BUSINESS
Government to Kick Off 10th Round of Commercial Coal Block Auctions Next Week
This means that coal extracted from these blocks can be sold directly in the open market by producers. The government began the commercial coal block auction process in June 2020. Over nine auction rounds, the Ministry of Coal has successfully auctioned 107 coal blocks, boasting a peak rated capacity of 256 million tonnes (MT). To date, 11 of these commercial coal blocks are operational. Last year, commercial blocks produced 17.5 MT of coal.
Airtel Settles Rs 7,904 Crore in Spectrum Liabilities Ahead of Schedule
As a matter of fact, in January this year Airtel paid Rs 8,325 crore to the government towards spectrum liabilities that it owed since the purchase made in 2015. In the 2015 auction, Airtel has acquired 111.6 MHz of spectrum for Rs 29,130.20 crore and according to the rules, the company had paid an upfront payment of Rs 7,832.58 crore. Before that, in July last year Airtel prepaid Rs 8,024 crore to clear the liabilities accrued on the 2015 spectrum purchase.
India-UK Trade Pact: Key Issues Await Resolution Post UK General Elections
Additional Secretary L Satya Srinivas from the Department of Commerce assured reporters that the unresolved aspects crucial for finalizing the deal would be tackled once the UK's general elections conclude on July 4.
India Achieves Record High Foreign Exchange Reserves: Reaches $655.8 Billion
The rise in foreign exchange reserves was accompanied by Commerce Ministry data showing a sharp 9% growth in the country's goods exports in May.
Moody’s Forecasts India as Asia-Pacific’s Top Economic Performer for 2024
According to Moody's, portfolio inflows into India and ASEAN economics are also likely to gather pace on the back of strong corporate credit metrics, apart from attractive valuations. In May, Moody's had estimated that the Indian economy may grow by 6.8% in the current year and 6.5% in 2025 on the back of robust economic growth-policy stability after the national elections.
CII Forecasts India's GDP Growth to Reach 8% in 2024-25
Puri stated that the agricultural sector, which was worst hit because of erratic weather conditions last year, will be making a smart comeback helped by normal monsoon forecast, which will boost rural consumption and thereby economic growth.
Tesla Shareholders Greenlight Elon Musk's $56 Billion Compensation Plan
Tesla issued a statement putting into spotlight the overwhelming votes of shareholders to ratify its CEO Performance Award in 2018 and the relocation of the electric car-maker into the Lone Star State. It further clarified that the performance-based stock option award approved by shareholders in 2018, with certain conditions, was once again reaffirmed through the company's latest shareholder meeting on Thursday.
Ambuja Cements Expands Footprint with Rs 10,422 Crore Acquisition of Penna Cement by Adani Group
Funded internally, the acquisition is anticipated to increase Adani Cement's market share by 2% nationwide and by 8% specifically in south India. Ajay Kapur, CEO and Whole Time Director of Ambuja Cement, expressed that this acquisition marks a milestone in their growth trajectory, positioning Ambuja as a leading player across India's cement industry.
April Sees India's Industrial Production Grow by 5%
By sector it has broken down in mining 6.7%, in manufacturing 3.9% and in electricity 10.2% compared to the same month of the previous year. The subsectors of manufacture whose activity increased the most during April 2024 were: 'Elaboration of basic metals' 8.1 percent; 'Manufacture of coke and refined petroleum products' 4.9 percent; and 'Manufacture of motor vehicles, trailers and semi-trailers' 11.4 percent.
Moody's Report Highlights Strong Position of Indian Financial Institutions Amid Economic Growth
The creditworthiness of India’s financial system has strengthened significantly over the last 3-4 years. Financial institutions are benefiting from record-high profitability, minimal loan defaults, and steady funding from domestic sources, supporting their stable credit ratings. Improved capitalization, driven by strong internal earnings and capital raised from buoyant debt and equity markets, has also been noted in the report.
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