Mines ministry rolls out draft guidelines for offshore mineral auctions and exploration, seeks public input
New Delhi: In a significant overhaul of the process for allocating offshore mineral resources, the ministry of mines has released a comprehensive set of draft rules under the Offshore Areas Mineral (Development & Regulation) Act, 2002.

Govt plans to cap mining auction securities to fuel sector participation
As per the draft, the upfront payment and performance security for mining leases may be capped at ₹500 crore. For composite licenses, the cap for performance security before the issuance of composite license and mining lease is proposed at ₹250 crore. The changes are intended to come into effect for tenders issued after the promulgation of these amendments.

Jindal Stainless aims at 50% emission cut before 2035
Stainless steel manufacturer Jindal Stainless Ltd. said it would generate over 1.9 billion units of clean electricity per annum through its wind-solar hybrid, floating and roof-top solar plants. The initiatives have the potential to reduce carbon emissions by over 13.52 lakh tonne per annum, the company said in its Sustainability Report. 

No blanket exception for PSU oil companies from local sourcing mandate on steel
Government-controlled oil companies will have to seek case-by-case exceptions when not complying with local sourcing mandate on steel products.

Gold glitter on global cues, jumps Rs 450
Gold prices surged Rs 450 to Rs 64,300 per 10 grams in the national capital on Thursday amid strong global cues, according to HDFC Securities. This is at least the second time the precious metal prices have touched a record high of Rs 64,300 per 10 grams on December 4.

Promising demand outlook in 2024, industry seeks government policy support: Ranjan Dhar
Steel demand in India has been an outlier, bucking global headwinds and growing in double digits. Expectations for 2024 are that it will be another year of good domestic demand, driven by the government’s thrust on infrastructure. Improvements in economic conditions across global markets that include the EU and China are being keenly observed.

Strong domestic steel demand expected in 2024
Backed by government spending on infrastructure, building, and construction, domestic steel demand is expected to remain strong in 2024. Realisations in the domestic market are expected to remain strong, even though imports could remain elevated. Eports will remain stretched across key markets, beyond Europe, in view of the global slowdown in demand. Market sources peg domestic demand to be in the double-digit range, while research firm Crisil expects Indian imports “elevated around the 6 million tonne (mt) mark this fiscal.”

Aluminium futures: Bullish — go long, accumulate on dips
Aluminium prices have been rising well since the middle of December. Although there was a correction in prices last week, the strong rise on Friday last week had ended that. The aluminium futures contract (January) on the Multi Commodity Exchange (MCX) is currently trading at ₹212 per kg. The contract has surged about 8 per cent over the last couple of weeks.

Gold price jumps Rs 430 to Rs 64,250, silver climbs Rs 300 to Rs 79,500
The price of 22-carat gold climbed Rs 400, with the yellow metal selling at Rs 58,900.
 

India's gold market at crossroads: Balancing demographic dividends and evolving economic dynamics
In a captivating economic narrative, India's gold market finds itself at a pivotal juncture, delicately manoeuvring through the interplay of age-old traditions and modern financial evolution.

Centre approves cluster project for Coimbatore jewellery sector
A cluster project for goldsmiths in the micro sector in Coimbatore, which was initiated more than five years ago, recently got Central government’s approval.

Hindustan Zinc gets 28.83-crore tax penalty notice
Mumbai: Hindustan Zinc Ltd has received a 28.83-crore rupee tax demand for 2017-18 (Apr-Mar) for various interpretational issues under the provisions of Rajasthan Goods and Services Tax Act, 2017.

Gujarat emerges as India's 'petro capital'
With the world's largest grassroot oil refinery in Jamnagar and OPaL petrochemical complex at Dahej in Bharuch district, Gujarat is now recognised as the 'petro capital' of India, officials said. Reliance Industries Ltd's (RIL) Jamnagar refinery is the largest and most complex single-site refinery in the world with 1.4 million barrels per day (MMBPD) crude processing capacity, they said.

Oil prices rise amid fears over escalating tensions in Middle East
Oil prices rose in early Asian trade on Thursday as persistent fears over escalating tensions in the Middle East outweighed easing concerns about transport disruptions as some global shipping firms said they were returning to the Red Sea route.

New panel to seek stakeholders' views on safety in oil and gas industry
New Delhi: The Petroleum and Natural Gas Regulatory Board (PNGRB) has said the new expert committee tasked with reviewing safety measures in the petroleum and natural gas industry will seek views from several stakeholders.

POL exports jump 32.1%, natural gas production up by 7.1% in November: PPAC
New Delhi: India’s exports of refined petroleum products (POL) jumped 32.1% in November 2023, while its natural gas production rose by 7.1% to 3,041 MMSCM, compared with the same month a year earlier, the Petroleum Planning and Analysis Cell (PPAC) reported, signaling a strong uptick in the country's energy sector amidst global demand shifts.

India's gas consumption soars to over 43K MMSCM, outpacing domestic output: PPAC
New Delhi: India's natural gas consumption has surged to 43,696 million standard cubic meters (MMSCM) from April to November 2023, outpacing domestic production which stood at 24,081 MMSCM for the same period, according to Petroleum Planning & Analysis Cell (PPAC). This disparity underscores the nation's growing appetite for natural gas amid an energy shift.

Russia exports almost all its oil to China and India - Novak
Almost all of Russia's oil exports this year have been shipped to China and India, Deputy Prime Minister Alexander Novak said on Wednesday, after Moscow responded to Western economic sanctions by quickly rerouting supplies away from Europe.

PNGRB sets up expert committee to review safety framework in oil and gas sector

New Delhi: The Petroleum and Natural Gas Regulatory Board (PNGRB) has set up an expert committee to review the current safety framework in the oil and gas sector in the wake of an oil spill in Tamil Nadu earlier this month.

PNGRB to soon invite bids for natural gas pipeline from Jammu to Srinagar
The Petroleum and Natural Gas Regulatory Board (PNGRB) on Thursday said that it has granted approval for initiating the bidding process for development of a 325 km natural gas pipeline from Jammu to Srinagar.

NLC’s methanol plant aims to conserve ₹1,000 crore annually in crude oil imports
NLC India, the public sector mining and power generation company, is putting up a ₹4,350 crore lignite-to-methanol plant. When the plant starts methanol production, it will save ₹1,000 crore worth of crude imports annually, NLC India’s Chairman and Managing Director, M Prasanna Kumar, told businessline today. 

Coal production rises over 12 pc to 664.37 MT this fiscal
The country's coal production increased 12.29 per cent to 664.37 Million Tonnes (MT) from April to December 25 this fiscal over the year-ago period, according to an official statement. The country's coal output was 591.64 MT in the same period last year.

Tata Power acquires 100% stake in Bikaner SPV
Tata Power Company on Thursday said it has acquired a 100% equity stake in Bikaner III Neemrana II Transmission, a special purpose vehicle (SPV) meant for the project.

NTPC plans to list green energy vertical in next 1-2 years: CMD Gurdeep Singh
State-owned NTPC is looking towards listing its green energy vertical in the next 1-2 years, as it anticipates higher demand going forward, its chairman and managing director Gurdeep Singh said on Wednesday. He also said that the entity is expecting a 30-40 per cent rise in capex to cater to increased power demand in the country.

Huge transmission projects approved amid green energy push
New Delhi: The National Committee on Transmission (NCT) has approved about 10 new transmission projects worth over ₹6,600 crore, allowing them to receive bids.

Sterlite Power acquires Neemrana II Kotputli Transmission
New Delhi: Sterlite Power on Thursday said it has acquired Neemrana II Kotputli Transmission in Rajasthan from PFC Consulting. The project, a special purpose vehicle, was awarded to Sterlite Power through the Tariff-Based Competitive Bidding (TBCB) process in November 2023, the company said in a statement.

10 per cent rise seen in Q1 power generation

New Delhi: Power generation is expected to reach 481 billion units in the first quarter of the coming financial year, up 10% from the corresponding period this year, considering industrial growth, climatic conditions, and domestic consumption. This also includes an anticipated demand for the general elections likely to be held between April and May, sources said.

NLC India’s ₹19,422 crore Talabira power project contract decision set for Friday
The winner of the ₹19,422 crore contract for NLC India’s 3x800 MW Talabira thermal power project will be decided on Friday when the price bids will be opened.   As businesslinereported on December 6, 2022, two power equipment manufacturers, BHEL and L&T-MHI, are in the race for the contract.  NLC’s Chairman and Managing Director, M Prasanna Kumar, told businessline today that the turnkey contractor for the “signature project” would be finalised in January.  

Suzlon secures order for development of 300 MW wind power project for Apraava Energy Private Ltd
Renewable energy solutions provider Suzlon Group on Thursday announced that it has bagged a new order for the development of a 300 MW wind power project for Apraava Energy Private Limited. Suzlon will install 100 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each at the client’s site in Karnataka. 

Jindal Stainless to generate over 1.9 bn units of clean energy
New Delhi: Jindal Stainless on Thursday said it will generate over 1.9 billion units of clean electricity per year through its green energy initiatives. The initiatives have the potential to reduce carbon emissions by over 13.52 lakh tonnes per annum.

AIIB to lead Rs 2,500 cr funding in Mahindra-OTPP's Green InvIT

Mumbai: Sustainable Energy Infra Trust, a renewable energy infrastructure investment trust (InvIT) backed by Mahindra group, is raising Rs 2,500 crore in a round led by Asian Infrastructure Investment Bank (AIIB) with participation from domestic institutional investors (DIIs), people aware of the development said.

Suzlon bags 300 MW wind energy project from Apraava Energy
Renewables solutions provider Suzlon on Thursday said it has bagged a 300 MW wind energy project from Apraava Energy. Suzlon will instal 100 Wind Turbine Generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower, and a rated capacity of 3 MW each at the client's site in Karnataka, a company statement said.

Chile president praises Codelco, SQM lithium deal ensuring state control
Chile's President Gabriel Boric hailed the formation of a new government-controlled lithium partnership that fuses assets of state-run Codelco with private miner SQM, as the leftist leader advances his push for greater public control over the battery metal.