. India's leading integrated power producer, the public sector undertaking (PSU) NTPC controls around 25 per cent of India's power capacity. It continues to increase installed capacity, in thermal as well as renewables (solar, wind, green hydrogen) and hydropower and pumped hydro, and also has backward integration into coal mining, and explored nuclear.
The earlier resolution allowing these developers to charge higher power tariffs, now stands cancelled.
Bangladesh has sought revision of a 2017 power purchase agreement with Adani Power Ltd as the price for the coal-generated electricity appeared too expensive, officials said in Dhaka on Thursday. "We have communicated with the Indian company seeking revision of the agreement," an official of the state-run Bangladesh Power Development Board (BPDC) told PTI on the condition of anonymity and without elaborating on the matter. Media reports suggested that the "high coal price" to be purchased for the Adani plant at India's Jharkhand emerged as the key factor for the dispute.
With this contract, Adani Green now has a portfolio of 15 GW of renewable power generating assets.
US-based Tesla is working through a lot of challenges with the government to launch its products in India, the electric car major's founder and CEO Elon Musk said on Thursday. Responding to a tweet on the company's plans to launch its products in India, Musk tweeted: "Still working through a lot of challenges with the government." Last year, Tesla had sought a reduction in import duties on electric vehicles (EVs) in India.
As India goes into firming up trade deals with developed nations like Australia, the United Kingdom (UK) and the regional bloc, and the European Union (EU), it will have to be well prepared to negotiate on new-generation issues, such as data protection regulation, e-commerce, and environment. India is yet to negotiate pacts with its trading partners on these evolving issues since discussions between them have until now been largely focused on tariff and non-tariff barriers and the rules of origin. "We can no longer look at trade just as trade. We have to look at it in totality of global and regional conditions.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 46 per cent jump in net profit for the three months ended June on the back of bumper earnings from oil and telecom businesses. The oil-to-retail-to-telecom conglomerate's consolidated net profit rose to Rs 17,955 crore during April-June period -- the first quarter of 2022-23 fiscal year -- from Rs 12,273 crore in the year-ago period, it said a stock exchange filing.
Reliance Industries on Friday reported a 41.5 per cent jump in its third quarter net profit as oil, retail and telecom businesses fired on all cylinders. Net profit of Rs 18,549 crore in October-December compared with Rs 13,101 crore a year back, the company said in a stock exchange filing. Income from operations rose to Rs 1.91 lakh crore from Rs 1.28 lakh crore.
Centre, with states, to change methodology of calculating domestic power rates, set standards for consumer tariffs
With the Nifty50 just about 3 per cent away from its all-time closing high of 18,812 points, analysts at BofA Securities suggest investors book profit. Their reasons for the advice include risks like the possibility of a cut in corporate earnings growth forecasts, high valuation (one-year forward P/E of 19.5x), interest rates staying elevated for longer-than-expected and credit tightening. Going ahead, they expect the Nifty50 index to drop to 16,000 levels - down nearly 12 per cent from the current level of 18,255 points, which they believe would be a good time to buy.
'For the next two years, we expect the bulk of earnings growth contribution from sectors like financials and energy, where the outlook remains positive, while the sectors which are linked to domestic consumption and are currently witnessing strains on margins have low salience for Nifty earnings.'
Companies are not able to pass on the pressure from rising input costs to buyers, and this is likely to result in a compression in corporate profit margins for the March quarter, a report said on Monday. Operating profit margins for companies are set to fall by as much as 3 percentage points compared to the year-ago period, and up to 0.60 per cent as compared to the preceding December quarter, the research wing of rating agency Crisil said in a report. The report comes ahead of the earnings season when major companies start reporting their profits.
The monthly electricity bills of the majority of domestic consumers in Delhi -- who use more than 200 units and up to 600 units -- will be hiked by up to Rs 265 due to an increase in the power purchase adjustment cost (PPAC) levied by discoms in the city, officials said on Monday.
While Mukesh Ambani-led RIL posted a 108 per cent YoY rise in profit after tax for Q4FY21 at Rs 13,227 crore, it fell short of Bloomberg estimate of Rs 13,704 crore.
'I'm pitching India for the strengths we offer, including the English language, engineers, doctors, nurses, professionals, innovative talent of startups.'
'I clearly recall how you immediately directed your administration to identify and allocate land, water, and other clearances in the shortest time possible.' 'That was the fastest decision-making process I have ever witnessed.'
'There can be no dispute over the adverse impact such a policy will surely have on India's manufacturing competitiveness,' notes A K Bhattacharya.
The Shiv Sena on Wednesday staged protest at various places in Mumbai against the tariff hike announced by power suppliers in the state including the Reliance Energy.
Newly-elected Conservative Party leader and prime minister in waiting Liz Truss is among the senior British politicians known for championing deeper India-UK strategic and economic ties, describing them as a "sweet spot" of global trade dynamics.
The government has hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD) and rising import of the yellow metal. The duty changes came into effect on June 30. Earlier, the basic customs duty on gold was 7.5 per cent, now it will be 12.5 per cent.
On the volume side, the number of M&A and PE deals was 110 in July, 15 per cent lower from 130 in July 2018.
The market valuation of Reliance Industries, the country's most valued firm, is fast nearing the Rs 10 lakh crore mark, surpassing British energy major BP Plc.
Son's offer to supply free power after 25 years is based on the idea that the cost of running a solar plant would progressively decline while its efficiency would increase.
Britain's third female prime Minister, Liz Truss, was out of office on Thursday after the shortest tenure at 10 Downing Street in London and without a cherished India-UK free trade agreement (FTA) under her belt as a Brexit prize.
India always faces a Hobson's choice as far as feeding coal-fired generators goes - even if the government is reluctant to admit it. The country cannot do without shipping in the world's most polluting fuel from overseas. And it will continue to do so unless it decides to reduce demand by forcing citizens, farmers and businesses to live without electricity for part of the day, or use diesel generators to fire facilities.
'When Pinnacle Trust bought the stake of Supreme Energy, it included a liability of Rs 640 million. The purchase was at a fair market value (prevailing price) of Rs 8.80 per share,' Deepak Kochhar said in a telephonic conversation with Business Standard.
The businessmen in the Maharashtra have given a cry of 'remove Ajit Pawar' against the high tariff of electricity.
Finance Minister Nirmala Sitharaman presents her fourth Budget in Lok Sabha on Tuesday.
The Indian government on Wednesday said it would bring out a national power policy within the next six months aimed at making power available to all and sought greater private sector investment in rural energy sector.
Top gainers in the Sensex pack were TCS, Bharti Airtel, Infosys, Axis Bank, L&T, ITC, PowerGrid, HCL Tech and Tata Steel, ending up to 2.39 per cent.
His father is a former finance minister. His brother is a minister in the Modi government. But Sumant Sinha wants nothing to do with politics and tells Shreya Jai why he is bullish on the renewable energy sector.
'We are doing away with human interface in metering, billing, and collection.' 'That in itself will bring down losses by 50 to 60 per cent.'
'It is building the country's infrastructure, and delivering it very efficiently.'
Investors turned cautious weighing weak GDP numbers and continued drop in automobile sales, bringing banking and auto sector stocks under pressure.
Top gainers in the Sensex pack included Sun Pharma, IndusInd Bank, RIL, ITC, Vedanta, Asian Paints, HDFC and Infosys, advancing up to 3.02 per cent.
