India's metals demand set to surge, bolstered by infrastructure and clean energy plans
Paul Bartholomew, Metals Analytics Lead at S&P Global Commodity Insights, highlighted the government's strategy to bolster the domestic steel industry. "We would expect the Indian government to continue its policy of supporting the domestic steel industry, which is an important component of [the current Prime Minister] Narendra Modi's Make in India program," Bartholomew said. This support is expected to sustain strong steel consumption driven primarily by infrastructural developments.

Gautam Adani, Japanese envoy Hiroshi Suzuki hold talks on renewable energy project
Source Credit: ANI, The Economic Times

Tata Steel net profit slumps 64% YoY, announces dividend
Tata Steel has reported a decline of 64 per cent year-on-year (YoY) in its consolidated net profit as the company recorded a consolidated net profit of Rs 611.48 crore in Q4 FY24, from Rs 1,704.86 crore in the same quarter of previous year. However, when compared quarter-on-quarter (QoQ), there is a fall of 19 per cent from Rs 513.37 crore in Q3 FY24.

Tata Steel to invest $2.11 bn in Singapore unit to repay overseas debt, fund UK transition
New Delhi:Tata Steel Ltd will invest ₹17,408 crore ($2.11 billion) in its Singapore unit, T Steel Holdings Pte Ltd, to fund the restructuring of its struggling UK business as well as repay the debt of its offshore entities.

NMDC earmarks ₹50,000-crore capex to double iron-ore production by 2030-31
New Delhi: NMDC, the country’s largest iron-ore miner, has earmarked ₹50,000-crore capex, as it plans to double production to nearly 100 million tonnes (mt) over the next five-six years. The investments are to be made towards mine enhancement, including seeking permissions for deeper drilling, new mine bids and acquisitions, addition of equipment, setting up of slurry pipelines and expansion of other allied facilities.

National Aluminium Company Q4 Results Live : profit rise by 101.36% YOY
National Aluminium Company Q4 Results Live : National Aluminium Company declared their Q4 results on 27 May, 2024. The topline decreased by 3.06% & the profit increased by 101.36% YoY.

Copper: Uptrend resumes
Copper prices have recovered this week after a sharp fall in the past week. The copper futures contract on Multi Commodity Exchange (MCX) tumbled from a high of ₹945.90 per kg last week to a low of ₹880 before recovering to trade at ₹907.

Proposed Novelis IPO is a booster dose for Hindalco
Hindalco Industries Ltd stock was the top gainer among the Nifty 50 companies on Wednesday, hitting a new 52-week high of ₹713.50 before closing about 4% up on the day. Details of the proposed initial public offering (IPO) of its subsidiary Novelis in the US, which assigns it a market capitalisation of $12.6 billion ( ₹1.04 trillion) at the upper end of the $18-21 per share band, have brought cheer. This is almost two-thirds of Hindalco’s market cap of about ₹1.52 trillion before the announcement.

Silver imports surge in 2024
Mumbai : India’s silver imports in the first four months of the year have already surpassed the total for all of 2023, on rising demand from the solar panel industry and as investors bet on an outperformance versus gold, government and industry officials told Reuters.

DGFT defers wastage norms for jewellery and gem exports after industry body plea
The Directorate General of Foreign Trade (DGFT), India’s rulemaking body on global trade, deferred new norms on permissible wastage for jewellery and gem exports to July 31, after a prominent industry body argued that the new norms would hurt micro, small, and medium enterprises (MSMEs).

MG Motor India collaborates with HPCL to expand charging network for Electric Vehicles
MG Motor India announced a partnership with Hindustan Petroleum Corporation Ltd (HPCL) to enhance the EV charging infrastructure throughout the nation. As part of this collaboration, the two companies will install 50kW/60kW DC fast chargers at crucial locations, including highways and cities.

Gas stations in full throttle as India's power demand touches new record

Pushed by the directive of the Ministry of Power, such thermal power stations are running at an optimal rate of at least 50 per cent.

India's peak power demand touches new record high of 246 Gigawatts

As the country, especially the northern region, sizzled with heat waves, the power demand shot up.

Hero’s renewables arm looks to add 2.5 GW of capacity every year
Hero Future Energies, the renewable energy arm of Hero Group, is looking to add 2.5 gigawatt (GW) of renewable energy capacity every year, depending on the opportunities in the sector.The company currently has 1.8 GW of operational capacity across solar, wind and hybrid projects. It has won bids to develop another 2.6 GW, global chief executive officer (CEO) Srivatsan Iyer said.

Record wind power installations expected this year, offshore tender by September
Chennai Wind power installations in the current financial year are expected to be at an all-time high. Installations in 2024-25 will be 6.5-7 GW, compared with 3.2 GW last year, Lalit Bohra, Joint Secretary, Ministry of New and Renewable Energy, said here today. 

Why does OPEC+ often clash over oil production capacity?
OPEC+ is working to agree oil production capacity for its member countries by the end of 2024, an issue that has created tensions in the past because each nation's output target is calculated from its notional capacity.