Geological Survey of India plans to install AI for use in mineral exploration
Geological Survey of India (GSI) is planning to install advanced technologies like drones, Artificial Intelligence (AI) and Machine Learning (ML) for more efficient and accurate mineral exploration. The move will also result in saving time and resources and discover hidden mineral deposits, according to a statement.

Billionaire Adani’s green unit plans to raise $2 billion via debt next year
Billionaire Gautam Adani’s renewable energy unit is planning to raise at least $2 billion in mostly new debt next year, people familiar with the matter said, as it capitalizes on renewed confidence among creditors in its ambitious expansion plans.

Vizag Steel Plant forges deal with JSPL for ₹900 cr working capital
Visakhapatnam: The Rashtriya Ispat Nigam Ltd, known as Vizag steel plant, has forged a deal with Jindal Steel and Power Ltd to get an infusion of working capital up to ₹900 crore in a bid to propel sales revenue, monthly turnover and slash losses. The timely deal enables the steel plant to procure raw material and start consistent Blast Furnace-3 (BF-3) operations with the planned blowing-in scheduled on December 30 at a capacity of two lakh tonnes of hot metal per month, an official said here on Thursday.

Tata Steel to hold shareholders' meet on Jan 25; consider merger of Indian Steel and Wire Products with itself
Tata Steel will hold a shareholders' meeting on January 25, 2024. The company will also consider merging its subsidiary Indian Steel and Wire products with itself, it said in a regulatory filing with the Bombay Stock Exchange (BSE) on Friday.

Steel products maker Shri Balaji Valve Components sets IPO price band at Rs 95-100 per share
Steel products maker Shri Balaji Valve Components on Friday said it has fixed a price band of Rs 95-100 per share for its Initial Public Offering (IPO). The issue will open for public subscription on December 27 and conclude on December 29, the company said in a statement.

More time for Vedanta bondholders to consent on new due date
London-headquartered Vedanta Resources has postponed the deadline to seek consent for extending the deadline of its bonds to January 2, 2024 due to the holiday period.

Hindalco well-placed in emerging demand-supply scenario for aluminium
The balance between the demand and supply in the global aluminium market could shift between 2023 to 2025 from a modest deficit in 2021-22 to a modest surplus as both demand and supply gather pace.

Jewellery consumption to grow by 10-12% value-wise in FY24 amid rise in gold prices
Mumbai, Jewellery consumption, in terms of value, is expected to grow by 10-12 per cent in this financial year, mainly on account of increase in gold prices, a report said on Friday. Rating agency Icra has revised upward its forecast for the year-on-year (YoY) domestic jewellery consumption growth (in value terms) in FY24 to 10-12 per cent from the earlier estimates of 8-10 per cent, primarily driven by the rise in gold prices.

Jewellery brand Joyalukkas unveils special offer amid festive season
Jewellery brand Joyalukkas Group has launched its 'Season of Giving' campaign during the festive celebrations. Under the campaign, the brand o­ffers a flat 25% o­ff on making charges for both gold and diamond jewellery.

Gold climbs Rs 300; silver jumps Rs 400
Gold price climbed Rs 300 to Rs 63,350 per 10 grams in the national capital on Friday amid a bullish trade in the overseas markets, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 63,050 per 10 grams.

Domestic jewellery consumption likely to grow 10-12% in FY24: ICRA

The Indian retail jewellery industry is expected to witness a 10-12 per cent growth in domestic jewellery consumption growth (in value terms) for FY2024 to from 8-10% estimated earlier, according to ICRA's revised estimate. The revised growth is primarily driven by the rise in gold prices. Jewellery consumption is estimated to have risen by more than 15% YoY in H1 FY2024, aided by stable demand during Akshaya Tritiya and higher gold prices. However, ICRA projects the growth rate to moderate to 6-8% in H2 FY2024 due to sustained tepid rural demand amid persistent inflation.

South Western Railway, JSW enter into agreement for iron ore transportation
It will be put to use for transportation of iron ore from the mines at Mineral Enterprises Ltd Siding, Sasalu and Swamihalli to the steel plant of JSW at Tornagallu. This is in addition to seven rakes for which agreement was signed on October 17, they said.

ONGC IPSHEM Goa gearing up to host India Energy Week 2024 in February
Panjim: The vibrant state of Goa is set to become the epicenter of global energy discussions as it gears up to host the second edition of the prestigious India Energy Week (IEW) from 6 to 9 February 2024. The event, to be held at the ONGC Institute of Petroleum Safety, Health and Environment Management (IPSHEM) in the southern part of the state, is expected to attract over 35,000 participants from more than 100 countries. Building on the success of its debut edition earlier this year, inaugurated by the Prime Minister of India Narendra Modi, IEW 2023 garnered widespread acclaim for showcasing India’s resilience in the energy sector. This grand scale event drew nearly 37,000 attendees from 149 countries, featured 326 companies in exhibitions, and hosted 315 speakers in over 80 conference sessions.

Oil extends weekly gains, up 1% as Red Sea tension persists
Oil prices rose as much as 1% on Friday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola's decision to leave OPEC raised questions over the group's effectiveness in supporting prices.

Oil prices tumble as Angola decides to exit OPEC
Oil prices dropped on Thursday after Angola said it would exit the Organization of the Petroleum Exporting Countries (OPEC), raising questions about the producer group's efforts to support prices by limiting global supplies.

25 yrs of ensuring Delhi never runs out of gas
New Delhi: When the world moved into the 21st century, Delhi government had ahead of it a mountain of challenges. Critical of the city’s deteriorating air quality, the Supreme Court had, in 1998, directed the conversion of public transport to CNG, considered a cleaner fuel, and the then Congress government was running against time to retrofit the huge diesel fleet of Delhi Transport Corporation, private transport vehicles, autorickshaws and taxis to natural gas. Indraprastha Gas Limited (IGL), the agency entrusted with the responsibility of developing a CNG distribution network across the city, itself was under tremendous pressure to deliver.
 

Essar selects technology partner for UK industrial carbon capture facility
Essar Oil UK on Friday announced the selection of a second key licensor technology provider, Denmark-based Topsoe, for setting up an industrial carbon capture facility as part of its planned energy transition project at Stanlow, UK. Topsoe will provide its sustainable flue-gas treatment technology SNOXTM, the company said in a statement.

Topsoe to help Essar Oil UK capture industrial carbon
Essar Oil UK has signed on Denmark-based Topsoe as a technology licensor for its carbon capture facility, based in Stanlow, North West England.

India exports 43 per cent more diesel in November

New Delhi: India exported 43% more diesel in November than a year ago as local demand slipped while refineries ran above their capacity. Domestic diesel demand fell 3% year-on-year in November as commercial transport and factory activity slowed after a festive surge. In the first seven months of this financial year, the increase in domestic diesel demand had been unusually strong at 6.7%, higher than petrol's 6%. The growth in diesel consumption was 5.4% for the April-November period.

19 kg LPG cylinder gets cheaper ahead of New Year; check prices in Delhi NCR, Mumbai, Chennai and other states
The government has given a gift to the public by reducing the price of a 19 kg LPG cylinder. The price of a 19 kg commercial LPG cylinder has been reduced by Rs 39. 

India’s coking coal imports at 5-year high; Russia now among top three suppliers
New Delhi: India’s coking coal imports are at a five-year high for the April-November period (11 months) of this fiscal at 38.14 million tonnes (mt). Imports were slightly higher on a Y-o-Y basis with nearly 38.12 mt of shipments coming in for the comparative period last year. 

Peak power demand to touch 3.5 lakh MW by 2030-31, says Union Minister R K Singh
The peak electricity demand in India is expected to touch 3,50,670 MW mark by 2030-31, and the government is taking various measures to meet the increased demand, Union Minister R K Singh has said. The peak demand has gone up from 1,35,918 MW in 2013-14 to 2,43,271 MW in September 2023. This is a rise of almost 79 per cent and the demand has been met, the minister for power said on Thursday.

Almost 88 GW thermal capacity to be added to meet rising power demand: R K Singh
New Delhi: Around 88 gigawatts (GW) of additional thermal capacity is likely to be installed in the country to meet the rising electricity demand, Union Minister R K Singh has said. The peak electricity demand in India is expected to touch the 3,50,670 MW mark by 2030-31, and the government is taking various measures to meet the increased demand, the power minister said on Thursday.

India's power demand to fire-up multibaggers BHEL, Suzlon Energy: Nuvama

India's growing appetite for power will likely create strong tailwinds for PSU stocks like Bharat Heavy Electricals (BHEL) and NTPC and their private renewable energy peers Suzlon Energy and Inox Wind, Nuvama said in a note.

Bright business prospects fails to cheer BHEL’s Tiruchi vendors
The comeback of thermal power capacity in India is translating into a sudden flood of business opportunity for the Tiruchi-based MSMEs — who do job works for the power equipment major, BHEL.

CRISIL analysis: India powering ahead on renewable energy targets
By 2032, over half of India’s power generation is expected to be from renewable sources and the country is firmly on course to achieve its renewable energy (RE) targets, according to CRISIL MI&A Research.

IEA working to cut renewable energy costs in developing world
Istanbul: The International Energy Agency will work to ensure the World Bank, regional development banks and others prioritise the cost of investing in clean energy in developing countries following the COP28 summit last week, its Executive Director said.

Better profitability to support corporate rating headroom: Fitch Ratings
Mumbai: Profit margins of domestic companies are likely to swell by 290 basis points over FY23 levels, boosted by lower raw material costs and rising volume led by local demand, despite faster capacity additions in some industries, which will lead to their rating upgrades next fiscal, says an international rating agency. In a report on the domestic corporates in particular and the economy in general, Fitch Ratings Friday said it seems the profit margins of the corporates it rates jumping by 290 bps above the FY23 levels.

India's forex reserves jump $9.11 bn to $615.97 bn for the week ending December 15
India's foreign exchange reserves jumped by $9.11 billion to $615.97 billion for the week ending December 15, the latest data by the Reserve Bank of India (RBI) showed on Friday.

Inflation remains elevated & clouded by volatile food prices, weather shocks: RBI Guv Das in MPC minutes
Even as the Reserve Bank of India's rate-setting panel voted to keep the rates unchanged in its December meeting, Governor Shaktikanta Das held reservations about inflation, which has receded from highs, but remains volatile.

Rupee rises 12 paise to settle at 83.15 against U.S. dollar
 

Stock markets climb for second day on buying in IT shares