India has been gradually increasing its renewable energy projects for a number of years. These range from modest rooftop solar installations in tiny towns to expansive projects across the desert and extensive lines of wind turbines and solar panels on farmland, all of which support the nation's climate objective of switching to clean energy. In 2023, the government failed to meet its yearly clean energy installation target due to a combination of supply chain challenges, politics, and policy decisions that caused delays and uncertainty in solar projects. The year also saw disastrous floods and the breaking of heat records. Although some experts believe that this will significantly impede the nation's aspirations, others are optimistic that this year will see the deficit filled.

The COVID-19 epidemic did cause a significant decline in installations in India in 2020, but overall, the country observed an increase in the number of new projects every year. Yet according to data from the Global Energy Monitor, during those 15 years, the nation added far more coal capacity than solar and wind power combined.

India has been gradually increasing its renewable energy projects for a number of years. These range from modest rooftop solar installations in tiny towns to expansive projects across the desert and extensive lines of wind turbines and solar panels on farmland, all of which support the nation's climate objective of switching to clean energy. In 2023, the government failed to meet its yearly clean energy installation target due to a combination of supply chain challenges, politics, and policy decisions that caused delays and uncertainty in solar projects. The year also saw disastrous floods and the breaking of heat records. Although some experts believe that this will significantly impede the nation's aspirations, others are optimistic that this year will see the deficit filled.

The COVID-19 epidemic did cause a significant decline in installations in India in 2020, but overall, the country observed an increase in the number of new projects every year. Yet according to data from the Global Energy Monitor, during those 15 years, the nation added far more coal capacity than solar and wind power combined.

The Power Ministry projections indicate that as the government concentrates on the energy transition to minimize carbon emissions, India would witness a rise in investments in renewable energy (RE) projects of more than 83%, reaching over $16.5 billion in 2024.

As we announced our ambitious goal of reaching an incredible 500GW of renewable energy generation by 2030, 2019 was undoubtedly a historic year for India. It meant that by 2030, renewable energy sources will provide 50% of India's electricity demand, making it the greatest renewable energy expansion program globally. This bold start was only the beginning of our journey into the clean energy sector; as of right now, India has the fourth-largest installed capacity of renewable energy worldwide.

The strain that climate change is putting on the energy system that is now in place emphasizes how urgent it is to reduce emissions from fossil fuels. The transition from fossil fuel subsidies to renewable energy sources can lead to sustained economic growth. Moreover, dependence on foreign resources and geopolitical conflicts are frequently the outcomes of this interdependence. According to data, 90% of India's oil and 80% of its industrial coal are currently imported from foreign nations. Reducing our nation's dependency on non-renewable energy sources can significantly contribute to its increased energy independence.

December 2023: Rs. 161.09 crore, down 21.87% from December 2022.
December 2023 saw a 52.53% decrease in quarterly net profit to Rs. 10.05 crore from Rs. 21.17 crore in December 2022.
EBITDA decreased 41.36% from Rs. 30.61 crore in December 2022 to Rs. 17.95 crore in December 2023.

From Rs. 40.80 in December 2022 to Rs. 19.42 in December 2023, Bajaj Steel's EPS fell.The shares of Bajaj Steel closed at 1,380.85 on February 07, 2024 (BSE). In the past six months, the stock has returned 23.95%, and in the past twelve months, it has returned 53.15%.
 

Due in large part to increased steel exports, ArcelorMittal Nippon Steel India (AM/NS India) announced a 208% increase in earnings before interest, tax, depreciation, and amortisation (Ebitda) at $499 million for the October–December quarter. EBITDA was $162 million over the same time last year.
Ebitda decreased sequentially by 6.4% from $533 million in the prior quarter, which also saw a lesser benefit from natural gas hedges.
AM/NS In December 2023, India produced a record amount of crude steel at a run rate of 8.1 million metric tons (mt), coming very near to the 8.6 mt capacity debottlenecking goal.

The October–December quarter had 1.96 mt of crude steel output, which was 21% more than 1.62 mt during the same period last year. Steel shipments, at 1.87 mt, were 17.6% more than 1.59 mt during that same period last year.

Commenting, Aditya Mittal, chief executive officer, ArcelorMittal, said, “Despite the operating environment becoming increasingly challenging as the year progressed, our profitability per tonne is healthy and well above long-term averages. This highlights the enhanced sustainability we have built into the business, enabling us to generate healthy cash flow to invest for future growth and return attractive levels of capital to our shareholders.”

Global steel producer ArcelorMittal decreased their output of steel to 58.1 million tons in 2023, a 1.5% decrease from 2022. To 13.7 million tons, the number fell by 9.9% q/q in the fourth quarter and climbed by 3.8% when compared to the same period in 2022. The quarterly report that is posted on the business website states this.

The production of iron ore dropped to 42 million tons in year, a 7.3% fall from 2022. Production of iron ore fell 6.5% both year over year and quarter to 10 million tons in the fourth quarter.
Iron ore shipments (to Liberia and AMCC exclusively) dropped by 5.7% y/y to 26.4 million tons, while steel shipments fell by 0.5% y/y to 55.6 million tons for the year. 13.3 million tons of steel (+5.6% y/y, -2.9% q/q) and 6.1 million tons of iron ore (-11.6% y/y, -3.2% q/q) were shipped by the Group to clients during the fourth quarter.
According to GMK Center, ArcelorMittal decreased its production of steel to 59 million tons in 2022, a 14.6% decrease from 2021. The year's total steel shipments were 55.9 million tons, down 11.1% year over year. The production of iron ore reached 28 million tons, a 9.2% increase over 2021. Iron ore sales totaled 28 million tons, an increase of 7.7% year over year.

ArcelorMittal's net profit for the year was $9.302 billion, a 37.8% decline from 2021. The company's EBITDA for the previous year was $14.16 billion, a 27% decrease from 2021.
With activities in 60 countries and production assets spread across 18 nations, ArcelorMittal is a preeminent worldwide mining and steel enterprise.
 

During the meeting on February 8, 2024, the Board of Tata Steel approved the allotment of 9,97,01,239 fully paid-up ordinary equity shares of the company with a face value of Rs 1/-each to the eligible shareholders of Tata Metaliks (TML) as of the record date, which was February 6, 2024. The share exchange ratio is 79:10, meaning that 10 fully paid-up equity shares of TML with a face value of Rs 10/-each will be distributed among the 10 fully paid-up ordinary equity shares of the company, in accordance with the terms of the Scheme of Amalgamation.

Axis Trustee Services is managing the TSL-TML Fractional Share Entitlement Trust, which has been allocated 35,744 fully paid-up ordinary equity shares of the Company with a face value of Re 1 each. These shares are allocated towards the fractional entitlements of eligible TML shareholders, along with any additions or accretions thereto, in trust, for the benefit of TML shareholders, during the process of allotting shares in accordance with the Share Exchange Ratio of 79:10 as stipulated in the approved Scheme of Amalgamation.

totaling 58,13,544 fully paid-up ordinary equity shares of the company with a face value of Re 1 each. These shares were allotted to Tata Steel Limited - Unclaimed Securities - Suspense Escrow Demat Account For TSL-TML Merger, which is kept at Standard Chartered Bank, Fort Branch, Mumbai. This account represents the equity shares of eligible TML shareholders who held equity shares in physical form as of the Record Date, but whose individual demat account details were not yet provided to the company. Once the Company has access to the relevant demat account details for the concerned eligible shareholders of TML, these equity shares will be credited to them in dematerialized form.

The Visakha Ukku Parirakshana Porata Committee (VUPPC) members have made a plea to Pinarayi Vijayan, the chief minister of Kerala, asking him to back their cause and put pressure on the Center to stop the planned sale of the Visakhapatnam Steel Plant (VSP).

The leaders of the VUPPC observed in a letter addressed to the Chief Minister of Kerala that on January 27, 2021, the Cabinet Committee on Economic Affairs (CCEA) declared the strategic sale of Rashtriya Ispat Nigam Limited (RINL). For the past three years, protests against this decision have been led by all employees, contract workers, and displaced people.

A consistent supply of raw materials is necessary to reach the rated capacity of 7.3 MTPA. They claimed that the Government of India had taken deliberate action to harm the plant and make it ill ever since the announcement of the strategic sale of RINL.

They claimed that since 2019, the plant management has not acted to fill the openings or implemented the pay revision for executive and non-executive staff. The steel plant cannot be maintained effectively due to a staff shortage. Roughly 8,000 displaced people still haven't received their promised jobs. They urged the Chief Minister of Kerala to put pressure on the Center to give the Visakhapatnam Steel Plant (VSP) access to captive mines.

BIS criteria must be followed by vacuum-insulated and portable bottles in order to comply with the Quality Control Orders (QCO) for the stainless steel water bottle industry. On July 14, 2023, the Ministry of Commerce's DTIIT (Department for Promotion of Industry and Internal Trade) issued this directive.

Because they set quality standards for product manufacturing and sale in the nation, QCOs are very important to manufacturers. It is expected of manufacturers to adhere to these guidelines and obtain BIS certification. In order to support consumer safety, product dependability, and general industry standards, the QCOs work to guarantee that the products meet certain quality requirements.

One of the consequences for manufacturers is that there won't be an even playing field. Even though there are numerous well-known Indian companies, many of them have not set up production facilities in India, despite their products' market domination. The most depressing aspect of this is that materials are being dumped in India as a result of China's far reduced product prices. These imports of incredibly low-grade goods have an impact on the competition and the quality standards that India's brands strive to meet.

The upcoming decision about the extension of the Quality Control Orders (QCO) implementation puts the stainless steel water bottle industry at a critical juncture. The current problem centers on the makers of stainless steel water bottles' united resistance to the possible expansion of Quality Control Orders (QCO) for portable, vacuum-insulated stainless steel water bottles.

Currently, 9,500 people are employed in our industry. This number, which includes both direct and indirect jobs, is probably going to increase to 25,000 with the implementation of the BIS. There is also a serious problem with anti-dumping. Indian investors have a challenge when they find that products offered for 100 rupees in China are only sold for 70 rupees in India. The influx of low-quality, rejected commodities that are dumped in India below cost hinders the success of the Indian government's "Made in India" and "Atma Nirbhar Bharat" projects as well as the ability of Indian investors to expand.

On Wednesday, during the second day of the ongoing India Energy Week, state-owned Oil and Natural Gas Corporation (ONGC) and NTPC Green Energy Limited (NGEL) formally entered into a Joint Venture Agreement (JVA) with a special focus on offshore wind projects. This development comes as India emphasizes the advancement of renewable energy initiatives. Union Minister of Petroleum and Natural Gas Hardeep Singh Puri attended the function and stated that it was a critical partnership aimed at leading renewable energy initiatives in India and internationally.


In the presence of ONGC Chairman and CEO Arun Kumar Singh, NTPC Limited Chairman and Managing Director Gurdeep Singh, and NGEL CEO Mohit Bhargava, ONGC Executive Director Satish Kumar Dwivedi signed the JVA.

In line with the country's aspirational targets for a greener future, NGEL and ONGC are working together to advance sustainable energy initiatives. By combining their resources and knowledge bases, both organizations will be able to promote environmental stewardship and innovation.


It is noteworthy that ONGC had previously laid the groundwork for this collaboration by signing a Memorandum of Understanding (MoU) with NGEL in September last year. The primary focus of the MoU was to assess feasibility and establish renewable energy projects across various sectors. The Joint Venture Agreement solidifies the commitment of ONGC and NGEL to jointly navigate the complexities of renewable energy ventures, marking a significant step towards achieving India’s renewable energy goals.

 

In an effort to increase cooperation in renewable energy, India's largest power company, NTPC, and its leading oil producer, ONGC, signed a joint venture deal on Wednesday to establish offshore wind energy projects. Here, during India Energy Week, the agreement was inked.
Oil and Natural Gas Corporation (ONGC) released a statement saying, "The JVA marks a pivotal collaboration aimed at spearheading renewable energy projects both within India and on the international stage."

"Specifically, the agreement encompasses ventures in offshore wind projects while also delving into potential opportunities in storage, e-mobility, carbon credits, green credits, green hydrogen business, and its derivatives such as green ammonia and green methanol."

CEO of NTPC Green Energy Limited (NGEL) Mohit Bhargava and executive director of ONGC Satish Kumar Dwivedi inked the joint venture agreement. Arun Kumar Singh, the chairman and CEO of ONGC, and Gurdeep Singh, the chairman and managing director of NTPC Limited, witnessed the signing.

The joint venture between ONGC and NTPC will investigate initiatives related to offshore wind generation and other renewable energy sources.

An agreement was signed by ONGC and NTPC Green Energy Limited in September of last year to build renewable energy projects. In addition to investigating prospects in storage, e-mobility, nuclear power, carbon credits and green credits, green hydrogen and its derivatives (green ammonia and green methanol), and offshore wind projects, the agreement also called for collaborations on these projects.

ONGC possesses a 176 MW renewable portfolio, consisting of 23 MW of solar and 153 MW of wind power. By 2040, it wants to increase the amount of renewable energy in its portfolio by 10 gigawatts.

 

The Ministry of New and Renewable Energy (MNRE) is creating plans to incorporate green hydrogen into the energy mix in order to support a continuous supply of electricity, with the goal of encouraging the use of renewable energy sources, in particular green hydrogen.
A discussion on the use of green hydrogen in conjunction with other renewable energy sources, like solar and wind power, was presided over by Union Minister for Power and New and Renewable Energy, R K Singh, on Tuesday in New Delhi. Participants in the event included representatives from important departments, such as the Ministry of Power, NTPC, Central Electricity Commission, and Solar Energy Corporation of India.
The main topic of discussion was looking into different ways to use green hydrogen as a storage medium to meet peak demand times and continuous power needs. Furthermore, policy measures that intend to furnish governmental backing for those projects were deliberated. One of the suggested tools for policy is the Contract for Difference (CfD) approach, which aims to close the difference between market pricing and a mutually agreed-upon "strike price."

Jamshedpur, Feb. 7 (PTI)—On Wednesday, private steel giant Tata Steel said that it will collaborate with South Eastern Railway (SER) to create sustainable rail infrastructure through the use of its aggregates made of slag.
Officials from the SER and Tata Steel discussed the project's implementation, the business stated in a statement.
Anil Kumar Mishra, general manager of SER, stated during the occasion on Tuesday that using sustainable alternatives is imperative and will aid in environmental preservation.
Railway blanketing layers will be built using Tata Aggreto, a more environmentally friendly alternative to natural aggregates used in road building, and Tata Nirman, a raw material used to make fly ash bricks and cement.
The Ministry of Railways' strategy to fortify the rail infrastructure was presented to the attendees by Rajeev Shrivastava, Chief Administrative Officer (Construction), during the discussion.

In an effort to turn steel slag into environmentally friendly aggregates, Tata Steel has established an accelerated weathering facility where LD slag is processed using steam ageing.
According to the statement, using manufactured aggregates based on slag reduces the need to mine natural aggregates and does away with the need to transport aggregates over long distances, therefore aiding in the preservation of biodiversity.
 

In order to lessen its carbon footprint, the local steel industry, which is responsible for 12% of the nation's CO2 emissions, is quickly implementing scalable, forward-thinking technology. However, they are counting on help from the government and other stakeholders.

The industry emits 2.55 total carbon dioxide content (TCO2) per tonne of crude steel (tcs), compared to the global average of 1.85 TCO2/tcs. It accounts for almost 2% of the GDP.
India now produces about 164 MTPA of steel, with a goal of increasing that amount to 300 MTPA by 2030–31.

The world's top producers understand that decarbonization is a matter of survival and are adjusting their manufacturing processes to increase their energy and resource efficiency.
 

At the upcoming World Trade Organization (WTO) meeting later this month, India intends to oppose the European Union's proposed carbon tax on imports of steel, iron ore, and cement, claiming it will create a new trade barrier, according to two government sources.

Senior sources stated that India intends to press for the European Union's unilateral move to be curtailed during the WTO's Ministerial Conference (MC13), which will take place in Abu Dhabi from February 26 to 29, along with South Africa and other like-minded nations.

One of the officials, who had firsthand knowledge of WTO deliberations, told reporters on February 7 that "any unilateral measures taken to combat climate change should not constitute a means of arbitrary or unjustifiable discrimination or disguised restriction on global trade."