Improving energy storage and ensuring energy security will be key in ensuring global economies’ shift from fossil fuels to renewable energy sources, Union Minister of Power, and New and Renewable Energy R K Singh said Sunday. While delivering the keynote address at the first Energy Transitions Working Group Meeting of G20 nations, Singh said a […]
Category: Power
Power
Punjab: After boosting supply last year, PSPCL gears up for summer
Power Minister Harbhajan Singh said that Punjab State Power Corporation Limited (PSPCL) has successfully met the increased power demand in the state through optimum utilisation of its resources, and is gearing up to meet the surge in demand for power during the scorching summer. In a statement on the performance of the PSPCL, the minister […]
Won’t privatise power supply companies, will bring more competition: Singh
The Union government was working at amending laws to bring in more competition among electricity distribution companies (discoms) of various states in the country. Union Minister for Power, and New and Renewable Energy RK Singh said that the proposal was not to “privatise electricity supply companies. What you do is to bring in competition.” He […]
Himachal CM flags off fleet of electric vehicles
Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu on Friday flagged off a fleet of electric vehicles. With this, officials said, Himachal Pradesh state transport department has become the first in the country to completely switch to e-vehicles. Adopting the ‘Go Green’ approach, the directorate of transport has replaced the official petrol and diesel vehicles with […]
Govt breaks its silence on Adani: SBI, LIC exposure within ‘limits’
BREAKING ITS silence since the Adani Group stocks started falling after US-based Hindenburg Research last week levelled allegations of “brazen stock manipulation and fraud” against the group’s companies, the government Friday said the exposure of banks and insurers was within “permitted limits”. “Both SBI and LIC have issued detailed statements… the Chairperson, the CMD has […]
Centre reviews Adani Group financial statements: Report
The Ministry of Corporate Affairs has started a preliminary review of Adani Group‘s financial statements and other regulatory submissions made over the years, two senior government officials told Reuters on Friday. Adani Group has denied allegations by US-based short-seller Hindenburg Research of improper use of offshore tax havens and stock manipulation, saying it has “no […]
Adani stock rout: RBI allays concerns, says banking sector resilient and stable
Allaying concerns over the exposure of lenders to the embattled Adani Group, the Reserve Bank of India on Friday stated that the country’s banking system remains resilient and stable. “Various parameters relating to capital adequacy, asset quality, liquidity, provision coverage and profitability are healthy. Banks are also in compliance with the Large Exposure Framework guidelines […]
SBI’s overall exposure to Adani Group at Rs 27,000 cr, says Chairman
The country’s largest lender SBI on Friday said its overall exposure to the Adani Group is at 0.88 per cent of the book or around Rs 27,000 crore. SBI chairman Dinesh Khara said the bank does not envisage the embattled ports-to-mining group facing any challenge to service its debt obligations and stressed that SBI has […]
Moody’s says Adani stock plunge can hurt group’s ability to raise debt
Credit ratings agency Moody’s warned on Friday that the recent sell-off in Adani group’s shares after a short-seller’s report could reduce the Indian conglomerate’s ability to raise capital, while its peer Fitch saw no immediate impact on its ratings. Hindenburg Research’s scathing attack last week on the group has questioned its debt levels and use […]
PIL in SC seeks prosecution of short sellers for ‘artificial’ crashing of Adani Group’s stock value
A PIL has been filed in the Supreme Court, seeking the prosecution of short seller Nathan Anderson of US-based firm Hindenburg Research and his associates in India and the US, for allegedly exploiting innocent investors and the “artificial crashing” of the Adani Group’s stock value in the market. Hindenburg engages in activist short selling, which […]
S&P Global Ratings revises outlook on Adani Ports, Adani Electricity to negative
S&P Global Ratings on Friday revised outlook on Adani Ports and Adani Electricity to negative from stable while affirming the rating. A US short-seller report alleging significant governance issues for the Adani Group, many of which relate to disclosures and actions at the shareholder level, has triggered a sharp fall in Adani Group entities’ equity […]
Adani rout erases half of group value since Hindenburg Report
The brutal stock rout in Gautam Adani’s companies continued Friday, an indication that the billionaire needs to do more to restore confidence in his conglomerate’s financial health after accusations of fraud by Hindenburg Research. The group’s 10 stocks all fell in early Mumbai trading, with $120 billion, or more than half of their combined value, […]