Cooking gas LPG rates for Ujjwala consumers cheapest in India compared to neighbouring nations: Govt
The price of domestic cooking gas LPG at Rs 603 for a 14.2 kilogramme cylinder for beneficiaries under Pradhan Mantri Ujjwala Yojana (PMUY) is the cheapest in India when compared to rates in neighbouring countries, Petroleum Minister Hardeep Singh Puri said in the Rajya Sabha on Monday. The minister, during the Question Hour in the Upper House, said India imports 60 per cent of its LPG requirement. Despite volatile and high global prices of LPG, the government absorbed it and kept the prices lower for the Ujjwala beneficiaries.

India's refining capacity to rise 22% by 2028, says minister
India will expand its refining capacity by about 22% from the current 253.92 million metric tons per year to meet its growing energy demand, junior oil minister Rameswar Teli said on Monday.

Gautam Adani led Adani Group reveals Rs 700000 crore plan, to invest in...
Gautam Adani is currently the second richest person in India. With a net worth of Rs 612859 crore, Gautam Adani is just behind Mukesh Ambani who has a net worth of Rs 797962 crore. Over the past week, shares of companies owned by Gautam Adani including Adani Total Gas, Adani Ports and Special Economic Zone, Adani Power, Adani Green Energy, Adani Enterprises and other firms got a significant push. Following a favourable week, Adani Group has revealed a new Rs 70000 crore investment plan. As per a report by PTI, Gautam Adani led group will invest Rs 700000 crore in capital expenditure over the next 10 years. “The portfolio recently announced its plan to invest over Rs 7 lakh crore over the next 10 years to consolidate its preeminent position as the largest infrastructure player in India,” Adani Energy Solutions said in a stock exchange filing.

Metal prices will likely rise a tad globally in 2024, says BMI

Metal prices will likely see a marginal improvement in 2024 in the global commodities market due to weak Chinese demand and deceleration in global growth, research agency BMI, a unit of Fitch Solutions, has said.

Steel shares may continue to underperform in 2024
Mumbai: Morgan Stanley said steel shares may continue to underperform in 2024, as in 2023, citing weak global macro-outlook, higher domestic supply, and unattractive valuations.

JSW Steel output grows 11 per cent to 22 lakh tonnes in November
JSW Steel on Monday posted an 11 per cent rise in its consolidated crude steel production to 22.04 lakh tonne (LT) in November 2023. The company produced 19.94 LT in the same month last year, JSW Steel said in an exchange filing.

Moody's assigns JSW Steel Ba1 corporate family rating
Global rating agency Moody's has affirmed Ba1 corporate family rating (CFR) on home-grown JSW Steel Limited (JSW). JSW's Ba1 CFR reflects the company's large scale and strong market position in India, its competitive conversion costs, resulting from efficient operations and use of the latest furnace technology, the ratings agency said in a report issued on Monday.

Steel prices continue to fall in December on import influx
Steel prices in India saw a 1-3 per cent fall on a month-on-month basis in December 2023, continuing the slide experienced since the beginning of the third quarter in October 2023, as increased imports from China and a slowdown in demand due to the holiday season led to a change in market conditions. The benchmark hot rolled coil (HRC) trade prices were at ₹55,000 per tonne for early December deliveries, a one per cent drop from early November prices when it was around ₹55,200 per tonne, per market sources. Incidentally, the fall is a steeper 6 per cent when compared to early October deliveries, where the price was ₹58,300 per tonne.

India’s copper imports up 30 per cent in FY23
New Delhi: India’s copper import bill has seen an over 20 per cent jump, in value, year-on-year, in FY23 to ₹27,131 crore, as against ₹21,985 crore following a post-Covid economic recovery and improved demand, especially across electric vehicles and renewable energy segments. Copper’s demand is said to have a direct correlation with economic activities considering its wide usage across constuction, home appliances, and other sectors. As per a report by consultancy firm ICRA, refined copper imports increased by 30 per cent in FY23 (by volume) and 180 per cent in H1 FY24.

Jewellery exporters set $40 bn FY24 target
New Delhi: Increasing demand for precious metals in key markets such as the US and the UAE may help Indian gems and jewellery exporters to achieve shipments of $40 billion in FY24, according to Gems and Jewellery Export Promotion Council (GJEPC).

Sparkle back as polished diamond prices rise 10%
Kolkata: Prices of cut and polished diamonds have not only rebounded but have also become up to 10% more expensive this wedding season, jewellers said. The twin strategy of inventory clearing and halt in rough diamond imports helped balance diamond demand, driving industry growth, they said.

Tata Power to deploy over 500 fast EV charging points at IOCL outlets
These EV charging points will be installed in major cities like Mumbai, Delhi, Kolkata, Bengaluru, Ahmedabad, Pune, and Kochi, as well as across major highways such as the Mumbai-Pune Expressway, Salem-Kochi Highway, Guntur-Chennai Highway and the Golden Quadrilateral. This strategic collaboration focusses on building a reliable and expansive intercity charging network which will help alleviate range anxiety for EV owners travelling between cities.

Curb on cane juice for ethanol may reduce blending but boost sugar production: Crisil
The central government having directed sugar mills not to use cane juice or syrup to produce ethanol may hurt, to some extent, the blending with fuel but it is expected to increase the production of sugar, according to a Crisil report.

OMC stocks slip on fuel price-cut reports
Stocks of oil marketing companies (OMCs) lost some value on Monday because of media reports that prices of petrol and diesel may be cut to bring relief to customers.  

Oil extends gains on US strategic reserve purchase
Oil prices inched higher on Monday, extending gains for a second session as U.S. efforts to replenish strategic reserves provided some support, although concerns of crude oversupply and softer fuel demand growth next year lingered.

China may achieve circular economy in EV batteries before EU, US: Study
New Delhi: Researchers have predicted that China could achieve a circular economy in electric vehicle batteries before Europe and the US.

IOC, LPG carriers reach truce, supplies resume in North East
Guwahati, Indian Oil Corporation's LPG cylinder transporters have withheld their agitation for a month after the company agreed to several of their demands, officials said on Monday.

Zeon Electric in pact with Tata Motors’ EV arm to build 5,000 charge points
Chennai: Zeon Electric Pvt Ltd, a leading charge point operator in South India, has signed a memorandum of understanding with Tata Passenger Electric Mobility Ltd (TPEM), a subsidiary of Tata Motors, to set up charging stations across India. Coimbatore-headquartered Zeon has planned to establish 5,000 charge points by the calendar year 2025. This would constitute mostly high-powered DC fast chargers (50kW to 480kW) and AC destination charge points, according to a statement.

Keppel and AM Green to explore sustainable fuel production in South-east Asia, Middle East

Keppel Corporation’s infrastructure division and AM Green, which is wholly owned by the founders of Hyderabad-based Greenko, have decided to jointly explore opportunities in producing biogenic carbon-based sustainable fuels in South-east Asia and the Middle East.

Transition away from coal not happening in the near future: Govt
The transition away from coal is not happening in India in the foreseeable future, Parliament was informed on Monday. Although India is pushing for renewable, non-fossil-based energy, but the share of coal in the energy basket is going to remain significant in the years ahead to ensure affordable energy availability, coal and mines minister Pralhad Joshi said.

PowerGrid may lose oversight role in boost to private investors
In what could give a further fillip to private investments in electricity transmission projects, the government is set to divest state-run Power Grid Corporation of India Ltd (PGCIL), which owns and operates the bulk of inter-state and inter-regional transmissions, of its regulatory mandate.

Adani Power raises bid for Lanco Amarkantak Power in second revised offer: Report
 

Rays Power Infra to build 500 MW solar park in Uttarakhand
Rays Power Infra has inked an initial pact with the Uttarakhand government to build a 500 MW solar park in the state. The collaboration underscores the company's dedication to advancing sustainable energy initiatives and aligning with the Uttarakhand government's vision for an environmentally responsible future, the company said in a statement.

Sterling & Wilson Renewable’s debt repayment plan get lenders’ nod
Mumbai: Sterling and Wilson Renewable Energy, which recently paid off dues to lenders on which it had defaulted, said its lenders, led by Union Bank of India, have approved its resolution plan which includes paying off accumulated debt through a fund raise. At the end of September, the company had a net debt of ₹2,123 crore, while it had a negative net worth of ₹415 crore. In September, it had dues of ₹329 crore to various banks, but could repay only ₹194 crore and defaulted on the remainder. It could also only part pay a ₹250-crore working capital loan that fell due on September 30.

India awards 12 GW in hybrid & RTC renewable energy projects: ICRA
Chennai: More than 12 GW of capacity has been awarded through hybrid and RTC (round-the-clock) renewable energy projects so far in the country, according to analysts at rating agency ICRA

Adani Green to raise $410 million to refinance 2024 dollar bond
Adani Green Energy plans to raise about $410 million via new bond issuance to refinance a dollar note maturing in a roughly a year’s time, according to a filing to Singapore’s stock exchange.
 

Saudi Aramco to supply full oil volumes to some N.Asia refiners in Jan 2024 -sources
Saudi Aramco has notified at least three North Asian buyers that it will supply full contractual volumes of crude oil in January 2024, people with knowledge of the matter said on Monday.