City New Delhi Financial News

NEW DELHI : State-run Coal India Ltd and India’s largest hydropower company NHPC Ltd may join hands to explore the possibility of converting abandoned or closed mines into pump storage projects (PSP). A person aware of the development said the coal ministry under its plan to set up PSPs at “de-coaled areas", where all the coal has been mined, has directed Coal India to partner with NHPC and other related agencies.

NEW DELHI : The National Pharmaceutical Pricing Authority (NPPA) has extended the ceiling prices of orthopaedic knee implants for another year till 15 September 2024. In 2017, the regulator slashed the price of orthopaedic implants by up to 69%. Since then, manufacturers have been lobbying the government to raise the prices.

NEW DELHI : The Centre plans to tighten the stockholding limit on tur (pigeon pea) and urad (black gram) pulses and extend it by two months in a bid to check prices and boost domestic supplies until the arrival of fresh stocks. The government also plans to purchase farmers’ produce as well as imported masur (lentil) from the domestic market under the price stabilization fund (PSF) scheme, two senior officials said. The government slapped limits on the stocks of tur and urad dal in June to curb hoarding and speculation amid soaring prices.

New Delhi Naveen Jindal, the chairman of Jindal Steel & Power (JSPL), will be re-designated as a non-executive chairman, with effect from 1 October 2023, the company said in an exchange filing here on Monday. Jindal is currently acting as an executive director, designated as chairman, which is due to end on 31 September 2023, as per the exchange filing of the steel manufacturer.

NEW DELHI : Port operator JSW Infrastructure Ltd on Monday announced plans for a ₹2,800 crore initial public offering (IPO), the first from the JSW Group in 13 years. The IPO will open on 25 September at a price band of ₹113-119 per share, and will be entirely of new shares. “Big event for the group, it has been very, very categoric, you know, unless you create a business of a certain level and you have an appetite to grow when you see a growth in the sector, then we take public money, and the demand has been very good per se.

By Farooq Wani

New Delhi, Sep 18 (PTI) Biotechnology major Biocon Ltd on Monday announced the appointment of Peter Bains as the group Chief Executive Officer. Bains has stepped down from his role as a non-executive independent director from the Board of Biocon Ltd with immediate effect to assume this executive role as Biocon Group CEO, the company said in a regulatory filing.

JettWings Airways, the newest entrant in the Indian Aviation sector from Northeast India, on Monday, signed an exclusive agreement with the Aviation Academy in Belgrade, Serbia for its Cadet Pilot Program ‘JettWings Serbia’ at the Serbian High Commission in New Delhi, said the company through its press release. The company said that the academy which will be co-branded as JettWings Serbia is expected to offer programs such as ATP (A) Integrated course and specialised training in areas such as instrument flying, multi-engine operations, and advanced aviation technologies. The new airline said in its statement that it hopes to create its own ecosystem of pilots to meet the long-term expansion plan of the airlines. The said pact was signed between Sanjay Aditya Singh, CEO and MD of JettWings Airways, Dr. Goran Cvijović, Rajat Ahuja, Director, VR Global Ltd., in the presence of His Excellency, Siniša Pavić, Ambassador of The Republic of Serbia in India. «We are excited to launch our Cadet Pilot Program in association with the Serbian Government, a testament to our unwavering dedication to aviation excellence,» said Sanjay Aditya Singh, CEO and MD of JettWings Airways. “We are thrilled to announce the 'JettWings Serbia — Cadet Pilot Program', an exclusive flight training pact signed between JettWings Airways, VR Global Ltd and Aviation Academy of Serbia.

Orios Venture Partners (VP) on Monday had two of its managing partners, Anup Jain and Rajeev Suri, step down in back-to-back announcements on professionals networking platform LinkedIn. Jain and Suri are set out to launch a fund independently, sources in the know told ET. “Rajeev Suri who was heading investor relations and Anup Jain who was part of the investing team have departed. Rehan Yar Khan, the founding partner, continues to head fund investments along with a nine member team,” a spokesperson from Orios VP said in a statement. The Mumbai-based firm said it will continue to look to make eight to ten investments a year.

Faridabad, a vibrant city located in the northern Indian state of Haryana, has undergone a remarkable transformation in recent years. While it was traditionally known for its strong industrial and manufacturing sectors, it has now evolved into a thriving hub for luxury housing.

New Delhi: Netflix, the American streaming giant, will premiere Khufiya, a thriller directed by Vishal Bhardwaj, on 5 October. It stars Tabu, Ali Fazal, Wamiqa Gabbi, among others and is based on Amar Bhushan’s espionage novel Escape to Nowhere. Netflix has finally decided to introduce curbs on password sharing in India, a move aimed at building scale as well as ringing in revenue growth, said media experts.

report by Financial Times. Turkey has pushed against the proposed India-Middle East-Europe corridor that was agreed upon this month during the G20 Summit held in New Delhi. The India-Middle East corridor would transport goods from the subcontinent through the United Arab Emirates (UAE), Saudi Arabia, Jordan, and Israel to European markets.

NEW DELHI : An auction on Saturday at The Oberoi, New Delhi, capped a remarkable month for Indian contemporary art. An Amrita Sher-Gil painting titled The Story Teller, signed and dated 1937, fetched a staggering ₹61.8 crore, etching its name in history as the most expensive Indian artwork to be auctioned. The oil-on-canvas masterpiece set a new record, surpassing the previous one from a Pundole’s auction house earlier this month when Sayed Haider Raza’s Gestation sold for ₹51.75 crore, including the buyer’s fee.

NEW DELHI : India’s public sector oil and gas companies are looking at purchasing ships to transport oil and gas following a Union government directive aimed to ensure energy security, two people aware of the development said. The move comes at a time of rising crude prices, a price cap on Russian oil, and a bar on the use of Russian ships for transporting oil and gas. “The government has been asking oil companies to buy ships....But where are the ships available," said one of the two people, adding that despite poor availability, large oil companies are likely to locate and procure them.

NEW DELHI : Three large bidders have entered the last lap for acquiring solar projects totalling 350 megawatts (MW) from O2 Power, promoted by Singapore’s Temasek and European alternative asset manager EQT, two people close to the development said. These include Gentari Sdn Bhd, a unit of Malaysia’s state-run oil and gas company Petroliam Nasional Bhd; Edelweiss Infrastructure Yield Plus Fund’s Sekura Energy Ltd; and private equity firm Actis Llp, the people said on condition of anonymity. The transaction, having an equity and enterprise value of $50 million and $200 million, respectively, is being managed by EY, with these three bidders shortlisted from around a dozen non-binding offers (NBOs) that were submitted.

NEW DELHI : India must follow mindful and environmentally conscious consumption and production rather than the single-minded pursuit of growth at any cost, federal policy think tank NITI Aayog vice chairman Suman K. Bery said in an interview. Bery proposed that emerging economic realities, including the potential of services exports, India’s prospects of becoming an agriculture superpower, and the dwindling potential of the manufacturing sector to create jobs due to increased productivity, warrant a review of the traditional notions on which development models are built.

NEW DELHI : The Union government is working on a production-linked incentive (PLI) scheme worth ₹12,000 crore for heavy machinery used in mining and construction, two people aware of the development said. The heavy industries ministry is currently seeking industry inputs on product coverage, implementation and quantum of incentives, the people said on condition of anonymity. The scheme size may vary between ₹8,000 crore and ₹12,000 crore, but discussion on this is yet to conclude.

NEW DELHI : Micron Technology Inc. intends to build several semiconductor assembly and packaging units in India in addition to its proposed fabrication unit, minister of state for electronics and information technology Rajeev Chandrasekhar said, as the US-based company takes a long-term view of the country as a market and manufacturing destination for semiconductors. The minister said Micron’s first investment in India catalyzed the transition of fence sitters willing to consider the country as a serious part of their semiconductor assembly and eventually manufacturing plans; therefore, it was in the government’s interest to ensure that the company’s first plant is operational and functional at the earliest.

International Trade Centre (ITC), a United Nations-WTO joint venture, has begun work on developing a prototype of Global Trade Helpdesk to enhance information access for small businesses in line with the G20 plan for trade endorsed at the New Delhi summit, Pamela Coke Hamilton, its executive director, told ET. The ‘Jaipur Call for Action’ under India’s G20 presidency has roped in Geneva-based ITC for “appropriate, aggregated, trade-related information relevant for MSMEs (micro, small and medium enterprises)” available on a single portal and a non-exhaustive list of links to relevant government websites for MSMEs. The New Delhi declaration adopted last week by the G20 leaders had endorsed the proposal. “We will have an initial report on the Global Trade Helpdesk for members next year – to be shared at our annual meeting of stakeholders – and the plan is to work towards building a prototype,” Coke Hamilton said in an interview to ET.

NEW DELHI : The government may raise the minimum support price (MSP) of six rabi or winter crops, with increases ranging from 2% to 7%, for the 2024-25 marketing season as it gears up for high-stakes general and state assembly elections, two officials said. The most substantial hikes are expected for wheat and lentil (masur), the officials said, requesting anonymity.

NEW DELHI : The union health ministry may shortly notify proposed amendments to rules in order to make good manufacturing practice (GMP) mandatory for all pharmaceutical firms after a spate of scandals linking Indian-made drugs to children’s deaths abroad. With the Indian drugs failing quality checks in other countries, the government recently made GMP mandatory for micro, small and medium enterprises manufacturing drugs.