Top Indian Metal & Energy Industry News & Updates - 04 May 2024,Saturday
Govt. Policy / Industry
Vedanta to invest $20 billion in four years in India: Anil Agarwal
Banking on the country’s growth potential, Vedanta Group is planning to invest $20 billion in India in the next four years, said chairman Anil Agarwal. The investments will happen mostly in the technology, electronics, semiconductors and glass segments, he added.
📝 India eyes 5 million tonnes of green hydrogen by 2030 with new technologies
📝 Tata Steel SEZ, Hygenco Sign MoU To Bolster India’s Green Fuel Sector
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Gold / Silver & Bullion
Titan Q4 results: Net profit up 7% on year; announces dividend of Rs 11/share
Titan, a Tata Group company, announced its net profit for Q4 FY24 standing at Rs 786 crore, an increase of 7% year-on-year, compared to Rs 734 crore it reported in the previous year of the same quarter.
📝 Indian diamond jewellery market to grow to US$ 17 bn by 2031
📝 Yellow metal opens at Rs 70,634 per 10 grams; Silver at 81,319/kg
📝 Gold production from Indian mines surges by 86 pc in Feb, copper output up 29 pc
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Other Metals
Tin prices may rule higher this year on concerns over supplies
Chennai: Tin prices will likely rule at elevated levels this year on increasing worries over supplies after having come off two-year highs a fortnight ago, say analysts.
📝 Mineral production registers record 7.5% growth for FY24
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Oil & Gas / OMCs
India's fossil fuel capacity grows 2.44% in FY24; non fossil-fuel rises 11%: Govt data
New Delhi: The country's fossil fuel-based power generation capacity increased 2.44% to 243.22 GW in FY24 from 237.27 GW in March 2023, according to official figures. There was a 10.79% rise in non-fossil fuel based capacity (renewable energy sources) addition at 190.57 gigawatt (GW) in 2023-24 over 172.01 GW in 2022-23, the government data showed.
Slipping profits in Q4FY24 due to inventory loss, says Indian Oil
'It is to be noted that the decrease in net profits is majorly due to inventory losses in Q4 versus inventory gains in Q3,' IOCL said on Friday.
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Coal / Mining
India's mineral production rises 8% in February
Mining sector expands by 7.5% in FY24, iron ore production up 7.4%
📝 Mining output growth hit 19-month low of 1.2% in signal for March IIP
📝 Coal India net profit rises 26% on higher supplies
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Renewable Energy
Suzlon to merge arm with itself, transfer project business
Suzlon Energy’s board has approved the merger of Suzlon Global Services, a wholly-owned subsidiary with itself.
Inox Wind posts net profit of ₹38 crore in Q4 FY24
For IWL, which offers end-to-end wind power solutions, this is the second consecutive quarter the company has reported a net profit. IWL’s consolidated revenue rose multi-fold to ₹563 crore during the January-March quarter in FY24.
India’s renewable energy sector achieves nearly 95% of FY24 bidding target
Chennai: The Central Government narrowly missed its target of 50 GW for annual renewable energy tendering in 2023-24. A year ago, India’s government announced plans to seek bids for 50 GW of renewable energy capacity each year for five years, from FY24 to FY28. These bids, for Inter-State Transmission (ISIS)-connected renewable energy capacity, also include establishing at least 10 GW of wind power annually.
📝 NIIF-owned Ayana Renewable Power gets high five from bidders
📝 AGEL is India's first and fastest renewable energy player to achieve 10.9 gigawatts operating capacity, says Executive Director Sagar Adani
📝 Renewable energy accounted for 71 per cent of India's new power generation in FY 24
📝 Adani Green Q4 net declines 39% due to rising expenses
📝 Adani Green secures $400 million from international banks for 750 MW solar projects
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International
📝 Canadian miner Hudbay sees BHP's bid for Anglo boosting copper assets
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Economy
Rupee to rise on Asia rally heading into US jobs report
The Korean won climbed 0.8% and the Indonesian rupiah advanced 0.6%, leading Asia higher.
📝 Rupee rises 3 paise to end at 83.43 against U.S. dollar
📝 Sensex tumbles 700 points amid broad-based selloff; Nifty slips from record
📝 India, Nigeria to increase cooperation in energy, UPI, local currency settlement to enhance economic ties
📝 India's forex reserves decline by $2.41 bn to $637.92 bn as of April 26
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