The Punjab Cabinet Friday approved its new industrial and electric vehicle policies, the move coming three weeks ahead of an investors’ summit planned by the state government on February 23-24 in Mohali. The policies were approved in a meeting pf the Council of Ministers chaired by Chief Minister Bhagwant Mann. The new Industrial and Business […]
Category: Power
Power
Electricity theft: 75-year-old handed 3-year jail term by Delhi court, fined Rs 17 lakh
Observing that society as a whole is a victim in cases of electricity thefts, a Delhi court has recently sentenced a 75-year-old man to three years of rigorous imprisonment after he was convicted of powering his house by illegally tapping electricity. The convict, Harbhajan Singh, a resident of west Delhi’s Vishnu Garden area was accused […]
Adani stocks plunge further post Rs 20,000-crore FPO call-off
Shares of Adani Group companies continued to remain under pressure on Wednesday. The additional decline came after the Adani Group announced late Wednesday evening that it had decided to call off the Rs 20,000 crore FPO of Adani Enterprises Ltd (AEL) and said that it would refund the money to the investors. While shares of […]
RBI seeks details from banks on exposure to Adani firms
AS the market continued to hammer its stocks with the flagship Adani Enterprises dipping another 26.50% and over $100 billion shaved off the group’s total market cap, the Reserve Bank of India (RBI) has sought details from banks about their exposure to the group. This comes amid the sustained fall in the shares of group […]
Adani Group shares nosedive again, day after scrapping of FPO
The shares of Adani Group of companies continued to plunge on Wednesday, a day after it announced scrapping of the Rs 20,000 crore FPO of Adani Enterprises and said that it would refund the money to the investors. While shares of Adani Enterprises were down 8 per cent, the shares of Adani Transmission, Adani Green […]
Hindenburg bet against India’s Adani puzzles rival U.S. short sellers
When Hindenburg Research revealed a short position in Adani Group last week, some U.S. investors said they were intrigued about the actual mechanics of its trade, because Indian securities rules make it hard for foreigners to bet against companies there. Hindenburg’s bet has been lucrative so far. Its allegations, which the Indian conglomerate has denied, […]
Opposition demands JPC or CJI-designated committee probe into Adani Group
Congress president Mallikarjun Kharge Thursday demanded an investigation into forced investments made by the Life Insurance Corporation, State Bank of India and other public institutions in the Adani Group. Addressing a press conference outside Parliament, Kharge sought a probe either by a Joint Parliamentary Committee or a team constituted by the Chief Justice of India […]
Bangladesh wants revision of power purchase deal with Adani
Bangladesh has sought revision of a 2017 power purchase agreement with Adani Power Ltd as the price for the coal-generated electricity appeared too expensive, officials said in Dhaka on Thursday. “We have communicated with the Indian company seeking revision of the agreement,” an official of the state-run Bangladesh Power Development Board (BPDC) told PTI on […]
Minister: 2,150 MW capacity renewable energy projects installed in Punjab
Punjab New and Renewable Energy Sources Minister Aman Arora on Thursday felicitated government and private sector entities with state energy conservation awards at Confederation of Indian Industry (CII) northern region headquarters here. Addressing the gathering during the Energy Conservation Day and award function organised by Punjab Energy Development Agency (PEDA), Arora said that “CM Bhagwant […]
Punjab would plunge into darkness if CM doesn’t listen to PSPCL engg: Bajwa
Leader of opposition in Punjab Assembly Partap Singh Bajwa on Thursday warned CM Bhagwant Mann-led government that “if it failed to listen to the engineers’ association of the Punjab State Power Corporation Limited (PSPCL), the state would plunge into darkness.” Bajwa, while referring to various media reports, said, “Engineers’ association categorically said the current financial […]
EV sector welcomes move to make vehicles affordable for the masses
UNION FINANCE Minister Nirmala Sitharaman’s announcement on electric vehicles during the budget has drawn praise from the industry. Sulajja Firodia Motwani, Founder and CEO, Kinetic Green said, “We are glad that the government acknowledged EV industry’s appeal and has removed the customs duty on capital goods imported for the manufacturing of Lithium-ion batteries, which will […]
Govt refuses to comment on Adani Group crisis
The government on Wednesday refused to comment on the fraud allegations levelled by a US short seller on Adani Group, which triggered a massive USD 90-billion rout in the group firms’ shares, saying it does not comment on individual company matters. “We in government don’t respond to issues related to a particular company,” Economic Affairs […]