RESOURCES

NCLT approves BPCL subsidiaries acquisiton of VoVL

"The argument raised...that ROFR acts against there being a level playing field is equally fallacious. Being fully aware of the ROFR availbale to Bharat Petro and its implications PRIO submitted an offer for a commercial value that it believed would dissuade Bharat Petro from exercising its ROFR....There is no question on Bharat Petro's ROFR having an impact on the playing field between parties," the court said.

Vedanta Resources sells 2.63% stake in Indian arm, raises Rs 4,184 crore

Vedanta Group, in a statement, said that Finsider International Company, a subsidiary of Vedanta Resources, accepted a proposal from one of its banks Tuesday evening to sell 2.6% shares holding in Vedanta Ltd to a group of reputed institutional investors.

View: India's path to developed economy status hinges on natural resource management

India's natural resources sector faces import challenges but holds potential for growth and self-sufficiency. Strategic management, revenue reinvestment, and resource diversification can drive economic development and sustainability, aligning with global trends towards renewable energy and efficient resource utilization.

Water stress pouring into economic stress

According to a CSE analysis, India experienced extreme weather events on 235 of the 273 days during Jan 1-Sep 30, 2023. The water emergency, however, is not just about scarcity. Rivers are polluted, traditional water harvesting systems are gone, catchments are deforested, groundwater levels are depleting and water bodies are disappearing. India has over 18% of the world's population, but only 4% of its freshwater resources. A 2018 NITI Aayog report stated that India is 'suffering from the worst water crisis in its history'.

Promoter may sell 2.5% in Vedanta via block deals this week

Agarwal has been seeking to slash the group's debt burden. London-listed Vedanta Resources reduced its net debt to $6 billion in FY24 from $9.7 billion in FY22. The company aims to cut it to $3 billion over the next three years. Vedanta Resources has long-term debt maturities of $900 million in FY25 and another $900 million in FY26.

India, Bangladesh reiterate commitment to free, open, inclusive, secure and rules-based Indo-Pacific

India and Bangladesh have reaffirmed their commitment to a free, open, and rules-based Indo-Pacific region. They will co-lead the Disaster Risk Reduction and Management pillar of the Indo-Pacific Oceans Initiative (IPOI). The joint statement from Prime Ministers Modi and Hasina emphasized cooperation on disaster resilience, climate impact mitigation, and regional integration under BIMSTEC, SAARC, and IORA. They plan to enhance trade, investment, and connectivity, negotiate a Comprehensive Economic Partnership Agreement (CEPA), and strengthen defense ties.

Anil Agarwal likely to sell a 2.5% stake in Vedanta

Vedanta Resources, which holds a majority stake in Vedanta, is reportedly considering selling a 4-5% stake in the company. The deal could be facilitated by an international bank and is expected to capitalise on the recent surge in Vedanta's share price.

Counter-questions for the asking

India's growing population, coupled with higher disposable incomes and consumption, has already begun to devastate our carefully constructed cocoons without our realising it. Competitive manufacturing (leveraging economies of scale, procurement, branding and digitalisation) may be enticing more people to consume more (double effect), accelerating planet-stripping.

Vedanta turns a money-spinner for investors. What's pushing it on?

Shares of Anil Agarwal-owned Vedanta Group, including Vedanta Ltd and Hindustan Zinc Ltd, have surged by Rs 2.2 lakh crore, doubling from their 52-week lows. Vedanta's growth exceeds other top Indian businesses like Reliance and Tata Groups. Brokerages have raised price targets on Vedanta, citing operational efficiencies and demerger prospects. Vedanta plans to invest $20 billion in India, focusing on technology and electronics. Agarwal aims to monetize the steel business to cut debt.

Why the Government needs a Budget: Understanding the importance and role

Union Budget 2024: Any political party that assumes government, whether through majority or coalition, in India shoulders significant responsibilities towards society, politics, and the economy. It is crucial to allocate resources in a manner that facilitates progress in a country as diverse as India, with its rich cultural, religious, and economic diversity.

Budget 2024: Five steps of India's Budget formation explained

Budget 2024: The Union Budget, crafted annually by the Department of Economic Affairs within the Ministry of Finance, functions as a comprehensive financial blueprint for the nation. It details projected revenues and expenditures for the forthcoming fiscal year. The preparation process for Budget 2024 commenced six months ahead of its presentation, initiating with the dissemination of Budget Circulars to pertinent ministries and departments.

Ajith Kumar KK takes charge as MD & CEO of Dhanlaxmi Bank, succeeding JK Shivan

Ajith Kumar KK appointed as MD & CEO at Dhanlaxmi Bank, replacing JK Shivan. He brings 36 years of banking experience from Federal Bank, including HR and credit roles.

Vedanta Limited to raise Rs 1,000 cr through private placement of NCDs

​Vedanta Limited, a subsidiary of Vedanta Resources, announced plans to raise Rs 1,000 crore through bonds on a private placement basis. The fund raise is part of the company’s routine financing or refinancing activities, the company said in a stock exchange announcement.

DICGC needs more resources

The Deposit Insurance and Credit Guarantee Corporation (DICGC) needs to increase its reserve ratio, manage treasury proactively, and upgrade its digital infrastructure to meet future payment obligations, as per a research paper in the RBI bulletin.

Parent of India's Vedanta proposes to cut debt by $3 billion over next three years

Vedanta Resources, the UK-based parent company of Indian miner Vedanta Ltd, plans to cut its debt by $3 billion over the next three years. The company, which has been facing multiple rating downgrades due to liquidity issues and high default risk, will use the newfound liquidity from its $3.20 billion outstanding bonds to fund crucial capex projects.

Dhanlaxmi Bank appoints Ajith Kumar KK as MD and CEO

The board at its meeting held on Tuesday approved the appointment of Ajith Kumar KK as Managing Director & CEO of the bank for a period of three years with effect from June 20, 2024, and on such remuneration as approved by RBI vide letter dated April 18, it said.

AIADMK to boycott Vikravandi bypoll; D Jayakumar says ‘Contesting poll is a waste of resources’

Odisha Cabinet: CM Mohan Charan Majhi keeps home, admin, public relations & water resources; complete list

Deputy CM Kanak Vardhan Singh gets Agriculture and Farmers Empowerment, Energy and Deputy CM Pravati Parida- Women and Child Development, Mission Shakti, Tourism.

Trai mulls charges for existing, newly allocated numbering resources to ensure efficient use

Telecom regulator Trai is seeking stakeholders' views on the introduction of charges for existing and newly allocated numbering resources to ensure their judicious and efficient use. Trai's recent consultation paper, 'Revision of National Numbering Plan,' emphasizes the value of numbering resources and the need for their efficient utilization by telecom service providers.

Trai reviewing norms for inactive landline and mobile connections, seeks feedback

The telecom regulator is seeking input on defining inactive landline and mobile connections as part of a discussion paper for a revised national numbering plan. It also seeks industry suggestions on reusing numbering resources from inactive connections.

ISRO working on mission to advance high-resolution thermal imaging for climate, resource management

The TRISHNA mission, a collaboration between ISRO and the French space agency CNES, aims to monitor Earth's surface temperature, water stress, and water quality for energy budgeting. The launch schedule is undisclosed.

Adani Power arm amalgamates Stratatech Mineral Resources

Adani Power Ltd's arm Mahan Energen Ltd approved merging Stratatech Mineral Resources with Dhirauli Coal Mine to enhance fuel security, subject to shareholder and regulatory approvals, with a peak-rated capacity of 6.5 million tonnes per annum. The merger involves a wholly-owned subsidiary engaged in mining, power generation, and allied activities.

4 key competencies needed in a small business HR manager

Successful HR career requires superior soft skills and emotional intelligence, especially in small business settings.