(ET) Petroleum and Natural Gas Minister Dharmendra Pradhan on Thursday held a discussion through video conference with Organisation of the Petroleum Exporting Countries (OPEC) Secretary-General Mohammed Barkindo, where they discussed on recent developments including global energy markets amid the COVID-19 crisis. “The discussions between Pradhan and Barkhino focused on current developments in global energy markets and crude oil price trends in the midst of COVID-19-induced challenges and in the run-up to the OPEC meetings later this month,” read an statement by the Ministry of Petroleum and Natural Gas. Pradhan highlighted the need for producing and consuming countries to take responsible steps in the coming days…
Author: Aruna Sharma
(PTI) Adani Power board will consider a proposal to delist its entire equity shares from the BSE and NSE in its meeting scheduled on Wednesday. “…meeting of board of directors of Adani Power Ltd to be held on June 03, 2020 to consider the proposal for voluntary delisting of the equity shares of the company received from Adani Properties Private Ltd and related matters incidental thereto,” the company said in a regulatory filing. The company has received letter on May 29. 2020 (the “Delisting Proposal Letter”) from Adani Properties Private Ltd (APPL), a member of the promoter and promoter group of…
(HT) Prime Minister Narendra Modi will chair a meeting of the Union cabinet on Monday as the country entered the first day of the Centre’s three-phased unlocking plan throughout the country. This will also be the first meeting of the Union cabinet after the central government entered into its second year in office. During the meeting, several important decisions are expected to be announced, according to officials.There were 8,392 new cases of the coronavirus disease (Covid-19) and 230 deaths in the last 24 hours pushing India’s tally to 190,535 on Monday. India has reported a daily rise of more than 8,000 Covid-19 cases for…
(LiveMint) Indian Railways has started running a pair of 100 trains from Monday, after a gap of over two months due to coronavirus lockdown across India. Mahanagari Express, the first train among 200 special trains to start today, departed from Mumbai’s Chhatrapati Shivaji Maharaj Terminus for Varanasi in Uttar Pradesh. States such as Maharashtra have had their reservations regarding the opening of passenger trains, but last minute arrangements were made to run the special trains from their respective source stations. These special trains are in addition to already operational 30 Rajdhani type trains, and Shramik trains, which are being used…
(ET) Power Finance Corp (PFC) and REC Ltd have decided to offer 10-year loans to state distribution utilities at 9.5 per cent for the next 60 days under the ₹90,000 crore liquidity infusion package as the Union cabinet is likely to consider relaxing working capital borrowing limits of power distribution companies this week. A senior government official said that PFC and REC have fixed interest rates under the liquidity package at 8.75 per cent for three-year loans, 9 per cent for five year loans, 9.25 per cent for seven years and 9.5 per cent for 10-year term loans. The interest rates will be valid for…
(LiveMint) After three months of consecutive rate cuts, the price of liquified petroleum gas (LPG) cylinders was increased today. “For the month of June, 2020, there has been an increase in international prices of LPG. Due to increase in the prices in international market, the RSP (retail selling price) of LPG in Delhi market will be increased by ₹11.50 per cylinder,” Indian Oil said in a statement. Based on the international benchmark rate of LPG and the exchange rate of US dollar and rupee, LPG cylinder rates are revised at the beginning of each month. Ever since August 2019, LPG prices were on…
(TH) Tata Power has enhanced its renewable portfolio by 7% to 3,883 mega watts (MW) and plans to add 700 MW in the near future to take the capacity to 4,600 MW. More than a third of Tata Power’s portfolio comes from clean energy. Of the 3,383 MW, 932 MW comes from wind and 1,705 MW comes from solar alone. “The company’s renewable energy portfolio stands at 3,883 MW, a 7% increase from the corresponding quarter last year,” said a company statement. “We, at Tata Power, have constantly strived to proliferate the company’s renewable energy portfolio with each passing year. We successfully…
(PTI) Adani Power said Madhya Pradesh Electricity Regulatory Commission has approved setting up of a 1,320 MW thermal power plant in Madhya Pradesh. The commission has also approved sale of entire electricity from the plant to the state through Adani Power arm Pench Thermal Energy. Pench Thermal Energy has signed a power purchase agreement with MP Power Management Company Ltd (MPPMCL) for procurement of 1,320 MW of electricity on long-term basis. The power would be supplied from the new power station of 1,320 MW capacity to be set up with super critical technology on design, build, finance, own and operate (DBFOO) basis by sourcing fuel from the allocated coal linkage under the SHAKTI policy. The…
(ET) The Reserve Bank of India (RBI) has announced that 7.75 per cent Savings (Taxable) bonds, 2018 will not be available for investment from Friday i.e. May 29, 2020. In its press release, the central bank said, “The Government of India (GoI), vide Notification F.No.4(28)-(W&M)/2017 dated May 27, 2020, hereby announces that 7.75% Savings (Taxable) Bonds, 2018 shall cease for subscription with effect from the close of banking business on Thursday, the 28thof May 2020.” Therefore, you can invest in the RBI 7.75% bonds only today till the end of banking business hours. These bonds are attractive as they are currently…
(PTI) State-owned power giant NTPC has decided to foray in electricity distribution business by evincing interest to buy 51 per stake in Anil Dhirubhai Ambani Group’s (ADAG) two utilities in Delhi. The ADAG has two discoms namely BSES Rajdhani Power Ltd (BRPL) and BSES Yamuna Power Ltd (BYPL). This assumes significance because NTPC is primarily power generation company. In a letter written to Delhi Electricity Regulatory Commission (DERC) on May 26, 2020, the power giant said, “NTPC has decided to foray into power distribution sector and keen on acquiring the distribution assets (BRPL and BYPL)”. “We have learnt from media reports that ADAG wants to divest its 51 per cent stake in BRPL and BYPL.” The company…