Jio Financial Services in a stock exchange filing said that it is seeking shareholder approval to attract foreign investments, including foreign portfolio investments, upto 49% through equity.
Shares of Jio Financial Services Ltd., the financial services arm of Nifty 50 heavyweight Reliance Industries Ltd., are trading with gains of 5% on Thursday.
The company in a stock exchange filing said that it is seeking shareholder approval to attract foreign investments, including foreign portfolio investments, upto 49% through equity.
The Mukesh Ambani-owned company had reported a 6% sequential growth in consolidated net profit at ?311 crore for the quarter ended March 2024. The same was ?294 crore in the preceding December quarter.

The company's consolidated revenue from operations was flat at ?418 crore as against ?414 crore in the previous quarter.

Earlier in April, Jio Financial announced that it signed an agreement with the asset management firm BlackRock, Inc for the launch of their wealth management and broking business.

The joint venture could potentially strengthen the JFSL relationship with BlackRock, Inc., with whom it had announced a 50:50 joint venture in July 2023 to transform India’s asset management industry through a digital-first offering and democratize access to investment solutions for investors in India.

The newly formed JV may compete with bank-led wealth management firms and firms like BNP Paribas Wealth Management, 360 One, Nuvama, and Avendus, among others.

Jio Financial Services made its stock market debut in August last year with a market capitalisation of over ?1.5 lakh crore. Since then, the stock has crossed the ?2.30 lakh crore market capitalisation mark in today's session.

At 2 pm, the scrip was trading 2.96% higher at ?368.25 apiece on the NSE. Jio shares have risen nearly 60% so far this year.

India continues to be among top coking coal importers globally, a key feedstock in steel-making.
India's coking coal imports have reached a 10-year high, with shipments totaling 58 million tonnes (mt) in FY24, driven by strong demand from steel mills. This marks a 7% year-on-year (y-o-y) increase from 54.3 mt in FY23 and a more than 20% rise over a decade. Notably, supplies from Russia hit multi-year highs of 6.4 mt in FY24, a 200% surge y-o-y from 2.3 mt in FY23, and a 300% increase from 1.6 mt in FY19, according to data from various ministries and trade sources.

India remains one of the world's top coking coal importers, a critical input in steel production. Over the past decade, segment imports have fluctuated between 47 mt and 54 mt, as reported by businessline. In FY24, Australia maintained its position as the largest supplier, providing 59% or 34.2 mt of total shipments, despite a decline in its market share. Russia and the USA have expanded their presence, with Russia now holding a 12% share and the USA 14%, supplying 8.4 mt.

Six years ago, Australia dominated with 81% of shipments, while Russia had a 3% share and the USA 8%, as per consultancy firm BigMint. The Cabinet's approval in 2021 of a Memorandum of Understanding (MoU) between India and Russia on coking coal cooperation has significantly boosted supplies. Price volatility of Australian coal and higher discounts from Russia, alongside alternative sources from the USA, have reshaped market dynamics. By FY23, Australian supplies had a 70% market share, the USA 12.5%, and Russia 5%.

Throughout FY24, Russia offered consistent discounts of 20-25%, prompting Indian mills to recalibrate their furnaces to accommodate higher ash content coal from Russia. Consequently, Russia has overtaken Mozambique and Canada to become the third-largest supplier of this raw material.

"Steel demand and production have remained robust in India, defying the global slowdown. Demand for steel has surged, leading to a record increase in sponge iron production," a government source explained.

India's sponge iron production rose 20% y-o-y to 52 mt in FY24 from 43 mt in FY23, supported by production through the induction furnace route. Falling imported coal prices, down 48% y-o-y to $109/t CNF Gangavaram in FY24 from $209/t in FY23, spurred a 62% increase in thermal coal imports for the sponge iron sector, according to BigMint.

India's crude steel production also saw significant growth, increasing by approximately 14% to 143 mt in FY24 from 127 mt in the previous year. This growth was largely driven by a sharp rise in production via induction furnaces, which grew 25% y-o-y to 50 mt, and a 12% growth in electric arc furnace (EAF) production, reaching 31 mt.

Iron ore futures soared to a three-month high on Wednesday as investors anticipated better demand following China’s robust property support measures, despite ample stocks in the world’s top consumer.

The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) rose by an impressive 2.5% to 919 yuan ($126.95) per metric ton by 0504 GMT, marking its highest level since February 20. The contract has experienced gains for five consecutive sessions, reflecting sustained investor confidence.

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Similarly, the benchmark June iron ore on the Singapore Exchange increased by 0.8% to $121.8 per ton.

China’s recent announcement of "historic" measures to stabilize its crisis-hit property sector has significantly bolstered market sentiment. The central bank’s initiative to inject 1 trillion yuan ($138 billion) in extra funding and ease mortgage rules is among the key steps taken to support the sector.

The property sector, a major driver of steel consumption, has fueled optimism among investors regarding the demand for steelmaking ingredients. Despite the rally being driven mainly by positive macroeconomic sentiment, fundamentals still lag with substantial supply available in the spot market, according to an iron ore trader.

Iron ore inventory at major Chinese ports, as assessed by information provider Mysteel, stood at 147.4 million tons, up 6% since the beginning of March.

Other steelmaking ingredients on the DCE also climbed, with coking coal advancing 4.6% and coke rising 4.4%.

Steel benchmarks on the Shanghai Futures Exchange were mostly positive. Rebar increased by 1.5%, hot-rolled coil added 1.1%, and wire rod went up by 2.2%, while stainless steel slightly eased by 0.1%.

($1 = 7.2391 yuan)

(By Siyi Liu and Colleen Howe; Editing by Rashmi Aich and Sohini Goswami)

THDC has signed an MoU with the Public Works Department (PWD), Uttarakhand for rendering the technical services of THDCIL as the “Technical Consultant”

New Delhi: THDC (India) Limited on Thursday announced the signing of a significant memorandum of understanding (MoU) with the Public Works Department (PWD), Uttarakhand, for rendering the technical services of THDCIL as the “Technical Consultant” at the UK PWD Head Office in Dehradun on May 21.

Speaking on the occasion, THDC’s Chairman and Managing Director (CMD), RK Vishnoi, emphasized the pivotal role THDC is playing as the 'Technical Consultant.' The company will contribute its extensive expertise towards preparing detailed project reports (DPR) and offering technical assistance for slope protection on various state highways, major district roads, and other routes in Uttarakhand.

Vishnoi highlighted THDC's commitment to employing cutting-edge technology and innovative treatment measures alongside conventional methods to tackle site-specific challenges effectively. This collaboration aims to ensure safe passage for vehicles traversing Uttarakhand's challenging terrain.

THDC has demonstrated proven expertise in this sphere by offering similar consultancy services in the past to MoRTH Dehradun, MoRTH Arunachal Pradesh, MoRTH West Bengal, NHAI J&K, MoRTH Maharashtra, NHAI Pune, and NHAI Shillong for slope protection works. Past projects involved slope protection works and preventive measures against shooting stones and rockfalls for revered sites like Shri Mata Vaishnodevi and Shri Amarnath Ji Shrine Boards. This MoU signifies THDCIL's unwavering dedication to delivering optimal results and contributing to regional progress.

THDC’s ED (Technical), Sandeep Singhal, and Engineer-In-Chief of UK PWD, Deepak Kumar Yadav, signed the MoU. During the MoU signing ceremony, Dr. Neeraj Kumar Agrawal, AGM – Incharge; Amit Shyam Gupta, Manager (Civil Design), THDC; and Om Prakash, Chief Engineer, along with Harish Pangti, SE from UK PWD, were also present.

Power Grid's consolidated net profit rose to Rs 15,573.16 crore during FY 2023-24 from Rs 15,419.74 crore in FY 2022-23
 

New Delhi: Power Grid Corporation of India Limited (PGCIL) has announced its impressive financial results for the fourth quarter (Q4 FY'24) and the financial year 2023-24 (FY'24).

For Q4 of FY'24, on a standalone basis, the company reported a robust net profit of Rs 4,128 crores and a total income of Rs 12,254 crores. On a consolidated basis, the net profit stood at Rs 4,166 crores and total income at Rs 12,305 crores.

For FY'24, on a standalone basis, the company posted a commendable net profit of Rs 15,475 crores and a total income (including discontinued operations) of Rs 46,215 crores. On a consolidated basis, the net profit was Rs 15,573 crores with a total income of Rs 46,913 crores.

The Board of the company has proposed a final dividend of 27.50 percent (Rs 2.75 per share on a face value of Rs 10 each), in addition to the first and second interim dividends of Rs 8.50 per share already paid for FY'24. This brings the total dividend for the year to Rs 11.25 per share, marking a 1.69 percent increase over the previous year's total dividend, adjusted for the bonus issue.

In FY'24, Power Grid and its subsidiaries achieved significant milestones, adding 19,720 MVA of transformation capacity, 6 new substations, and 4,036 circuit kilometers of transmission lines. The company successfully commissioned five tariff-based competitive bidding (TBCB) subsidiaries: POWERGRID Ramgarh Transmission Limited, POWERGRID Bikaner Transmission System Limited, POWERGRID Meerut Simbhavali Transmission Limited, POWERGRID Gomti Yamuna Transmission Limited, and POWERGRID Neemuch Transmission System Limited.

During FY'24, Power Grid incurred a capital expenditure of Rs 12,500 crore and capitalized assets worth Rs 7,618 crore (excluding FERV) on a consolidated basis. The company's Gross Fixed Assets on a consolidated basis stood at Rs 2,75,991 crore as of March 31, 2024.

Under tariff-based competitive bidding, Power Grid acquired 10 ISTS TBCB subsidiaries with an estimated cost of approximately Rs 26,872 crore in FY'24.

By the end of FY'24, Power Grid and its subsidiaries' total transmission assets included 1,77,699 ckm of transmission lines, 278 substations, and 5,27,446 MVA of transformation capacity. Power Grid maintained an exceptional average transmission system availability of 99.85 percent during FY'24.

Stressing that India holds the ‘market’ card due to its large oil appetite, Puri endorsed the idea of Indian refiners jointly negotiating a long-term oil deal with Russia

Russia has been offering most of its oil in the spot market, with prices hovering around USD 70/barrel in May.

IOC and Rosneft were unable to renew their long-term oil supply deal due to disagreements on price and volumes, compelling IOC to turn to the spot markets.

BPCL has publicly announced plans to reduce its crude oil imports from Russia in the current fiscal year as the discounts offered by Russia have moderated.

New Delhi: Stressing that India holds the ‘market’ card due to its substantial oil appetite, Minister for Petroleum and Natural Gas Hardeep Singh Puri endorsed the idea of Indian refiners jointly negotiating a long-term oil deal with Russia. During a press interaction on Wednesday, Puri commented on speculative reports regarding this strategy, saying, “Why should the Indian refiner not want to negotiate a good discount on a long-term basis? Why is that a surprise? You are holding one of the most important cards in your hand, which is the market card, which means that 5 million plus barrels a day are consumed in India.” He added that while he is not aware if such negotiations are currently underway, he fully supports the idea.

Media reports indicate that the government has informally asked refiners, both private and public, to lock in at least a third of their contracted supply from Russia at a fixed discounted price to protect the economy from crude oil market volatility.

India, one of the largest consumers of crude oil globally, consumes nearly 5 million barrels per day (mb/d). According to official data, in FY2023-24, Indian refiners processed 5.24 mb/d, compared to 5.13 mb/d in FY2022-23 and 4.85 mb/d in FY2021-22.

In SEBI parlance, the issuance of observations on the DRHP means the company can launch its IPO within one year from the receipt of observations letter.

Travel aggregator Ixigo's parent firm, LE Travenues Technology, and stainless steel wire manufacturer, Bansal Wire Industries, have received approval from the capital markets regulator SEBI to float IPOs. However, Oyo operator Oravel Stays and Raghuvir Exim have withdrawn their draft papers.

SEBI issued observations on the draft papers of the LE Travenues Technology IPO on May 14, and Bansal Wire Industries' public issue on May 17, according to the processing status of draft offer documents published by the regulator.

In SEBI parlance, the issuance of observations on the DRHP means the company can launch its IPO within one year from the receipt of the observations letter.

SAIF Partners and Peak XV Partners-backed parent firm of travel aggregator Ixigo had filed draft papers on February 14 this year for fundraising via an initial public offering. The IPO comprises a fresh issuance of equity shares worth Rs 120 crore, and an offer-for-sale (OFS) of 6.67 crore equity shares by existing shareholders.

SAIF Partners India IV, Peak XV Partners Investments V (formerly known as SCI Investments V), Aloke Bajpai, Rajnish Kumar, Micromax Informatics, Placid Holdings, Catalyst Trusteeship, and Madison India Capital HC are the selling shareholders in the OFS. Axis Capital, DAM Capital Advisors, and JM Financial are the book-running lead managers for the issue.

Furthermore, Bansal Wire Industries, the country's second-largest steel wire manufacturing company, which filed its draft red herring prospectus (DRHP) on January 18 this year, plans to raise Rs 745 crore through its initial share sale. The IPO consists solely of a fresh issue with no OFS component.

The New Delhi-based company will utilize the fresh issue proceeds for repaying debts, working capital requirements, and general corporate purposes. The merchant bankers appointed for the issue are SBI Capital Markets and DAM Capital Advisors.

Meanwhile, Softbank-backed budget hospitality chain Oyo operator Oravel Stays has withdrawn its IPO papers on May 17. According to sources, Oyo plans to refile draft papers for its much-awaited IPO after the bond issuance. The global travel tech player is close to finalizing its refinancing plans to raise up to $450 million via the sale of dollar bonds, sources told Moneycontrol on May 18.

As per the DRHP filed with the regulator in September 2021, Oravel Stays had planned to raise Rs 8,430 crore via IPO, which comprised a fresh issue of Rs 7,000 crore worth of shares and an OFS of Rs 1,430 crore worth of shares by existing shareholders.

Additionally, textile company Raghuvir Exim, which had filed draft papers on March 31 this year, also withdrew those papers on May 13. The IPO was a mix of a fresh issue of 1.4 crore equity shares and an OFS of 45 lakh equity shares by promoter Sunil Agarwal.

The regulator has also returned the DRHP documents of Vasuki Global Industries, which offers procurement and processing solutions for imported and domestic coal, on May 16. It was planning to raise funds via an IPO comprising only a fresh issue of 1.4 crore equity shares.

The dividend transferred in 2024-25 is substantially higher than what the government had anticipated, providing a significant fiscal boost. The Reserve Bank of India's (RBI) Central Board of Directors has approved an unprecedented transfer of Rs 2.11 lakh crores as surplus to the government for the financial year 2023-24, the highest ever yearly surplus transfer by the Indian central bank. This announcement was made on May 22.

The surplus transfer, derived from the Economic Capital Framework (ECF) adopted by the RBI on August 26, 2019, following the recommendations of the Bimal Jalan committee, is notably higher due to increased income from the RBI’s forex holdings, among other factors. Although the surplus pertains to the fiscal year 2023-24, it will be reflected in the government’s accounts for FY25. This unexpected windfall is poised to enhance the central government’s liquidity position and subsequently support its expenditure plans, according to experts.

Additionally, the RBI announced an increase in the Contingent Risk Buffer (CRB) to 6.50 percent for the fiscal year 2023-24. This adjustment follows the gradual economic recovery post-COVID-19, with the CRB previously held at 5.50 percent during 2018-19 to 2021-22 to foster growth amidst challenging macroeconomic conditions. With the economy showing robust growth in FY 2022-23, the CRB was raised to 6.00 percent and further to 6.50 percent for FY 2023-24.

The government had initially budgeted a dividend of Rs 1.02 lakh crore for 2024-25, which is 2.3 percent lower than the revised estimate of Rs 1.04 lakh crore for 2023-24. The RBI's actual transfer far exceeded the anticipated Rs 85,000 crore to Rs 1 lakh crore, reflecting stronger than expected interest income from foreign securities. This approval came during the 608th meeting of the RBI's Central Board of Directors, attended by key officials including Deputy Governors Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar, Swaminathan J., and other notable directors and secretaries.

This significant surplus transfer underscores the resilience and robust performance of the Indian economy and the effective management of the country’s financial assets by the RBI.

In a significant development, Jindal Stainless, a leading manufacturer of stainless steel has provided high-strength stainless steel for the upcoming Vande Metro train.

Indian Railways recently unveiled the Vande Metro train from the Integral Coach Factory in Chennai.

Vande Metro trains are designed for shorter distances compared to the renowned 'Vande Bharat' express trains. These trains are slated to operate along routes spanning between 100 km and 250 km, with another variant in development, the Vande Bharat sleeper trains, designated for routes exceeding 1,000 km.

The trial phase for Vande Metro trains is slated to commence in July, followed by subsequent testing of the sleeper variant, marking a significant stride towards modernising India's rail infrastructure and enhancing commuter convenience.

In line with the ambitious plans outlined by the Railway Ministry, Vande Metro trains are poised to connect 124 cities across the country. The preliminary routes for the Vande Metro trains include Bhubaneswar-Balasore, Agra-Mathura, Chennai-Tirupati, Delhi-Rewari, and Lucknow-Kanpur.

According to Jindal Stainless, the stainless steel supplied, known as "201LN", contributes to making the coaches lighter and more energy-efficient. This stainless steel variant is expected to enhance the overall performance of the Vande Metro trains.

Compared to conventional 'ferritic stainless steel', Jindal Stainless stated that the use of the '201LN' stainless steel has allowed for a reduction in the thickness of external panels on the trains from 3 mm to 2 mm. This reduction not only results in lighter coaches but also enhances energy efficiency and cost-effectiveness.

Highlighting the advantages of the '201LN' stainless steel, Jindal Stainless emphasised its extreme corrosion resistance, superior durability, and enhanced crash-resistant properties, ensuring top-notch safety for passengers.

Abhyuday Jindal, the managing director of Jindal Stainless, stressed that the lightweight and energy-efficient design of the train will contribute to reducing the carbon footprint of the Indian Railways, aligning with its net-zero target, reports NDTV.

Vande Metro trains are to have rapid acceleration capabilities and frequent stops, ensuring efficient transportation. Each train will feature 12 coaches equipped with spacious automatic doors and side seats, optimising standing room for passengers.

In anticipation of heightened demand on busy routes, there is flexibility of expanding these trains to accommodate up to 16 coaches, further enhancing capacity.

NEW DELHI: Iron ore futures rose on Tuesday, as resilient demand and improved prospects in top consumer China continued to support the market.
 

Iron ore futures saw a boost in response to resilient demand and positive developments in China, the world's leading consumer of the commodity. The most-traded September iron ore contract on China’s Dalian Commodity Exchange surged by 1.7%, closing at 908 yuan ($125.47) per metric ton. Similarly, the benchmark June iron ore on the Singapore Exchange rose by 1.9% to $120.4 a ton.

China's recent measures to address its crisis-hit property sector, including the injection of 1 trillion yuan ($138 billion) in extra funding and easing mortgage rules, contributed to market optimism. However, experts like Atilla Widnell, managing director at Navigate Commodities, caution that while these measures may support house prices and alleviate value destruction from excess inventory, they may not single-handedly revive construction activity and steel demand.

Weak steel mill margins in China are also impacting prices of steelmaking raw materials, according to ANZ Research. While coking coal saw a slight increase of 0.1%, coke slipped by 0.1%. Steel benchmarks on the Shanghai Futures Exchange showed mixed results, with rebar and hot-rolled coil seeing gains of 0.4% and 0.3% respectively, while stainless steel rose by 0.4% and wire rod slipped by 0.1%.

ONGC Reports a 77.92% Rise in Consolidated PAT Year-on-Year for Q4 FY 2023-24 at Rs 11,526.53 Crore

• Revenue Growth: ONGC’s revenue from operations increased by nearly 2% in Q4 FY24, reaching Rs 1,66,770.63 crore.
• Dividend Announcement: The Board of Directors recommended a final dividend of Rs 2.50 per share.
• Discoveries: ONGC made 11 discoveries in FY24, monetizing 7 of them.

New Delhi: State-run Oil and Natural Gas Corporation (ONGC) has reported a significant rise of 77.92% in consolidated Profit After Tax (PAT) year-on-year for Q4 of FY 2023-24, reaching Rs 11,526.53 crore. On a quarter-on-quarter basis, the consolidated PAT increased marginally by 3.80%. For the entire financial year 2023-24, the consolidated net profit stood at Rs 57,100.84 crore, marking a substantial rise of 67.71%.

The standalone net profit also showed impressive growth, increasing over 18 times in Q4 FY24 year-on-year due to a low base. In the corresponding quarter of FY23, ONGC had reported a standalone PAT of Rs 527.86 crore, which surged to Rs 9,869.37 crore in Q4 FY24. However, on a quarter-on-quarter basis, the standalone PAT decreased slightly by 0.23%. For FY 2023-24, ONGC’s standalone net profit rose by 1.07% year-on-year to Rs 40,525.96 crore.

The company's revenue from operations rose by nearly 2% in Q4 FY24, reaching Rs 1,66,770.63 crore, up from Rs 1,64,066.72 crore in the same period a year ago. Total income for the January-March quarter of FY24 was Rs 1,69,875.25 crore, reflecting a 1.8% increase from Rs 1,66,725.12 crore in Q4 FY23. ONGC announced these financial results late on May 20, and when the markets opened on Tuesday morning, ONGC shares rose by 1%, trading at Rs 282 per share compared to Rs 279 the previous day.

The Indian stock market has achieved a remarkable milestone by adding $1 trillion in wealth within six months, propelling it into the esteemed $5 trillion club for the first time. On Tuesday, the total market capitalization of all stocks listed on the Bombay Stock Exchange (BSE) soared to Rs 414.75 lakh crore, despite a significant withdrawal by Foreign Institutional Investors (FIIs) ahead of the Lok Sabha election results on June 4. Investors maintained their buying momentum in the broader market, even as the Nifty and Sensex indices showed uncertainty following a robust performance the previous week.

Dalal Street's journey from a $4 trillion market cap on November 29, 2023, to $5 trillion on May 21, 2024, marks the fastest wealth creation in its history. Although Nifty is currently about 250 points below its all-time high, mid and small-cap indices reached new peaks on Tuesday. This bull market phase is being driven primarily by domestic institutional, retail, and high-net-worth individual (HNI) investors, despite FIIs pulling out at least Rs 28,000 crore this month. Market experts anticipate that the upcoming Lok Sabha poll results in June and the subsequent full-year Budget will be significant triggers for the BSE Sensex and Nifty50. Additionally, analysts believe the prospect of a US Federal Reserve rate cut could further bolster market sentiment.

India now ranks as the fifth-largest stock market globally, behind the United States, China, Japan, and Hong Kong. The country's market capitalization first reached $1 trillion on May 28, 2007, and doubled to $2 trillion a decade later on May 16, 2017. The growth accelerated, hitting $3 trillion on May 24, 2021, and now $5 trillion within three years. Projections suggest that India is on track to become the third-largest economy by 2027, with a market capitalization potentially reaching $10 trillion by 2030, provided market returns remain consistent and new listings continue.

This rapid expansion has made India a prime destination for emerging market investors, offering substantial liquidity for significant players. The market depth has increased significantly, with the number of stocks boasting a market capitalization of $1 billion nearly doubling to 500. Over the past 5, 10, 15, and 20 years, India has consistently delivered annualized returns exceeding 10%, making it a standout among major emerging market economies. According to Jefferies, India's GDP is projected to touch $5 trillion within the next four years, positioning it as the third-largest economy by 2027, overtaking Japan and Germany, driven by favorable demographics, strengthening institutions, and improved governance.

Furthermore, India's weighting in the MSCI Emerging Markets (EM) index is set to rise from 18.3% to around 19% on May 31, potentially attracting approximately $2.5 billion in FII inflows.

The introduction of the advanced hydrant facility is a strategic move by BPCL to cater to the rapidly growing refueling demands of the new greenfield airport.

New Delhi/Goa: Bharat Petroleum Corporation Limited (BPCL) has inaugurated state-of-the-art hydrant facilities at the new Manohar International Airport in north Goa, a strategic move to address the increasing refueling demands. The inauguration was led by BPCL's Director (Marketing), Sukhmal Jain, alongside Kanwarbir Singh Kalra, Deputy CEO of GMR Goa International Airport Ltd (GGIAL), and other senior officials.

This facility is a crucial addition to Goa's aviation infrastructure, supplementing the constrained Naval airport in Dabolim. The combined traffic at both airports has surged with the commencement of operations at Manohar International Airport.

Jain remarked, "The state-of-the-art hydrant facilities at Manohar International Airport represent a significant milestone in BPCL’s efforts to enhance India's aviation infrastructure. This strategic expansion meets growing refueling demands and ensures seamless operations, reflecting our commitment to efficiency, safety, and customer satisfaction."

Spanning six acres, the hydrant fuel farm features a storage capacity of 8,270 KL and an extensive underground pipeline network connecting 13 aircraft parking bays. Managed through a fully automated console, the system ensures efficient and safe fuel distribution.

Additionally, BPCL virtually unveiled Aviation Fuelling Stations at nine other airports, increasing its nationwide total to 75 facilities. This expansion aligns with the rise in India's domestic air travel, which saw approximately 15.4 crore passengers in the fiscal year 2023-24.

DPIIT Secretary Rajesh Kumar Singh said that in the last few years, India has liberalised FDI policy in many segments.

New Delhi: India has recently relaxed foreign direct investment norms in the space sector and there is a possibility of further FDI liberalisation in certain other areas when the new government will come to power, a top official said on Saturday.

Secretary in Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that in the last few years, India has liberalised FDI policy in many segments.

India has one of the most liberal foreign direct investment (FDI) policies in the world and in fact more liberal than many Southeast Asian countries that the country is often compared with, he said.

Recently FDI norms were eased in the space sector and "it is quite possible that under a new Government, we can attempt some further liberalisation of any pockets that are left and where some liberalisation is possible ," Singh said here at CII's annual business summit.

The Lok Sabha elections are underway in the country and the counting is scheduled for June 4.

The Government has eased FDI norms in the space sector by allowing 100 per cent overseas investment in making components for satellites, as part of efforts to attract overseas players and private companies into the segment.

FDI in India declined 13 per cent to USD 32.03 billion in April-December 2023, dragged down by lower infusion in computer hardware and software, telecom, auto, and pharma sectors, according to the government data.

Talking about the success of the Production Linked Incentive (PLI) schemes, the Secretary said so far Rs 1.13 lakh crore of investments have come in and the beneficiary companies have recorded over Rs 9 lakh crore of sales, exports of Rs 3.45 lakh crore and created jobs for over 8 lakh people.

The scheme was announced in 2021 for 14 sectors, including telecommunication, white goods, textiles, manufacturing of medical devices, automobiles, speciality steel, food products, high efficiency solar PV modules, advanced chemistry cell battery, drones, and pharma with an outlay of Rs 1.97 lakh crore.

Singh said some people criticize the scheme stating that it has not led to increase in domestic value addition but they should know that it takes time.

People have raised issues with regard to India attracting players in the semi-conductor segment stating that it is too capital intensive and not suitable for India.

"The target is not labour intensity, it is mainly strategic and to ensure that we do not become over dependent on unsecured supply chains," he said.

On ease of doing business, he said they are working on the World Bank's Business Ready (B-READY) index for which the survey will start in August and this ranking involves a new set of indices which will cover ease of entry, ease of operation and ease of exit of business.

The World Bank has shared a set of 1,370 questions which will be assessed across various economies.

New Delhi: State-owned NHPC Limited on Friday reported an 18 percent fall in consolidated net profit to Rs 610.93 crore during the March quarter on account of decline in revenues.

 

The company had reported a net profit of Rs 745.27 crore in the year-ago period, the company said in an exchange filing.

The company's revenue from operations reduced to Rs 1,888.14 crore from Rs 2,028.77 crore in the January-March period of the 2022-23 fiscal.

NHPC's expenses were at Rs 1,393.67 crore from Rs 1,545.48 crore a year ago.

For the entire fiscal, the company's net profit was at Rs 4,028.01 crore as against Rs 4,260.83 crore a year earlier.

The board of the company also approved a final dividend of Rs 10 per equity share for FY'24.