Chennai United Metal Industries charts ₹36 crore capacity expansion
Chennai: Chennai United Metal Industries Private Ltd, a supplier of steel products to major companies such as Murugappa Group, TVS and BHEL, is investing ₹36 crore to enhance its production capacity at its Gummidipoondi factory, located near Chennai.

Government is formulating comprehensive outlook for global strategy on steel

New Delhi: The Ministry of Steel is formulating a comprehensive outlook for global strategy on steel. In its year-end review for 2024, the ministry says this strategy focuses on raw materials, investments, technology, and exports to align India's steel sector with international best practices.

Copper futures set to rally
Copper futures, which witnessed a sharp fall in price two weeks ago, found support and steadied. In the past few sessions, it has recovered a bit and shows signs of a rally. The January expiry copper futures found support in the price band of ₹796-800 last week. It has now recovered to ₹810. Although there is a resistance ahead at ₹815, we expect the contract to surpass this level and touch ₹836 in the near-term. A breakout of ₹836 can turn the medium-term outlook bullish. Resistance above ₹836 is at ₹860. On the other hand, if copper futures decline from the current level, it can find support between ₹796 and ₹800.

Gold to continue its upward trajectory in 2025, gave a return of 20.3 pc in 2024: Experts

New Delhi: Gold prices surged an impressive 20.3 per cent in 2024, cementing the precious metal's status as a preferred safe-haven investment amid global uncertainties.

Fuel prices expected to go up at New Year's eve in Pakistan
The year 2024 has been one of the most challenging years for the people of Pakistan as towering inflation levels have been consistent in adding to the struggles for families to make ends meet due to the government's policies and its focus on compliance with the terms of International Monetary Fund (IMF).

Oil inches lower in thin trade, investors eye China, US data
Oil prices slipped lower on Monday in thin holiday trade ahead of the year-end as traders awaited more economic data from China and the U.S. later this week to assess growth in the world's two largest oil consumers.

Hindalco receives allocation order for Meenakshi Coal Mine with 12 MTPA capacity
Hindalco Industries, the metals flagship of Aditya Birla Group, announced that it has received a vesting order for the allocation of the Meenakshi Coal Mine in Odisha by the Ministry of Coal. This development, it added, follows the successful signing of the Coal Mine Development and Production Agreement (CMDPA) on November 22, 2024, marking a pivotal step in the company’s journey towards resource securitisation, energy efficiency and sustainable growth. 

India records highest ever coal production in 2023-24, focus on raising coking coal output

New Delhi: India recorded its highest ever coal production of 997.826 million tonnes (MT) in the financial year 2023-24 which represents an 11.71 per cent increase in comparison to the corresponding figure of 893.191 MT in the year 2022-23, according to the year-end review of the Coal Ministry.

PM Surya Ghar: ₹100 Cr payment security fund for RESCO & Utility-led models
New Delhi: The Ministry of New & Renewable Energy (MNRE) will create a payment security fund of ₹100 crore for Renewable Energy Service Company (RESCO) and Utility-Led or State-Led Aggregation (ULA) models for installations under the PM Surya Ghar: Muft Bijli Yojana.

Centre pushes for land availability for wind projects, states look at pooling unused govt land
New Delhi: The government has asked states to ease land availability for renewable energy projects with a focus on wind power, two people in the know of the developments said, citing industry concerns over the pace of progress. 

Transitioning into pure RE player: JSW Energy’s O2 Power acquisition to increase operational capacity of portfolio to 2.3GW by end-Q1FY26
JSW Energy has been inclining towards renewable energy (RE) over the last couple of years, as is evidenced by their locked-in RE portfolio of 15.3GW at end-Q2FY25 in comparison to  6GW in H2FY23. It has also emerged as the H1 bidder for O2 Power. Earlier last week, JSW Neo Energy, a wholly owned subsidiary of JSW Energy, signed a definitive agreement to acquire 4.7 gigawatt (GW) from O2 Power for a total enterprise value of Rs 12,468 crore. The transaction entails acquisition of O2 Power Midco Holdings and O2 Energy SG. O2 Power has an operational portfolio of over 1.2GW and a total locked-in portfolio of 4.7GW, which brings JSW Energy’s locked-in portfolio to 20.4GW (including NTPC’s 400MW solar project LoA announced recently) and locked-in EBITDA to Rs 147.5 billion, stated a report by ICICI Securities. It further added that the operational capacity of the portfolio is set to increase to 2.3GW by end-Q1FY26. Further, O2 Power has a C&I play of 0.6GW, adding to JSW Energy’s own 3.7GW C&I portfolio. 

PM Suryaghar subsidy disbursal at 58% till Oct
Even as the government is focusing on increasing the number of installations under the newly launched PM Surya Ghar Muft Bijli Yojana, the disbursal of subsidy to the households has somewhat been delayed. Moreover, of the 20 lakh applications received on the government portal by October, only 4.8 lakh installations have been done so far, according to data from Lok Sabha’s Standing Committee report.

TSMA writes to TN Power Distribution Corpn to address billing discrepancies for Green Energy sourcing
Chennai: Tamilnadu Spinning Mills Association (TSMA) has written to the Tamil Nadu Power Distribution Corporation Ltd (TNPDCL) to address discrepancies in its billing system that result in excessive charges for green energy sourced through power exchanges like the Indian Energy Exchange (IEX).

SEDL Joins Forces with Jakson Green on India's First 4G Ethanol Plant

New Delhi: Spray Engineering Devices Limited (SEDL) is proud to announce its partnership with Jakson Green on India's first 4G ethanol plant. This pioneering project, located at NTPC Green, utilizes LanzaTech's innovative gas fermentation technology to convert captured carbon dioxide and green hydrogen into sustainable biofuel.

Jakson Group to set up 50 MW solar rooftop project in Uttar Pradesh

As a major contributor to conserving and sustaining the environment, the project is expected to offset 62,500 tonnes of CO2 annually, equivalent to planting 25,00,000 trees. Jakson will act as a key partner in implementing solar rooftop systems across all 75 districts of Uttar Pradesh, enabling the adoption of clean energy.

Mahindra Group expands renewable energy portfolio with new subsidiary
The shares of Mahindra & Mahindra Limited were trading at ₹3,038.55 down by ₹10.90 or 0.36 per cent on the NSE today at 12.25 pm. Mahindra & Mahindra Limited announced yesterday the incorporation of Ultrogen Hybren Private Limited, a new step-down subsidiary focused on renewable energy operations. The company was incorporated in Mumbai with an authorised and paid-up share capital of ₹15 lakh.

Suzlon Energy penalty case takes good turn, shares decline 2%
Shares of Suzlon Energy fell 2.28 per cent to ₹61.80 on the BSE at 3.00 PM on Monday. According to its exchange filing, the company announced today that it has successfully resolved a significant tax dispute with the Indian Income Tax Department. Following a ruling by the Income Tax Appellate Tribunal (ITAT) in favour of the Company, the Jurisdictional Assessing Officer (JAO) has officially cancelled a penalty order of ₹172.76 crores issued under Section 270A of the Income Tax Act, 1961.

Inox Wind secures top credit rating for short-term facilities
Inox Wind Limited (IWL), a major wind energy solutions provider in India, announced that Acuité Ratings has assigned its highest rating of ‘ACUITE A1+’ to the company’s short-term bank facilities. The rating covers non-fund-based limits, including letter of credits and bank guarantees.

Adani Green Energy's CEO Amit Singh to step down for new role in group
Adani Green Energy's chief executive officer Amit Singh will step down to take up the role of the chief of the international energy business of the Adani Group, the renewable energy firm said on Monday.

Rupee gains slightly; very-near-tenor dollar-rupee swap rates surge
The Indian rupee was slightly stronger on Monday as most regional currencies rose, while very-near-tenor dollar-rupee swap rates surged to unusually high levels amid panic bids, according to traders.

2025 & beyond: Govt spending that stimulates pvt investment, key to over 6% growth: Dr Rangarajan
For a country that harbours hopes of fast emerging as a developed nation with a seat at the high table as the third-largest economy on the planet, growth numbers matter. Veteran banker and economist Dr C Rangarajan has often said that India needs to grow consistently at 8 to 9 per cent per annum for at least two decades to get to the per capital income levels of the rich nations.

In a problem-solving mode
Financial regulators, across the world, have unenviable jobs. Either they take hard positions against the industry or individual, thereby inviting the wrath or displeasure of one or both.

After slowdown in H1 FY2025, prospects of Indian economy to improve: RBI Governor Malhotra

Mumbai: Following a period of slower growth amid continued global uncertainties, the prospects of the Indian economy are likely to improve hereon, Reserve Bank of India (RBI) Governor Sanjay Malhotra said on Monday.