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Polycab India Q2 FY25: Strong demand boosts wire & cable business growth

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Polycab India Ltd reported significant growth in its wire and cable business for Q2 FY25 (July to September). The company’s wire and cable revenue rose 23% year-on-year to Rs 46.07 billion, driven by favorable commodity prices and strong market demand. Domestically, the institutional segment surpassed distribution, and wires outperformed cables. Internationally, the business saw a 36% quarter-on-quarter increase, contributing 6.1% to Polycab’s total revenue. However, EBIT margins dropped to 12.3%, impacted by increased competition and…

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Netinium and Wirepas partner for smart metering solutions

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Netinium and Wirepas have announced a partnership to enable scalable and standardized smart metering solutions for utilities globally.  The collaboration leverages Wirepas’ non-cellular 5G RF mesh connectivity, which utilizes license-exempt spectrum, and Netinium’s next-generation multi-vendor smart meter head-end system (HES).  This partnership addresses the increasing demand for faster and more extensive data collection in smart metering, acting as a critical clearing point between energy systems and “behind-the-meter” assets. Wirepas’ decentralized mesh network, built on the…

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India’s renewable energy capacity to grow at double the rate of overall energy capacity by 2030: CRISIL

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According to a report by CRISIL, India’s renewable energy (RE) capacity, excluding large hydro projects, is expected to grow at a compound annual growth rate (CAGR) of 16.5%-17%, reaching 360-370 GW by fiscal 2030.  This growth rate is double that of the country’s overall power capacity, which is projected to grow by 7.5%-8%, increasing from 442 GW in March 2024. India’s renewable energy capacity, including large hydro projects, stood at nearly 191 GW as of…

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Servotech partners with Ensmart Power to expand EV charger business in UK

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Servotech Power Systems has announced a collaboration with UK-based Ensmart Power to expand its electric vehicle (EV) charger business in the UK and North America.  The partnership aims to leverage Servotech’s innovative EV charging solutions and Ensmart Power’s expertise in energy storage and distribution to develop a reliable and accessible EV charging infrastructure in these regions. The companies have signed a sole distribution agreement to enhance the distribution of EV chargers, focusing on supporting green…

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India to drive global energy demand by 2035, says IEA

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India is set to become the global engine for energy demand growth through 2035, according to the International Energy Agency’s (IEA) World Energy Outlook 2024.  The report highlights India’s rapid expansion, with the country adding more than 12,000 cars daily, increasing built space equivalent to South Africa, and seeing its air-conditioners consume more electricity than Mexico’s total power consumption by 2035. As the world’s third-largest oil consumer, India will increase oil demand by nearly 2…

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PFC Infra Finance IFSC receives approval to operate in GIFT City

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PFC Infra Finance IFSC Limited (PIFIL), a wholly owned subsidiary of Power Finance Corporation Limited (PFC), has been approved by the International Financial Services Centres Authority (IFSCA) to commence business as a finance company in IFSC GIFT City, Gujarat.  PIFIL will be the first finance company in the IFSC dedicated to power and infrastructure lending, providing financing in foreign currency for both government and private entities in India and abroad. The company will focus on…