City New Delhi Financial News

New Delhi: India is expected to boost its installed power capacity to more than 777 gigawatts (GW) by 2030 with peak demand projected to reach 335 GW, power and renewable energy minister R.K. Singh said on Thursday. Singh made the remarks during a recent review meeting of the Inter-State Transmission System’s development in Jaipur, a system crucial for distributing electricity from regions with surplus power to those facing shortages.

New Delhi: International crude oil prices traded flat on Friday after a surge in the previous session due to concerns of supply disruption. At 5.25 pm, the September contract of Brent on the Intercontinental Exchange was trading at $81.40 per barrel, higher by 0.05% from its previous close. The August contract of West Texas Intermediate (WTI) was just 0.01% higher at $76.90 a barrel.

New Delhi: Renewable energy solutions provider Suzlon Group on Friday said it has secured an order of 100.8 MW wind power project from Everrenew Energy, the company said in a statement. “Suzlon will install 48 wind turbine generators (WTGs) of their S120 – 2.1 MW with a Hybrid Lattice Tubular tower at Velliyanani Phase II in Karur district and Vengaimandalam in Trichy in Tamil Nadu and the project is expected to be commissioned in March 2024," it added. The company will supply the wind turbines (equipment supply) and supervise the execution and commissioning of the project.

New Delhi: India’s office real estate sector saw record institutional investments of $1.8 billion in second quarter of 2023, the highest for the past 10 quarters, according to Colliers’ data. The investment marks a 2.5 times year-on-year increase for H1 2023, bringing the total to $2.7 billion.Making up a substantial 74% of investment inflows for H1 2023, the office sector outstripped the residential sector, which attracted just 12%.

New Delhi: The corporate affairs ministry has allowed professionals like chartered accountants, company secretaries and cost accountants to merge multiple user IDs that they may have created inadvertently to use the revamped version of the corporate reporting platform MCA21 without any hassle. The ministry said in an order that it has noticed many professional members of the Institute of Chartered Accountants of India (ICAI), the Institute of Cost Accountants of India and the Institute of Company Secretaries of India (ICSI) have created multiple user IDs while transacting on the earlier version of the portal.

India’s palm oil imports jumped 56% to a three-month high in June, as buyers took advantage of a dip in prices to increase purchases, a leading trade body said on Friday. Imports rose to 683,133 metric tons in June, up from 439,173 metric tons in May as prices fell to their lowest in 28 months, the Mumbai-based Solvent Extractors’ Association of India (SEA) said in a statement.

New Delhi: India reported a continuing decrease in covid-19 cases, with only 52 new infections registered in the past 24 hours, the health ministry data showed. Active cases have also decreased, falling from 1,407 to 1,396. This brings the cumulative tally of covid cases to over 450 million since the outbreak of the pandemic.

Congress on Friday questioned Prime Minister Narendra Modi's silence on Manipur and alleged that it seems he has taken a «vow of total silence» on the violence in the northeastern state. Congress general secretary Jairam Ramesh said it was good to hear that the prime minister has shown concern over the flood situation in Delhi, asserting that he should also show interest in Manipur, which is still burning.

Also read: Delhi Floods: People face problems due to the water-logging situation as Yamuna overflows | Watch in five videos Due to a ban on the entry of Heavy Goods Vehicles (HGVs) in the city, several buses and trucks found themselves stranded. Water level of the Yamuna River in Delhi has started to decrease today.

Indus Water Treaty between the two nations. India and Pakistan signed the treaty in 1960 after nine years of negotiations.  At a weekly media briefing, Foreign Office (FO) spokesperson Mumtaz Zahra Baloch was asked about options for Pakistan if India refused to accept the Court of Arbitration and its verdict on the Kishanganga and Ratle reservoirs issue, according to PTI reports.  “The Indus Waters Treaty was a gold standard of bilateral treaties on water and served both Pakistan and India well," she responded.  It is pertinent to note that the treaty sets out a mechanism for cooperation and information exchange between the two countries regarding the use of waters of a number of rivers.  In 2015, Pakistan requested the appointment of a neutral expert to examine its technical objections to India’s Kishenganga and Ratle Hydro Electric Projects (HEPs).

NEW DELHI : The government may propose reducing goods and services tax (GST) on ghee and butter to 5% from the current 12%, according to government documents reviewed by Mint. The plan comes as retail milk prices have risen by 10.1% in a year and 21.9% over the past three years due to higher feed and fodder costs for cattle. The animal husbandry and dairying department has requested the finance ministry to include the proposal in the GST fitment committee, which will then be presented to the GST Council, the federal indirect tax body, for consideration.

NEW DELHI : The Securities and Exchange Board of India (Sebi) plans to form an expert committee to suggest changes to the 67-year-old Securities Contract Regulation Act (SCRA), two people with direct knowledge of the matter said. The changes are expected to be made to simplify the law and weed out redundant provisions. Several changes will be discussed for various aspects of the Act, including Sebi’s penalty powers and the regulatory framework for market institutions, according to the people.

NEW DELHI : Goods and services tax (GST) authorities will attempt to recover the tax demands made to a few online gaming platforms, including Gameskraft Technologies Pvt. Ltd only after the Supreme Court (SC) gives its final verdict on the tax dispute, Central Board of Indirect Taxes and Customs (CBIC) chairperson Vivek Johri said in an interview. The GST Council’s decision to clarify that online gaming platforms attract 28% GST seeks to make clear the legislative intent of the tax regime applying to these entities, Johri said.

New Delhi: India and the US are working together to ensure that there is not disruption in the global clean energy supply chain, said Bhupinder Singh Bhalla, secretary, union ministry of petroleum and natural gas. Addressing the US-India Energy Summit: ‘Partnering for a Sustainable Future’, the official noted that the recently announced US-India New and emerging renewable energy technologies action platform would help in reducing the cost of green hydrogen production as per the respective green hydrogen strategies of both the countries.

NEW DELHI : Akasa Air is a long-term investment for Rare Enterprises and the Rakesh Jhunjhunwala family, the airline’s founder and chief executive officer Vinay Dube said, pointing to the lengthy investment horizons of the late legendary investor. “If you look at Rakesh’s average holding time, I believe you will see the average holding time from his equity investments is over nine years. Whatever chatter (about dilution of stake) is so inconsistent with decades of investment that Rakesh has made.

NEW DELHI : Edtech giant Byju’s on Thursday named former State Bank of India chairman Rajnish Kumar and former Infosys chief financial officer T.V. Mohandas Pai to a newly formed council to advise its board.

New Delhi: The overall storage position in the country’s reservoirs stands at 59.503 billion cubic metres, lower than 69.726 BCM BCM during the corresponding period last year, according to the Central Water Commission.  The Central Water Commission (CWC) monitors the live storage status of 146 reservoirs in the country on a weekly basis. Out of these reservoirs, 18 are of hydro-electric projects with a total live storage capacity of 34.960 BCM.

Dmitry Kuleba «will make an emergency visit to Pakistan» in a few days ostensibly to discuss procurement of additional defence equipment as Kyiv runs short of ammunition in its war against Russia. Kuleba's trip will be the first big visit from Ukraine to Pakistan since the War and the issue of defence procurement is expected to figure high on the agenda, ET has learnt.

Mumbai/New Delhi: High employee expenses have prompted information technology (IT) companies to defer onboarding and promotions to initiate strict cost control measures. A weak deal pipeline and poor visibility for the next couple of quarters has compelled Tata Consultancy Services (TCS), HCL Technologies and Wipro to set minimal hiring targets. A Mint analysis found that in the first quarter of the financial year, wage costs as a share of revenue increased for all three companies to a record high in the last at least five years.

New Delhi: North India is grappling with a cascade of weather-induced calamities, wreaking havoc on lives and livelihoods . Torrential rains have triggered landslides in Himachal Pradesh and Uttarakhand, paralyzing daily life and crippling the agricultural sector. A surge in the Yamuna river’s water levels, compounded by the release of water from the Hathnikund Barrage by Haryana, has spurred flooding in Punjab and Delhi.

NEW DELHI : The European Investment Bank (EIB) will support India’s nascent Indian green hydrogen ecosystem and renewable energy projects with a facility of up to €1billion, the agency said on Thursday. EIB vice-president Kris Peeters will confirm the interest in providing the facility during his upcoming trip to India this week to attend G20 events.