Page 26 - Energy Sector

Ensuring energy security

India must explore both domestic reform and foreign outreach

Azad Engineering Q3 results: Profit rises to Rs 16.8 crore, revenue up 49%

Hyderabad-based Azad Engineering on Tuesday reported more than three-fold increase in Profit After Tax (PAT) at Rs 16.8 crore for the three months ended December 2023. The company had posted a PAT of Rs 3.83 crore in the year-ago period, according to a statement. The revenue from operations in the third quarter of the current fiscal rose 49 per cent to Rs 89.23 crore from Rs 68.8 crore in the same period a year ago. The company's energy segment accounted for 81 per cent of the total revenue while aerospace and defence business contributed 17 per cent. The exports revenue accounted for 88 per cent. "We delivered 49 per cent Year-on-Year revenue growth in both Q3 FY24 and 9M FY24. This growth is marked by a 3x YoY growth in our aerospace and defense segment. "In the coming years, we expect the this business will contribute to our revenues on par with the energy segment, with oil and gas coming in second," Rakesh Chopdar Chairman & CEO of Azad Engineering, said. The company made it

Govt saves $6 bn on Qatar LNG deal renewal, signs $78 bn pact for 20 years

India on Tuesday signed a USD 78 billion deal to extend LNG imports from Qatar by another 20 years till 2048 at rates lower than current prices. Petronet LNG Ltd, India's biggest liquefied natural gas (LNG) importer, in a statement said it has signed a pact with QatarEnergy to extend the deal to buy 7.5 million tonne a year of gas for producing electricity, making fertilizers and converting it into CNG. The deal was signed on the sidelines of India Energy Week (IEW) here. Sources said the renewal is at a "significantly" lower price than the current deal. At current prices, India will save about USD 0.8 per million British thermal unit at the renewed terms. This translates into savings of USD 6 billion over the contract period. Petronet imports 8.5 million tonne per annum (MTPA) of LNG from Qatar under two contracts. The first 25-year deal is to expire in 2028 and has now been extended for 20 additional years. The second deal for 1 MTPA entered into in 2015, will be negotiated ...

Large part of Rs 11 trn capex for FY25 to flow into energy sector: PM Modi

The Interim Budget, presented on February 1, projected a capex of Rs 11 trillion for next year, up from Rs 10 trillion in FY24

India to see investment of $67 bn in next 5-6 years in energy sector: PM

Prime Minister Narendra Modi on Tuesday said that India will see an investment of USD 67 billion in the energy sector in next 5 to 6 years as he invited global investors to participate in India's growth story. Inaugurating the second edition of the India Energy Week here, Modi said the Indian economy is growing at the rate of more than 7.5 per cent and the country will soon become the world's third-largest economy. He invited global players to participate in India's energy sector growth, saying that the country is expected to increase its refining capacity from 254 MMTPA (million metric tonne per annum) to 450 MMTPA by 2030. He said, "In next 5-6 years, the investment of USD 67 billion is going to be done in energy sector in India." The prime minister further said that India is investing unprecedented money in the energy sector that has never happened before. He also said that the country's primary energy demand will be doubled by 2045. India, Modi said, is the third-largest cons

Mukesh Ambani to Gautam Adani: Big guns firing on the capex front

In the Interim Budget speech on Thursday, Union Finance Minister Nirmala Sitharaman said "private investments are happening at scale"

SBI Mutual Fund looks to garner up to Rs 4,000 cr from energy-focused NFO

The largest fund house SBI Mutual Fund on Monday said it is looking to garner Rs 3,500-4,000 crore of primary subscription from the new fund launch. SBI energy opportunities fund which is an open-ended scheme following the energy theme, will invest in an optimal mix of domestic and overseas companies engaging in activities such as exploration, production, distribution, transportation and processing of traditional and new energy including but not limited to sectors such as oil & gas, utilities and power. The new fund offer opens on February 6 and closes on the 20th, Shamsher Singh, managing director & chief executive said. On the fundraising target during the NFO period, D P Singh, the deputy managing director & joint chief executive, told PTI that more than the primary subscription they are more interested in wider coverage and the aim it cover/get subscriptions from at least 90 per cent of the pin codes and from at least 2.5-3 lakh investors. "From the fund mop-up ...

Adani Total Gas signs agreement with INOXCVA to strengthen LNG ecosystem

ATGL is authorised in 33 Geographical Areas and plays a significant role in the nation's efforts to enhance the share of natural gas in its energy mix

US solar boom opens $2 billion Indian door to banned products from China

Imports of Waaree panels raise questions about how US Customs and Border Protection officials are enforcing a ban on products tied to the repression of Uyghur people in China's Xinjiang region

Coal production increases by 10.3% to 99.73 million tonne in January

The country's coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal. India's coal production was at 90.42 MT in the year-ago period. The coal production in the April-January period rose to 784.11 MT (Provisional) over 698.99 MT during the same period in 2022-23, the coal ministry said in a statement. The country's coal dispatch in January rose to 87.37 MT over 82.02 MT in January last fiscal. As on January 31, the coal stock held by coal companies reached 70.37 MT, it said, adding that this surge reflects an annual growth rate of 47.85 per cent. "Concurrently, the coal stock at Thermal Power Plants (TPP), specifically at the location identified as DCB (Domestic Coal Based), marked a notable increase to 36.16 MT on the same date, with an annual growth rate of 15.26 per cent," it said.

Shell's 2023 profit drops 30% to $28 billion, boosts dividend by 4%

The British company's payouts to shareholders reached around $23 billion in 2023, over 10% of Shell's market value

Petronet Q3 results: Record profit at Rs 1,190 crore on higher capacity

Petronet LNG Ltd, India's biggest Liquefied Natural Gas (LNG) importer, posted a record third quarter net profit of Rs 1,190.30 crore as fall in gas prices increased capacity utilisation at its main Dahej import facility in Gujarat. The company had posted a net profit of Rs 1,175.94 crore in the year-ago period and Rs 814.91 crore profit in the preceding quarter. Profit rose on the back of higher capacity utilisation at 17.5 million tonnes a year import terminal at Dahej, Petronet CEO Akshay Kumar Singh told reporters on a media call. During the December quarter, Dahej terminal processed 218 Trillion British Thermal Unit (TBTU) of LNG as against 154 TBTU during the corresponding quarter a year ago, and 210 TBTU in the July-September period, he said. This led to a capacity utilisation of 99 per cent, up from 95 per cent in the preceding quarter and 70 per cent in the year-ago period. The softening in international LNG prices brought in more volumes. Together with its Kochi termina

NTPC Q3 results: Profit up 7% at Rs 5,208 cr, income falls to Rs 43,574 cr

State-owned power giant NTPC on Monday reported over 7 per cent rise in consolidated net profit to Rs 5,208.87 crore for the December 2023 quarter, aided by energy sales through trading. Its net profit stood at Rs 4,854.36 crore in the year-ago period, a BSE filing said. The total income fell to Rs 43,574.65 crore in the quarter from Rs 44,989.21 crore in the same period a year ago. The company's expenses rose to Rs 38,782.22 crore from Rs 37,007.51 a year ago. "Revenue from operations for the quarter and nine months ended 31 December 2023 include Rs 2,117.12 crore and Rs 7,012.90 crore, respectively (Previous quarter and nine months Rs 1,984.92 crore and Rs 6,039.14 crore, respectively) on account of sale of energy through trading," the filing said. The Board of Directors of the company has also approved a second interim dividend of 2.25 per share (face value of Rs 10 each) for the financial year 2023-24 in their meeting held on January 29, 2024. The date of payment/dispatch of t

Adani Energy Solutions appoints Kunjal Mehta as CFO with effect from Apr 1

Adani Energy Solutions Ltd on Monday announced the appointment of Kunjal Mehta as its Chief Financial Officer with effect from April 1, 2024. The development follows the resignation of incumbent Chief Financial Officer (CFO) Rohit Soni on Monday, Adani Energy Solutions Ltd (AESL) said in an exchange filing. "Kunjal Mehta, presently serving as CFO within Adani Portfolio of Companies, will assume the role of Chief Financial Officer of the company (a key managerial personnel, categorised as senior management personnel), commencing from April 1, 2024," the company said. Soni will relinquish his position as CFO of the company from the business hours on March 31, 2024. Soni will assume the new role of CFO at Adani New Industries Ltd (ANIL), the green hydrogen arm of Adani Enterprises, the filing said. While accepting the resignation letter from Soni, the company's board also approved the appointment of Kunjal Mehta as the new CFO-designate. Mehta presently serves as CFO of Adani Electr

Gail Q3 results: Consolidated net profit jumps 700% to Rs 3,193 cr

The latest rise was due to lower purchase of stock in trade, higher gas trading margins

Jaiprakash Power Ventures Q3 results: Net Profit at Rs 172.85 crore

Jaiprakash Power Ventures Ltd (JPVL) on Monday posted a consolidated net profit of Rs 172.85 crore in the December quarter compared to the year-ago period. The company had suffered a loss of Rs 217.97 crore in the quarter that ended on December 31, 2022, a BSE filing stated. Total income rose to Rs 2,213.68 crore in the quarter from Rs 1,206.06 crore in the same period a year ago.

Gail Q3 results: Net profit up 10-fold at Rs 2,843 cr, revenue remains flat

State-owned gas utility GAIL (India) Ltd on Monday reported a 10-fold jump in its third quarter net profit as all engines of its business -- from gas transportation to marketing and petrochemicals -- fired on all cylinders. Standalone net profit of the the nation's largest gas transmission and marketing firm came at Rs 2,842.62 crore in October-December -- the third quarter of the current fiscal year that started in April 2023 -- as compared to Rs 245.73 crore earning a year back, the company said in a statement. The net profit was better than Rs 2,404.89 crore earning in the preceding quarter. This came on the back of pre-tax earnings from the gas transportation business jumping nearly three-fold to Rs 1,215.07 crore. Also, natural gas marketing saw a turnaround, posting a pre-tax earning of Rs 1,880.42 crore as opposed to a loss of Rs 86.02 crore in October-December 2022. Petrochemicals business saw a turnaround with a small pre-tax profit of Rs 62 crore as against a loss of Rs 3

Inox Wind 3 MW WTGs make entry in MNRE's list of approved turbines

The government has included 3 megawatt (MW) wind turbine generators of wind energy solutions provider Inox Wind in its revised list of models and manufacturers, the company said in a statement. The Revised List of Models & Manufacturers (RLMM) of the Ministry of New and Renewable Energy (MNRE) includes quality-certified wind turbine models eligible for installation in the country to facilitate investors, lenders and developers. "The wind turbine generators (WTGs) will be available in multiple hub height variants, including 100m, 120m, and 140m. This turbine offers one of the lowest levelized costs of energy on a per unit basis given its compact design, resulting in lower costs of production, transport & logistics as well as installation, thereby giving the company a sustainable edge in the Indian market," Inox Wind said. With multiple orders in hand for the 3 MW WTGs, there will be a major ramp-up in the manufacturing and supplies of the turbines to meet the high demand. Inox .

India's natural gas demand is expected to rise 6% in 2024, says IEA

India's natural gas demand is expected to rise by 6 per cent in 2024 with a rise in consumption in fertiliser units, power generation and industrial sectors, according to the International Energy Agency (IEA). Following the 7 per cent year-on-year decline observed in 2022, India's primary gas supply rose by 5 per cent in 2023, with growth primarily driven by the petrochemical, power generation, refinery and industrial sectors. "Natural gas demand in India is expected to increase by 6 per cent in 2024, mainly supported by higher gas use in industry (including in the fertiliser sector) and stronger gas burn in the power sector amid the development of its national pipeline grid and city gas infrastructure," IEA said Gas Market Report released last week. India's natural gas demand had risen to 64 billion cubic meters in 2023. Liquefied natural gas (LNG) imports rose by 7 per cent on the year to 29 billion cubic meters last year, with import dependency at 44 per cent of the nation's ...

Adani Power inks pact to sell stake in 2 arms to AdaniConnex for Rs 540 cr

Adani Power on Thursday said it has inked an initial pact to sell 100 per cent equity in its two arms Aviceda Infra Park and Innovant Buildwell to AdaniConnex for Rs 540 crore. "Adani Power has entered into a Memorandum of Understanding (MOU) to sell its 100 per cent equity stake in its two wholly-owned subsidiaries i.e. Aviceda Infra Park Ltd (AIPL); and Innovant Buildwell Private Ltd (IBPL) to AdaniConnex Private Ltd (ACX)," a BSE filing said. Consequently, the AIPL and IBPL will cease to be wholly-owned subsidiaries upon completion of the sale, it added. The filing showed that the AIPL and IBPL are being sold for a consideration of Rs 190 crore and Rs 350 crore, respectively. AdaniConnex Private Ltd (ACX) is a 50:50 joint venture between Adani Enterprises, which is a promoter group company, and EdgeConneX. It is engaged in the business of developing world-class data centres and providing co-location hosting and ancillary services, including managed services, remote hands and fe