Running at 100 pc capacity now, NINL was home to snakes, scorpions when acquired by Tata Steel, says MD Mehta
Snakes and scorpions crawled the premises of NINL, the land around was covered with bushes and the plant machinery was full of rust, its MD & CEO Sudhir Kumar Mehta said remembering the challenges involved in restarting the sick unit within a set 90-day deadline.

RINL to make third Blast Furnace operational on Dec 30 after MoU with JSPL
New Delhi: Jindal Steel & Power (JSP) has entered into an MoU with Rashtriya Ispat Nigam Limited (RINL) for the operationalisation of RINL’s third Blast Furnace-3 (BF-3).  The furnace, set to be lit up on December 30, 2023, will boost production by 2 lakh tonnes of hot metal per month, JSPL said in a notice to the bourses.  The blast furnace BF-3 at the RINL plant in Visakhapatnam has been closed since January 2021.

Steel Ministry panel rejects proposal for TMT bars made from ship-breaking plates
New Delhi: A committee set up by India’s Steel Ministry has reportedly rejected using ship-breaking steel plates for TMT-bar-making (also called rebars). Non-standardised offerings and the absence of wider data are seen as major reasons for rejecting the proposal.

Tata Steel plays the long game in India's infra boom
Mumbai , New Delhi : Tata Steel Ltd is looking to capture India’s infrastructure boom by doubling the manufacturing of long steel products used in construction over the next six years, a top company executive said. Currently, three-fourth of its capacity is in flat steel, used in automobiles and consumer goods.

India's steel production grows 11% to 11.7 MT in November; global output at 145.5 MT: worldsteel
India has registered an increase of 11.4 % in its crude steel production at 11.7 million tonne (MT) in November this year, according to World Steel Association (worldsteel). During January-November, the country's production was 12.1 % higher year on year (y-o-y) at 128.2 MT, the global body said in its latest report.

From snakes, scorpions to success: How Rs 12100 crore deal by Ratan Tata's company revived ailing government firm
NINL or Neelachal Ispat Nigam Ltd, the state-owned steel company’s Odisha plant had been shut for three years. Its 2,500 acre premises had become home to snakes and scorpions with overgrown bushes and rusting machines. NINL became the first state-owned steel firm to be divested by the Narendra Modi government when it was acquired by Tata Steel through former subsidiary Tata Steel Long Products (TSLP) for Rs 12,100 crore payout. What followed was a 90-day revival project and another Rs 250 crore. The company which was reeling under debt and uncertain future has already churned out a revenue of Rs 4600 crore since the acquisition last year.

Motisons Jewellers IPO listing date today. GMP, experts signal over 100% gain
Motisons Jewellers IPO: Listing date for the initial public offering (IPO) of Motisons Jewellers Limited has been fixed on 26th December 2023. As per the information available on BSE website, Motisons Jewellers share price will list on BSE and NSE during Tuesday deals in special pre open session. Motisons Jewellers IPO listing will take place in trade-to-trade category and Motisons Jewellers share price will remain in this category for 10 sessions post-listing.

Jewellery consumption growth estimated at 10-12% in FY24, organised retailers to post revenue increase of 15-18%
ICRA has revised its forecast of the year-on-year domestic jewellery consumption growth (in value terms) for FY2024 to 10-12 per cent from 8-10 per cent estimated earlier. This, it said, will be primarily driven by the rise in gold prices. Jewellery consumption is estimated to have risen by more than 15 per cent 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 per cent in H2 FY2024 due to sustained tepid rural demand amid persistent inflation.

Gold price unchanged at Rs 63,490, silver rises Rs 200 to Rs 79,200
Source Credit: Business Standard

The price of 24-carat gold remained unchanged during early trade on Tuesday, with ten grams of the precious metal selling at Rs 63,490, according to the GoodReturns website. The price of silver climbed Rs 200 with one kilogram of the precious metal selling at Rs 79,200.
 

No takers for rupee payment for oil imports
While there has been some success with non-oil trade with a select few countries, rupee continues to be shunned by oil exporters.

IOCL green H2 tender in legal mess, gets one bid
New Delhi : The tender to set up the first green hydrogen plant of state-run oil refiner and marketer Indian Oil Corp. Ltd (IOCL) received one bid till the 29 November deadline, people aware of the development said.

First rupee payment for oil to UAE: India looks for more deals, no targets: Officials
India's first-ever payment in rupees for crude oil purchased from the UAE is helping the world's third largest energy consumer push for taking the local currency global, as it looks for similar deals with other suppliers, officials said, adding internationalisation is a process and there are no targets.

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.

ONGC Videsh to raise upto Rs 5,000 cr via debentures to fund capex, assets

OVL, a wholly-owned subsidiary and the overseas arm of Oil and Natural Gas Corporation Limited (ONGC), also plans to mop up another Rs 5,000 crore through commercial paper, a money market instrument, to meet its short-term financing needs.

IOC, BPCL, HPCL in talks to raise ₹5,500 crore by securitising licence fee
New Delhi: Indian Oil, Bharat Petroleum and Hindustan Petroleum are discussing plans to raise ₹5,500 crore by securitising the licence fee they get from their petrol pump dealers as part of the government's push for asset monetisation by state companies, according to multiple people familiar with the matter.

Domestic coal-based power generation rises 8.38% to 779.1 billion units in Apr-Nov
New Delhi: The domestic coal-based power generation increased 8.38 per cent to 779.1 Billion Units (BU) in April-November FY24, an official statement said on Saturday. In the year-ago period, the domestic coal-based power generation stood at 718.83 BU.

Coal imports by power sector up 84% y-o-y in November
New Delhi: Coal imports by the power sector rose 84 per cent y-o-y last month as thermal power plants (TPPs) imported the critical commodity at 6 per cent of their total consumption. However, imports were down by 21 per cent on a monthly basis as more supplies of the critical commodity were made available by Coal India (CIL) and Singareni Collieries Company (SCCL). According to the latest numbers, TPPs imported 5.9 million tonnes (mt) in November 2023, compared to 7.5 mt in October 2023 and 3.2 mt in November 2022.

GMDC restarts lignite mining at Tadkeshwar in south Gujarat
Ahmedabad: A year after landslides brought mining activities to a complete halt at Tadkeshwar lignite mines in south Gujarat, the state PSU Gujarat Mineral Development Corporation Ltd (GMDC) has restarted operations at the mine which is estimated to have a life of seven more years. “Lignite dispatch is expected to commence from Tadkeshwar from January. The work of earth removal caused by the landslide has been completed and mining operations have begun from November. This will have a positive impact on our lignite production during the last quarter,” Roopwant Singh, Managing Director of GMDC, told businessline.

Vedanta Ltd approves Rs 200-crore political contribution

Mumbai: The board of India-listed Vedanta Ltd approved a Rs 200-crore contribution to political parties, even as the parent company is working round the clock to arrange a $1-billion payment on dollar-denominated bonds that are due in January.

Achieving 24x7 electricity supply for all in 2024: India's focus on coal and renewables
New Delhi: India will focus on setting up more coal-fired power projects as well as keep adding renewable generation capacity to achieve 24x7 electricity supply for all in 2024 amid economic expansion and the need to ensure energy security in these times of rising geopolitical uncertainties. In a reflection of ambitious plans, the Union power ministry has planned a whooping 91 GW of coal-based thermal power generation capacity entailing an investment of Rs 7.28 lakh crore over the next few years.

A consortium led by Adani Power gets letter of intent to buy Coastal Energen

A consortium led by Adani Power Ltd. has received a letter of intent to buy Coastal Energen Pvt., which is undergoing a corporate insolvency resolution process.

Jakson Group plans to raise $500 mn for boosting ops
Energy and infrastructure solutions company Jakson Group is looking at raising about $500 million through a series of equity fund raising rounds starting next fiscal, said its chairman and managing director Sameer Gupta.

Adani Green executes 1799 MW solar power PPA with SECI
Adani Green Energy Ltd. has executed a power purchase agreement with Solar Energy Corporation of India to supply 1,799 MW of solar power, the company said in an exchange filing on Monday.

Adani Green signs PPA for 8,000 Mw solar power with Solar Energy Corp

The company said: “With the signing of this balance PPA, Adani Green Energy has completed the power offtake tie-up for the entire 8,000 Mw manufacturing-linked solar tender awarded to it by SECI in June 2020, which set a record for being the world’s largest solar tender.”

India’s solar panel imports set to remain higher in FY24

New Delhi: India’s solar panel imports are set to remain higher in financial year 2023-24 (FY24) as compared to FY23 owing to upcoming solar power capacities planned till FY26 and how the situation around ALMM evolves, according to industry experts.

The hidden costs of renewable energy
 

Wind energy gets a breather
India’s wind energy sector got a breath of fresh air from the December 7 circular — National Repowering & Life Extension Policy for Wind Power Projects — from the Ministry of New and Renewable Energy. A long standing demand of the sector, which once was the blue eyed boy in India’s energy transition story, was the issue of repowering of the wind power projects. What is repowering? In simple words it is replacing outdated wind turbines with modern and updated turbine technology.

Dalian iron ore rangebound on mounting caution, overseas holidays
Dalian iron ore futures were rangebound on Monday, as investors were wary of mounting downside risks from potential intervention by the Chinese authorities and a lack of direction with Singapore markets closed for the Christmas holiday.