Visuals showed the plume of smoke billowing after the aircraft crashed in the field.

Nashik: Sukhoi-30MKI Fighter Jet Crashes in Field; Pilots Eject Safely with Minor Injuries

A Sukhoi-30MKI fighter jet crashed in a field in Maharashtra’s Nashik today. Both the pilot and the co-pilot managed to eject safely, although they suffered minor injuries.

The plane went down in a field near Shirasgaon village, according to a senior police officer. Visuals from the scene showed a plume of smoke billowing after the aircraft crashed and caught fire. A crowd quickly gathered near the crash site.

The aircraft had taken off from Ozar in Maharashtra’s Nashik for a test flight after being overhauled by Hindustan Aeronautics Limited (HAL), sources told Defence Watch. The pilots reported a technical snag in the aircraft before the crash. Sources also added that the Su-30MKI was not currently in the inventory of the Indian Air Force.

The Su-30 forms the mainstay of the Indian Air Force, with over 200 aircraft operating in several squadrons across the country. The Sukhoi fighter jet is a twin-engine, twin-seater, fourth-generation fighter aircraft built by Russia and licensed for production by Hindustan Aeronautics Limited (HAL). It has been a part of the Air Force for over 20 years and has undergone several upgrades, with the MKI version being the latest.

According to data by BigMint, a hot-rolled coil consignment of 35,000-40,000 tonnes was booked last week from Vietnam to India at $590-595 per tonne cost and freight basis. This cost, according to industry executives, is said to be lower by about ?2,000-3,000 per tonne than the domestic rates. New Delhi: Steel imports will continue tormenting domestic manufacturers of the alloy, as Formosa Ha Tinh, the Vietnamese steel producer recently approved by the Bureau of Indian Standards (BIS), starts to ship the commodity to the south Asian nation.

Rising imports from the southeast Asian country are already a cause of concern for Indian steel manufacturers. With this new development, sector experts believe the industry’s margins will come under further pressure. Recent steel consignment According to data by BigMint, a hot-rolled coil (HRC) consignment ranging between 35,000 and 40,000 tonnes was booked last week from Vietnam to India at $590-595 per tonne cost and freight (CFR) basis. This cost, according to industry executives, is said to be lower by about ?2,000-3,000 per tonne than the domestic rates. The inbound consignment is reported to be exclusively from Formosa Ha Tinh Steel Corporation. Currently, domestic prices for the HRC are in the range of ?54,000-55,000 per tonne, while the imported product post-Mumbai port charges stand at ?51,700 per tonne. As a result, Indian manufacturers have started raising concerns over the increasing imports of cheap steel.

Domestic firms concerned “It is not so much a (concern in terms of) volume, but it acts as a dampener for pricing," TV Narendran, the managing director of Tata Steel told Mint in an interview last week. Cheaper imports tend to put pressure on Indian steel mills to cut their prices to preserve demand for their products. Indian steelmakers allege that in many cases, these imports are shipped at "predatory prices" and amount to "dumping". In other words, they allege that these overseas mills are selling this steel at little profit, or even a loss, motivated by their need to get rid of excess production amidst muted market demand in most major markets.

“If it is unfairly priced imports, we should stop it," Narendran said. "Because at the end of the day, if those steel companies are selling steel in India at prices where they are not making money, why should it derail an industry that is investing tens of thousands of crores in creating new capacity?" India recorded a surge in steel imports at 8.3 million tonnes in 2023-24, surpassing the country’s exports of 7.5 million tonnes. A tenth of the steel imports came from Vietnam, making it the fourth-largest exporter of the alloy to India, behind South Korea, China, and Japan. Vietnam comes under India's free trade agreement with ASEAN countries, so tariffs can't be levied to balance the trade. In FY24, Vietnam exported nearly 1 million tonnes of steel to India, rising from a negligible amount before that. Further, industry experts have continued to observe traction in steel imports after the BIS approval. “Consignments from Vietnam are coming in after a gap of seven months, but more cargo is inbound for July-August, not only from Vietnam but also from China, South Korea, and Japan. So, during the first two quarters (of FY25), imports will continue to rise, further dampening the margins," Dhruv Goel, the chief executive of market intelligence firm BigMint, said.

Election Results 2024: Nifty Metal Index Crashes Over 10% During Intraday Trading on Tuesday

The Nifty Metal index experienced a significant crash, plunging more than 10% during intraday trading on Tuesday. Shares of key companies such as National Aluminium Company (NALCO), Steel Authority of India Ltd (SAIL), NMDC, and Hindustan Copper saw a sharp decline, falling between 15% and 19%, which contributed to the overall drop in the index.

These public sector undertakings led the decline in the Nifty Metal index. Investor confidence in NALCO, SAIL, NMDC, and Hindustan Copper, which had remained high, was adversely affected by the early trends in the Lok Sabha 2024 elections. The ruling Bhartiya Janta Party-led National Democratic Alliance did not receive the expected mandate, leading to a dip in investor sentiment.

Other metal companies, including Tata Steel, Jindal Steel and Power, JSW Steel, Hindalco Industries, Vedanta Ltd, and Hindustan Zinc Ltd, also experienced significant declines in their share prices, falling between 6% and 9%, closely following the trend set by the public sector companies.

Despite strong confidence in the country's steel demand driven by government-led infrastructure spending, the unexpected outcome of the Lok Sabha election results has hurt investor sentiment, noted an analyst at a domestic brokerage.

APL Apollo Limited's share price also corrected by more than 5%. While analysts remain optimistic about metal stocks, they advise caution due to the volatility in the equity market until the government formation is complete. Another critical factor to monitor is the demand from China, which is expected to remain strong. As the largest producer and consumer of commodities, stronger demand from China could push up international steel prices, benefiting companies like Tata Steel, Jindal Steel and Power, JSW Steel, SAIL, and even NMDC.

Base metals such as aluminium, copper, and zinc have seen substantial price increases on the London Metal Exchange, which is positive for Hindalco Industries, Vedanta Ltd, Hindustan Zinc Ltd, and NALCO. Aluminium prices, which were around $2,100 per tonne in January, have risen to approximately $2,600 per tonne. Copper prices, which were around $8,000 per tonne in February, have exceeded $10,000 per tonne. Zinc prices have also risen from below $2,300 per tonne in February to over $2,900 per tonne. This trend is favorable for Hindalco Industries, Vedanta Ltd, Hindustan Zinc Ltd, and NALCO.

Notably, Satish Pai, Managing Director of Hindalco Industries, and Anil Agarwal, founder and Chairman of the Vedanta Group, have recently expressed their expectation that aluminium demand will remain strong in the country.

India's GDP growth rate accelerated to 8.4% in Q3FY24; FY24 growth estimate at 7.6%
 

India's Gross Domestic Product (GDP) growth figures for the fourth quarter of the financial year 2024 (Q4FY24) will be released on Friday. Several key financial institutions have provided their growth predictions ahead of the announcement, highlighting a positive outlook for India's economic growth.

The Indian economy grew by 8.4 per cent year-on-year (Y-o-Y) in Q4 FY23, marking the strongest quarterly growth since Q2 FY22. This growth rate exceeded an upwardly revised 8.1 per cent in Q3, beating forecasts of 6.6 per cent, according to data from the Ministry of Statistics and Programme Implementation (MoSPI).
 

Reserve Bank of India's GDP predictions

The Reserve Bank of India (RBI) projected that the Indian economy will grow at 7 per cent in the current financial year, maintaining its position as the fastest-growing major economy globally. This growth is supported by the sustained strengthening of macroeconomic fundamentals.
In its monetary policy meeting in April, the RBI forecasted 7 per cent growth in real GDP for Q4FY24.

In its latest annual report, the RBI noted that while it expects headline inflation to moderate further, food inflation remains vulnerable to supply-side shocks. The Indian economy expanded robustly in FY24, with real GDP growth accelerating to 7.6 per cent from 7.0 per cent in the previous year, marking the third consecutive year of 7 per cent or above growth.
 

Economist Intelligence Unit's GDP predictions

The Economist Intelligence Unit's (EIU) Global Outlook report forecasts India to be the fastest-growing major economy from 2024 to 2028, predicting its growth will outpace China's. As India's economic influence expands, the report projects that by the mid-2040s, BRICS nations will surpass the G7 in terms of nominal gross domestic product (GDP).

The EIU has revised its forecast for India's real GDP growth for 2024 to 2.5 per cent, up from 2.4 per cent previously. "Growth will be unchanged rather than slowing from 2023. Growth is proving surprisingly resilient in the face of high interest rates and geopolitical risks," the EIU Global Outlook report stated.

Sitharaman also said that the 'Samudra Manthan' of sorts in the banking sector under PM Narendra Modi's leadership yielded positive results along with expected challenges during the 'churn'

Union Finance Minister Nirmala Sitharaman on Friday said the government is dedicated to expanding formal banking access and will continue to take decisive measures to strengthen and stabilise the banking system.

This will ensure that banks support India's growth path to Viksit Bharat by 2047.

“Our government has ‘banked the unbanked’ and ‘funded the unfunded’, in line with the ethos of Antyodaya. We remain committed to further driving financial inclusion and empowering the underprivileged,” Sitharaman said in a series of posts on ‘X.

FM also said the 'Samudra Manthan' of sorts in the banking sector under PM Narendra Modi's leadership yielded positive results along with expected challenges during the 'churn’.

“Due to our government’s policy response to recognition of stress, resolution of stressed accounts, recapitalisation and reforms in banks, the financial health and robustness of public sector banks (PSBs) have improved significantly since 2014,” she added.
 

FM pointed out that the Modi government has turned banks from being 'NPA-laden nightmares' into 'Pillars of Jan Kalyan'.

During FY24, PSBs recorded the highest-ever aggregate net profit of Rs 1.41 trillion, almost 4 times higher than Rs 36,270 crore in FY14.

PSBs declared a dividend of Rs 27,830 crore to shareholders (Centre’s share Rs 18,088 crore) in FY24.

Net non-performing assets (net NPAs) of PSBs declined to 0.76 per cent in March 2024 from 3.92 per cent in March 2015. They were at a peak of 7.97 per cent in March 2018.

However, gross NPA ratio of PSBs declined to 3.47 per cent in March 2024 from 4.97 per cent in March 2015. The peak of 14.58 per cent was in March 2018.

The finance minister, in her posts, said that bank credit growth (non-food) was 16 per cent in FY24, the highest in 10 years.

“This would not have been possible without a significant improvement in the banking sector's health. Resilience has increased, with the provisioning coverage ratio (PCR) increasing to a healthy 92.99 per cent in March 2024 from 46.04 per cent in 2015,” she added.

Sitharaman also added that due to reforms, PSBs' ability to raise capital (equity and bonds) has improved.

PSBs have mobilised capital of Rs 4.34 trillion from the market between FY15 and FY24.

“Macro stress tests for credit risk indicate that banks are well-capitalised. All banks comply with the minimum capital requirements even under adverse stress scenarios,” she added.

Coal stocks at thermal power plants continue to be more than 45 MT, which is 30 per cent higher compared to last year, sources said
 

Coal stocks at thermal power plants continue to be more than 45 million tonnes (MT), adequate to meet the requirement for 19 days, amid peak power demand due to heat wave conditions.

The country's peak power demand touched an all-time high of 250 GW on Thursday.

oal stocks at thermal power plants continue to be more than 45 MT, which is 30 per cent higher compared to last year, sources said.

In the current month average daily depletion at thermal power plants has been only 10,000 tonnes per day. This has been made possible by ensuring smooth and adequate logistic arrangements for the supply of coal, sources explained.

The mechanism of sub-Group comprising representatives from ministries of Power, Coal, Railways and power generating companies is playing an effective role in maintaining an efficient supply chain.

The stock at the mine pit-head is over 100 MT amounting to sufficient coal to power the sector. The Ministry of Railways has ensured 9 per cent average growth on daily availability of railways rakes.

Evacuation through coastal shipping has also seen significant growth as traditionally coal was being transported via Paradip Port only.

"Now under proper coordination as per coal logistics policy, it has resulted in the evacuation of coal through Dhamra and Gangavaran ports also.

The infrastructural augmentation in the railway network has significantly contributed in faster movement of rakes from Son Nagar to Dadri.

Therefore, it has seen more than 100 per cent improvement in turnaround time," sources said.

The coal ministry is geared up to ensure adequate availability of coal at thermal power plants during rainy season which is around the corner. It is expected that on July 1, more than 42 MT coal would be kept available at the thermal power plant end..

Coal India accounts for over 80 per cent of domestic supply of coal.

Analysts expect no revival in small car demand, while SUVs are predicted to continue gaining market share over the next few years.
 

Automobile players like M&M, Maruti Suzuki, Bajaj Auto, and Tata Motors will announce their May 2024 sales figures on June 1. Nomura analysts predict a 6 percent year-on-year (YoY) growth in passenger vehicle (PV) wholesales, reaching 3.5 lakh units. This increase is expected to elevate inventory levels to over one month's supply, signifying a crucial post-Covid milestone.

Moreover, analysts expect no revival in small car demand, while SUVs are predicted to continue gaining market share over the next few years.

In terms of individual automobile players, Maruti Suzuki's domestic PV wholesales is expected to be flat YoY in May. "Maruti faces market share risk in FY25F as the new model cycle is not as strong as last year and there will be more new launches by competition," analysts said.
On the other hand, M&M's UV volumes are expected to rise 37 percent YoY in May, led by production ramp-up of newly-launched XUV 3XO. However, . M&M’s tractor volumes are likely to be down 3 percent YoY in May 2024.
 

In the two-wheelers space, Bajaj Auto is expected to report 4 percent YoY growth in volumes led by rising exports. "Going ahead, we expect Bajaj Auto to benefit from the ramp up of Pulsar 400z, a CNG bike in June 2024, Triumph, and affordable EV Chetak," they noted.

TVS Motor, meanwhile, is likely to report 19 percent YoY growth in domestic market and 8 percent growth in export volumes.

While fundamental drivers like GDP growth, capex cycle and e-way bill growth remain positive, impending general elections are likely to keep things slow in the near term, said Normura analysts. Thereby, they expect Ashok Leyland to be up 15 percent YoY in the medium and heavy commercial vehicle segment, while Tata Motors’ volumes should be up 22 percent YoY on a low base.

Amid these projections, analysts have identified potential challenges ahead, including margin pressures due to rising commodity costs, especially in Q2FY25. Furthermore, ongoing elections, along with seasonal factors such as heat and a weak marriage season, may have dampened sales in May.

Market veterans foresee an initial surge and sustained growth as investors celebrate policy continuity and future reforms
The exit polls predicting a landslide victory for the BJP are likely to set the markets ablaze with excitement. Markets are buzzing with anticipation, expecting a surge driven by short-covering and euphoria going by how various constituency of traders are positioned in the derivatives market. An initial wave of excitement will be followed by more calculated, strategic investments, experts Moneycontrol spoke to said.

The Gifty Nifty was showing a 780 point rise in morning trade to 23,468. Sushil Kedia, a veteran in the market, predicts an "explosion" in the markets. " Euphoria will hit the markets on Monday. Those who were scared or hedged will rush in to buy. Expect a broad rally across most stocks!" Kedia exclaimed. He anticipates that the actual results on Tuesday could surpass the exit poll predictions, going by past evidence of exit polls underestimating the final verdict. This could further fuel market enthusiasm, Kedia said. "My philosophy is, buy on anticipation, and take the cash when the anticipation works out. So, those who haven't bought yet, those who are underbought, they will participate. We are loaded up to our chin. And I don’t go up to my nose," he quipped.
 

Apart from the exit polls, the markets have a lot more to rejoice when it opens for trade on Monday. Friday’s better than expected GDP data, positive cues from the US market and good news around monsoon all are solid reasons to cheer. Last quarter GDP came in at 7.8% compared to consensus estimate of 7%, of course, this was partly technical as the GVA number was lower at 6.3%.

More importantly, last week the market saw traders lighten their position getting into this week seen as “risky” which means they will be jumping in to initiate fresh long positions. On the contrary, foreign investors had increased their net index shorts in a single session to highs seen never-before. On Friday (May 31) again, FIIs added three times more shorts than long, with net shorts now standing at 3.2 lakh contracts, and long-short ratio at 14:86. This indicates a huge number of short positions might be forced to cover, triggering a swift rally in case basket buying takes over on the positive exit poll results.
 

Some analysts are questioning the possibility of large purchases given that “clients” or retail traders already pre-positioned on the long side of the game. Retail traders were net long 3.14 lakh contracts with their long-short ratio at 69:31.

"I am not sure if the market will open circuit up – it’s hard to predict. But we will certainly see a 2-4% bump between Monday and Tuesday on a flurry of short-covering,” said Vikas Khemani of Carnelian Capital. Nilesh Shah, MD and CEO of Kotak AMC, encapsulates the sentiment perfectly: "The markets were nervous for the last few days, but this clarity is a huge relief. Traders have lightened positions, but they are likely to go long on the exit poll results, expecting significant reforms," he said.

According to the sources, Coal stocks at thermal power plants continue to be more than 45 MT, which is 30 per cent higher compared to last year

New Delhi: Coal stocks at thermal power plants continue to be more than 45 million tonnes (MT), adequate to meet the requirement for 19 days, amid peak power demand due to heat wave conditions.

The country's peak power demand touched an all-time high of 250 GW on Thursday.

Coal stocks at thermal power plants continue to be more than 45 MT, which is 30 percent higher compared to last year, sources said.
 

In the current month average daily depletion at thermal power plants has been only 10,000 tonnes per day. This has been made possible by ensuring smooth and adequate logistic arrangements for the supply of coal, sources explained.

The mechanism of sub-Group comprising representatives from ministries of Power, Coal, Railways and power generating companies is playing an effective role in maintaining an efficient supply chain.

The stock at the mine pit-head is over 100 MT amounting to sufficient coal to power the sector. The Ministry of Railways has ensured 9 percent average growth on daily availability of railways rakes.

Evacuation through coastal shipping has also seen significant growth as traditionally coal was being transported via Paradip Port only.
 

"Now under proper coordination as per coal logistics policy, it has resulted in the evacuation of coal through Dhamra and Gangavaran ports also.

The infrastructural augmentation in the railway network has significantly contributed in faster movement of rakes from Son Nagar to Dadri.

Therefore, it has seen more than 100 percent improvement in turnaround time," sources said.

The coal ministry is geared up to ensure adequate availability of coal at thermal power plants during rainy season which is around the corner. It is expected that on July 1, more than 42 MT coal would be kept available at the thermal power plant end.

Coal India accounts for over 80 percent of domestic supply of coal.

CSL arm UCSL has secured a major order from Ocean Sparkle Limited, a prominent Indian tug operator under Adani Harbour Services Limited

New Delhi/Kochi: Udupi Cochin Shipyard Limited (UCSL), a wholly-owned subsidiary of India's leading shipyard, Cochin Shipyard Limited (CSL), has secured a major order from Ocean Sparkle Limited, a prominent Indian tug operator under Adani Harbour Services Limited.

The contract for construction of three ASD (Azimuth Stern Drive) Tugs of 70 T bollard pull power was signed by Harikumar A, CEO, UCSL and Hiren Shah, MD and CEO, OSL, according to a CSL statement here on Friday.

UCSL had earlier contracted construction of two 62 T bollard pull ASD tugs for OSL.

Both these tugs were delivered by UCSL before contractual delivery dates, and have been deployed by OSL at Paradeep Port and New Mangalore Port.

These new 70 Tonne bollard pull tugs will have a length of 33 metre, Beam of 12.2 metre and draft of 4.2 metre, the statement said.

They will be propelled by two main engines of 1838 kW, thrusters of 2.7 metre dia, diesel generators of 150 kW, forward towing winch, aft winch, deck crane (3T) and external fire fighting system (FIFI-1-2800 Cu metre per hr).

These tugs, designed by Robert Allan Limited, world's leading design house for harbour tugs, will be built under the Indian Flag and classed with the Indian Register of Shipping (IRS).

They will confirm to the ASTDS (Approved Standard Tug Design and Specifications), promulgated by the Government of India, in line with the Aatmanirbhar Bharat and Make in India initiatives.

UCSL is the first shipyard to contract and construct tugs confirming to ASTDS, it said.

UCSL had earlier signed contracts with Polestar Maritime Limited for construction of 2 ASD tugs of 70 T bollard pull.

The first vessel has been handed over to the owners ahead of its contractual delivery date.

This vessel, named 'Konna Star', has been put into operation at Deendayal Port, Kandla.

The second vessel of the series is under construction at UCSL yard in Malpe, Karnataka. Polestar Maritime Limited has also placed a repeat order on UCSL for construction of one more 70 T bollard pull tug.

UCSL has made great strides in a short span of time after a major revival since its takeover by CSL in Sep 2020. The Yard's order book also includes six numbers of 3800 Deadweight Dry Cargo Vessels for M/s Wilson ASA, Norway.

"We are extremely happy to be chosen again as the preferred partner by Ocean Sparkle Limited and Polestar Maritime Limited for construction of tugs for augmenting their fleet," said Madhu Nair, CMD, CSL, who is also the Chairman of UCSL.

He said, "Both CSL and our subsidiary UCSL are committed to delivering high quality tugs benchmarking construction cycle time with emphasis on sustainable solutions, to serve the evolving maritime ecosystem.

REC Limited on Friday said its board has approved raising the borrowing limit in foreign currency to USD 24 billion form USD 20 billion

New Delhi: State-owned REC Limited on Friday said its board has approved raising the borrowing limit in foreign currency to USD 24 billion form USD 20 billion.

The overall borrowing limit in Indian rupees was however retained at Rs 6 lakh crore, the company said in an exchange filing.
 

The board of directors at its meeting held on Friday approved "proposal of retaining the overall borrowing limit of the company in INR at Rs 6,00,000 crore and increase the borrowing limit in any foreign currency equivalent from USD 20 billion to USD 24 billion..."

The board also approved raising up to Rs 1,45,000 crore through private placement of unsecured/secured non-convertible bonds/debentures.

The funds will be raised, in one or more tranches, from time to time, during one year from the date of passing of resolution by the shareholders in the ensuing annual general meeting.

Besides, it approved appointment of Harsh Baweja as Director (Finance) (Additional Director) and Chief Financial Officer of REC with effect from May 14, 2024.

REC, under Ministry of Power, is a non-banking finance company, public financial institution, and infrastructure financing company.

BCGCL has floated a tender document for the selection of LSTK-2 contractor for ‘Coal to Ammonium Nitrate’ Project at Odisha

New Delhi: Bharat Coal Gasification & Chemicals Limited (BCGCL), a joint venture company of Coal India Limited (CIL) and Bharat Heavy Electricals Limited (BHEL), has floated a tender document for the selection of LSTK-2 contractor for ‘Coal to Ammonium Nitrate’ Project at Odisha on Thursday. The tender is available with tender number, PNMM/PC288/E/001, and the tender title, "Bharat Coal Gasification and Chemicals Limited, BCGCL,” on CPP portal. The LSTK-2 tender deals with Syngas Purification Plant and ammonia Synthesis gas plant that will purify the raw syngas produced from the coal gasifier and make it suitable for ammonia synthesis.
 

CIL, BHEL to set up India's first commercial-scale coal gasification plant

CIL and BHEL have entered into an agreement for setting up India’s first commercial-scale coal-to-ammonium nitrate plant through surface coal gasification (SCG) technology route. As per the agreement, the gasification plant will be based on locally-developed coal gasification technology by BHEL, which utilised the high ash coal from Lakhanpur Area to produce 0.66 million metric tons per annum (MMTPA) of technical grade ammonium nitrate. The entire project cost, according to PFR, is Rs 11,782 crore. For the task of "Preparation of Detailed Feasibility Report (DFR)," M/s PDIL has been designated as PMC for the project.

CIL and BHEL have incorporated a joint venture company, BCGCL (CIN U23935OD2024GOI045884) on May 21, which marks the foray of these two PSUs into coal-to-chemical business. BCGCL is a subsidiary of Coal India in which CIL holds 51 percent and BHEL holds 49 percent equity.

The packaging philosophy for the execution of the project has been finalised as partial LSTK mode wherein four LSTK packages and 29 other offsites and utilities packages that will be done on EPC mode have been identified. Out of four LSTK packages, three packages namely LSTK-2, LSTK-3 and LSTK-4 will be executed through tendering route and remaining LSTK-1 will be done by BHEL on nomination basis.

The fund is aimed at strengthening urban development, supporting industrial corridor development, promoting power sector reforms, building India's climate resilience, and enhancing connectivity
 

New Delhi: Asian Development Bank (ADB) committed USD 2.6 billion (about Rs 21,500 crore) in sovereign lending to India in 2023 for various projects.

The fund is aimed to strengthen urban development, support industrial corridor development, promote power sector reforms, build India's climate resilience, and enhance connectivity.

ADB also extended USD 23.53 million in technical assistance and USD 4.1 million in grants under the sovereign portfolio.

In addition, ADB committed over USD 1 billion for private sector projects during the past year, the Manila-based multi-lateral development bank said in a statement.

"ADB's portfolio in 2023 supported the government's priority agenda. We will continue to focus on projects and programmes that accelerate India's structural transformation, create jobs, address infrastructure gaps, promote green growth, and foster social and economic inclusiveness while deploying smart technologies and innovations," ADB Country Director for India Mio Oka said.

In 2023, ADB approved additional funding to support India's national industrial corridor development programme to enhance its manufacturing competitiveness along with a loan for Visakhapatnam-Chennai Industrial Corridor Development, it said.

Two policy-based loans were committed to support the government's urban reforms agenda at the state level and power sector reforms to facilitate the shift to renewable energy, it said.

In addition, ADB provided funding for expanding urban services in Uttarakhand, Rajasthan, and Tripura, improving road connectivity in Bihar and Madhya Pradesh, expanding Delhi-Meerut rapid rail transit corridor and boosting horticulture development in Himachal Pradesh, it said.

Committed to pursue a differentiated approach for states at different stages of development, ADB prioritises projects on basic services, critical infrastructure and services, institutional strength, and private sector development through sovereign operations in low-income states, it said.

Support for more developed states focuses on transformational programmes with policy and knowledge advice, combined with non-sovereign operations, it said.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.

Established in 1966, it is owned by 68 members.

This is the day when in 1948 the first UN Peacekeeping Mission, “UN Truce Supervision Organisation (UNTSO)” began operations in Palestine.
 

New Delhi: The Indian Army commemorated the 76th International Day of United Nations (UN) Peacekeepers, today, by paying homage to the fallen comrades by laying a wreath at the National War Memorial in the national capital.

Lieutenant General Rakesh Kapoor, Deputy Chief of the Army Staff (Information Systems & Coordination), officials of United Nations Organisation, Staff from Ministry of Defence and Ministry of External Affairs laid wreaths. This is the day when in 1948 the first UN Peacekeeping Mission, “UN Truce Supervision Organisation (UNTSO)” began operations in Palestine.

Each year on this day, the UN and countries across the globe pay rich tributes to the professionalism, dedication and courage of men and women who have served/ are serving in UN Peacekeeping Missions. This day also honours the memory of sacrifices of those who have laid down their lives for the cause of peace.

India has a rich legacy of contribution to UN Peacekeepers operations and is one of the largest contributors of troops. India has contributed services of approximately 2,87,000 troops to peacekeeping missions. Indian Army personnel have operated under difficult, challenging terrain and operational conditions and have displayed exemplary courage and valour, to the extent of making the supreme sacrifice to uphold the UN mandates. It is noteworthy that 160 Indian Army soldiers have made the supreme sacrifice to ensure peace across the globe.

Presently, Indian Armed Forces are deployed across nine countries in peacekeeping missions, namely UNDOF, UNIFIL, UNTSO, UNFICYP, MONUSCO, UNMISS, UNIFSA, MINUSCA and MINURSO.

India has been at the forefront of capacity development for the UN, host nations and partner nations. India has always strived to support UN initiatives by providing agile and flexible units, peacekeeper training, logistic support, enhancing gender parity and contributing to technological enhancements.

India has provided active support for host nation capacity development by providing training, infrastructure development and Civil Military Coordination (CIMIC) activities.

In addition, Veterinary Detachments of the Indian Army have displayed noteworthy performance in various UN Missions. Efforts made to bring a significant improvement in the health of livestock in Abyei by Lieutenant Colonel Gurpreet Singh Bali, Commander of the Veterinary Detachment in Sudan were appreciated by the UN Headquarters.

The Indian Army has established a Centre for UN Peacekeeping (CUNPK) in New Delhi to impart niche training in peacekeeping operations. This Centre trains more than 12,000 troops every year. CUNPK undertakes a multitude of activities from contingent training to national and international courses for potential peacekeepers and trainers. It also hosts foreign delegations as part of sharing best practices.

The CCI approval paves way for the shares of ITC Hotels to be listed separately. NCLT has directed ITC to convene a meeting of shareholders on June 6 to consider the proposed demeger.
The board of ITC had on August 14, 2023 approved the demerger of the hotels business, with an indicative timeline of listing of the new entity in about 15 months.
 

The Competition Commission of India (CCI) has approved the demerger of the hotel business of ITC into a separate entity.

The approval paves way for the shares of ITC Hotels to be listed separately. The National Company Law Tribunal (NCLT) has directed ITC to convene a meeting of shareholders on June 6, 2024 to consider and approve the proposed demeger of its hotel business.

The board of ITC had on August 14, 2023 approved the demerger of the hotels business, with an indicative timeline of listing of the new entity in about 15 months. ITC shareholders are to hold about 60 percent direct stake in ITC Hotels (proportionate to their stake in ITC) and the remaining 40 percent stake to continue with ITC. No cash consideration is payable under the demerger scheme.

The proxy advisory firms have a mixed view on the proposed demerger and separate listing of the hotels business. InGovern and Stakeholders Empowerment Services (SES) have recommended shareholders vote in favour, whereas Institutional Investor Advisory Services (IiAS) has advised voting against the resolution.

ITC's Segment Revenue of the hotel business reached Rs 2989.50 crore during Q4FY24, and Segment EBITDA was Rs.1049.88 crore.