Business
Hundreds of crores spent in 23 years, yet NTPC Tandwa project’s future uncertain
Hundreds of crores have been spent in the last 23 years on setting up the National Thermal Power Corporation’s (NTPC) power plant at Tandwa in Jharkhand’s Chatra district, but till date no electricity has been generated from it.
Preparations were underway to start power generation from the first unit of the plant this month itself, but it seems unlikely due to a violent clash between the locals, whose properties were acquired for setting up the plant, and the police on March 7.
The agitated locals set ablaze 56 small and big vehicles deployed at the plant and vandalised the offices. A total of 27 people were injured from both sides in the clashes between the police and the agitating displaced people.
After the violent confrontation, the situation in the project and the surrounding areas are tense. The administration has imposed prohibitory orders in six villages affected by the project.
So far, seven people have been arrested in connection with the violence. Also, an FIR has been registered against 100 named and 800 unidentified persons.
Police are conducting flag marches in the areas around the project ever since the incident. However, 60 per cent of the staff are not coming to the office.
In such a situation, it is almost certain that the proposed trial of the first unit of the plant in March would be postponed.
The project, ever since its foundation stone was laid in 1999, has remained in disputes. People, whose properties were acquired for setting up the plant, have been holding protests for the last two decades raising demands such as financial compensation, rehabilitation and jobs.
On March 6, 1999, the then Prime Minister Atal Bihari Vajpayee had laid its foundation stone and people were hoping that a new chapter of development would begin in the area, which is infamous for Naxalism and backwardness. The target was to make the plant operational by 2002-2003.
Three units of the power plant are being installed here, aiming to produce 1,980 MW of electricity. And it was scheduled that the trial of the first unit, having the capacity of 660 MW, would commence in March 2022.
Equipped with modern technology, for the first time in the country, the thermal power plant is being established using the air-cooled condenser system technology that would bring down the water consumption to just 25 per cent.
With the completion of the project, apart from Jharkhand, electricity would also be supplied to Bihar, Odisha, Bengal and Northeast.
For the project, the land was mainly acquired from six villages and at that time the old law of land acquisition was in force.
Meanwhile, the government made a new law regarding land acquisition, wherein there is a provision that if the project for which the land has been acquired does not get started within five years, then the land will be returned to the farmers.
When the work of the project started after seven years due to delay in land acquisition and several other reasons, disputes erupted over compensation, rehabilitation, jobs to the affected. The work of the project continued to be affected due to dharnas, demonstrations, agitations.
In the last 23 years, there have been more than one hundred confrontations between the NTPC Management, Administration, Police and displaced persons. Also there were numerous incidents of firing, lathi charge and violence.
There were several agreements between NTPC, the administration and the villagers, but the dispute was never fully resolved.
In the meantime, compensation has been paid to most of the ryot or displaced persons. However, the project continued at a slow pace amid the regular interruptions.
About a year and a half ago, the dispute regarding the compensation for the acquired land erupted again. The organisation of the displaced locals started the agitation, saying the compensation received earlier was inadequate.
They intalled tents in front of the main gate of the NTPC project and have been continuously staging a sit-in for the last 14 months.
A senior official at NTPC says that the ryots from whom the land was acquired were given compensation in 2015 itself. “There is no such law that compensation should be given again for the same land. It’s just not possible.”
The agitating farmers have three main demands.
The first is that they should be paid compensation at the rate of Rs 20 lakh per acre and the ryots who have not been paid the compensation should be paid at the new rate along with interest.
The second demand is “each displaced family should be given a uniform rehabilitation package as presently the amount is being given to the people of different areas at different rates”.
Similarly their third demand is “Compensation in lieu of missing raiyati land, Gairmajarua Khas land, and houses, trees, ponds and wells situated on that land; 75 per cent grant to displaced ryots in NTPC-run schemes, and employment for every displaced family in NTPC”.
Business
Sensex – Nifty Open Lower Amid Weak FII Sentiment, Midcap & Smallcap Stocks Lend Market Support
Key Highlights:
– Sensex fell 171 pts, Nifty down 35 pts; midcaps, smallcaps held strong.
– FIIs sold Rs 3,694 crore worth of stocks; DIIs bought Rs 2,820 crore.
– Nifty’s bearish engulfing pattern suggests continued caution; 25,000 key support.
Mumbai: Indian equity benchmarks Sensex and Nifty began Friday’s session in the red, weighed down by selling pressure in large-cap stocks. At 9:25 am, the Sensex declined by 171 points or 0.21 percent to trade at 82,087, while the Nifty dropped 35 points or 0.14 percent to 25,075.
Heavyweights Drag, Broader Market Holds
Major drag on the indices came from key constituents such as Axis Bank, Bharti Airtel, Kotak Mahindra Bank, and HDFC Bank. Financial stocks, FMCG, and private banking segments were under pressure. However, midcap and smallcap segments outperformed, providing resilience to the overall market.
Gainers on the Sensex included M&M, Tata Steel, Power Grid, L&T, Infosys, and Maruti Suzuki, reflecting strength in sectors like auto, metals, and infra.
Sectoral Picture Mixed
On the sectoral front, gains were recorded in auto, IT, PSU banks, metals, realty, energy, media, infrastructure, and commodities. Meanwhile, financial services, FMCG, and private banking faced losses.
Technical indicators showed bearish signals, with Nifty completing a bearish engulfing candle on Thursday. Analysts highlight 25,000 as a key support and 25,340 as a vital resistance level.
FIIs Remain Net Sellers
Foreign institutional investors (FIIs) continued their selling trend, offloading equities worth Rs 3,694 crore on July 17 — marking the second consecutive session of net selling. Domestic institutional investors (DIIs), however, remained net buyers, purchasing Rs 2,820 crore worth of shares for the ninth straight session.
According to Dr. VK Vijayakumar of Geojit Financial Services, FIIs have shown a clear pattern of selling in July after buying in the previous three months. Without positive triggers, the downtrend could persist.
Global Cues Offer Some Relief
Asian markets traded mostly higher on Friday, with Shanghai, Hong Kong, Bangkok, and Jakarta in the green, although Tokyo and Seoul lagged. The US markets ended positively on Thursday, driven by upbeat investor sentiment.
Business
Indian Equity Indices Open Flat As Markets Await Fresh Triggers To Break Out Of Consolidation Phase
Mumbai: The Indian equity indices opened flat on Thursday, as markets looked for new triggers to break out of the consolidation range.
At 9.2 am, c was down 15 points at 82,619 and Nifty was down 2 points at 25,210. Buying was seen in the midcap and smallcap stocks. Nifty midcap 100 index was up 123 points or 0.18 per cent at 59,741 and Nifty smallcap 100 index was up 70 points or 0.37 per cent at 19,210.
On the sectoral front, auto, pharma, FMCG, metal, realty, energy, infra and PSE were major gainers, while IT, PSU bank, financial services and media were major losers.
In the Sensex pack, Sun Pharma, M&M, Trent, Kotak Mahindra, Tata Motors, NTPC, BEL, Titan and Power Grid were major gainers. Tech Mahindra, ICICI Bank, Eternal, Axis Bank, Infosys and HUL were major losers.
According to analysts, an India-US interim trade deal has been discounted by the market, leaving no scope for a sharp rally decisively breaking the range.
“One positive and surprise factor that can trigger a rally is a tariff rate much below 20 per cent, say 15 per cent, which the market has not discounted. So, watch out for developments on the trade and tariff front,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Most Asian stocks traded in a flat-to-low range. Tokyo, Shanghai, Bangkok and Jakarta were trading in the green while Hong Kong and Seoul were in the red.
The US market closed in the green on Wednesday due to positive market sentiment.
On the institutional front, foreign institutional investors (FIIs) continued to reduce exposure in India, selling equities worth Rs 1,858 crore on July 16. In contrast, domestic institutional investors (DIIs) remained consistent buyers for the 8th straight session, infusing Rs 1,223 crore, lending crucial support to the market amid global uncertainties.
The broader trend remains optimistic as long as key support levels are respected, said analysts.
Elon Musk’s Tesla has flagged off its India operations with its first showroom in Mumbai now open. The showroom is located in Mumbai’s premium Bandra Kurla Complex area. It will be showcasing the popular Model Y and Model 3 cars at the venue. Maharashtra CM Devendra Fadnavis arrived at the first Tesla showroom in India, to commemorate the occasion.
The new Mumbai showroom opening marks the entry of Tesla in India, one of the world’s fastest-growing automobile markets. The showroom, at Maker Maxity in BKC, is around 4,000 sq ft large and is said to cost Rs. 35 lakh per month. While customers will be able to book their cars starting today, delivery is said to commence sometime in August. Delivery and registration are only limited to Delhi, Gurugram and Mumbai for now.
The experience centre is located near the Apple flagship store in BKC. Tesla is said to open a showroom isn Delhi as well. While this is a soft launch, the company is expected to do a grand inauguration as well. To book the Model Y or the Model 3, consumers will need to head to the Mumbai experience store.
Musk’s company has imported all the cars fully assembled from China, paying heavy taxes (approximately 70 percent) on the same. The cars are said to be priced starting at around Rs. 40 lakhs in India.
The spotlight will be on the Model Y, which is the most popular variant of Tesla across the world. The SUV is available globally in two variants, Long Range RWD and Long Range AWD (Dual Motor). It claims to offer up to 574 km and goes from 0 to 100 kmph in just 4.6 seconds.
The Model 3, Tesla’s most affordable offering in the Indian market, will also be showcased but is expected to go on sale later in 2025. The top variant of the Model 3 clocks 0 to 100 kmph in 3.1 seconds, has a range of 507 km, and a top speed of 162 kmph.
Tesla India has reportedly leased a 24,500-square-foot space in Mumbai’s Kurla West to set up a service centre, located close to its upcoming showroom in BKC.
Stolen Luxury Car Seized in Agripada; Two Notorious Criminals Arrested
‘No Alternate Mode To Reach Airports Or Train Stations’: Commuters Outraged As Ola-Uber Strike Enters Day 5
Mumbaikars Object To BMC’s New Iconic Buildings Policy, Alleging It Is Exclusionary, Commercialised And Centrally Controlled
‘Speak Marathi Or Get Out’: Fierce Clash Erupts Between Women In Mumbai Local Train Over Language Row
Mumbai: JJ Hospital Doctors Strike After Suicide Attempt By Junior Resident; MSRDA Demands Action Against Departmental Harassment
-
Crime3 years agoClass 10 student jumps to death in Jaipur
-
Maharashtra10 months agoMumbai Local Train Update: Central Railway’s New Timetable Comes Into Effect; Check Full List Of Revised Timings & Stations
-
Maharashtra9 months agoMumbai To Go Toll-Free Tonight! Maharashtra Govt Announces Complete Toll Waiver For Light Motor Vehicles At All 5 Entry Points Of City
-
Maharashtra10 months agoFalse photo of Imtiaz Jaleel’s rally, exposing the fooling conspiracy
-
Crime9 months agoBaba Siddique Murder: Mumbai Police Unable To Get Lawrence Bishnoi Custody Due To Home Ministry Order, Says Report
-
National News9 months agoMinistry of Railways rolls out Special Drive 4.0 with focus on digitisation, cleanliness, inclusiveness and grievance redressal
-
Maharashtra8 months agoMaharashtra Elections 2024: Mumbai Metro & BEST Services Extended Till Midnight On Voting Day
-
National News10 months agoJ&K: 4 Jawans Killed, 28 Injured After Bus Carrying BSF Personnel For Poll Duty Falls Into Gorge In Budgam; Terrifying Visuals Surface