The high-strength tempered 301LN grade austenitic stainless steel used enhances the safety, durability, and sustainability of the train coaches

New Delhi: Jindal Stainless has supplied high-strength tempered 301LN grade austenitic stainless steel for the Vande Bharat sleeper coaches. The prototype of these coaches was recently unveiled by the Union Minister of Railways Ahwini Vaishnaw in Bengaluru. The coaches are being manufactured by Integral Coach Factory (ICF) and BEML Limited and are designed for overnight journeys covering distances between 800 km and 1,200 km.

The tempered 301LN austenitic stainless steel offers enhanced performance, durability, and corrosion resistance, ensuring lower life-cycle costs and long-term reliability. Additionally, its superior crash and fire resistance properties contribute to enhanced passenger safety, maintaining stringent safety standards in railway transport.

The Managing Director of Jindal Stainless Abhyuday Jindal commented that the Vande Bharat sleeper train represents a new era of innovation in Indian Railways. The use of tempered stainless steel reduces the weight of each coach by approximately 2 tonnes, resulting in improved energy efficiency and a lower carbon footprint, aligning with modern sustainability goals. He also emphasized the enhanced safety and aesthetic appeal of the train, highlighting the engineering excellence of the Indian Railways.

Capable of achieving speeds up to 160 km/h, the new coaches are designed to offer a combination of mobility, comfort, and contemporary amenities. The first batch of these coaches is expected to be dispatched from BEML’s Bengaluru plant by September 20, with an official launch anticipated by December 2024.

Jindal Stainless has been a key supplier of stainless steel for Indian Railways since 1998, contributing to major projects like Vande Metro, Kolkata’s underwater metro, India’s first Regional Rapid Transit System (RRTS), and the Mumbai metro. The company is also one of the few globally capable of manufacturing special-finish stainless steel for metro and railway coach production.

Stock market Today- Tata Steel, JSW, JSPL, SAIL share price while have remained in focus looking at strong domestic demand, it is the weak China demand and prices that has added to some concerns and remains a key monitorable. Lower iron-ore prices in the interim provides some respite on margins

Stock market Today- Tata Steel, JSW Steel, Jindal Steel & Power, Steel Authority of India Ltd share prices while have remained in focus looking at strong domestic demand, it is the Steel price movement in the country that remains watched for.

Rangebound prices

The steel prices have seen impact of weak China demand, the largest consumer of commodities in the world. The weak China demand puts pressure on international stele prices, keeping check on domestic prices too.

The steel price in the country had remained range bound. During April- June quarter In 1QFY25, average domestic HRC (Hot Rolled Coil) prices remained flat sequentially at ?53,630 a tonne (down 7% YoY), as per analysts data. Primary rebar prices increased 10% sequentially but were also flat YoY, at ?56,957 a tonne.

During second half of August'2024, by 22nd August, 2024, as per Haitong Securities data, the domestic HRC price stood at Rs50,300 a ton. Rebar prices (Mumbai) was at Rs49,900 a ton.

As per Haitong Securities Domestic steel demand remains robust with positive underlying demand trends across key steel consuming sectors like real estate, infrastructure and automobile. With positives demand drivers, China led pricing trends remain a key monitorable for the Indian steel industry, they added'

Subdued Steel prices are likely to compress spreads in Q2FY25 for Steel companies, said analysts at Axis Securities. Tata Steel had guided that the NSR in India will be ?1,500 a tonne lower sequentially, in the UK it will be flat and in the Netherlands, it will be down by £60 a tonne sequentially, highlighted Axis.

As the infrastructure-led domestic demand remains robust, SAIL os looking to expand the crude steel production capacity from existing 19.10 million tonnes per annum (MTPA) to 35.65 MTPA by the year 2031.

The Steel Authority of India (SAIL) is gearing up for a transformative year in FY25, with a strategic focus on expanding capacity and securing raw material resources to solidify its position in the steel industry, the company said in its FY24 annual report. The company flagged that it will look into blending domestic coal for operations to reduce reliance on imports and protect its bottom-line from supply chain shocks.

As the infrastructure-led domestic demand remains robust, SAIL is looking to expand the crude steel production capacity from the existing 19.10 million tonnes per annum (MTPA) to 35.65 MTPA by the year 2031. "At SAIL, we are on track to excel in two focus areas: to maximise capacity utilisation and to provide the best
value to our customers in order to safeguard against the vagaries of market fluctuations," chairman Amarendu Prakash said in a note to shareholders.  The comments come as the domestic steel prices plunged over a three-year low weighed down by rising inventories and globally weak prices.

The outlook for the Indian steel market remains challenging in the short term, with continued downward pressure on prices likely, analytics firm BigMint wrote in its note published on September 2.

Prakash highlighted that business at SAIL was impacted by "several macro-economic challenges like upcoming new capacities, trade measure initiatives, inflationary pressures, supply chain disruptions, interest rate hikes by central banks, and moderating demand in China resulting in pressure on pricing and excess availability of steel products."

For FY 2023-24, SAIL's turnover stood at  Rs  1 lakh crore for the third consecutive year. With a sales turnover of Rs 1.05 lakh crore during FY’24, which was 1 percent higher than the previous year.  Amid the volatility of raw material prices, the company is now looking for "strategic interventions in securing raw materials, improving the quality of inputs, reducing business risks over the long term in resource mobilization."

Coking coal is a key raw material that is used in the manufacture of steel and any movement in its prices impacts the price of steel. Indian companies including SAIL are dependent on countries like Australia and Russia to import coking coal. Last year, SAIL flagged that the company is looking to increase coking coal purchases from Russia due to cheaper prices.

However, to reduce dependence on imports, SAIL is working towards incorporating a blended coal mix, with a higher proportion of indigenous coal. This shift aims to reduce the company's dependence on imported coking coal, ultimately helping to curb the outflow of valuable foreign currency while enhancing domestic resource utilization, according to the annual report.

It is for the first time that these vessels are being designed and constructed indigenously, with the launch of this state-of-art Pollution Control Vessel

Panaji: Defence PSU Goa Shipyard Ltd (GSL) is constructing two pollution control vessels for Indian Coast Guard (ICG).

The contract was concluded on 22 Jun 21 for Rs 583 crore. It is for the first time that these vessels are being designed and constructed indigenously, with the launch of this state-of-art Pollution Control Vessel (Samudra Pratap), ICG and GSL continue their long-standing partnership and triumphant march towards self-reliance, turning Atmanirbhar Bharat a reality.

The ship was launched and named as ‘Samudra Pratap’ by Neeta Seth, in the presence of Sanjay Seth, Raksha Rajya Mantri, Chief Guest for the occasion.

The launching ceremony was attended IG Bhisham Sharma, PTM, TM, COMCG (W), IG HK Sharma, TM, DDG (M&M) and Brajesh Kumar Upadhyaya, Chairman and Managing Director, GSL along with officials from the Ministry of Defence, ICG, Indian Navy and Goa Shipyard Ltd.

The ship has been designed and constructed in-house by Goa Shipyard Ltd to meet the specific requirements of ICG. It has a length of 114.5m, a breadth of 16.5m and would displace 4170 T. It will be manned by 14 Officers and 115 Sailors.

The keel laying ceremony for the ship was held on 21 Nov 2022. Since then, the Shipyard has made exceptional strides in achieving this milestone of launching. This advanced pollution control vessel will help coast guard in carrying out dedicated oil spill response operations in the EEZ and beyond aided by specialized equipment for containments, recovery, separation and dispersal of pollutants. Further, GSL built ICG PCV is the first indigenously designed and built hybrid sea going ship in India.

The project with indigenous content of more than 60% has ensured substantial skill development and employment generation for local industry and MSMEs engaged on production activities at various factories and within Goa Shipyard Limited thus contributing to the objectives of Nation.

The launch of Samudra Pratap is an exemplary testimony of our nation’s ship building capability and propels Goa Shipyard Limited into the league of Indian Shipyards capable of producing state-of-art pollution control vessels.

According to Mercom Capital, the country added 1.1 GW of rooftop solar capacity in January-June, up 26 percent year-on-year over 873 MW in the year-ago period

New Delhi: The country added 1.1 GW of rooftop solar capacity in January-June, up 26 percent year-on-year over 873 MW in the year-ago period, according to a report.

In the second quarter of the 2024 calendar year, 731 MW of rooftop solar systems were installed, an increase of 89 per cent from 388 MW in April-June last year, US-based research firm Mercom Capital said in report released on Thursday.

As of June 2024, India had a cumulative installed rooftop solar capacity of 11.6 GW, the 'India Rooftop Solar Market Report' said.

The industrial segment accounted for over 23 per cent of the quarterly installations, while commercial and government segments accounted for 4 per cent and 0.7 per cent of capacity additions, respectively, it said.

"The rooftop solar sector in India is finally taking off, largely due to the Prime Minister's rooftop solar initiative (PM Surya Ghar: Muft Bijli Yojana), which has sparked unprecedented consumer interest," said Raj Prabhu, CEO of Mercom Capital Group.

"We anticipate consistently higher installation rates in the residential segment moving forward. However, if issues like module availability, component shortages, and escalating costs are not resolved, it can pose a challenge," Prabhu said.

The top 10 states contributed over 78 per cent of cumulative rooftop solar installations as of June 2024. Gujarat, Maharashtra, Rajasthan, Kerala, and Karnataka remained at the forefront in terms of cumulative installed rooftop solar capacity during the quarter.

Mercom Capital specialises in providing market intelligence on energy storage, smart grid technology, and solar energy, in addition to offering advisory services on emerging markets and strategic decision-making.

New Delhi: Life Insurance Corporation of India (LIC), the country's largest insurance provider, has been hit with a substantial demand notice from tax authorities. The notice, amounting to approximately Rs 605.58 crore, is related to the short payment of Goods and Services Tax (GST) for the financial year 2019-20.

In a regulatory filing, LIC disclosed that it received the demand order from the Deputy Commissioner of State Tax, Mumbai, which covers a GST amount of Rs 294 crore, along with an interest charge of Rs 281 crore and a penalty of Rs 29 crore. The notice pertains to issues surrounding the wrong availment and short reversal of Input Tax Credit (ITC), as well as interest on late payments.

The tax authorities in Maharashtra have specifically cited discrepancies in LIC's GST payments, leading to this significant demand. However, LIC has clarified that the demand order is appealable and that the corporation plans to challenge the order before the Joint Commissioner of State Tax (Appeals) in Mumbai.

Despite the hefty sum involved, LIC assured that there would be no material impact on its financials, operations, or other business activities. The insurance giant remains confident in its position and is preparing to address the tax authority's concerns through the appropriate legal channels.

This development highlights the ongoing scrutiny of large corporations by tax authorities, especially in matters related to GST compliance. LIC's case also underscores the complexities involved in managing tax liabilities for large-scale businesses operating across multiple states with varying regulations.

IREDA has received an approval from its Board of Directors for raising funds to the tune of Rs 4,500 crore in one or more tranches

New Delhi: State-run Indian Renewable Energy Development Agency Limited (IREDA) said on Thursday that it has received an approval from its Board of Directors for raising funds to the tune of Rs 4,500 crore in one or more tranches. The PSU will raise the funds through Further Public Offer (FPO) / Qualified Institutional Placement (QIP) / Right Issue / Preferential Issue or any other permitted mode or combination, subject to the statutory or government approval.

In a regulatory filing to the stock exchanges, the PSU said, “The Board of IREDA accorded in-principle approval for raising equity capital for an amount aggregating upto Rs 4,500 Crore in one or more tranches through Further Public Offer (FPO) / Qualified Institutional Placement (QIP) / Right Issue / Preferential Issue or any other permitted mode or a combination thereof, subject to the approval from the Govt of India and other statutory/regulatory approvals. The type of issue shall be decided subsequently.”

IREDA, which comes under the Ministry of New and Renewable Energy, is engaged in providing finance to renewable energy projects. The fundraising assumes significance as India has set an ambitious target of putting in place 500 GW of renewable energy by 2030 and needs to add about 50 GW capacity per annum to achieve the goal. IREDA shares closed at Rs 254.50 apiece on BSE on Thursday after the announcement, up 0.22 percent from the closing price of Rs 253.95 a day ago.

DIPAM Secretary on Thursday said that the Government has received about Rs 5,091 crore from Indian Oil as dividend tranche

New Delhi: The Government has received about Rs 5,091 crore from Indian Oil Corp as dividend, the Department of Investment and Public Asset Management (DIPAM) said on Thursday.

The "Government has received about Rs 5,091 crore from Indian Oil Corporation Ltd (IOCL) as dividend tranche," DIPAM Secretary Tuhin Kanta Pandey said in a post on X.

During the current financial year 2024-25, so far Rs 10,604.74 crore has been obtained through dividend from the CPSEs.

This include Rs 40 crore from Electronics Corporation of India Ltd (ECIL), Rs 554 crore from Power Finance Corp, and Rs 3,443 crore from Telecommunications Consultants India Ltd (TCIL) as special dividend.

In the current fiscal, the government has budgeted to collect Rs 56,260 crore as dividend from public sector enterprises, up from Rs 50,000 crore in 2023-24 fiscal.

Separately, country's largest insurer Life Insurance Corporation (LIC) has paid a dividend of Rs 3,662.17 crore for FY2023-24.

"Smt @nsitharaman receives a dividend cheque of Rs 3,662.17 crore for FY 2023-24 from Shri Siddhartha Mohanty, MD & CEO - @LICIndiaForever," Finance Minister Nirmala Sitharaman's Office said in a post on X.

This amount is in addition to the interim dividend of Rs 2,441.45 crore paid by LIC earlier in March 2024.

The Ministry of Coal has identified 38 priority rail projects under the coal logistics plan that will be fast-tracked in close coordination with the Ministry of Railways

New Delhi: The Ministry of Coal has identified 38 priority rail projects under the coal logistics plan that will be fast-tracked in close coordination with the Ministry of Railways. “These projects are essential for improving rail connectivity, ensuring timely coal supply, and reducing logistics costs, thereby enhancing the overall efficiency of coal transportation across the country,” said the Ministry of Coal in a statement on Thursday.

The Coal Ministry has recently unveiled a strategic plan focusing on the development of critical logistics projects to develop a robust coal evacuation network across the country. “A robust coal evacuation network is critical for bolstering India’s energy security, ensuring a consistent and reliable supply of coal to meet the growing demands of the country’s power plants and industries,” said the ministry.

“In its relentless pursuit to transform India’s coal sector, the union government is spearheading a comprehensive strategy aimed at fast-tracking infrastructure development and fostering collaboration among key stakeholders. This initiative is a cornerstone in the Ministry’s vision to position India as a global leader in sustainable coal production and logistics, aligning with the broader goal of a prosperous and developed nation by 2047,” it added.

Among these priority projects, the government has recently approved two significant rail projects in Odisha: The Sardega-Bhalumuda double line and the Bargarh Road-Nawapara Road single line.

Two important rail projects for coal evacuation approved

The 37.24 km-long Sardega-Bhalumuda new double line, passing through various coal blocks of the IB Valley and Mand-Raigarh Coalfield, will facilitate the evacuation of coal from mines operated by Mahanadi Coalfields Limited (MCL) and several private mines. This project is particularly strategic as it reduces the transportation distance to power plants in Northern India from Sardega, thereby enhancing efficiency.

Similarly, the 138.32-km-long Bargarh Road-Nawapara Road new single line will significantly improve coal evacuation from the Talcher Coalfield, providing a direct and shorter route towards Nagpur and the western regions. This project is expected to substantially reduce logistics costs and improve the overall efficiency of coal transportation from the Talcher region.

“The Ministry of Coal, under the visionary guidance of Coal Minister remains committed to fast-tracking these and other critical projects, ensuring that India’s coal sector not only meets the current energy demands but also set the foundation for a sustainable and developed nation by 2047,” said the statement.

New Delhi: ReNew announced on Tuesday the signing of a clean power sale contract with Microsoft, involving the supply of 437.6 megawatts (MW) of renewable energy. This landmark agreement is set to significantly contribute to Microsoft's ambitious goal of becoming carbon negative by 2030.

According to a statement released by ReNew, the contract is expected to generate over one million units of green electricity attributes annually. These attributes will play a crucial role in advancing Microsoft's sustainability objectives, particularly in reducing its carbon footprint.

ReNew also revealed plans to allocate approximately USD 15 million of the revenue generated from this contract to a community fund dedicated to supporting environmental initiatives. This initiative will be executed in collaboration with the ReNew Foundation, the philanthropic wing of ReNew, which focuses on creating sustainable communities through climate action. The foundation’s efforts, which emphasize the empowerment of women and youth, are in alignment with Microsoft's Environmental Justice priorities.

Puneet Chandok, President of Microsoft India & South Asia, commented on the partnership, stating, "This agreement with ReNew accelerates our progress towards these goals while benefiting local communities through initiatives such as rural electrification and efforts to improve women's livelihoods."

Sumant Sinha, Founder-Chairman and Chief Executive Officer of ReNew, also highlighted the broader impact of the agreement, noting, "This agreement will help us fulfill our commitment to the communities we operate in and address some of the socio-economic aspects related to climate change."

This collaboration marks a significant step forward for both companies, as they continue to lead the charge in sustainable development and climate action. ReNew's focus on community-centric initiatives, coupled with Microsoft's dedication to environmental justice, exemplifies how corporate partnerships can drive meaningful change at both local and global levels.

New Delhi: JSW Energy announced on Tuesday that its subsidiary, JSW Neo Energy, has received a Letter of Award (LoA) from the Maharashtra State Electricity Distribution Company (MSEDCL) for the development of a wind-solar hybrid power project.

This 200 MW wind-solar hybrid power project was awarded to JSW Neo Energy following a competitive tariff-based bidding process, according to a statement from JSW Energy. The successful bid reinforces the company's commitment to expanding its renewable energy portfolio.

As a result of this latest capacity addition, JSW Neo Energy’s total locked-in generation capacity has now increased to 17.2 GW. This capacity includes a total locked-in hybrid capacity of 2.9 GW, which encompasses Firm Dispatchable Renewable Energy (FDRE) systems.

JSW Energy's overall locked-in generation capacity of 17.2 GW is composed of 7.5 GW of operational capacity, 2.3 GW currently under construction across wind, thermal, and hydro sectors, and a renewable energy pipeline of 7.3 GW, with Power Purchase Agreements (PPAs) already signed for 2.3 GW.

The company is on track to achieve an installed generation capacity of 10 GW by FY25, a significant increase from its current 7.5 GW. Additionally, JSW Energy has secured 4.2 GWh of energy storage capacity through battery energy storage systems and hydro-pumped storage projects.

Looking ahead, JSW Energy aims to reach a generation capacity of 20 GW and expand its energy storage capacity to 40 GWh by 2030. These targets align with the company's ambitious goal of achieving carbon neutrality by 2050.

New Delhi: Air India announced on Tuesday the enhancement of its customer support services by incorporating seven additional languages into its Interactive Voice Response (IVR) system. The newly added languages include Marathi, Punjabi, Tamil, Telugu, Kannada, Bengali, and Malayalam, alongside the existing English and Hindi options.

The upgraded IVR system will now automatically detect the customer’s language preference based on the user's mobile network. This automated feature eliminates the need for manual language selection, significantly reducing response times, the airline stated.

Air India has also recently established five new contact centres that offer 24/7 assistance to customers worldwide. These centres feature dedicated desks catering to premium and frequent flyers, ensuring personalized service.

Furthermore, special assistance in Indian languages will be available to Air India customers every day from 8:00 AM to 11:00 PM, enhancing the overall customer experience.

New Delhi: The country’s coal production surged by 7.12 percent to 370.67 million tonnes from April to August 25, an official statement announced on Tuesday.

Coal production stood at 346.02 MT during the same period last year.

“The Ministry of Coal has achieved a significant upswing in overall coal production up to 25th August 2024. The cumulative coal production for FY 2024-25, as of August 25, 2024, has substantially increased to 370.67 MT, compared to 346.02 MT during the corresponding period in FY 2023-24,” the statement noted.

Overall coal dispatch reached 397.06 MT as of August 25, 2024, reflecting a year-on-year growth of 5.48 percent.

Coal dispatch to the power sector rose to 325.97 MT from 313.44 MT in the year-ago period, ensuring a steady supply of coal to meet the energy needs of the power sector.

The overall coal stock position, including pitheads at mines, thermal power plants, and in transit, increased to 121.57 MT as of August 25, 2024. This marks a substantial rise of 36.2 percent compared to the stock of 89.28 MT in the same period last year.

“This higher coal stock position underscores the Ministry of Coal’s commitment to maintaining an ample supply of coal. The continuous growth in production, dispatch, and stock levels highlights the ministry’s efforts to ensure a reliable energy supply while supporting the nation’s energy security goals,” the statement added.

Coal India's contribution to the government's exchequer rose 2.06 per cent to Rs 20,071.96 crore in the April-July period of the ongoing fiscal year

New Delhi: State-owned Coal India Limited's (CIL) contribution to the government's exchequer rose 2.06 per cent to Rs 20,071.96 crore in the April-July period of the ongoing fiscal year.

Coal India Ltd (CIL), which accounts for over 80 per cent of domestic coal output, paid Rs 19,666.04 crore to the government exchequer in the year-ago period, according to provisional figures of the coal ministry.

Total levies paid to the government in July went up to Rs 4,992.48 crore from Rs 4,789.42 crore paid a year earlier.

The amount paid to the Centre and state governments include royalties, GST, cess on coal, and other levies. Coal production generates substantial revenue for both central and state governments.

Of the total amount paid to the government exchequer in the first four months of FY24, maximum amount of Rs 4,417.12 crore was made to the state government of Jharkhand, followed by Rs 4,319.67 crore to the Odisha government, Rs 3,950.41 crore to Chhattisgarh, Rs 3,526.27 crore to Madhya Pradesh, and Rs 2,086.35 crore to Maharashtra, among others.

State governments are entitled to receiving 14 per cent of royalty on the sale price of coal and 30 percent of the royalty as contribution towards the proposed district mineral foundations (DMFs), which are meant to support people affected by various projects, and two per cent of NMET from dry-fuel produced by the coal companies and also the private sector.

In case of captive, commercial mines, states are also entitled to receiving the revenue share offered by the auction holder in a transparent bidding process.

Apart from this, state governments also benefit from increased employment, land compensation, increased investment in allied infrastructure like railways, road and several other economic benefits.

Coal India is aiming to produce 838 MT of coal in the ongoing financial year.

According to MRPL, this facility will enhance the availability and distribution of petroleum products like petrol, diesel, and aviation turbine fuel, catering to the region's growing energy demands

New Delhi: In a significant boost to the energy infrastructure of Karnataka and adjoining states, State-owned Refiner Mangalore Refinery and Petrochemicals Limited (MRPL) on Tuesday announced the commissioning of its new, state-of-the-art Marketing Terminal in Bangalore. The facility aims to enhance the availability and distribution of Petroleum products like petrol, diesel, and aviation turbine fuel, catering to the region's growing energy demands.

The newly operational terminal is strategically located at Devangonthi in the eastern part of Bangalore. Equipped with the latest technology and adhering to the highest safety and environmental standards, this project is expected to be a shot in the arm for MRPL to meet its ambitious target of selling 1 Million Metric Tons of Fuel through the Retail path through its popular brand "MRPL HiQ Auto fuels". This terminal will also ensure cost-effective placement of ATF near the major airports, including Bengaluru.

Speaking on the occasion, MRPL's Managing Director Mundkur Shyamprasad Kamath expressed optimism about the terminal's impact. "This new terminal in Bangalore is a critical investment in our mission to provide reliable, high-quality fuel to meet the needs of a growing customer base. It underscores our commitment to ensuring energy security while supporting the region's economic development. We aspire to leverage this terminal to maximize revenue and value for the organization by expanding our retail network and aviation business in this rapidly developing region."