ADANI ELECTRICITY
India asks utilities to order $33 billion in equipment this year to boost coal power output
India's government plans a $33 billion equipment order to accelerate coal-fired power capacity additions amid soaring electricity demand. Major firms like NTPC and Adani Power are expected to lead tendering, aiming to add 31 GW in 5-6 years. The move follows record-high power demand and recent supply challenges, prompting urgent action to bolster infrastructure.
Fresh twist: Hindenburg gets Sebi notice for ‘shorting Adani shares’
Hindenburg termed the Sebi’s notice, dated June 26, as “nonsense, concocted to serve a pre-ordained purpose, an attempt to silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India”. Apart from the research firm, its founder Nathan Anderson, Mark E Kingdon, Kingdon Capital Management, Kingdon Offshore Master Fund and K- India Opportunities Fund (KIOF) - Class F, too, were served the notice.
Adani joins Tata and Ambani in race for elusive India superapp
Given the limited traction gained by Ambani’s MyJio and Tata’s Neu despite their wider range of consumer businesses, the Adani Group — whose businesses are largely infrastructure and heavy industrial ones — may have set itself a daunting task.
Adani CFO says Sebi notices procedural
The conglomerate faces Sebi notices, financial scrutiny, and market challenges but remains compliant and poised for a strategic rebound from recent setbacks.
Adani to invest Rs 2 lakh crore in renewable energy capacity addition by 2030
Adani Group plans to invest Rs 2 lakh crore by 2030 to achieve 40 GW of renewable energy generation capacity, aiming for net zero emissions by 2050. With over 10 GW capacity currently, they aim to add 6-7 GW annually to reach 50 GW by 2030. The investment is estimated at Rs 5 crore per megawatt. Adani Green Energy Ltd has added 2.8 GW capacity in FY24.
Brookfield targets USD 10 billion investments in renewable sector
Canada’s Brookfield Asset Management plans to triple its investments in India’s renewable energy sector to over $10 billion within the next three to four years. The firm is also exploring opportunities in electric vehicles and green hydrogen. With a current portfolio of over 25 GW, Brookfield is the second-largest investor in India’s green energy assets. Through its new Catalytic Transition Fund, Brookfield aims to further its commitment to clean energy and transition projects in emerging economies, including India.
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Adani Group to invest $100 billion in energy transition, says Gautam Adani
Green hydrogen, which is made by splitting hydrogen from water with the help of electrolyzers powered by clean energy, is seen as a potential panacea for decarbonizing the industry as well as transportation. Speaking at 'Infrastructure - the Catalyst for India's Future' event of Crisil, Adani Group chairman Gautam Adani said energy transition and digital infrastructure are trillion-dollar opportunities which will transform India both at a local and at a global scale.
Adani Electricity cuts power supply of 100 homes in Mumbai. Here's why
According to Adani Electricity, these defaulters are among the highest in any colony within their service areas, with outstanding bills accumulating over the years due to interest and penalties. A similar incident occurred in 2019 when power was cut off after residents stopped paying their bills, expecting developers to settle the dues once redevelopment projects were completed.
Adani Electricity cuts power supply of 100 homes in Mumbai. Here's why
According to Adani Electricity, these defaulters are among the highest in any colony within their service areas, with outstanding bills accumulating over the years due to interest and penalties. A similar incident occurred in 2019 when power was cut off after residents stopped paying their bills, expecting developers to settle the dues once redevelopment projects were completed.
Adani Group awards Rs 7,000 crore orders to BHEL for two power plants
Bharat Heavy Electricals Limited (BHEL) has secured orders worth Rs 7,000 crore from Adani Group for two power plants. The projects include the Raipur and Mirzapur supercritical thermal power plants in Chhattisgarh and Uttar Pradesh, with BHEL handling the manufacture, supply, and commissioning of key equipment. BHEL is India's leading engineering and manufacturing enterprise in energy, industry, and infrastructure.
Adani to invest over $1 bn in Sri Lankan wind projects
Adani Group plans to invest over USD 1 billion in setting up projects in Sri Lanka through Adani Green Energy Ltd. The projects include two wind farms in Sri Lanka's Mannar town and Pooneryn village with a total capacity of 484 megawatts.
These 5 stocks close crossing below VWAP on June 6
On June 6, the closing prices of these five stocks from Nifty500 dropped by more than 1.60% relative to the VWAP (Volume Weighted Average Price), and a shift below the VWAP suggests a potential bearish trend, according to stockedge.com's technical scan data. When the closing price falls below the VWAP, it signifies that the closing price is lower than the average price at which it was traded throughout the day, with the average being weighted by trading volume. This can be seen as a potential indication of increased selling pressure.
India to spend up to $385 bln to meet renewable energy target, Moody's Ratings estimates
India needs $385 billion for 500 GW renewable energy by 2030. Coal remains key for next decade. Adani Group plans to generate 45 GW of renewable power by 2030 to support India's transition to net-zero by 2070.
BHEL shares jump over 14% after winning thermal power project orders, including Adani Power contract
Bharat Heavy Electricals Limited (BHEL) shares surged 14.5% after securing thermal power project orders, including a significant one from Adani Power. BHEL will set up a 2x800 MW thermal power plant for Adani Power in Raipur, Chhattisgarh, and another project for Mirzapur Thermal Energy in Uttar Pradesh.
Adani One superapp clocked gross sales of Rs 750 crore in FY24
According to the 2023-24 annual report of the Ahmedabad-based conglomerate's flagship company Adani Enterprises, the user base of the superapp grew to 30 million at the end of the financial year. The company aims to expand the superapp's customer base to 400 million by 2030. Adani group is also in discussions with Paytm for potentially acquiring a stake in the fintech firm.
Adani Energy Solutions arm to acquire 100 pc stake in Pointleap Projects
The acquisition is expected to be completed within 4-5 working days from the execution date of SPA, it said.
Power Min asks imported coal-based plants to run at full capacity till Oct 15
The Ministry of Power has instructed all thermal plants using imported coal to operate at full capacity until October 15 to prevent electricity shortages amid surging demand. With the summer season projecting a peak power demand of 260 GW, the move aims to mitigate potential deficits, especially considering the record-high peak power demand of 243 GW in September 2023.
India extends operation of imported coal-based power plants until Oct 15
India has extended a mandate for imported coal-based power plants to operate at full capacity until October 15, in response to anticipated high demand for electricity during the summer months. The directive, revealed in a government order, applies to companies like Tata Power and Adani Power, operating plants with a combined capacity of nearly 16 gigawatts.
Ambani-Adani strategic collaboration: Reliance to acquire 26% stake in 600MW Mahan Energen power unit for Rs 50 crore
Mahan Energen has agreed to allot 50 million equity shares of Rs 10 face value each to RIL at par, Reliance said in a regulatory filing. “The proposed investment by the company is in compliance with the provisions of the Electricity Rules, 2005,” it said. RIL did not disclose any specific purpose for signing the power purchase agreement.
Adani makes metals debut as copper unit begins operations
Adani Enterprises has inaugurated its first unit of the copper refinery at Mundra, Gujarat, through its subsidiary Kutch Copper, marking its entry into the metals sector. The company will invest $1.2 billion in the first phase of the project, which will have an annual capacity of 500,000 tonnes. The second phase will add another 500,000 tonnes, making it the world's largest single-location custom copper smelter upon completion. This initiative aligns with India's push for sustainability and self-reliance, creating thousands of direct and indirect jobs while aiming for the lowest carbon footprint in its class.
Adani Energy in talks with banks to borrow up to $600 million
Adani Energy Solutions Ltd. is in talks for a $600 million credit facility to fund smart meter projects for electricity supply. The foreign currency loan could have a tenor of three to five years, with pricing likely linked to the Secured Overnight Financing Rate. Adani Energy Solutions recently formed a venture with UAE-based Esyasoft for smart meter projects in India and overseas. India plans to roll out 250 million smart meters to address billing inefficiencies in power distribution. The Adani Group has been regaining investor confidence since being targeted by US short seller Hindenburg Research last year.
BHEL bags Rs 4,000 cr order for 1600 MW thermal project from Adani Power
Bharat Heavy Electricals Ltd secures Rs 4,000 crore order from Adani Power to set up 1,600 MW Raigarh Phase-II Thermal Power Plant in Chhattisgarh, with Unit-1 delivery in 31 months and Unit-2 in 35 months.
Adani Green Energy Gallery at UK Science Museum becomes a reality
In a post on social media platform X on Friday, Adani said," Delighted to see the new 'Energy Revolution: The Adani Green Energy Gallery' becoming a reality in partnership with the Science Museum in London. This landmark gallery will showcase the scientific vision of a sustainable future, powered by renewables and low carbon technologies. #SustainableFuture #GreenEnergy."
Adani Electricity aims to instal 8,500 EV chargers in suburban Mumbai
Adani Electricity Mumbai Ltd on Tuesday said it is looking to install 8,500 chargers for electric vehicles (EVs) across apartment blocks in the suburbs of the financial capital. The Adani group company said it has launched what it calls the "share charge" initiative, under which multiple vehicle owners can use the same charging infrastructure.
SC rejects Adani Power's plea to recover Rs 1,376 crore from Rajasthan discom
While imposing a fine of Rs 50,000 on Adani Power for effectively seeking review of the case through a miscellaneous application seeking clarification, a Bench comprising justices Anirudhha Bose and Sanjay Kumar said a miscellaneous application was not the proper legal course when seeking a review.
SC rejects Adani firm's plea for over Rs 1300 crore as late payment surcharge from Rajasthan state discom
The Supreme Court has dismissed Adani Power Rajasthan Ltd's plea for over Rs 1,300 crore as late payment surcharge from Jaipur Vidyut Vitran Nigam Limited, ruling that filing a miscellaneous application was not the proper legal recourse.
Adani Electricity Mumbai tops discoms rating chart, Torrent Power Surat 2nd
Adani Electricity Mumbai topped the performance ranking of power distribution companies for 2022-23. Torrent Power Surat and Torrent Power Ahmedabad secured the second and third spots. The ranking is based on the 12th edition of Integrated Rating of Discoms released by Union Minister for Power and New & Renewable Energy R K Singh.
Tata Power proposes tariff revisions in Mumbai with sharpest jump for lower end consumers
Tata Power proposes a "rationalization" of tariffs, which could lead to a sharp increase in power rates for lower-end consumers. The utility plans to raise the rate per unit from Rs 3.74 to Rs 7.37 for consumers using up to 100 units per month, and from Rs 5.89 to Rs 9.31 for those using between 101-300 units. The increase is justified as the earlier tariff structure was stayed and a rationalization is needed to address the subsidy imbalance between high-end and low-end consumers. Stakeholders have 15 days to provide feedback on the proposal.
Adani Energy Solutions appoints Kunjal Mehta as CFO
Kunjal Mehta has been appointed as Adani Energy Solutions Ltd (AESL) Chief Financial Officer (CFO) effective April 1, 2024, following the resignation of Rohit Soni. Soni will become CFO at Adani New Industries Ltd (ANIL), the green hydrogen arm of Adani Enterprises. Mehta, currently serving as CFO of Adani Electricity Mumbai Ltd., will assume the role of AESL CFO.
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