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Time of India
14 hours ago
- Business
- Time of India
Power tariff hike fails to rescue AP discoms from financial crisis
Vijayawada: Despite a steep hike in power tariffs over the past year, Andhra Pradesh's power utilities are grappling with severe financial distress, leaving them unable to initiate new projects or settle outstanding dues to contractors. The discoms' precarious fiscal position has stalled development works and triggered criticism from chief secretary K Vijayanand, who reprimanded officials during a recent review meeting in Bapatla for delays in executing planned infrastructure upgrades. Field-level officials have been tight-lipped, citing contractors' reluctance to engage with discoms due to chronic delays in payments. Senior officials fear court-ordered attachments if dues remain unpaid, with discoms reportedly owing nearly 2,000 crore to various firms. Documents accessed by TOI reveal that Hyderabad-based Vijai Electricals has approached the commercial court in Visakhapatnam, seeking a directive for EPDCL to clear nearly 80 crore in dues. Taking serious note of the matter, chief secretary Vijayanand instructed the EPDCL CMD to expedite payments. The firm had completed works under the Accelerated Power Development and Reforms Programme (APDRP), funded by the Centre. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Simple Morning Habit for a Flatter Belly After 50! Lulutox Undo While EPDCL is seeking financial assistance from the state govt, the latter has directed the utility to manage the crisis using its own resources. "The discoms are struggling to clear dues to the tune of Rs.2000 crore to different agencies," said a senior official. APDRP aimed to reduce transmission and distribution losses, improve the reliability and quality of power supply, and enhance the transparency of power utility operations through IT implementation. Reducing Aggregate Technical & Commercial (AT&C) losses. "The govt hereby accord permission to the CMD, EPDCL to arrange balance payments in APDRP project from internal funds through PD account in order to avoid execution orders of attachment in the commercial court," chief secretary Vijayanand clearly stated in his communication with EPDCL CMD. Despite repeated alerts from the chief secretary's office, EPDCL has failed to respond. Sources indicate that other discoms are facing similar financial constraints. Speculation is mounting that a major firm—allegedly close to top figures in the previous YSRCP govt — has gained disproportionate influence over the energy department and is receiving preferential treatment in bill clearance as soon as funds arrive from the Centre or state. This firm, a key promoter of a controversial solar power project, has reportedly secured 20,000 acres of greenfield land in Karedu, despite fierce protests from local farmers. Ironically, Vijai Electricals — struggling to recover its dues — is owned by veteran TDP leader Dasari Jai Ramesh from the Gannavaram constituency. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
a day ago
- Business
- Time of India
Weekly Market Outlook: Nifty shows bearish signals; stay defensive amid resistance near 25,650
The Nifty continued its corrective spell for the sixth straight week, a losing streak not seen in over five years, as the index drifted lower within a relatively narrow range. The week saw Nifty oscillate in a 398-point range between 24,736 on the higher side and 24,337 on the lower side, reflecting muted volatility and a lack of directional conviction. India VIX edged marginally higher by 0.48% to 12.03, indicating that sentiment remains calm despite the prolonged weakness. By the week's close, the index ended with a net loss of 202.05 points, or (-0.82%). Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cardiologist Reveals: The Simple Morning Habit for a Flatter Belly After 50! Lulutox We have a short week ahead, with Friday a trading holiday on account of Independence Day. The index structure remains weak in the near term. The recent peak near 25,650 marks a lower top, coinciding with a confluence of two important pattern resistances — one from a falling trendline drawn from earlier highs, and another from the upper boundary of a broad consolidation channel. This zone now acts as a strong supply area. The market is still trading beneath this resistance cluster, with a mild downward slope visible in short-term averages. Any meaningful upside would require a decisive breakout above this confluence; conversely, sustained trade below 24,200, which is the 50-week moving average, could accelerate the corrective leg. Live Events As we head into the new week, the Nifty is likely to see a soft or cautious start. Immediate resistance levels are placed at 24,500 and 24,850, while supports come in at 24,200 and 23,950. The weekly RSI stands at 49.50. It has formed a new 14-period low, which is bearish, but remains neutral without any divergence against price. The weekly MACD has shown a negative crossover; it is now bearish and trades below its signal line. Pattern analysis reveals that the Nifty is still respecting the downward-sloping resistance line from the previous top, which aligns with the lower-high formation near 25,650. The index is hovering below the 20-week moving average (24,496), and any violation of the 50-week average at 24,203 could invite deeper cuts, making the index incrementally weak from current levels. The inability to clear the confluence resistance despite multiple attempts highlights prevailing supply pressure. Given the current setup, traders should remain defensive in their approach. Fresh aggressive longs should be avoided until the index breaks above the 25,000–25,100 zone on strong volumes. Short-term players may adopt a highly selective, stock-specific approach with strict stop-losses to protect capital. For now, protecting gains and managing exposure prudently is the preferred strategy as the market continues to consolidate with a downward bias. (Milan Vaishnav, CMT, MSTA, is a Consulting Technical Analyst and founder of and and is based in Vadodara. He can be reached at
Time of India
3 days ago
- Business
- Time of India
High court stays Haryana govt orders curbing consumer commission's authority, seeks explanation on chief's security withdrawal
1 2 Chandigarh: The Punjab and Haryana high court has intervened in an escalating standoff between the Haryana govt and the Haryana State Consumer Disputes Redressal Commission, staying all state orders issued against the commission's decisions. The intervention follows a petition filed by the commission, led by its president, former high court Justice T P S Mann, alleging "day-to-day interference" from the state govt. Justice Mann claimed such actions paralysed operations, emboldened staff to defy lawful directions, and undermined the authority of the commission. In its order, the high court also directed the state to explain the withdrawal of Justice Mann's security. Justice Suvir Sehgal passed the orders after hearing the petition filed by the commission against what was described as "unlawful and jurisdiction-less" interventions by senior govt officials. Counsel representing the commission contended that Justice Mann was appointed commission president on Dec 29, 2018, on the high court's recommendation. He is recognised as the administrative head of both the state and district consumer commissions under Section 70 of the Consumer Protection Act, 2019. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Simple Morning Habit for a Flatter Belly After 50! Lulutox Undo This position grants him authority over administrative decisions, including staff discipline and postings. However, according to the petition, the principal secretary of the food, civil supplies and consumer affairs department has increasingly overstepped into the commission's domain in recent months. Justice Mann's plea alleged that the principal secretary interfered in transfer and disciplinary proceedings, bypassing the commission's statutory control. The petition cites multiple incidents. On Jan 20, the state govt ordered the transfer of Phool Singh, president, Palwal District Consumer Commission, with Neena Sandhu, president, Ambala commission. Sandhu contested the order in the high court, which stayed her transfer, reaffirming that district commission presidents fall under the administrative authority of the state commission president. In another case, a member of the Panipat district commission was transferred to Jind following a complaint of misuse of powers. The commission asserted this was a lawful disciplinary move, but the principal secretary reversed it on July 21—allegedly without jurisdiction. The petition also mentioned the case of Gaurav, a deputy superintendent in the state commission, accused of repeated misconduct and misbehaviour with senior officers, including Justice Mann himself. As per the petition, on June 16, Gaurav allegedly confronted and verbally abused the president in the presence of judicial and administrative staff, seizing official records. He was later charge-sheeted, shown CCTV footage of his misconduct, and transferred to Yamunanagar to prevent influencing the proceedings. The principal secretary, however, stayed the inquiry proceedings and cancelled the transfer. The petition further referred to a March 6, 2019, letter from the Haryana chief secretary clarifying that the state govt has "no say" in the administration or justice delivery of the quasi-judicial consumer commission. Justice Mann alleged that the principal secretary's continued interference has emboldened subordinate staff to disobey commission orders, thereby obstructing the administration of justice. He also pointed to the alleged political links of some staff members, claiming these were being leveraged to shield them from disciplinary action. While staying all the orders passed by the principal secretary of the department against the decisions of the commission, the high court has directed the state govt to file a response to the contentions raised by the petitioner. During the hearing of the matter, advocate Pardeep Solath, while representing the commission, apprised the court that the security given to the president, Haryana State Consumer Disputes Redressal Commission, in terms of the condition of his appointment letter, was withdrawn by the govt. He stated a letter dated July 28 was addressed to the ADGP, Haryana, in this regard. "A copy of the letter be supplied to the state counsel who shall file an affidavit explaining the reason for withdrawal of security," observed the bench in its order while seeking an explanation from the state. MSID:: 123187548 413 | Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Raksha Bandhan wishes , messages and quotes !
Time of India
3 days ago
- Business
- Time of India
India faces tough choices under US tariff pressure
India faces an ultimatum from the United States with major political and economic ramifications both at home and abroad: end purchases of Russian oil or face painful tariffs. Prime Minister Narendra Modi , leader of the world's most populous nation and its fifth-biggest economy, must make some difficult decisions. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program US President Donald Trump has given longstanding ally India, one of the world's largest crude oil importers, three weeks to find alternative suppliers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cardiologist Reveals: The Simple Morning Habit for a Flatter Belly After 50! Lulutox Undo Levies of 25 percent already in place will double to 50 percent if India doesn't strike a deal. For Trump, the August 27 deadline is a bid to strip Moscow of a key source of revenue for its military offensive in Ukraine. Live Events You Might Also Like: PM Modi speaks with Brazil President Lula, discusses framework to strengthen trade amid Trump tariff pressure "It is a geopolitical ambush with a 21-day fuse", said Syed Akbaruddin, a former Indian diplomat to the United Nations, writing in the Times of India newspaper. How has India responded? New Delhi called Washington's move "unfair, unjustified and unreasonable". Modi has appeared defiant. You Might Also Like: Trump tariffs cast a pall of gloom over India's exports, investments and Rupee He has not spoken directly about Trump but said on Thursday "India will never compromise" on the interests of its farmers. Agriculture employs vast numbers of people in India and has been a key sticking point in trade negotiations. It all seems a far cry from India's early hopes for special tariff treatment after Trump said in February he had found a "special bond" with Modi. "The resilience of US-India relations... is now being tested more than at any other time over the last 20 years," said Michael Kugelman, from the Asia Pacific Foundation of Canada. You Might Also Like: Trump's tariffs on India explained: Who's bearing the brunt and how bad it can get What is the impact on India? Russia accounted for nearly 36 percent of India's total crude oil imports in 2024, snapping up approximately 1.8 million barrels of cut-price Russian crude per day. Buying Russian oil saved India billions of dollars on import costs, keeping domestic fuel prices relatively stable. Switching suppliers will likely threaten price rises, but not doing so will hit India's exports. The Federation of Indian Export Organisations warned that the cost of additional US tariffs risked making many businesses "not viable". Urjit Patel, a former central bank governor, said Trump's threats were India's "worst fears". Without a deal, "a needless trade war" would likely ensue and "welfare loss is certain", he said in a post on social media. What has Modi done? Modi has sought to bolster ties with other allies. That includes calling Brazilian President Luiz Inacio Lula da Silva on Thursday, who said they had agreed on the need "to defend multilateralism". Ashok Malik, of business consultancy The Asia Group, told AFP: "There is a signal there, no question." India's national security adviser Ajit Doval met with Vladimir Putin in Moscow, saying the dates of a visit to India by the Russian president were "almost finalised". Modi, according to Indian media, might also visit China in late August. It would be Modi's first visit since 2018, although it has not been confirmed officially. India and neighbouring China have long competed for strategic influence across South Asia. Successive US administrations have seen India as a key partner with like-minded interests when it comes to China. "All those investments, all that painstaking work done by many US presidents and Indian prime ministers, is being put at risk," Malik said. "I have not seen the relationship so troubled since the early 1990s, to be honest. I'm not saying it's all over, but it is at risk." Can Modi change policy? Modi faces a potential domestic backlash if he is seen to bow to Washington. "India must stand firm, put its national interest first," the Indian Express newspaper wrote in an editorial. Opposition politicians are watching keenly. Mallikarjun Kharge, president of the key opposition Congress party, warned the government was "disastrously dithering". He also pointed to India's longstanding policy of "non-alignment". "Any nation that arbitrarily penalises India for our time-tested policy of strategic autonomy... doesn't understand the steel frame India is made of," Kharge said in a statement. However, retired diplomat Akbaruddin said there is still hope. New Delhi can be "smartly flexible", Akbaruddin said, suggesting that could mean "buying more US oil if it's priced competitively, or engaging Russia on the ceasefire issue". You Might Also Like: Trump's tariff gamble puts America's ties with India at risk
Time of India
3 days ago
- Business
- Time of India
Trump's 39% tariffs on gold bars to wreak havoc on COMEX. Peter Schiffs explains how
The US government's decision to impose tariffs on Swiss gold imports could cause major disruptions in the gold market, according to economist and gold advocate Peter Schiff , with a fear of a surge in premiums and a scramble to cover short positions on the COMEX . Highlighting these risks, Peter Schiff took to X (formerly Twitter) to warn that Trump's tariffs could 'wreak havoc on the COMEX,' as shorts race to cover positions to dodge the hefty duties on Swiss gold bars. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Simple Morning Habit for a Flatter Belly After 50! Lulutox Undo Link: He noted that even the mere threat of tariffs will push bar prices higher due to scarcity and risk hedging. 'Trump's tariffs on 100-ounce and 1-kilo gold bars could wreak havoc on the COMEX. Prices could soar as shorts rush to cover to avoid having to pay 39% tariffs to import bars from Switzerland if longs take delivery,' Schiff said in his post. Live Events The new 39% tariff on one-kilo and 100-ounce gold bars may result in soaring prices as market participants rush to avoid the steep import duties. Even if the actual imports don't materialize, all such bars are likely to trade at elevated premiums, leading to widespread dislocations in pricing and liquidity. The development follows a 31 July ruling by US Customs and Border Protection (CBP), which reclassified these bars under code 7108.13.5500—making them subject to import tariffs. This closes the previous exemption under code 7108.12.10, which had allowed such imports to bypass duties. The Financial Times was first to report on the ruling, which could significantly impact gold trade flows, particularly from Switzerland. Switzerland, home to the world's top gold refineries and a major bullion supplier to the US, exported $61.5 billion worth of gold to America in the 12 months through June. Under the new tariff regime, that volume would attract an estimated $24 billion in additional duties. Christoph Wild, president of the Swiss Association of Manufacturers and Traders of Precious Metals, described the ruling as 'another blow' to Swiss gold exports to the US, as diplomatic tensions between Washington and Bern escalate. Also read: MSCI August 2025 rejig: Swiggy, Vishal Megamart among 2 others included, 2 thrown out. Check full list here ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
