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Sterlite Copper’s exit from TN gives bad signal for new investors

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The decision of Vedanta Ltd to sell its 4,00,000 ton per annum (tpa) copper smelter plant and refining complex at Tuticorin gives a bad signal for any prospective investors in the city as well as in Tamil Nadu, said businessmen.

The copper smelter plant complex is known as Sterlite Copper.

They also said investors would think twice before investing in Tuticorin.

“The protest against the Sterlite Copper’s closure three years back is well known now the world over. With the company’s decision to sell its plant and other assets, new investors may not come to Tuticorin,” I. Lenin, President, Thoothukudi Industrial Suppliers Association told IANS.

Vendors to Sterlite Copper were taken by surprise at the smelter plant’s sell off announcement by Vedanta on Monday.

“The transport industry has been severely affected ever since Sterlite Copper was closed down in 2018. About 400 lorry owners were impacted and many were forced to reduce their fleet size by selling the trucks,” S. Murugan, Joint Secretary, Thoothukudi Lorry Owners Association, told IANS.

Not only the lorry operators, but also several others like the labourers, shops, servants, provision stores, local transport operators were also affected by the closure of the copper smelter plant, Murugan added.

Businessmen said three thermal power plants and a couple of other factories in Tuticorin were not functional for a long time and it was the business from Sterlite Copper that sustained them.

“We used to change our truck tyres every three months when Sterlite Copper was functional, which means the tyre industry too did well,” Murugan remarked.

Lenin and Murugan said the Tamil Nadu government could have offered Vedanta an alternate site for relocating the smelter plant.

The businessmen also said Tuticorin may not be an attractive investment destination following the Sterlite Copper episode.

“The state government should have taken stringent action in case of environment violations and should have allowed Sterlite Copper to function,” Murugan and Lenin said.

The exit of Sterlite Copper from Tuticorin will give a boost to the non-government organisations (NGO) to start targeting other major industries in the state.

Further the Sterlite Copper episode will also deter future investors from investing in Tuticorin where a new furniture park is being set up, businessmen in Tuticorin added.

Tamil Nadu Chief Minister M.K. Stalin had laid the foundation stone for the 1,156 crore furniture park. The government expects the furniture park to attract about Rs 4,500 crore investment.

On Monday, Vedanta along with Axis Capital had called for Expression of Interest (EoI) for its smelter complex (primary and secondary), sulphuric acid plant, copper refinery, continuous copper rod plant, phosphoric acid plant, effluent treatment plant, 160 MW captive power plant, reverse osmosis units, oxygen generation unit and residential complex with amenities.

According to Vedanta, the plant produces about 40 per cent of the country’s demand for copper and contributes about Rs 2,500 crore per annum to the exchequer and 12 per cent of Tuticorin Port’s revenue.

Vedanta said the closure of Tuticorin copper smelter plant has had a ripple effect in terms of imports and livelihoods.

“Post closure, India has become a net importer of copper for the first time in 18 years, with copper imports growing 3X while exports have plunged by 90 per cent. We are continuing to explore all legal avenues towards achieving a sustainable solution to the closure,” the company had said.

The Tamil Nadu government had ordered the copper smelter plant to be shut down in 2018 following a violent protest that led to the death of 13 persons in police firing.

The 4,00,000 ton Sterlite Copper smelter plant that has been operating in Tuticorin for over 25 years with a cumulative investment of about Rs 3,000 crore.

Business

Indian Railways throws open 3,584 jobs for young graduates

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New Delhi, Oct 11: Indian Railways has announced 3,548 graduate-level vacancies for jobs under the Non-Technical Popular Categories (NTPC–Graduate), which provide opportunities for graduates to work across different functional areas of railway operations and administration, according to an official statement issued on Sunday.

The recruitment through Centralised Employment Notification issued by the Railway Recruitment Boards (RRBs) covers four categories of posts, including Chief Commercial Cum Ticket Supervisor, Goods Train Manager, Junior Accounts Assistant Cum Typist, and Senior Clerk Cum Typist. These positions offer career opportunities across commercial services, train operations, accounts and administration, supporting the efficient functioning of railway services across the country, the statement said.

Of the total 3,548 vacancies, as many as 2,750 are for Goods Train Manager, followed by 371 for Senior Clerk Cum Typist, 300 for Junior Accounts Assistant Cum Typist, and 127 for Chief Commercial Cum Ticket Supervisor.

The posts offer initial basic pay under the Seventh Central Pay Commission. Chief Commercial Cum Ticket Supervisor carries an initial basic pay of Rs 35,400 per month at Pay Level 6, while the other three categories carry an initial basic pay of Rs 29,200 per month at Pay Level 5. Applicable allowances and service conditions will be governed by the relevant rules.

The online application process commenced on October 8, and eligible candidates can submit their applications until 11:59 p.m. on November 6. The last date for payment of the examination fee is November 8, while the application modification window is scheduled from November 9 to 18 November.

Candidates must possess a degree from a recognised university or its equivalent and fulfil the prescribed post-specific eligibility conditions. The notified age limit is 18-33 years as on January 1, 2027, with applicable age relaxations for eligible categories under the prescribed rules.

The selection process comprises a first-stage Computer-Based Test (CBT), a second-stage CBT, followed by document verification and medical examination, as applicable. The recruitment framework also provides applicable reservation and age-relaxation benefits, along with scribe assistance and compensatory time for eligible candidates with disabilities, in accordance with the prescribed provisions.

Another provision under CEN No. 06/2026 is the dispensation of the Computer-Based Typing Skill Test (CBTST) for the posts of Junior Accounts Assistant Cum Typist and Senior Clerk Cum Typist. Candidates are nevertheless expected to possess basic computer and typing proficiency, which will be assessed after joining, as specified in the notification, the statement said.

Candidates can access the detailed notification, vacancy distribution, eligibility criteria and recruitment updates through the official Railway Recruitment Boards website:https://rrb.indianrailways.gov.in

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BMC to crack down on illegal debris disposal, impose Rs 25,000 fine for tracking violations

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Mumbai, Oct 11: As air quality concerns begin to resurface following the withdrawal of the monsoon, the Brihanmumbai Municipal Corporation (BMC) is reportedly set to tighten enforcement of construction and demolition (C&D) waste management rules across the city.

Starting Monday, the civic body will levy a penalty of Rs 25,000 on every vehicle found transporting construction debris or excavation material without an active and authorised Vehicle Tracking and Monitoring System (VTMS).

Construction sites that fail to register on the BMC’s Mumbai Debris Control and Tracking System (MDCTS) portal will also face a fine of Rs 25,000 for each violation.

The move comes amid growing concerns over illegal dumping of construction waste and its impact on Mumbai’s environment and air quality. In a circular issued to all 26 municipal wards, the BMC has directed officials to begin inspections and enforcement drives immediately.

Mumbai generates more than 8,000 tonnes of construction and demolition waste every day, significantly exceeding the city’s treatment capacity.

The two processing facilities at Dahisar and Shilphata can collectively handle only around 1,200 tonnes of debris daily, creating a large gap that has led to rampant illegal dumping.

Civic officials said debris is frequently discarded along roadsides, vacant plots, drains, creeks, water bodies and mangrove areas, as per the report.

To improve monitoring and accountability, the BMC launched the MDCTS portal on August 24. The digital platform is designed to track C&D waste from its point of generation to authorised disposal or processing facilities.

It also allows civic authorities to monitor debris-carrying vehicles in real time, detect route deviations and identify suspected cases of illegal dumping.

The civic body has made registration on the portal mandatory for contractors, government agencies and private developers undertaking construction activities.

Registered entities are required to submit detailed waste management plans, while vehicles transporting debris must be fitted with GPS-enabled VTMS devices and follow approved transportation routes.

According to BMC data, the MDCTS portal recorded 220 registrations between August 24 and October 9. These included 109 builders and developers, 44 transporters, 19 BMC contractors, 17 external buyers of debris and soil, 15 corporate entities and four government agencies. No registrations were received from individual citizens during the period.

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Crude oil, inflation data among top factors to drive stock market next week

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New Delhi, Oct 11: Crude oil prices above $100 a barrel, key inflation data in India and the US, movements in the rupee, global bond yields and a pickup in corporate earnings are likely to determine the trajectory of Indian equities in the coming week, as investors assess whether the recent rebound can sustain after eight consecutive weeks of losses.

Domestic benchmark indices staged a sharp recovery on Friday, with buying across information technology (IT), fast-moving consumer goods (FMCG), automobile and financial stocks lifting market sentiment. The Nifty rose 288.65 points, or 1.30 per cent, to close at 22,520.45, while the Sensex advanced 879.09 points, or 1.23 per cent, to settle at 72,472.33.

The gains helped both benchmark indices break their eight-week losing streak. However, persistent foreign investor outflows, elevated crude oil prices, a weakening rupee and concerns over tighter monetary policy continue to pose challenges for the market.

With important macroeconomic indicators due in India and the US, alongside a busy corporate earnings calendar, investors will closely track developments across domestic and global markets to gauge the sustainability of the recovery.

One of the biggest factors likely to influence Dalal Street will be crude oil prices. Brent crude is trading above the $100-per-barrel mark, while West Texas Intermediate (WTI) remains above $90. Uncertainty surrounding Iran, the Strait of Hormuz and regional energy infrastructure has heightened concerns over possible supply disruptions.

Inflation data and movements in US bond yields will also be closely watched. In the US, the September Consumer Price Index (CPI) report, scheduled for release on Wednesday, will provide fresh insight into price pressures and help investors assess the Federal Reserve’s next policy move. US retail sales data will also be in focus, as stronger-than-expected readings could keep Treasury yields and the dollar elevated, potentially weighing on emerging-market equities.

In India, September CPI and wholesale price index (WPI) inflation figures will offer important clues about domestic price trends and their implications for monetary policy. Any indication of persistent inflation could influence expectations around interest rates and investor sentiment, while movements in the rupee will remain an important indicator of pressure from elevated oil prices and foreign capital outflows.

Corporate earnings will be another key driver as the results season gathers pace. Investors will assess companies’ revenue growth, profit margins, management commentary and demand outlook to determine whether earnings can support market valuations amid a challenging economic environment. Results from Indian companies, alongside major corporate announcements in the US, could influence sector-specific movements and broader market direction.

Global monetary policy expectations and bond-market movements will remain important throughout the week.

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