SECI granted Navratna status, PAT grows 34.89 percent in FY24

SECI, which completed 13 years of incorporation, posted a consolidated annual turnover of Rs 13,118.68 crore, up 20.85 per cent from the previous year.

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OVL awaits US nod to resume Venezuelan operations, approval expected soon

The licence, once granted, will enable OVL to resume operations in the San Cristobal and Carabobo projects, where it holds a 49% stake in the former and 11% in the latter. The company has been seeking exemptions from US sanctions to not only restart operations but also to lift crude in lieu of stuck dividends worth $600 million.

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IREDA Board approves Rs 4,500 cr fundraise plan

The board of state-owned IREDA on Thursday approved a proposal to raise Rs 4,500 crore. The funds will be raised in one or more tranches through further public offer (FPO)/qualified institutional placement (QIP)/rights issue/preferential issue or any other permitted mode or combination, subject to the statutory or government approval, IREDA said in an exchange filing.

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Ambani unveils growth roadmap for Reliance, co to double in size by 2030

While the growing cash cow, the oil and chemicals business, Reliance will step up AI adoption and will launch 'Jio Brain' - a suite of AI tools and platforms - and set up gigawatt scale IA-ready data centres in Jamnagar in Gujarat "to create the world's lowest AI inferencing cost" to make such applications more affordable in India than anywhere else.

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S&P assigns 'BBB-' long-term rating to IREDA, outlook stable

This development is poised to significantly boost IREDA’s capabilities in accessing international markets, thereby supporting its borrowing strategies aimed at tapping into new funding sources.

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Rooftop solar shines: 1.1 GW added in H1 2024, residential boom fuels growth

Installations in 1H 2024 rose 26 Percent year-over-year (YoY) compared to the 873 megawatts (MW) installed in 1H 2023.

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Oil steady as smaller-than-expected US stock draw counters Libya supply disruption

Oil prices remained mostly steady, impacted by a smaller-than-expected draw in U.S. crude inventories and concerns over China demand amid supply disruptions from Libya. U.S. crude inventories fell by 846,000 barrels, less than forecasted. Supply disruptions in Libya have significantly reduced output, adding to market uncertainties.

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Maersk says ocean shipping's zero-emissions push needs government support

The Alette Maersk was the first container vessel powered by low-carbon methanol fuel to cross the Pacific Ocean - a milestone in the shipping industry's effort to reduce its climate impact.

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ZF Wind Power hits 50 GW gearbox milestone at Coimbatore plant

The Coimbatore plant is central to ZF’s strategy in India, with long-term investments aimed at expanding its manufacturing capacity from 9 GW to 12 GW per year. This expansion is designed to meet the growing demands of the wind energy market. The facility has also installed a 13 MW test rig, further solidifying ZF’s commitment to supporting India’s renewable energy goals.

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India-GCC trade hits $162 billion, growing ties in energy, defence, and tech

Mahajan pointed out that while overall trade figures may fluctuate, India's exports to the GCC have shown consistent growth. “India exports various food processing, jewelry, synthetic fibers and yarns, textiles, pharmaceuticals, and engineering goods, chemical products. Many of these areas are areas of huge potential,” he said.

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Renewable Energy: The future for India’s small-to-medium scale industries

The significant increase in natural gas usage is attributed to the enhanced availability of domestic gas, fueled by connectivity to city gas distribution grids and a reduction in domestic gas consumption by the fertilizer sector.

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India and US strengthen ties on carbon capture, aim for industrial decarbonization

The workshop, jointly organized by NITI Aayog, the US Department of State’s Bureau of Energy Resources, the US Department of Energy’s Office of Carbon Management, and the US Department of Commerce’s Commercial Law Development Program, brought together senior officials and industry leaders from both countries.

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Oil climbs over 2 percent after Fed's Powell indicates US rate cuts

Brent crude futures settled up by $1.80, or 2.33 Percent , at $79.02 a barrel. U.S. West Texas Intermediate (WTI) crude futures finished up $1.82, or 2.49 Percent , at $74.83.

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India's silver imports to double on demand for solar, investment

Higher imports by the world's biggest silver consumer could give further support to global prices, which are close to their highest level in more than a decade. India imported 3,625 metric tons of the white metal last year.

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Green hydrogen surge: Andhra, Tamil Nadu, Gujarat to lead with 40GW battery & 90GW pump storage

India is set to make a significant leap in its energy transition with plans to implement 40GW of battery storage and 90GW of pump storage capacity by 2030, focusing on states like Andhra Pradesh, Tamil Nadu, and Gujarat, said Srikant Nagulapalli, Additional Secretary, Ministry of Power, at the IEEMA Industry Conclave 2024 held in Delhi.

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Premier Energies' Rs 2,830-cr IPO to open on Aug 27; sets price band at Rs427-450 per share

The IPO is a combination of a fresh issue of equity shares aggregating up to Rs 1,291.4 crore and an offer-for-sale (OFS) of up to 3.42 crore shares, by the selling shareholders, valued Rs 1,539 crore at the upper end of the price band. This takes the total issue size to Rs 2,830 crore.

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Zelestra inks pact to supply 450 MW solar power to NTPC

The proposed solar project shall be commissioned in Rajasthan to support Zelestra India's goal of executing a diverse project portfolio exceeding 6 GW in the next three years.

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Tamil Nadu CM Stalin inaugurates Tuticorin green ammonia plant, marks India’s first cross-border export

The plant, which will be operated by Sembcorp, is set to produce 200,000 metric tonnes of green ammonia annually for export to Japan. This project, covering 160 acres in the port area of Tuticorin, is part of a broader collaboration aimed at advancing the energy transition in the region.

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Energix signs long-term solar power deal with Google

Energix will initially supply 1.5 gigawatt peak of solar project development until 2030, with an option to further expand the partnership.

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Ruloans partners with UGRO Capital to foray into rooftop solar finance business

The partnership with UGRO Capital is aimed at acquiring new customers and grabbing a larger slice of the solar finance pie in the backdrop of the Centre's increased fund allocation to solar energy projects such as PM Surya Ghar Yojana, it said.

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India signs first-ever green ammonia export agreement with Japan

The Heads of Terms (HoT) agreement was signed between Sembcorp Industries, Sojitz Corporation, Kyushu Electric Power Co., and NYK Line, establishing a cross-border green ammonia supply partnership from India to Japan. This collaboration is the first of its kind between the two countries, highlighting India’s growing role in the global green energy landscape.

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Andhra CM inaugurates projects, inks deals worth Rs 3,683 crore at Sri City

"Today, at Sri City, we paved the way for further industrial development. I inaugurated 15 industrial projects with Rs 1,570 crore investment and laid the foundation for 7 projects worth Rs 900 crore. Additionally, 5 companies signed MoUs (agreements) for Rs 1,213 crore investment today," said Naidu in a post on 'X'.

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MVA will scrap Dharavi project if residents don't get 500 sq ft homes: Aaditya Thackeray

At the 'Dharavi Bachao' rally, Aaditya Thackeray of Shiv Sena (UBT) pledged that the Maha Vikas Aghadi (MVA) would cancel the Dharavi redevelopment project unless 500 square feet homes are provided to residents. He accused the government of favoring the Adani group over Dharavi's inhabitants. Thackeray proposed relocating residents to nearby transit camps and criticized the government for delaying assembly elections. He spoke on the increasing farmer suicides and unemployment and criticized the Mumbadevi Temple beautification project for displaced shopkeepers.

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Centre effects major top-level bureaucratic rejig; Punya Salila Srivastava named health secretary

Senior bureaucrats Punya Salila Srivastava and Rajesh Kumar Singh have been appointed as health and defence secretary respectively, as part of a major top-level bureaucratic reshuffle effected by the Centre on Friday.

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Centre effects major top-level bureaucratic rejig; Punya Salila Srivastava named health secretary

Senior bureaucrats Punya Salila Srivastava and Rajesh Kumar Singh have been appointed as health and defence secretary respectively, as part of a major top-level bureaucratic reshuffle effected by the Centre on Friday.

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BPCL sets up biofuel blend bunker at Mumbai port

Public sector oil marketing firm BPCL on Friday said it has set up a biofuel blend High Flash High-Speed Diesel (HFHSD) bunker at Mumbai Port.

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Won't rest until Uttarakhand becomes best, self-reliant state: CM Dhami

"For us it is a resolution without an option. We won't rest until Uttarakhand becomes the country's best and an entirely self-reliant state," a statement quoted him as saying.

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IndiGrid partners with British and Norwegian investors to boost India’s renewable energy transmission

This fiscal year, IndiGrid successfully operationalized its first greenfield ISTS project, Kallam Transmission Limited, and secured five additional projects across ISTS and Battery Energy Storage System (BESS) sectors, with an anticipated capital expenditure of approximately INR 2,000 crores slated for the next 12-24 months.

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India only G20 nation to meet Paris Climate Accord target before time: PM Modi

India is the only G20 country to have ensured that the pledge towards creating a green planet made at the Paris Climate Change Summit in 2015 was fulfilled even before the deadline, Prime Minister Narendra Modi said on Thursday.

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India making more efforts in renewable energy than other G20 countries: PM

As part of its national climate plan or nationally determined contributions (NDCs) to limit global warming to 1.5 degrees Celsius, India has committed to achieving 500 GW of non-fossil fuel-based electricity installed capacity by 2030.

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AP, NVVN ink pact to install solar panels on all govt buildings

The Chief Minister noted that the move is aimed at achieving a greener future in line with the guidelines of the Ministry of New and Renewable Energy (MNRE).

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Subsea sector on track for $42 billion boom by 2027, led by deepwater projects

The year 2024 alone is set to see cumulative spending hitting $32 billion, marking a 6.5 Percent increase from the previous year, predominantly driven by an uptick in deep and ultra-deepwater projects.

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Honeywell, Repsol partner to develop biofuels and circular materials

"As a global leader in sustainable fuel technologies, we seek collaborations to provide innovative solutions that help our customers and stakeholders to reduce carbon and greenhouse gas emissions through biofuel production," said Bryan Glover, Chief Growth Officer and CTO, Honeywell Energy and Sustainability Solutions.

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SWREL gets Rs 550 cr solar plant order in Rajasthan

"This is in addition to the order inflow of Rs 2,170 crore seen in the first quarter, and we remain confident of further augmenting this order momentum due to a strong domestic bid pipeline being in place," Amit Jain, Global CEO of Sterling and Wilson Renewable Energy Group, said.

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Avaada Group, Maharashtra govt ink MoU for 2750 MW pumped storage projects

The projects include the 1500 MW Pawana Falyan PSP, spanning Pune and Raigad districts, and the 1250 MW Kumbhavade PSP across Kolhapur and Ratnagiri districts. These initiatives entail a total investment projected at ₹14,000 crore over the next five to seven years, aimed at bolstering Maharashtra’s energy security and advancing its environmental sustainability initiatives.

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Reliance to commission first solar giga-factory in FY25

The solar giga factory will include the manufacturing of PV modules, cells, wafers and ingots, polysilicon, and glass at a single location. The modules convert sunlight into electricity.

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Deep Dive: SECI’s FDRE tender discovers Rs 4.98 per unit tariff

Power generated from this project is set to be procured by BSES Rajdhani Power and BSES Yamuna Power – 625 MW – and Gift City in Gandhinagar – 5 MW.

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Cabinet extends JI-VAN Yojana to 2028-29, aims for 20percent ethanol blending by 2025-26

The ethanol blending in petrol has already reached 15.83 percent in July 2024, and the cumulative blending percentage has surpassed 13 percent in the ongoing ESY 2023-24.

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India’s wind capacity needs to grow from 2.8 GW to 9.3 GW annually to hit 2030 goal

India faces a significant challenge in meeting its 2030 wind energy targets, according to a new report by energy think tank Ember.

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EPTA recommends TBCB mode for new offshore wind energy transmission systems

The Electricity Power Transmission Association (EPTA) has formally requested the Central Electricity Authority (CEA) to implement new transmission schemes for offshore wind farms in Gujarat and Tamil Nadu under the Tariff-Based Competitive Bidding (TBCB) mode. The request comes in light of the agenda discussed during the 20th NCT Meeting held on June 25, 2024.

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SECI's net profit surges 38% to ₹436.03 crore in FY24; expands total capacity to 65,317 MW

In its financial summary released on August 2, 2024, SECI also noted an increase in total income, which reached ₹13,135.80 crore in FY24, rising from ₹10,864.43 crore last year.

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India's gas consumption doubles to 189 MMSCMD, pipeline network extends to 24,000 km

At the FICCI's City Gas Distribution Summit 2024, PNGRB member Gajendra Singh highlighted the regulator's commitment to expanding gas availability. "Our goal is to provide access to gas for all consumers, whether for PNG (Piped Natural Gas), industrial and commercial use, or CNG (Compressed Natural Gas)," Singh said.

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PM Surya Ghar Muft Bijli Yojana crosses 100 MW solar capacity mark in Maharashtra

Rooftop solar (RTS) power generation capacity under the ambitious PM Surya Ghar Muft Bijli Yojana has now crossed the 100 MW mark in Maharashtra, an official has said.

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Rajasthan Cabinet approves setting up of four joint venture companies in energy sector

Apart from setting up joint ventures for renewable and thermal power projects and power transmission projects, the Cabinet also cleared the formation of an infrastructure investment trust, according to an official statement.

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Modi govt cannot persist with ' cavalier implementation' of schemes: Congress on PM-KUSUM

Congress general secretary in-charge communications Jairam Ramesh said the Ministry of New and Renewable Energy has revealed some "startling facts" about PM-KUSUM, launched with "great fanfare" in 2019 to increase the agricultural use of solar energy across the country.

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Hindustan Zinc Q1 profit rises 19 pc to Rs 2,345 cr

Earnings before interest, taxes, depreciation, and amortization (EBITDA) in the quarter rose 17 per cent to Rs 3,946 crore from Rs 3,359 crore in the year-ago period.

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India's coal production rises to 74.07 million tonne in July, up 6.69%

Coal dispatches in July 2024 also saw a rise, totaling 79.54 million tonnes compared to 76.05 million tonnes in July 2023, a growth of 4.58 per cent.

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Tata Motors may look at hybrids if demand is strong, CFO says

The 'Nexon' SUV-maker, which has raised money from TPG for its electrification push, has urged Indian government officials to maintain their support for EVs and not lower taxes on hybrid vehicles, despite demands by rival carmakers Toyota Motor and Maruti Suzuki.

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