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Essar sets up Vertex Hydrogen to help drive energy transition in UK

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Essar has formed Vertex Hydrogen Limited, a transformative new joint venture, with Progressive Energy, to build the UKs largest hydrogen hub at the Stanlow Manufacturing Complex.

Led by Essar as the majority shareholder, Vertex Hydrogen has been formed to provide the catalyst for development of a hydrogen economy across North West England and North Wales, as a central part of the HyNet decarbonisation cluster.

This initiative is a core part of a wider strategy by Essar globally to focus on investing in energy transition through the transformation of existing portfolio companies, and investments in new ventures.

Providing low carbon hydrogen across North West England and North Wales

The UK’s first low carbon hydrogen facility at Essar Stanlow will sit at the heart of the HyNet low carbon cluster, to produce a total of 1GW per year of hydrogen, across two units, from 2026. This is equivalent to the domestic heating energy used by a major British city region, such as Liverpool.

Waste fuel gases from Essar Stanlow, and natural gas, will be converted by Vertex Hydrogen into hydrogen, with carbon dioxide safely captured and stored by HyNet partner Eni SpA, underground offshore in Liverpool Bay. The hydrogen production hub will provide low carbon energy to replace fossil fuels in industry across the HyNet region, as well as heating homes, and fuelling buses, trains and trucks.

A total investment of approximately 1 billion pounds will be committed to deliver the hydrogen production hub.

The hydrogen produced will, in the first instance, be utilised by Essar to reduce its carbon footprint at the Stanlow Manufacturing Complex. In addition, Vertex will also provide low carbon hydrogen to a wide range of businesses, including companies from the chemicals, ceramics, paper, glass and flexible power generation sectors, such as Tata Chemicals Europe, Encirc, InterGen, Solvay, Ingevity, Novelis, Glass Futures and Saica Paper, all having expressed interest already. More widely in the region, companies such as Pilkington are demonstrating use of hydrogen in their facilities. Cadent Gas Ltd is also developing the UK’s first multi-user hydrogen distribution network within HyNet.

Prashant Ruia, Essar Chairman, said: “Essar is massively committed to investing in energy transition and is building a portfolio of companies in this space. Vertex Hydrogen is a central component of that vision, which will be instrumental in helping create a hydrogen future for North West England and North East Wales. This will see over 1 billion pounds of investment, thereby creating jobs and supporting local communities for decades to come.”

Deepak Maheshwari, Essar Chief Executive Officer, commented: “Vertex Hydrogen is a critical investment for Essar in helping it achieve its vision of becoming the UK’s first low carbon refinery and supplying UK markets with the sustainable fuels of the future.”

Chris Manson-Whitton, Director at Progressive Energy, explained: “As the founding developer of HyNet, we see the launch of Vertex Hydrogen as a key milestone. Vertex is central to unlocking the low carbon hydrogen economy, reducing emissions, creating a cleaner world for future generations whilst creating and safeguarding jobs.”

In November 2020, the UK government published its Ten Point Plan for a Green Industrial Revolution, providing a roadmap to driving innovation, boosting export opportunities, and generating green jobs and economic growth across the country to level up regions.

As part of the plan, government committed to deploy Carbon Capture, Usage and Storage (CCUS) in two industrial clusters by the mid-2020s, with a further two clusters coming on-line by 2030. The successful deployment of CCUS is critical to meeting the UK’s net zero goals and remains crucial for industrial decarbonisation, low carbon power, engineered greenhouse gas removal technologies and delivering the government’s 5GW by 2030 low carbon hydrogen production ambition.

Vertex Hydrogen was launched in January 2022. A joint venture between Essar Oil UK (90 per cent) and Progressive Energy Ltd (10 per cent), Vertex will deliver the UK’s first low carbon hydrogen production plant to lead the country’s hydrogen production economy. Using Johnson Matthey’s Low Carbon Hydrogen (LCHTM) technology, the hydrogen production plant will sit at the heart of HyNet North West, the UK’s leading industrial decarbonisation cluster. HyNet will deploy a combination of low carbon hydrogen, distributed by Cadent Gas Ltd, and carbon capture and storage (CCS) infrastructure, provided by ENI, to decarbonise industry, transport and transform how we heat our homes across North West England and North East Wales.

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Sensex, Nifty extend gains on buying in heavyweights

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Mumbai, Oct 7: Indian stock markets continued their upward trend on Tuesday, supported by buying in major stocks such as ICICI Bank, ITC and more.

However, profit booking in select banking stocks limited the overall gains during the early trading hours.

The Sensex, which rose more than 100 points in early trade, was trading at 81,843, up 52 points or 0.06 per cent.

The Nifty also gained 34 points or 0.14 per cent to reach 25,112 after hitting an intra-day high of 25,140.

Among the top gainers on the Sensex were Power Grid, Bajaj Finance, HCL Tech, Bharti Airtel, ICICI Bank, Ultratech Cement, NTPC, Hindustan Unilever, Bajaj Finserv, and BEL, which rose between 0.3 per cent and 1.6 per cent.

On the other hand, Trent, Axis Bank, Tata Motors, TCS, SBI, Kotak Bank, Tech Mahindra, HDFC Bank, and Infosys were among the major losers, slipping up to 2.7 per cent.

In the broader market, the Nifty MidCap index gained 0.08 per cent, while the Nifty SmallCap index rose 0.41 per cent — showing continued interest from investors in smaller companies.

Among sectoral indices, Nifty Metal and Nifty IT were the top performers, each gaining 0.4 per cent.

The Nifty PSU Bank index was the worst hit, falling 0.3 per cent due to profit booking in public sector lenders.

Analysts said that overall market sentiment remains positive, though some volatility may persist due to profit-taking at higher levels.

“The ongoing mild rally in the market has the potential to gain momentum. The FII selling in India is slowly declining since the sharp appreciation in other markets has pushed up their valuations and the valuation differential between India and other markets has come down,” analysts said.

“Since there is huge short position in the market any positive news can trigger short-covering, further aiding the rally,” they added.

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PM Modi to inaugurate India Mobile Congress 2025 on October 8

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New Delhi, Oct 6: Prime Minister Narendra Modi will inaugurate the India Mobile Congress (IMC) 2025, Asia’s premier telecom and technology event, on October 8 in the national capital, Ministry of Communications said on Monday.

The four-day mega event, themed “Innovate to Transform,” will run till October 11 and is expected to showcase India’s growing leadership in the global digital and telecom space.

Union Minister for Communications Jyotiraditya M. Scindia visited the IMC 2025 venue to review the final preparations ahead of the Prime Minister’s inauguration.

Scindia also travelled to the venue and back via the Airport Metro, symbolising India’s push for modern and sustainable urban transport.

During his visit, the minister toured the exhibition area, interacted with participating startups and exhibitors, and chaired review meetings with senior officials from the Department of Telecommunications (DoT), the Cellular Operators Association of India (COAI), and other partner agencies.

Speaking to the media, Scindia said that IMC 2025 would mark a new era in global connectivity, where technologies like 5G, 6G, artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), and satellite communications would come together to shape the future.

He emphasised that the event reflects Prime Minister Modi’s vision of a self-reliant and innovative India that connects not only within but also with the world.

IMC 2025 is expected to attract more than 1.5 lakh visitors, 7,000 delegates from over 150 countries, and 400 exhibitors spread across 4.5 lakh square feet.

The event will also feature over 1,600 technology demonstrations and 100 sessions with more than 800 speakers discussing the latest developments in telecom and digital innovation.

Highlighting the scale of the event, Scindia said that IMC has grown from being a national platform to becoming a global technology congress that represents India’s digital leadership.

He added that the 2025 edition will include six major global summits — covering 6G research, artificial intelligence, cybersecurity, satellite communications, startups, and the Global Startup World Cup — India Edition.

The minister also underlined India’s achievements in the telecom sector, noting that the country now ranks among the world’s top three digital economies with 1.2 billion mobile subscribers, 970 million internet users, and the fastest-ever 5G rollout completed in just 22 months.

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Sensex rises 583 points, Nifty tops 25,000 as IT and banking stocks lead rally

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Mumbai, Oct 6: The Indian stock markets continued their winning streak for the third straight session on Monday, driven by strong buying in the IT and banking shares.

The benchmark Sensex jumped 582.95 points, or 0.72 per cent, to close at 81,790.12, while the Nifty rose 183.4 points, or 0.74 per cent, to end the day at 25,077.

“From a technical perspective, Nifty has successfully broken above the key psychological and technical resistance level of 25,000, turning the structure decisively positive,” analysts said.

“Any dip toward the 25,000 zone is expected to act as a strong support level, with immediate resistance seen at 25,200 and 25,500,” they added.

The Bank Nifty also delivered a stellar performance, opening with a gap-up and maintaining its upward trajectory through the session.

The index surged past 56,100, hitting an intra-day high of 56,164, with next resistance levels seen at 56,300–56,500, and support placed around 55,821–55,500, experts stated.

Broader markets also joined the rally, with the Nifty Midcap 100 gaining 0.89 per cent and the Nifty Smallcap 100 inching up 0.28 per cent.

In the Sensex pack, TCS, Tech Mahindra, Eternal, Axis Bank, and Bajaj Finance were the top performers, climbing as much as 3 per cent.

Meanwhile, Trent, Tata Steel, Power Grid, and Titan ended the session with losses. Among sectors, IT stocks led the gains as the Nifty IT index surged 2.28 per cent.

The Nifty Private Bank, Financial Services, and Healthcare indices also closed in positive territory.

On the other hand, Metal, FMCG, and Media shares came under pressure, slipping up to 1 per cent.

Market experts said the upbeat sentiment in IT stocks and strong institutional buying supported the overall market momentum.

“The domestic equity market ended the session on a positive note, led by gains in the financial services and IT sectors, ahead of the Q2 results,” they said.

“The banking index outperformed, bolstered by strong quarterly updates announced by large scheduled banks and attractive valuations, while hospital stocks surged following the revision of CGHS rates,” market experts added.

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