Power Financial News

Tata Power Company Ltd. traded 2.41 per cent up in Tuesday's trade at 10:05AM (IST). Around 856,921 shares changed hands on the counter.

Reliance Industries Ltd (RIL) has signed a Memorandum of Understanding (,OU) with Brookfield for onshore renewable power and decarbonization equipment manufacturing in Australia. (This is a developing story)

Maruti Suzuki: Maruti Suzuki India, the largest passenger car manufacturer in the country, reported a standalone net profit of ₹2,485.1 crore in the quarter ended June 2023. The company’s net profit jumped by a robust 145% as compared to ₹1,012.8 crore in the same quarter last year. This was on account of larger sales volume, improved realization, cost reduction efforts and higher non-operating income.

ITPCL) has been deadlocked with lenders demanding the distribution of cash with the company before a restructuring plan can be implemented. Although the broad contours of a restructuring plan have been agreed upon, its implementation hinges on approval from individual lenders as well as the National Company Law Appellate Tribunal (NCLAT), people familiar with the matter said. ITPCL is a special purpose vehicle promoted by IL&FS, with a 3,180 MW coal-based thermal power plant at Cuddalore in Tamil Nadu.

By Gram Slattery

The United States and China are competing on both economic and technological fronts – and part of their rivalry includes a race to adopt crypto.

China has launched a slew of new projects as part of its Belt and Road Initiative (BRI), which aim to open new avenues of collaboration with Southeast and South Asian nations through Nepal, where India has huge strategic interests. The projects—clubbed under a platform called the ‘Silk Roadster’—were launched earlier this month to commemorate the 10th anniversary of Chinese President Xi Jinping’s most important initiative, the BRI.

Power Grid on Monday reported a 5% YoY fall in consolidated net profit to Rs 3,597 crore in the first quarter. It was Rs 3,801 crore in the year-ago period. The company's Board has also recommended issue of bonus shares in the ratio of 1:3.

Nifty witnessed significant buying that contributed to the indices' higher closing prices amid overall strong global clues. Rates were raised last week by the US Federal Reserve and the European Central Bank.

New Delhi: EV charging solutions provider Tata Power on Monday introduced the EZ Charge card, an advanced radio-frequency identification card (RFID) for electric vehicle owners. “The EZ Charge card has an embedded chip that facilitates a secure and seamless initiation of charging sessions, while ensuring quick and efficient payment processing.

New Delhi: Rays Power Infra, a solar power company, on Monday said it has signed an engineering, procurement, and construction (EPC) term sheet for a 283-MW solar project with Serentica Renewables, an end-to-end energy solutions company focusing on industrial decarbonisation. Based on the agreement between the two companies, Rays Power Infra shall be responsible for the engineering, procurement, and construction of a 283MWdc solar PV project using single-axis trackers and bifacial modules, it added. “We are pleased to inform you that Rays has signed a 283 MWp Solar EPC project with Serentica Renewables.

Shehbaz Sharif has said that Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif will be the next premier of the country if the party returns to power in the next general election. Speaking on the Geo News programme on Sunday, Shehbaz said the three-time former prime minister who has been living in self-imposed exile in London since 2019 will return to the country in the next few weeks.

Authorities in the town of Miri on the island of Borneo shut down an illegal cryptocurrency mining operation and seized equipment following a tip-off from the public.

Power Mech Projects has been awarded a mine development and operation (MDO) project of Rs 30,438 crore by state-owned steel maker SAIL. «This project is being awarded to a consortium of Power Mech Projects Ltd (PMPL) — PC Patel Infra Pvt Ltd for development and operation of Tasra opencast project, located at Jharia Coal fields in Dhanbad district of Jharkhand,» a regulatory filing said on Monday.

Power Mech Projects Ltd, an industrial services and construction company providing services in power and infrastructure sector, has secured a mine development and operation (MDO) project from the Steel Authority of India Ltd. (SAIL) for an estimated value of ₹30,438 crore over the contract period. The company will develop the Tasra open cast project, located in Jharia Coal Fields in Dhanbad, Jharkhand.

Venkatesh Prasad has come down heavily on Team India's performance after Hardik Pandya's boys lost to West Indies in the second ODI. In a series of post on social media platform X, which was Twitter earlier, Venkatesh Prasad said India's performance in ODIs and T20 has been very ordinary for quite sometime now. India is yet to win a ICC trophy since 2013 Champions Trophy triumph.

The Reserve Bank should urgently be handed more powers to curtail the growing influence of technology companies in finance, Commonwealth Bank has urged in its submission to a Treasury review of payments.

KYIV (Reuters) — President Volodymyr Zelenskiy said on Sunday that he expects Russia to resume its attacks on Ukraine's energy system once cold weather returns later this year, and vowed to do everything possible to protect the power grid.

Congress government in Karnataka over its handling of the rain and flood situation in the state and in providing relief to those affected, former Chief Minister of Karnataka, Basavaraj Bommai on Sunday alleged that those in power are busy in politics to save their position. Chief Minister Siddaramaiah's most of the time is getting utilised in resolving conflicts within the ruling party, Bommai said and also alleged that there is competition between those in the government for corruption in transfer business (transfer of government officials or servants), while law and order situation has deteriorated in the state. «The state government is not paying attention towards damages caused due to rains. Other than the Chief Minister holding a video conferencing no action has happened,» Bommai said while addressing the media persons. Immediate relief of Rs 10,000 has not reached those whose houses have been damaged, he said. An initial assessment has not yet been done regarding crop damage, also no one is paying attention towards loss of lives, and ministers have not visited rain or flood affected areas, he added.

amendment bill of the Centre that proposes the President will be Visitor to the Indian Institutes of Management (IIMs) with powers to audit their functioning, order probes and appoint as well as remove directors, has triggered an «autonomy» debate for the prestigious B-schools. The bill to amend the IIM Act of 2017 was introduced in the Lok Sabha last Friday amid disruptions by opposition members over the Manipur violence issue. While the Congress has alleged that PMO wants to maintain the tightest possible control and ensure «ideological purity», the IIMs are concerned about the amendment possibly taking away their autonomy rather than just fixing accountability.

IPOs Next Week: The primary market witnessed some major listings in both main board and SME IPOs this month, which kept investors engaged with subscriptions and listings. Moving on, the upcoming week sees the start of the new month, which is similarly packed with new listings and IPO issues, that are available for subscription. Let's take a look at some of the companies that are opening for subscription this week, along with few that are getting listed on the bourses.