Tata Steel UK goes for legal action against union strike
Tata Steel UK has initiated legal action against an employees’ union, terming a decision to strike as “unilateral” and warned potential early shutdown of operations at the Port Talbot facility.The union, Unite, called for a strike on July 8 in response to Tata Steel’s plans to shut blast furnaces three months earlier than planned. Unite described this move as the latest in a “long line of threats” and asserted that it would not deter them. The union also called for intervention from Tata Steel’s top management to settle the dispute.

India’s iron ore production rises 4% to 52 MMT in April-May
New Delhi: The country’s iron ore production increased by four per cent to 52 million metric tonnes (MMT) in the April-May period of the ongoing fiscal. The country’s iron ore output was at 50 MMT in the corresponding period of previous fiscal, according to provisional figures. The production of limestone increased to 79 MMT in the April-May period from 77 MMT in the year-ago period, the mines ministry said in a statement. “The production of manganese ore has jumped by 16.7 per cent over corresponding period previous year with a production of 0.7 MMT in financial year 2024-25 (April-May),” the statement said.

Govt working on policy to offer washed coking coal to steel sector
Coal Ministry Additional Secretary M Nagaraju said on Friday the Centre is working on a policy to offer washed coking coal to the steel sector as it aims to reduce imports of the dry fuel.

Gold demand still lacklustre, jewellers expect import duty cut in Budget
Indian gold demand remained lacklustre due to higher prices and as some buyers were postponing purchases hoping the government would cut import duty in the upcoming budget, while demand in China also moderated.

Oil prices edge higher as supply risks mount
Oil prices rose in early Asian trading hours on Friday, setting up a third straight weekly jump, as concerns about supply problems from escalating geopolitical tensions and weather-related disruptions offset signs of weak demand.

Gujarat Gas plans Rs 1,200-cr capex in FY25; 3.3 lakh households to get new connections
Ahmedabad: Gujarat Gas Ltd (GGL) has earmarked Rs 1,200 crore as capital expenditure for financial year 2024-25. A large portion of this capex will be used to expand its pipeline network and to provide new piped natural gas connections to over 3.3 lakh households in six states, including Gujarat.

Gail advances its net zero emissions target by five years
New Delhi: India’s top natural gas supplier, the state-run GAIL (India) Ltd, has advanced its target for completely eliminating carbon emissions by five years to 2035.

Coal blending by power plants extended till Oct 15
The power ministry on Friday directed domestic coal-based power plants to continue the blending of imported coal with local variant till October 15, 2024, while revising the blending percentage to 4%, from 6% now. The move is in the wake of the rising demand and apprehensions of supply constraints as the monsoon season progresses.

Viability gap funding may trigger investments in offshore wind energy
New Delhi: With Government approval for viability gap funding (VGF), covering 36 per cent of the total project cost, offshore wind energy projects may see a rise in investments, analysts say. Developers have been traditionally wary of the space due to high cost, operational challenges and offtake related risks.

ENGIE signs PPA for 200 MW solar PV project
New Delhi: ENGIE has signed a power purchase agreement (PPA) for a 200 megawatt (MW) solar photovoltaic (PV) project, which is part of Gujarat Urja Vikas Nigam (GUVNL)‘s larger project encompassing 1,125 MW of grid-connected solar PV power projects, to be established within the Gujarat State Electricity Corporation’s Renewable Energy Park at Khavda. Bidding by GUVNL took place on February 2, 2024, with ENGIE securing 200 MW at a tariff of ₹2.62 per unit. GUVNL’s project aims to fortify India’s renewable energy capacity and promote sustainable development in the region, ENGIE said on Friday.

US Senate committee probes oil producers on price collusion with OPEC
The U.S. Senate budget committee on Thursday launched a probe of domestic oil producers about any efforts to illegally coordinate oil prices with the Organization of the Petroleum Exporting Countries, in the latest effort by Democratic lawmakers to pressure energy companies.

How rupee went from most to least volatile in Asia
Why was the rupee Asia's most volatile currency?

Indian economy, banks remain robust & resilient: RBI
The Indian economy and the financial system remain robust and resilient, anchored by macroeconomic and financial stability. With improved balance sheets, the country's banks and financial institutions are supporting economic activity through sustained credit expansion, according to the RBI's Financial Stability Report released on Thursday.