Day: August 1, 2024

Solartive Techno Industries Private Limited, a manufacturer of solar pumps and an Engineering, Procurement, and Construction (EPC) contractor, has entered the power transmission and distribution (T&D) sector by securing a contract worth over Rs 2.3 billion from Jharkhand Bijli Vitaran Nigam Limited (JBVNL). The project involves electrifying 60,000 rural households in Chatra and Palamu under the Mukhyamantri Ujjawal Jharkhand Yojana, with completion set for two years. Survey work begins in August 2024, with execution starting…

Adani Power has reported a 55 per cent year-on-year decline in net profit, amounting to Rs 39 billion, compared to Rs 87.59 billion in the same period last year. Despite the profit drop, the company’s revenue increased by 36 per cent year-on-year, reaching Rs 147.17 billion from Rs 110.05 billion in the corresponding quarter of the previous year. Power demand across India continues to grow strongly, with aggregate demand rising by 10.6 per cent year-on-year…

Power Grid Corporation of India Limited (PGCIL) has emerged as the lowest bidder (L1) for the Transmission system for evacuation of power from Renewable Energy Zones (REZ) in Rajasthan (20 GW) under Phase-III Part I. REC Power Development & Consultancy Limited (RECPDCL), its bid process coordinator, will transfer the special purpose vehicle (SPV) Rajasthan Part I Power Transmission Limited to PGCIL upon completion of formalities. The project is estimated at Rs 127 billion and will…

Department of Atomic Energy (DAE) has highlighted India’s commitment to expanding its nuclear capabilities, noting that 9 nuclear power reactors with a total capacity of 7,300 MW are under construction, with plans for twelve more reactors underway. A greenfield facility of the Nuclear Fuel Complex (NFC) is being established at Rawatbhata, Kota, Rajasthan. This facility, including the PHWR Fuel Fabrication Facility (PFFF) and Zircaloy Fabrication Facility (ZFF), aims to produce 500 tons per year of…

Wardwizard Innovations & Mobility Limited reported its financial performance for Q1 FY25, ending in June 2024. The company’s revenue increased to Rs 489.68 million, a 29.23 per cent year-on-year growth. Standalone total revenues rose from Rs 378.93 million in the same quarter of the previous year, while EBITDA jumped 60.13 per cent to Rs 76.48 million, with an EBITDA margin of 15.62 per cent, up by 302 basis points. The profit after tax (PAT) was…

The Cabinet of Maharashtra has approved seven major industrial projects worth over Rs 810 billion, for sectors including lithium batteries, electric vehicles, and semiconductors. Key projects include JSW Energy PS Eleven Ltd’s Rs 250 billion lithium battery plant in Nagpur and JSW Green Mobility Ltd’s Rs 272 billion electric and hybrid car manufacturing facility in Chhatrapati Sambhajinagar. Additionally, an integrated semiconductor project costing Rs 120 billion will be established in Taloja. The approved projects will…

Premier Energies Limited, along with three other companies, has received approval from the Securities and Exchange Board of India (Sebi) to raise funds through Initial Public Offerings (IPOs), according to a recent update from the markets regulator. Premier Energies, a prominent solar cell company, plans to raise Rs 15 billion through its IPO. This offering includes a fresh issue of equity shares worth Rs 11.68 billion and an Offer For Sale (OFS) of up to…

The European Union’s (EU’s) suggestion that India impose a local carbon tax to avoid the EU’s Carbon Border Adjustment Mechanism (CBAM) will not significantly benefit Indian exporters, according to the Global Trade Research Initiative (GTRI). Even with a local tax, Indian firms would still owe the EU USD 51.3 per tonne of CO2 under CBAM, starting January 2026. While the global average carbon price is around USD 6 per tonne of CO2, India’s potential carbon…

Sunsure Energy has commenced supplying 10.5 million units of renewable energy to two private entities in Uttar Pradesh, offsetting 7,500 metric tonnes of carbon dioxide emissions annually. Sunsure Energy currently offers renewable energy solutions to over 70 industrial companies across 16 states in India, with 120 MW of operational capacity in Uttar Pradesh.

The Government of Delhi has flagged off 320 electric buses, increasing the city’s e-bus fleet to 1,970. Delhi now has the highest number of electric buses in India and is third globally. The Delhi Transport Corporation (DTC) fleet includes 7,683 buses, with 1,970 being electric and the rest CNG. The new e-buses, stationed at Sukhdev Vihar, Kalkaji, and Naraina depots, help achieve the goal of having 25 per cent of electric buses in the fleet….