Power Firms

Smarten Power IPO to open on Jul 7, sets issue price band at ₹100/share

Smarten Power System on Sunday said it has fixed the price at Rs 100 per equity share for its Rs 50-crore initial public offering (IPO) that will open for subscription on July 7. The IPO will conclude on July 9, and the shares will be listed on the NSE's Emerge, Smarten Power System said in a statement. The IPO is a combination of a fresh issue of up to 40.01 lakh equity shares aggregating to Rs 40.01 crore and an offer for sale of 10 lakh shares aggregating to Rs 10 crore. Proceeds from the fresh issue will be utilised for the purchase of movable assets of the production line of battery manufacturing unit, working capital requirements, repayment of debt, funding capital expenditure requirements and general corporate purposes. Incorporated in 2014, Smarten Power Systems designs and assembles power backup and solar products, including home UPS systems, solar inverters, power conditioning units, and trades solar panels and batteries. "This IPO marks an important milestone in our gro

Tata likely in talks to buy out investors in Resurgent Power Ventures

Tata Power is working with an adviser to help buy stakes held by ICICI Venture Funds Management Co, Kuwait Investment Authority and Oman Investment Authority

Hindustan Power secures 425 MW solar project contract from UP Power Corp

Hindustan Power on Thursday said it has secured a 425 MW solar project from Uttar Pradesh Power Corporation Limited (UPPCL). The Letter of Award (LoA) was issued by UPPCL following a competitive e-reverse auction, Hindustan Power said in a statement. As per the power purchase agreement (PPA), UPPCL will procure power from this solar project for a fixed tariff over a 25-year period. The project is expected to achieve commissioning within 24 months from the date of signing the PPA. The company did not provide any further details related to the order. "With this win, the company will contribute to Uttar Pradesh's growing demand for sustainable energy solutions," Ratul Puri, Chairman of Hindustan Power, said. Hindustan Power aims to build a renewable energy portfolio of 5 GW by 2028.

DVC launches Rs 1,500 cr project to modernise power supply, reduce losses

Damodar Valley Corporation (DVC) has launched a Rs 1,500 crore project to modernise power supply in its command area to ensure round-the-clock quality power and to reduce aggregate technical and commercial (AT&C) losses, an official said on Sunday. DVC's entire distribution network primarily serves industries, with negligible supply to retail consumers. The project focuses on shifting from conventional power distribution to a state-of-the-art, technology-driven system to establish a robust primary and secondary distribution network across DVC's command area spanning 24,235 square kilometres in West Bengal and Jharkhand. "The project capex is nearly Rs 1,500 crore and will be completed in 18 months. The system integrates advanced features such as a distribution management system, outage management system, customer relation management, metering data management system, GIS mapping for real-time communication, ring main units (RMU), and fiber optic-based metering communication ...

German firm Infineon inks pact with CDIL to supply chips for semiconductors

German semiconductor company Infineon has signed its first agreement in India with CDIL Semiconductors to supply silicon wafer for manufacturing power chips in the country, senior officials of the firm said here on Thursday. Under the agreement, Infineon will supply bare semiconductor wafers to CDIL, which the Indian firm will process and use for assembly and packaging to make power chipset for use in products like power inverters, solar technology, automobile power solutions, and renewable energy applications, among others. "Infineon will provide silicon to CDIL. India is a special and very large market where we need partners like CDIL who understand the local requirement. This is the first of its kind agreement that we have signed in India," Infineon technologies Asia Pacific President and Managing Director CS Chua said after signing the agreement. Founded in 1964, Continental Device India (CDIL) is India's first semiconductor manufacturer, specialising in discrete semiconductors

Datta Power inks pact with SECI to supply power from 50-MW wind project

Datta Power Infra on Friday said one of its group firms inked a power purchase agreement with state-owned Solar Energy Corporation of India (SECI) to supply electricity from its 50-MW wind energy project. This project is part of SECI's Tranche-XVII initiative for setting up 500 MW ISTS-connected wind power projects across India, Datta Power Infra said in a statement. One of the group companies of Datta Power Infra Private Limited has signed a Power Purchase Agreement (PPA) with SECI for its 50-MW wind power project. This PPA reinforces the group's commitment to delivering clean and sustainable energy solutions at scale, the statement said. Varchasvi Gagal, CEO & MD of Datta Power Infra Pvt Ltd, said, "This PPA is a significant step in our commitment to supporting the nation's renewable energy objectives and building a greener, more sustainable future." The 50-MW wind power project will be developed as part of the central government's initiative to boost the country's renewable ...

Govt plans IPOs for five state-run power firms to raise funds for expansion

The government is considering privatising state-run discoms facing tariff limits, rising power costs, high T&D losses, and delayed payments from consumers

Hind Rectifiers to set up AI, Web3 arm with expansion of Nashik facility

Power and railway equipment producer Hind Rectifiers is expanding its manufacturing facilities in Nashik and has also decided to set up a subsidiary for developing high-tech products and solutions in AI, Web3 and others, according to a top official. Hind Rectifiers MD & CEO Suramya Nevatia said that the company actively progressing with our capacity expansion plans at the Sinnar and Satpur plants in Nashik along with focus on backward integration which will improve cost efficiency. The company board has also approved the incorporation of a wholly owned subsidiary focused on developing cutting-edge products and solutions in Information Technology (IT), Artificial Intelligence (AI), Web3, and various software, he said. Hind Rectifier has reported around six-fold jump in net profit to Rs 10 crore for the October-December quarter of 2024-25 driven by order flows and higher income. Total income jumped by 24 per cent to Rs 169.4 crore in the third quarter of FY25 compared to Rs 136.7 ..

Denmark's NKT strengthens power cable project competencies in India

Globally, NKT has grown its order backlog of high-voltage projects to €11.3 billion by the end of the second quarter of 2024

Brazil sets three-day deadline to restore power outage in Sao Paulo

Brazil's federal government on Monday established a three-day deadline for power distributor Enel to restore service to more than 400,000 households in Sao Paulo's metropolitan area who remain in the dark, energy minister Alexandre Silveira said in a news conference. The outage started Friday evening due to a short but powerful storm, and with the city's mayoral race in full swing, it sparked a blame game. Candidate Guilherme Boulos and allies are accusing incumbent Mayor Ricardo Nunes of failing to take preventive action, while others, including Nunes, are calling for the country's regulating agency to punish Enel. The federal government, meanwhile, is launching an audit of the power regulator's inspections of the utility. Silveira told reporters that he is in favor of terminating Enel's contract, due in 2028, but that would depend on due process. He added that the company "would not be so neglectful" if it faced the risk that its concession would be terminated. No matter what the

RPower up 5%, hits 7-yr high ahead of board meeting to consider fundraise

Reliance Power shares are quoting higher for the eighth straight trading day, having surged 29 per cent during the period.

'Measures in place': Govt gears up to meet peak power demand in May, June

The government has taken adequate measures to meet the estimated 235 GW peak power demand in May and 240 GW in June, according to an official statement. "With various measures, we have been able to successfully meet the peak evening power demand of 224 GW during April 2024," the Ministry of Power on Friday. The power demand is projected to peak at 235 GW during the day-time and 225 GW during evening hours for May and 240 GW during day-time and 235 GW during evening hours for June 2024, it said in the statement. The power ministry has estimated around 260 GW of peak demand during this summer season. Elaborating on the measures, the ministry said section 11 directions have been issued to gas-based power plants besides coal-based units to make full capacity available for electricity generation. The optimisation of hydropower generation has made available an additional 4 GW for meeting the demand during May and June. Further, the shifting of planned maintenance and minimisation of pa

Power, building materials, IT stocks bear biggest brunt of FPI selloff

During the first fortnight of October, foreign portfolio investors (FPIs) withdrew Rs 2,069 crore from the power sector and around Rs 1,500 crore each from infrastructure and IT

Govt likely to recover 'excess revenue' earned by power companies

Under the early-stage proposals, a uniform price cap on spot power trades would be replaced with new limits for each source of power generation

Power stocks surge as govt orders coal-based plants to run at full capacity

The government has invoked emergency powers under Section 11 of the Electricity Act to impose the rule as it expects record surge in power demand this summer

PM urges states to clear power firms' dues; launches 2 hydrogen plants

Prime Minister Narendra Modi on Saturday asked the state governments to clear power sector companies' dues which are estimated at around Rs 2.5 lakh crore

Second-sale realty broker Settlin raises $1 mn in pre-series A round

Powerhouse Ventures, Rajesh Sawhney-founded GSF Fund, and Bharat Matrimony founder among investors; funds to be used for expanding within Bengaluru

Power consumption grows 2.2% to 105.54 billion units in February

Power consumption in February 2021 was 103.25 BU, a tad lower than 103.81 BU in the same month of 2020, as per the power ministry data.

Power PSUs capital expenditure rises 47% to Rs 40,395 crore

Central Public Sector Enterprises under the Ministry of Power have increased capital expenditure during the first nine months of the current financial year to Rs 40,395.34 crore, which is 47% higher

Power giant NTPC pays Rs 3,054-cr final dividend for 2020-21

State-owned power giant NTPC on Friday said it has paid the final dividend of Rs 3,054.45 crore for 2020-21. For the financial year 2020-21, NTPC Ltd has paid a final dividend of Rs 3,054.45 crore, being 31.5 per cent of the company's paid-up equity share capital, NTPC said in a statement. The real-time gross settlement (RTGS) advice for the transfer of Rs 1,560.93 crore, as the government's share in the final dividend, was presented to Union Minister of Power and New & Renewable Energy R K Singh, by NTPC Chairman and Managing Director Gurdeep Singh. This is the 28th consecutive year that NTPC has paid a dividend.