india power demand Archives

Here are some of the major updates that could move the markets tomorrow:

India’s industrial output grows 7.1% in April

India’s index of industrial production (IIP) grew 7.1% YoY to 135.1 in April 2022, compared to a growth of 1.9% in March. The mining sector rose by 7.8% year-on-year (YoY) to 116.0 in April, the manufacturing sector witnessed a growth of 6.3% to 132.5, and the electricity sector climbed 11.8% to 194.5.

Read more here.

Actis acquires road assets of Welspun Enterprises for Rs 6,000 crore

UK-based global investor Actis has acquired a portfolio of six operating highway toll road projects from Welspun Enterprises Ltd for an enterprise value of $775 million (~Rs 6,000 crore). The projects are located strategically across India, including in the most prominent North-South highway corridor. The portfolio benefits from a stable mix of annuity and toll cash flows.

Read more here.

Alembic Pharma gets USFDA approval for cancer treatment drug

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Dasatinib tablets. The drug is used to treat certain types of leukemia (cancer of the blood cells). As per IQVIA data, Dasatinib tablets had an estimated market size of $1,465 million for the twelve months ended December 2021.

Read more here.

Coal India to import 6 MT more coal to meet power demand

Coal India Ltd has issued two tenders to import 6 million tonnes (MT) of coal in the next 12 months to meet surging power demand in India. This follows another tender issued on Thursday to import 2.42 MT of the dry fuel for delivery in July-September. These two medium-term import tenders of 3 MT each of coal have the option of increasing the bid quantity by 100% to 12 MT.

Read more here.

Strides Pharma gets USFDA nod for Ibuprofen suspension

Strides Pharma Science Ltd has received approval from the USFDA to market Ibuprofen OTC Oral Suspension in the US markets. Ibuprofen is a nonsteroidal anti-inflammatory drug used as a painkiller in conditions like headache, dental pain, menstrual cramps, muscle aches, or arthritis. The product will be manufactured at the pharma company’s facility in Bengaluru.

Read more here.

Bajaj Auto’s arm inaugurates new EV manufacturing plant in Pune

Bajaj Auto’s wholly-owned subsidiary, Chetak Technology Ltd. (CTL), inaugurated its new EV manufacturing plant at Akurdi, Pune. CTL and its vendor partners will invest ~Rs 750 crores in this new facility. Its production capacity will be swiftly increased to manufacture 5 lakh electric two-wheelers per year.

Read more here.

India’s peak power demand all-time high of 210,793 MW

India’s electricity demand touched a record high of 210,793 megawatts (MW) on Thursday as several regions in the north faced severe heatwave conditions. The highest demand until last year was 200,570MW, recorded on July 7, 2021. This year, the government is projecting peak electricity demand to go up to 215,000 MW once monsoon sets in large parts.

Read more here.

Total passenger vehicle sales rise 185% YoY in May: SIAM

According to newly released data from the Society of Indian Automobile Manufacturers (SIAM), total passenger vehicle (PVs) sales in May 2022 rose 185% YoY to 2,51,052 units. Three-wheeler sales jumped multifold to 28,542 units in May 2022, compared to 1,262 units in May 2021. Two-wheeler sales rose over 253% YoY to 12,53,187 units.

Read more here.

Indian crude oil basket hits 10-year high

The basket of crude oil that India buys has hit a 10-year high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain unchanged. The Indian basket on June 9 touched $121.28, matching levels seen in February/March 2012. International oil prices held near a 13-week high on Thursday, supported by robust demand from key buyers like the US.

Read more here.

India’s power demand hits all-time high of 197.06 GW

The total power demand in India touched an all-time high of 197.06 gigawatts (GW) on Tuesday (July 6). Many states are witnessing high temperatures due to delayed monsoon. The easing of Covid-related restrictions has also led to a surge in power demand. Last month, the highest supply of power on a single day stood at 191.51 GW (recorded on June 30).

Read more here.

Isgec Heavy Engineering JV secures order for renewable energy project in the US

Isgec Hitachi Zosen, a joint venture (JV) between Isgec Heavy Engineering and Japan-based Hitachi Zosen Corporation, has secured an order for the supply of reactors for a renewable energy project in the United States. The scope of work includes mechanical design, material procurement, fabrication, testing, and supply of equipment. This is Isgec Hitachi Zosen’s first order for supplying such reactors to the US.

Read more here.

Tata Motors’ JLR sees hit to FY22 guidance if chip supply issues continue

Jaguar Land Rover (JLR), a subsidiary of Tata Motors Ltd, stated that the global shortage in chip supply may threaten its revenue, margin, and free cash flow guidance for the current financial year (FY22). The automaker had targeted production of up to 235,000 units in April-September, but may only manage 150,000 units as a result of the chip shortage. Due to the substantial drop in wholesale volumes during the first and second quarters, JLR may face cash outflows of £2 billion (~Rs 20,605 crore) in the first half of FY22.

Read more here.

IndusInd Bank partners with TP Central Odisha Distribution

IndusInd Bank has partnered with TP Central Odisha Distribution Ltd (TPCODL) to introduce a fully digital network for facilitating electricity bill payments across 300 semi-urban and rural regions in the state. TPCODL is a joint venture (JV) between Tata Power and the Government of Odisha. Through ‘Bharat Money Stores’, IndusInd Bank will enable nearly 30 lakh customers of TPCODL to easily pay their electricity bills at their nearest Kirana stores.

Read more here.

Jindal Steel reports 20% YoY growth in production in Q1

Jindal Steel & Power Ltd (JSPL) registered a 20% year-on-year (YoY) growth in steel production to 2.01 million tonnes (MT) for the quarter ended June (Q1 FY22). This marks a record first quarter (Q1) production and second-highest quarterly production ever. JSPL said the performance in Q1 FY22 gives the company confidence in achieving a production target of 8-8.5 MT in the current financial year (FY22).

Read more here.

Reliance Infra gets shareholders approval to raise up to Rs 551 crore via preferential allotment

Reliance Infrastructure Ltd’s shareholders have approved a proposal to raise up to Rs 550.56 crore through the issuance of shares on a preferential basis. The funds will be utilised for long-term resources, for general corporate purposes, and to fund future growth. The company will allot 8.88 crore equity shares and/or warrants convertible into an equivalent number of equity shares to promoters and VFSI Holdings Pte Ltd.

Read more here.

Dixon Technologies partners with Bharti Enterprises to make telecom gear

Dixon Technologies Ltd and Bharti Enterprises have joined hands to invest Rs 200-250 crore to start telecom equipment manufacturing. A subsidiary of Dixon Tech will form a joint venture (JV) with Bharti Enterprises to commence production of customer-provided equipment (CPE) through their manufacturing unit in Punjab. Dixon Technologies has applied for the government’s production linked incentive (PLI) scheme for telecom and network equipment manufacturing. HFCL, Tejas Networks, VVDN, and Coral Telecom are some of the other companies that have applied for the scheme.

Read more here.

Bajaj Healthcare gets DRDO license to manufacture Covid-19 drug 2-DG

Bajaj Healthcare Ltd has received approval from the Defence Research and Development Organisation (DRDO) to manufacture and market 2-Deoxy-D-Glucose (2-DG). The drug is used for the treatment of Covid-19 patients. It helps in the faster recovery of hospitalised patients and reduces the dependence on supplemental oxygen. 2-DG can be administered only upon prescription and under the supervision of a qualified physician.

Read more here.

Bank of India partners with Bajaj Allianz General Insurance

Bank of India and Bajaj Allianz General Insurance (BAGI) have entered into a corporate agency agreement. The lender will distribute BAGI’s insurance products through its vast network of 5,084 branches, 80 retail business centres, and 60 small & medium enterprises (SME) centres across India. Bajaj Allianz will offer motor insurance, travel insurance, health insurance, and home insurance to Bank of India’s customers.

Read more here.

Mahindra Group restructures farm equipment business in Turkey

Mahindra and Mahindra (M&M) Ltd has reshuffled its business in Turkey by acquiring the entire agricultural machinery business of its subsidiary— Hisarlar. Erkunt Traktor Sanayi A.S, a subsidiary of M&M, will acquire the complete agriculture machinery business from Hisarlar, including select assets, intellectual property (IP), and brand use rights. Meanwhile, Erkunt and another Mauritius-based subsidiary of M&M has sold their aggregate stake of 94.3% in Hisarlar for 6.6 million Turkish Lira (~Rs 5.7 crore). With this transaction, the Mahindra Group will exit Hiarlar’s metal fabrication business.

Read more here.

Ujjivan SFB reports 24% YoY rise in deposits in Q1

Ujjivan Small Finance Bank (SFB) reported a 24% YoY increase in total deposits to Rs 13,673 crore for the quarter ended June 30 (Q1 FY22). Deposits have increased by 4% when compared to the previous quarter. The current and savings account (CASA) deposits grew 77% YoY to Rs 2,773 crore during the same period. Ujjivan SFB’s loan book declined by 2% YoY to Rs 14,120 crore in Q1.

Read more here.