&w=3840&q=100)
Cabinet approves ₹7,000 crore NLCIL investment in renewables push
This includes a waiver from seeking prior approvals for investments made through its subsidiaries or joint ventures, as well as an exemption from the 30 per cent net worth cap set by the Department of Public Enterprises, the Ministry of Coal said in a statement. The relaxed norms are expected to give NLCIL greater operational and financial flexibility to scale up its renewable energy portfolio.
NLCIL has laid out plans to scale its renewable capacity to over 10 gigawatts (GW) by 2030 and 32 GW by 2047. The move comes as part of India's larger decarbonisation push, which includes a target of building 500 GW of non-fossil fuel capacity by 2030 and a long-term commitment to achieve Net Zero emissions by 2070.
The company currently operates seven renewable projects with a combined capacity of 2 GW. These assets will now be transferred to NIRL, which is set to become NLCIL's central platform for clean energy expansion. The subsidiary is expected to actively participate in competitive bidding for new renewable projects.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
25 minutes ago
- Business Standard
IOB Q1 net up 76% at ₹1,111 cr, eyes QIP for ₹4,000 cr equity in Q3FY26
Chennai-based Indian Overseas Bank (IOB) has posted a 75.57 per cent Year on Year (YoY) increase in net profit to Rs 1,111 crore for the first quarter ended June 2025 (Q1FY26), driven by steady interest income and the sale of priority sector lending certificates (PSLCs). The lender is planning to raise up to Rs 4,000 crore through a Qualified Institutional Placement (QIP) in the third quarter of the current financial year to dilute government shareholding. Net Interest Income (NII) rose by 12.5 per cent YoY to Rs 2,746 crore, while the net interest margin (NIM) moderated to 3.04 per cent in the reporting quarter from 3.06 per cent in Q1FY25. Non-interest income rose by 43.37 per cent YoY to Rs 1,481 crore in Q1FY26. Ajay Kumar Srivastava, Managing Director and Chief Executive, IOB, said, 'Besides steady growth in Net Interest Income (NII), control on expenses and the sale of PSLCs helped in improving profit after tax.' NIM may take a hit of 5-10 basis points in the near term due to the immediate impact of lending rate cuts following the policy repo rate reduction by the RBI. The deposit rate cut by the lender will impact margins with a lag. NIM is expected to return to a level of 3.25 per cent by Q4FY26, Srivastava said in a post-earnings media interaction. Advances grew by 14.05 per cent YoY to Rs 2.62 trillion. The state-owned bank is focusing on retail, agriculture, and MSME segments, while demand from the corporate segment remains subdued. The bank expects credit to grow by 12-13 per cent YoY in the current financial year, Srivastava added. Total deposits increased by 10.75 per cent YoY to Rs 3.3 trillion. The share of low-cost deposits—current account and savings account (CASA)—stood at 43.78 per cent at the end of June 2025, up from 42.17 per cent a year ago. The lender has guided for 10 per cent growth in overall deposits in FY26. The bank has board approval to raise up to Rs 10,000 crore through infrastructure bonds, which are exempt from meeting the Cash Reserve Ratio and Statutory Ratios. The bank's asset quality improved, with gross NPAs declining to 1.97 per cent in June 2025 from 2.89 per cent in June 2024. Net NPAs also declined from 0.32 per cent in June 2024 to 0.51 per cent in June 2025. The bank's capital adequacy stood at 18.28 per cent, with Common Equity Tier-1 capital at 15.78 per cent at the end of June 2025. IOB plans to raise up to Rs 4,000 crore in equity capital through a QIP in the third quarter, depending on market conditions. This QIP is expected to reduce government holding from 94 per cent to 90 per cent, Srivastava said.
&w=3840&q=100)
Business Standard
25 minutes ago
- Business Standard
JSW Steel Q1FY26 results: Consolidated net profit jumps 158% to ₹2,184 cr
JSW Steel on Friday reported a 158 per cent year-on-year (YoY) jump in consolidated net profit (attributable to owners of the company) to Rs 2,184 crore for the June quarter of 2025-26 (Q1FY26), driven by higher volumes and lower coking coal costs, a key raw material. In the year-ago period, the company's net profit had stood at Rs 845 crore. The net profit exceeded the Bloomberg consensus estimate of Rs 2,095 crore. JSW Steel's total revenues on a consolidated basis for Q1FY26 were Rs 43,147 crore, 0.5 per cent higher than Rs 42,943 crore a year ago. The Bloomberg estimate for revenue was Rs 43,004 crore. Sequentially, revenue was down 3.7 per cent due to planned maintenance shutdowns, while net profit was up 45.3 per cent. Capacity utilisation at the Indian operations was 87 per cent during the quarter, compared to 93 per cent in Q4FY25. Steel sales for the quarter stood at 6.69 mt, higher by 9 per cent YoY, driven by higher domestic sales. Domestic sales at 5.96 mt increased by 12 per cent YoY. However, exports continued to be muted, with a 20 per cent YoY drop. Exports constituted 7 per cent of sales from the Indian operations for Q1FY26. JSW Steel has outlined a capital expenditure (capex) plan of Rs 20,000 crore for FY26. The consolidated capex spend during Q1FY26 was Rs 3,400 crore. The company's net debt as of June 30, 2025, stood at Rs 79,850 crore, an increase of Rs 3,287 crore from March 31, 2025. The company said the increase was mainly due to investment in working capital. In its statement, the company said that the growth outlook for the Indian economy remained robust despite global uncertainties. "Domestic steel demand continues to be good, aided by healthy capex by the government in Q1," it said. However, it added that while finished steel imports have moderated, exports have fallen as well, and India continues to be a net importer. "Low-priced imports remain a concern, accentuated by changes in global trade flows due to rising tariff uncertainties," the company said. Among other board decisions was approval for entering into a share purchase option agreement to acquire an additional stake of up to 24.9 per cent in JSW Severfield Structures Limited from its existing joint venture partner, Severfield plc group. The cost of acquiring the additional stake of up to 24.9 per cent would be up to a maximum value of Rs 235.10 crore. The company also announced that the board had approved the incorporation of a joint venture company between JSW Steel and Andhra Pradesh Mineral Development Corporation to set up the Konijedu Marlapadu integrated iron ore project in Andhra Pradesh. The project will mine and beneficiate low-grade iron ore at a cost of Rs 1,075 crore.
India.com
25 minutes ago
- India.com
TMC Jabe, Tabhi Ashol Poriborton Ashbe: PM Modi Attacks Mamata Banerjees Govt In Durgapur
New Delhi: Prime Minister Narendra Modi, during a public rally in Durgapur on Friday, launched a scathing attack on the Trinamool Congress (TMC) government, accusing it of obstructing West Bengal's development and forcing the youth to migrate in search of jobs. Addressing a gathering after inaugurating and laying the foundation stone for multiple projects worth over Rs 5,000 crore, the Prime Minister said, 'Real change will come only when the TMC government goes. 'TMC jabe, tabhi ashol poriborton ashbe'.' #WATCH | West Bengal | Addressing a public rally in Durgapur, PM Narendra Modi says, "Bengal wants change, development..." (Video Source: DD News) — ANI (@ANI) July 18, 2025 He further added, 'The TMC government here stands like a wall blocking Bengal's development. The day this wall of the TMC government falls, Bengal will begin a new and rapid phase of progress.' In a pointed reference to the economic decline under TMC's rule, PM Modi said, 'Today, the youth of West Bengal are being forced to migrate. Even for small jobs, they have to move to other states. Once upon a time, regions like Durgapur, Bardhaman, and Asansol played a vital role in India's industrial growth. But today, instead of setting up new industries, even the existing ones are shutting down. We must pull Bengal out of this difficult phase, and the projects launched today are a symbol of that very effort.' Calling Durgapur a vital part of India's industrial landscape, the Prime Minister stated, 'Being a steel city, Durgapur is also the hub of India's manpower. Durgapur plays a significant role in the country's development... These development projects will increase connectivity and strengthen the identity of the steel city.' PM Modi highlighted various development projects launched in the state, which span sectors including oil and gas, power, roads, and railways. He pointed out the government's focus on modernising infrastructure, saying, 'Today, factories in Durgapur and Raghunathpur are being equipped with new technology. An investment of Rs 1,500 crore has been made in these... I congratulate the people of West Bengal on the completion of these projects. We are working with the resolve of making 'Viksit Bharat by 2047'.' He also underlined the transformation in connectivity, particularly in railways, 'A lot of work has been done to improve rail connectivity in West Bengal. West Bengal is one of the states in the country where Vande Bharat trains are being run in large numbers. Kolkata Metro is being expanded... Railway stations are being modernised... Today, two new railway overbridges have been dedicated to West Bengal.' Highlighting the significance of the Durgapur-Kolkata gas pipeline, PM Modi said it would boost industrial growth and generate employment. 'The Durgapur-Kolkata gas pipeline will breathe new life into the industries here. The BJP-led central government is investing thousands of crores of rupees in this gas pipeline so that CNG-powered vehicles can run in the region, helping you save money and boosting the establishment of new factories. Most importantly, this will create new employment opportunities for the youth of Bengal," he said. Referring to long-standing infrastructure gaps, the Prime Minister remarked, 'For many decades after Independence, a gas connection was just a dream for millions of families in West Bengal. In recent years, such families have finally received gas connections. Now, our effort is to ensure that just like water comes from a tap, affordable gas reaches your kitchen through pipelines.' Striking an emotional chord with the people of the state, PM Modi said, 'It is the holy month of 'Sawan' and during this holy time, I got the opportunity to join the celebration of West Bengal's development. BJP has big dreams for West Bengal and wants to develop 'Viksit West Bengal'.' He concluded his address by reiterating the people's desire for political and economic transformation, stating, 'Bengal wants change, Bengal wants development... The people of Bengal understand that the 21st century is an era of new technology. Bengal's industries also need modern technology...'
