Top Indian Metal & Energy Industry News & Updates - 08 May 2024,Wednesday
Govt. Policy / Industry
📝 EO data can generate $3 tn in economic benefits; help cut 2 gigatonnes of CO2 emissions: WEF report
📝 Adani Green signs a 20-yr agreement with Sri Lanka government for wind power stations
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Iron & Steel
Jindal Stainless fuels Indian Navy’s capabilities with SMART system
Jindal Stainless Ltd reported that it supplied 3 mm special alloy steel sheets for the Supersonic Missile-Assisted Release of Torpedo (SMART) system, to enhance the Navy’s anti-submarine warfare capabilities. The sheets are developed by Jindal Stainless’ vertical, Jindal Defence and Aerospace.
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Gold / Silver & Bullion
Gold price climbs Rs 10 to Rs 72,390, silver rises Rs 100 to Rs 85,100
The price of 22-carat gold also inched up by Rs 10, with the yellow metal selling at Rs 66,360.
📝 Google search interest draws attention to India's gold reserves
📝 22KT, 18KT, 14KT gold price today from Indian Bullion and Jewellers Association (IBJA)
📝 Ashapuri Gold Ornament Ltd's Rs 48.75 crores rights opens on May 8
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Other Metals
Hindustan Zinc declares 500% interim dividend for FY25
Hindustan Zinc’s (HZL) board has declared an interim dividend of Rs 10 per share or 500% for FY25, entailing a total outgo of Rs.4,225.32 crore. The firm has fixed May 15 as the record date for the dividend.
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Oil & Gas / OMCs
IGL net profit up 9% at ₹433 crore in Q4
New Delhi: State-run Indraprastha Gas (IGL) on Tuesday reported a 9 per cent year-on-year (y-o-y) growth in its consolidated net profit at ₹433 crore in Q4 FY24, aided by higher sales. However, the net profit of India’s largest compressed natural gas (CNG) distributor fell 9 per cent on a sequential basis. IGL’s consolidated total income rose 2 per cent y-o-y to ₹4,044 crore in Q4 FY24. Sequentially, income fell 2 per cent.
📝 Reliance renews bid for US license to import Venezuelan oil
📝 Diesel, petrol export revenues dip 20% to $33 bn in 2023-24
📝 Clean and clear: All RRTS stns to have EV charging
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Coal / Mining
Coal India: A diamond in the rough?
The rally in Coal India Ltd’s (CIL) stock exemplifies the resurgence of value investing over growth investing.
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Power
JSW Energy Q4 Results: Cons PAT jumps 22% YoY to Rs 345 crore
Q4 results: JSW Energy profit rises 29% to ₹351 crore, declares ₹2 per share dividend
mint
📝 REC aims to double loan book to Rs 10 lakh cr by FY30
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Renewable Energy
Sri Lanka approves 20-year power purchase pact with Adani Green Energy
Colombo: Sri Lanka has approved a 20-year power purchase agreement between the island nation's government and Adani Green Energy for the development of 484 megawatt wind power stations in the northeast region. "The negotiated tariff rate of $0.0826 per kilo watt hour is to be paid in local rupees on the prevailing exchange rate at the time of payment," Energy Minister Kanchana Wijesekara said in a post on social media platform X.
responsAbility to invest up to $35 million in AMPIN Energy Transition
AMPIN Energy Transition on Tuesday announced that responsAbility will invest up to $35 million on behalf of its investors in the renewable energy transition company. ResponsAbility is a Switzerland-headquartered impact asset manager which specialises in private market investments. The investment is a part of its broader $500 million climate investment strategy aimed at actively reducing CO2 emissions in Asia.
📝 Ampin Energy secures INR 292 crore from Swiss firm ResponsAbility
📝 Greenko Energies gets CCI nod to acquire additional stake in Sikkim Urja
📝 Inox Air Products to set up 190-tonne green hydrogen project in Rajasthan
📝 AMPIN Energy Transition secures $35 million funding
📝 Juniper Green inks pact with SJVN to supply 320 MW renewable energy
📝 Sunkind Energy gets 10 MW rooftop solar projects in four states
📝 Waaree Energies appoints Amit Paithankar as CEO
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International
📝 Eramine Sudamerica joins Argentine lithium race with Salta plant
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