Essar group on Friday announced the signing of a USD 2.4 billion (Rs 19,000 crore) deal to sell certain ports and power infrastructure to ArcelorMittal Nippon Steel in one of the largest post-pandemic merger and acquisition deals in India. In a statement, the Ruia-run firm said the deal also envisages a 50-50 joint venture between Essar and ArcelorMittal for building a 4 million tonnes a year LNG import terminal at Hazira in Gujarat. Without giving details, it only identified certain ports and power infrastructure that are primarily captive to operations of the Hazira steel plant, which was acquired by ArcelorMittal Nippon Steel (AM/NS) in 2018-19, as part of the deal.
India's cities must switch over to piped gas leaving LPG cylinders.
Sensex remained volatile through the day.
The camaraderie between Modi and Trump was on full display as the two leaders heaped praise on each other.
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12 persons have so far been rescued from the sea. Nine sailors are still listed as missing.
Given the hydrogen connection, it's ironic that Hindenburg Research released a long report, accusing the Adani group of financial manipulation, observes Devangshu Datta.
India's flagship motor show Auto Expo 2023 kicked off on Wednesday with the global unveiling of Suzuki Motor Corporation's concept electric SUV 'eVX' which is slated to hit the market by 2025. The company's Indian arm Maruti Suzuki India is among the major manufacturers participating in the show that has returned after three years. The Concept eVX is a mid-size electric SUV concept designed and developed by Suzuki Motor Corporation (SMC), Japan. It will be powered by a 60 kWh battery pack offering up to 550 km of driving range on single charge.
The move comes days after the Indian Navy also warned of a possible terror attack from the sea side.
Govt's move will facilitate entry of global giants such as Total SA of France, Saudi Arabia's Aramco, BP Plc of the UK, and Trafigura's downstream arm Puma Energy.
In many cases, all that is required is a final letter from the ministry
India and the US had on July 17 signed a preliminary agreement for cooperating on emergency crude oil reserves, including the possibility of India storing oil in the US emergency stockpile.
Oil India is set to usher in a new era with a road map drawn to ramp up production and diversification plans to foray into liquefied natural gas
Russian authorities on Wednesday resumed search operation for 10 missing sailors, including four Indians.
'Reliance on crude oil is still very high. Globally, natural gas is 25 per cent of the energy basket. In India, it has fallen to 6.5 per cent, from 11 per cent in 2014.'
Dabhol's assets will be demerged into the power plant and the LNG terminal.
The headline for corporate profit growth has been very encouraging in the July-September quarter (Q2) of 2023-24 (FY24), with the combined net profit of listed companies up by 38 per cent year-on-year. However, the earnings distribution has been very lopsided, with most of the growth coming from public-sector oil-marketing companies (OMCs), banks, non-bank lenders, automobile (auto) companies, and cement producers. By comparison, companies from information technology services, fast-moving consumer goods (FMCG), retail, and consumer durables were disappointed, experiencing a sharp slowdown in net sales growth and a relatively muted increase in reported net profit.
Many stalled projects are about to get going again, providing potential relief to banks, says T N Ninan.
The ministry of petroleum and natural gas is evaluating a threshold at which the subsidy on liquefied petroleum gas (LPG or cooking gas) will be reinstated. According to a senior government official in the know, a survey is currently being conducted to determine the price at which maximum consumers will keep buying domestic cylinders. One of the options also being considered is to limit any subsidy disbursal only to Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries.
On his arrival, Modi was warmly received by Qatar's Prime Minister Abdullah bin Nasser bin Khalifa Al Thani at the airport.
There was a discussion on trade matters, market access, regulatory issues and barriers. Both leaders underlined the importance of free and fair trade
Refining major optimistic on planned investment of $16 bn for expansion and new technology to post healthy margins
The top gainers on the Sensex are Gail(India), HDFC, Infosys.
India and Japan's effort to form a multilateral group of liquefied natural gas buyers to avoid paying higher prices for the fuel is laudable as an objective but is unlikely to be effective immediately.
Could the MPCE survey results be used as a basis of reconstructing the Consumer Price Index with new weights, asks Madan Sabnavis.
Wholesale inflation shot up to a 30-month high of 5.25 per cent in January as rising global crude oil prices spiked domestic fuel cost, even as food prices moderated.
Younger brother Surendra wants to re-invest his share in real estate and education
'There are occasions when the prices of individual items like food raise inflation; then supply-side measures must be taken.' 'But if there is continued inflation, it means liquidity is aggravating the situation.'
Reviving stranded gas-based power plants and substituting diesel usage is a clear near-term opportunity.
'The fact that Modi and Xi exuded confidence to accelerate the negotiations for a border settlement alone underscores that the Russia-India-China triangle has become very dynamic,' notes Ambassador M K Bhadrakumar.
The Mahindra group's Igatpuri plant becomes the first in India to be declared carbon-neutral. Ashish Narsale / Rediff.com finds out how this was achieved.
FIXES BY THE GOVERNMENT: Energy price fixed, tax issues linger.
A new formula for pricing natural gas in the domestic market was determined; the decontrol of diesel prices was announced; and the scheme that directly transferred subsidies to bank accounts of users of liquefied petroleum gas (LPG) cylinders was modified and relaunched.
The group plans Rs 30,000-cr oil refinery with IOC; buys Lanco's Udupi power plant for Rs 6,000 cr
Only 48.3 per cent of the rural households used LPG, while the figures were much higher in urban areas at 86.6 per cent, according to a NSO report.
Capital Goods shares ended mixed on the back of weak IIP numbers. L&T ended down 0.7% while BHEL ended with marginal gains.
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The scheme was launched in 2012 in collaboration with three Oil Marketing Companies and Union Ministry of Petroleum and Natural Gas for which Delhi Government had incurred an expenditure of Rs 62 crore (Rs 620 million).
Govt looks to take cooking gas to tiger reserves, Naxal-hit areas
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Spending has begun rising in infrastructure, construction and Indian firms have started to benefit.
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