PTC India gets shareholders' nod to sell 100% stake in energy arm to ONGC
Source Credit: PTI, Business Standard

New Delhi: Power trading solutions provider PTC India on Thursday received shareholders approval for selling 100 per cent equity stake in its arm PTC Energy to state-owned ONGC Ltd for an enterprise value of Rs 2,021 crore.

Steel firms brace for pricing woes
The steel industry continues to face price pressures. The average price of domestic hot rolled coil (HRC) steel dropped for the sixth time in a row in March to ₹52,857 per tonne, according to market intelligence platform BigMint.

Aluminium Futures: Uptrend intact. Go long
Aluminium price has been volatile so far this week. The Aluminium futures (April) contract on the Multi Commodity Exchange (MCX) fell sharply from a high of ₹209.50 per kg to a low of ₹206.30 on Tuesday. From there, the price has recovered and is currently trading at ₹207.70 per kg.

Adani's copper unit in Mundra begins operations
Adani group on Thursday announced start of its maiden copper plant at Mundra in Gujarat. Adani Enterprises is setting up plant with 1 million tonnes capacity in two phases.

Adani Enterprises’ Kutch Copper commissions first copper unit in Mundra, will invest $1.2 billion in first phase
Adani Enterprises on Thursday said that its subsidiary, Kutch Copper has commissioned the first unit of its greenfield copper refinery project at Mundra by dispatching the maiden batch of cathodes to customers. This is expected to help cut India’s dependence on imports and aid energy transition. “This marks the Adani Portfolio’s debut in the metal industry. The successful progress of the greenfield unit showcases the Adani Group’s ability to plan and execute large scale projects,” the company said in a regulatory filing. 

Gold up Rs 10, silver jumps Rs 100; yellow metal trading at Rs 67,320
The price of 22-carat gold rose Rs 10 with the yellow metal selling at Rs 61,710.
 

Gold imports likely to drop 87% this month on high prices, weak demand
Mumbai: India’s gold imports are set to fall to the lowest in the last three years in view of soaring prices and sharp fall in demand. The bullion industry has been reeling under huge inventory as it imported huge quantity of gold in anticipation of higher demand. The industry had imported 110 tonnes of gold in February expecting further rise in prices. The high prices dented demand completely and there are no takers for consignment even at a discount of $25 per ounce, said industry sources.

IndianOil order for Zetwerk to set up over 1400 EV fast chargers in India
New Delhi: Zetwerk, world’s largest managed marketplace for contract manufacturing, has secured an order from Indian Oil Corporation Limited (IOCL) to set up EV fast chargers across India through competitive bidding which was participated by more than 40 leading EV suppliers across the country.

Zetwerk secures order from Indian Oil for 1,400+ EV chargers
New Delhi: Zetwerk on Thursday said it secured an order with Indian Oil Corporation (IOCL) to set up more than 1,400 EV fast chargers across India through competitive bidding. With this association, Zetwerk is supporting IOCL’s aspiration to become a 360-degree energy solutions provider company, actively investing in emerging mobility trends such as EVs.

Chennai refinery expansion cost goes up over INR 3,600 crore
In a stock exchange filing, IOC said its board at its meeting on Thursday "accorded approval for the revision in cost of the project from INR 29,361 crore to INR 33,023 crore".

Robust recovery in demand amid cheaper prices bumps up India’s reliance on natural gas imports
After falling in the financial year 2022-23 (FY23), India’s reliance on imported natural gas has grown notably in the first 11 months of the current fiscal as consumption picked up amid relatively lower prices. The country’s import dependency in the case of natural gas in April-February was 46.1 per cent, against 43.6 per cent in the corresponding period of FY23, as per latest available data with the oil ministry’s Petroleum Planning & Analysis Cell (PPAC). For the full FY23, natural gas import dependency was 43.9 per cent, down from 48.4 per cent in FY22.

Coal India’s supplies to thermal power plants hits 610.8 MTs, breaches FY24 target
Coal India (CIL) on Thursday announced that its coal supplies to thermal power plants of the country hit 610.8 million tonnes (MTs) on Wednesday surpassing the annual target of 610 MTs to this sector. “This was the highest to date and the company achieved the feat four days earlier than the FY 2024 closure,” CIL said in a regulatory filing. 

Adani Power arm-Mahan Energen and RIL ink exclusive long-term power purchase pact
Mahan Energen, a wholly owned subsidiary of Adani Power has inked a 20-year long-term Power Purchase Agreement (PPA) for 500 MW with Reliance Industries (RIL), under the Captive User policy as defined under the Electricity Rules, 2005.

Adani Power subsidiary enters into PPA with Reliance Industries
First Ambani-Adani pact: RIL picks 26% stake in Adani Power's MP project; deal pegged at ₹50 crore between rival firms

Adani Power consolidates ₹19,700-crore loans of 6 SPVs into single long-term debt
“Consequent to the enhancement in the credit rating of Adani Power Ltd to AA-, which followed the amalgamation of its six Special Purpose Vehicles (“SPVs”) with itself, the company has consolidated the standalone term loan facilities of the SPVs into a single long-term Rupee term loan facility of ₹19,700 crore under a consortium financing arrangement comprising eight lenders,” the company stated in a filing with the stock exchanges.

IREDA Board approves Rs 24,200 cr borrowing for FY25
State-owned Indian Renewable Energy Development Agency Ltd’s (IREDA) board on Thursday approved a proposal of Rs 24,200 crore borrowing for 2024-25.

India adds 24 GW of solar PV manufacturing capacity in 2023: Report
Chennai: India has added a whopping 24 GW of solar module and cell capacity in 2023. Gujarat led the total new capacity addition followed by Rajasthan and Tamil Nadu.

Chile needs to finalize more lithium plan details to spur investment, miners say
The Chilean government's new plan to usher in private investment at a number of the country's lithium salt flats may stumble over unresolved details that will raise concerns for investors, mining executives and analysts said on Wednesday.

Growth of eight core sectors at 6.7% in Feb as against 4.1% in Jan