Business
AAI writes to PMO on alarming situation for aluminium industry
Aluminium Association of India (AAI) has written to the Prime Minister’s Office (PMO) on the alarming situation for the highly power intensive aluminium industry due to critical coal shortage.
To avoid closure of Aluminium industry and save lakhs of livelihoods and SMEs, AAI has requested PMO intervention to normalise the precarious situation with immediate resumption of coal and rakes supply for highly power intensive Aluminium industry CPPs, and earmarking at least 25-30 coal rakes per day for economically viable and sustainable industry operations.
AAI has sought immediate support for resumption of uninterrupted coal supplies and rakes for highly power intensive Aluminium industry Captive Power Plants (CPPs), which are facing alarmingly depleted coal stocks of 3-4 days as compared to the prescribed level of over 15 days.
With untiring efforts of Coal India and subsidiaries, the Power Sector situation has improved significantly with 9-10 days’ stocks from as low as 3-4 days in August-September, 2021. However, this has come at an enormous cost to the Non-Power Sector and the worst impacted are the CPPs of the Aluminium industry, which continues to struggle for getting uninterrupted coal supplies resulting a backlog of over 1,200 rakes.
Most of the available coal and rakes are being diverted away to the Power Sector as “priority coal supplies”, while the CPPs are starving and facing acute coal crunch. The coal supply to non-power sector has been significantly declined by 18 per cent for non-power sector over September-January period, AAI said in the letter to the PMO.
Although, the overall coal supply from CIL has started improving currently, still the dispatch from major CIL subsidiaries like MCL, SECL, etc., is not sufficient to cater the requirement of non-power sector / CPPs and needs to be ramped up to cater requirement of industry for continued sustainable operations.
The coal demand for these CPPs cannot be catered with imports, as even usage of imported coal is not feasible technically as well as economically, and logistics constraints are also huge challenge for transportation of such large quantity leading to congestion of rail network and ports infrastructure, AAI said.
The country’s booming manufacturing sector also stares at a possible derailment if the present situation is not addressed immediately and may lead to collapse of domestic industry and associated SMEs.
Further, the shortage of raw materials and Aluminium inputs to other key industries will lead increased imports and loss of export earnings.
With the revival of economy and post-pandemic industrial activity, the CPP-based industries are highly dependent on uninterrupted coal supplies, which is vital for the sustainable operations and cost-competitiveness of power intensive industries vis-a-vis global players. Any production curtailment by this sector will have cascading effect on consumption and downstream supply chain, thereby adversely impacting the nation’s GDP growth, AAI said.
Business
Is Market Correction Over? Sensex Soars By Over 1,900 Points; Nifty Gains Over 2%
The marquee indices closed with monumental gains as Dalal Street recovered with some requisite optimism ahead of the Maharashtra state election results on November 23.
Indian Markets Close With Bumper Gains
On Friday, November 22, the marquee indices closed with monumental gains, as Dalal Street recovered with some requisite optimism ahead of the Maharashtra state election results on November 23.
The BSE Sensex closed for the day’s proceeding with some big numbers. The oldest index in Asia closed with gains of a colossal 1961.32 points or 2.54 per cent. This took the overall value of the index to 79,117.11.
The situation was equally euphoric at the National Stock Exchange. The NSE Nifty closed at 23,830.90, having gained 481.00 points or 2.06 per cent.
In addition, the Nifty Bank index also made gains of over 1.5 per cent. Thebanking index closed with gains of 858.50 points or 1.70 per cent, pushing it beyond the coveted 50K mark, propelling it to 51,231.40.
Gainers and Losers
The days went exceedingly well for most listed companies, the day closed with a green wall. At the BSE end, SBI, Titan and TCS were the biggest gainers with all of the said companies gaining over 4 per cent.
ITC, L&T, Infosys and Reliance also made major gains in excess of 3 per cent by the end of day.
This comes after days, nearly a two-week long period of decline, that marred the market, pushing Sensex below its 80K mark, and Nifty, much below its 25K mark.
It remains to be seen, whether the much discussed market correction that brought about bringing the indices to their actual value, has come to an end or whether sea of red will continue in the time to come.
In addition, it also remains to be seen, whether, the election results for teh critical state of Maharahstra would have an effect on the market, in the next trading week.
Asian Markets
The Asian markets also flourished green with great momentum, as these indices closed on a positive note as well.
Japan’s Nikkei gained 0.68 per cent or 257.68 points, moving towards the 40K mark, closing at 38,283.85.
Another Tokyo-based index, TOPIX, closed at 2,696.53, gaining by 0.51 per cent or 13.72 points.
As we move to China, the story was a lot different, as, contrary to the Indian and Japanese markets, the Chinese markets closed in red.
Hang Seng closed with significant losses in its numbers, closing with a massive fall of 1.89 per cent or 371.14 points, at 19,229.97.
The loss was even greater in mainland China, as the Shanghai-based SSE Composite also ended the day’s trade with deep cuts. The index crumbled by 3.06 per cent or 103.21 points of its value and closed at 3,267.19.
South Korea’s KOSPI was in tandem with other market as closed with some good news. KOSPI closed with an increase of 0.83 per cent or 20.61 points, closing for the day at 2,501.24.
Business
‘Innocent Unless And Until Proven Guilty’: Adani Group Issues Statement In The US Bribery Indictment; Denies Charges, Calls Them Baseless
The Adani Group, which has been at the eye of the storm since the beginning of the new day, has issued a statement in the US Indictment matter.
Adani Denies Charges
The company, in a statement procured by the conglomerate-owned IANS, said, “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.”
Furthermore, the statement asserted its stance and added, “As stated by the US Department of Justice itself, “the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.” All possible legal recourse will be sought.”
Committed to Highest Standards
The Adani Group further added that it has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations.
US Court Indicts Adani and Co.
The company, in an attempt to assuage stakeholders, partners and employees, said that the company is a law-abiding organisation, fully compliant with all laws.
The storm was kicked off by a post from short-seller group Hindenburg, which shared the news of the US Federal Court’s indictment of Gautam Adani and seven others associated with the company.
Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay over USD 250 million (about Rs 2,100 crore) bribe to Indian officials in exchange of favourable terms for solar power contracts.
The press release from the US court elaborated on the allegations and claimed that the company and its leadership had indulged in mass bribery activity, in which the company bribed Indian officials to bag a contract for its Adani Green Energy company.
This in turn led to misleading American investors and global financial investors.
The court reportedly also issued an arrest warrant against Gautam Adani and seven others.
Adani Shares Tank
In the aftermath of the report, Adani Group company shares tanked at Dalal Street. With Adani Enterprises shares hitting the lower circuit, losing 20 per cent of their value. The situation was the same with the other Adani stocks, including Adani Green Energy, which is in the middle of the new storm.
Business
Bharat NCAP Awards 5-Star Crash Test Rating to Mahindra Thar Roxx
The Mahindra Thar Roxx has earned a prestigious 5-star rating in Bharat NCAP’s latest crash tests, reflecting its commitment to safety. Recently evaluated under stringent testing, the SUV excelled with a 31.09 out of 32 score for adult occupant protection and 45 out of 49 for child safety.
Tested in its AX5L and MX3 variants, the Mahindra Thar Roxx delivered notable results, scoring 15.09 out of 16 in the Frontal Offset test and a perfect 16 out of 16 in the Side Impact test. The assessment revealed strong protection for most areas, with adequate ratings for the driver’s chest and lower legs.
The Mahindra Thar Roxx has received high marks for child occupant safety, scoring 24 points in Bharat NCAP tests, along with 12 points for CRS (Child Restraint System) installation and a Vehicle Assessment Score of 9. This top-tier safety rating applies to all Thar Roxx units produced from November 2024 onward, underscoring Mahindra’s dedication to enhancing safety features across its SUV range. Additionally, Mahindra’s XUV400 and 3XO models have also achieved 5-star safety ratings, further emphasizing the automaker’s commitment to robust safety standards.
The Mahindra Thar Roxx offers two interior themes – Classic Ivory and a new Dark Mocha Brown. Comfort and convenience are prioritizing with ventilated seats, leatherette upholstery, a digital driver display, a larger 10.25-inch touchscreen, a high-quality Harmon Kardon sound system, a panoramic sunroof, rear AC vents, wireless connectivity for Apple CarPlay and Android Auto, and a six-way adjustable driver’s seat, combining practicality with luxury.
Mahindra Thar 5-door comes packed with safety and interior upgrades to enhance its appeal. On the safety side, it includes essentials like six airbags, three-point seatbelts for all occupants, hill control features, electronic stability control, and a seatbelt reminder. Advanced driver-assist features, such as autonomous emergency braking, adaptive cruise control, lane-keeping support, lane departure alerts, and a 360-degree camera system with blind spot monitoring, add an extra layer of protection.
Mahindra Thar Roxx offers two engine choices: a 2.0-litre turbo-petrol and a 2.2-litre diesel. The petrol engine comes in two setups—150 bhp and 330 Nm of torque for the manual, and 174 bhp with 380 Nm for the automatic. The diesel option is available only with four-wheel drive.
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