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21 GW solar, wind capacity to go under hammer by March

21 GW solar, wind capacity to go under hammer by March

25 Nov 2017 | 12:34 AM

NEW DELHI: Buoyed by the success of reverse auction of renewables, the Ministry of New and Renewable Energy today announced auction of up to 21 GW solar and wind capacities by March 2018.

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New Delhi, November 24

Buoyed by the success of reverse auction of renewables, the Ministry of New and Renewable Energy today announced auction of up to 21 GW solar and wind capacities by March 2018.

The ministry will put on the block 3-4 GW wind power capacities during third and fourth rounds by March 2018. Each round will be of 1.5-2 GW each, said Power and New and Renewable Energy Minister RK Singh during a media interaction here today.

The government has already auctioned 2 GW wind capacities so far in the first and second rounds this year. It has also decided to put for bidding 10 GW wind capacities each in 2018-19 and 2019-20 to meet the target of 60 GW by 2022. At present, wind power installed capacity is 32 GW.

As far as solar auction is concerned, the government is looking at 17 GW capacities by March 2018. So far, 3.6 GW solar capacities have been auctioned.

To meet the milestone of 100 GW of solar capacity by 2022, the Centre will go in for auction of 30 GW solar capacities each in 2018-19 and 2019-20.

Singh added: “(We) will think about imposing customs duty on solar equipment once we develop our domestic manufacturing capacity.”

The Solar Energy Corporation of India (SECI) will be the nodal agency for most of the auctions.

Wind power tariff had dropped sharply to an all-time low of Rs 2.64 per unit during the second auction by the SECI for 1 GW projects in October.

Solar power has seen a similar play where the tariff had dropped to a record low of Rs 2.44 per unit in a tariff-driven bidding earlier this year.

The power minister asserted that India will easily achieve 200 GW renewable energy capacity by 2022 against the targeted 175 GW.

The competitive wind and solar tariff is seen as a big boost for India’s ambitious target of achieving 175 GW of renewable energy by 2022. — PTI

New IBC provisions to deepen banks’ losses, says report

25 Nov 2017 | 12:34 AM

MUMBAI: Promoters of steel companies undergoing resolution under the bankruptcy code were keen to bid for assets but will not be able to do so now after the amendments to the law, which will result in larger losses for banks, says a report.

RIL sells stake in Marcellus Shale for $126 m

25 Nov 2017 | 12:34 AM

NEW DELHI: Reliance Industries today said it has completed sale of its interest in one of the three shale gas assets in the US to BKV Chelsea for $126 million.

Kolkata gets Trump Tower, developers eye Rs700-cr sales

25 Nov 2017 | 12:34 AM

NEW DELHI: The iconic Trump Tower comprising 140 ultra-luxury apartments has been launched in Kolkata and its Indian developers are expecting to garner around Rs 700 crore in sales from this project.

Briefly

M&M, Uber in pact for electric vehicles push

25 Nov 2017 | 12:34 AM

Mumbai: Mahindra & Mahindra (M&M) will team up with Uber to explore deployment of electric vehicles (EVs) on the cab aggregator’s platform in several cities across India, the automaker said on Friday.

S&P keeps India’s rating unchanged at ‘BBB-minus’ with ‘stable’ outlook

S&P keeps India’s rating unchanged at ‘BBB-minus’ with ‘stable’ outlook

25 Nov 2017 | 2:26 AM

NEW DELHI: Standard & Poor’s on Friday kept its sovereign rating for India unchanged at ‘BBB-minus’ with ‘stable’ outlook saying vulnerabilities stemming from low per capita income and high government debt balance strong GDP growth.

Sensex goes up 102 points, Nifty above 10,370

24 Nov 2017 | 10:12 AM

MUMBAI: Driven by more liquidity, the Sensex on Friday rose 102 points and the Nifty above 10,370, after the US Fed minutes showed differences on the policy path forward.

Garment exports in Rajasthan down by 30-40% in October

24 Nov 2017 | 12:05 AM

Jaipur: Garment exports from Rajasthan have declined by 30-40% in October as compared to last year after the implementation of GST, said Garment Exporters Assocation of Rajasthan president Ravi Poddar on Thursday.

SEBI rejects PACL group firm’s plea to defreeze accounts

24 Nov 2017 | 12:05 AM

New Delhi: SEBI has ruled that curbs imposed on Pearls Infrastructure Projects, a majority owned by PACL, will continue as it has rejected the plea to defreeze bank accounts on grounds that proceedings to recover over Rs 60,000 crore from the parent entity is going on.

SBI to launch digital service ‘YONO’ today

24 Nov 2017 | 12:05 AM

NEW DELHI:Union Finance Minister Arun Jaitley will tomorrow launch SBI’s comprehensive digital service platform YONO, acronym for ‘You Only Need One’.

SC asks Bombay HC Receiver to auction Aamby Valley

24 Nov 2017 | 12:05 AM

NEW DELHI:Rejecting objections from Sahara, the Supreme Court today appointed the Bombay High Court’s Official Receiver as a Receiver of Sahara Group’s flagship property Aamby Valley near Pune that has been ordered to be auctioned.

Mittals of Bharti Airtel pledge Rs 7,000 crore for philanthropy

Mittals of Bharti Airtel pledge Rs 7,000 crore for philanthropy

24 Nov 2017 | 12:05 AM

NEW DELHI:The Bharti family, led by industrialist Sunil Bharti Mittal, has decided to pledge 10% of their wealth, including 3% of their stake in group flagship Bharti Airtel, towards supporting the activities of Bharti Foundation, the Group’s philanthropic arm.

Wilful defaulters can’t bid for stressed assets

24 Nov 2017 | 12:05 AM

NEW DELHI:Putting in place safeguards to debar promoters who are wilful defaulters and those associated with non-performing assets (NPAs) from bidding for stressed assets, the government today promulgated an ordinance to amend the Insolvency and Bankruptcy Code (IBC).

Gold regains sheen on wedding season buying, global cues

Gold regains sheen on wedding season buying, global cues

23 Nov 2017 | 2:46 PM

NEW DELHI: Gold prices recovered by Rs 150 to Rs 30,550 per 10 grams at the bullion market on Thursday on fresh buying by local jewellers to meet ongoing wedding season demand amid firm global cues.

Zydus Cadila gets USFDA nod to sell erectile dysfunction drug

23 Nov 2017 | 1:28 PM

NEW DELHI: Drug firm Zydus Cadila on Thursday said it had received approval for the US health regulator to market Tadalafil tablets, used for the treatment of erectile dysfunction, in the American market.

Silver futures down 0.22% on global cues

23 Nov 2017 | 11:57 AM

NEW DELHI: Silver prices moved down by 0.22 per cent to Rs 40,160 per kg in futures trade on Thursday as traders cut down their bets in line with a weak trend overseas.

Stocks get off to cautious start; IT, realty give support

23 Nov 2017 | 10:10 AM

MUMBAI: The stock market made a sedate start on Thursday as the benchmark Sensex rose marginally, leaning on renewed domestic institutional buying.

Builders for 6% GST on realty sector

23 Nov 2017 | 12:42 AM

NEW DELHI:Realtors' body Naredco today urged the government to halve the GST rate for the sector to 6% from 12% to boost demand for under-construction housing projects.

Jaypee Group told to deposit Rs 275 crore by year-end

23 Nov 2017 | 12:42 AM

NEW DELHI:The SC today directed 13 directors, including five promoters of realty firm Jaiprakash Associate Limited (JAL), not to alienate their personal properties and asked the company to deposit Rs 150 crore and Rs 125 crore respectively by December 14 and December 31.

Dual GST rate on rice bran hits oil extraction units

23 Nov 2017 | 12:42 AM

CHANDIGARH:The dual GST rate on rice bran is likely to hit over 350 rice bran oil extraction units, including over 100 in Punjab and Haryana.

Cabinet nod to India’s membership for EBRD

23 Nov 2017 | 12:42 AM

NEW DELHI:The Union Cabinet has approved India’s membership for European Bank for Reconstruction and Development (EBRD), a move intended to enhance India’s international profile and promote its economic interests.

Telcos demand more time for new SIM reverification modes

23 Nov 2017 | 12:42 AM

NEW DELHI:Cellular operators’ body COAI has asked the Unique Identification Authority of India (UIDAI) for more time to operationalise new modes like OTP for Aadhaar-based re-verification of mobile subscribers’ SIMs.

Task force to review income tax laws

23 Nov 2017 | 12:42 AM

NEW DELHI:The government today constituted a task force for drafting a new direct tax legislation which will redraft the more than 50-year-old Income Tax Act and suggest changes in consonance with the economic needs of the country.

Govt approves wage policy framework for CPSE workers

23 Nov 2017 | 12:42 AM

NEW DELHI:The government today approved a policy framework for central public sector enterprises (CPSEs) to negotiate the next round of wage revision with their workmen.

Task force set up to review income tax laws

Task force set up to review income tax laws

22 Nov 2017 | 10:12 PM

NEW DELHI: After overhauling indirect taxes, the government on Wednesday formed a task force to draft a new direct tax law to replace the existing Income Tax Act, which has been in force since 1961.

Market rally continues, Sensex rises 83 points

22 Nov 2017 | 4:05 PM

MUMBAI: Bringing up the fifth day of gains, benchmark Sensex rose over 83 points on Wednesday to finish at an over two-week high of 33,561.55, fuelled by infrastructure, PSU and auto stocks.

COAI seeks more time for new SIM re-verification modes

COAI seeks more time for new SIM re-verification modes

22 Nov 2017 | 2:43 PM

NEW DELHI: Cellular operators’ body COAI has asked the Unique Identification Authority of India (UIDAI) for more time to operationalise new modes like OTP for Aadhaar-based re-verification of mobile subscribers’ SIMs.

After sovereign upgrade, Moody’s ups outlook on India Inc

22 Nov 2017 | 2:35 PM

MUMBAI: Rating agency Moody’s sees an improvement in the credit profiles of India Inc next year, driven by better sales as it expects GST-related disruptions to wane, leading to an allover recovery in economic activities.

GES 2017, a testament to ‘strong’ India-US friendship: Ivanka Trump

GES 2017, a testament to ‘strong’ India-US friendship: Ivanka Trump

22 Nov 2017 | 11:40 AM

WASHINGTON: The Global Entrepreneurship Summit 2017 being hosted by India along with the US is a testament to the “strong friendship” between the two countries, US President Donald Trump’s daughter and adviser Ivanka Trump said on Wednesday.

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