Power giant NTPC on Friday posted an over 8 per cent rise in consolidated net profit to Rs 5,597.05 crore in the December quarter, driven by revenues from its key power generation business.

It had a consolidated net profit of Rs 5,169.69 crore in the October-December period of the preceding fiscal, the company said in an exchange filing.

The company’s total income increased to Rs 46,304.77 crore, from Rs 45,697.95 crore in the same quarter a year ago.

NTPC earned revenue of Rs 44,657.81 crore from the generation segment, higher than the Rs 44,088.40 crore it earned in Q3FY25.

The company’s board of directors also approved a second interim dividend of Rs 2.75 per equity share, with a face value of Rs 10, for the financial year 2025-26.

ALSO READ: Nestle India Q3 Result: Revenue, Net Profit Beat Estimates; Board Announces Dividend — Check Record Date

K.T.M. Udayanga Hemapala, Secretary to the Ministry of Energy, Sri Lanka.
| Photo Credit: Meera Srinivasan

Colombo is not seeking to renegotiate the contentious renewable energy project with Adani Green, a top Sri Lankan official said, a week after the company abruptly pulled out of a wind farm initiative in the island’s Northern Province.

Adani Green — which had pledged an investment of $ 442 million in wind power plants in Mannar and Pooneryn — informed Sri Lanka’s Board of Investment [BOI] in a letter dated February 12,2025, that it would “respectfully withdraw” from the project, even as the government sought a lower tariff for power purchase. In a media statement on the decision, a spokesperson of the Adani Group said: “We remain committed to Sri Lanka and are open to future collaboration if the Government of Sri Lanka so desires.”

Also read: Cannot justify Adani’s ‘excessive tariff’, Sri Lanka’s President Dissanayake tells Parliament

However, indicating that the outreach on such a future investment must come from the company’s side, and not Sri Lanka’s, K.T.M. Udayanga Hemapala, Secretary to the Ministry of Energy, told The Hindu on Thursday: “The company has decided to withdraw from the project, it is their call. We are now in the process of addressing the legal requirements after they decided to close the project. But if the company wishes to return, and commits an investment through the BOI, we are open to talking to them based on our position that the tariff must be lower,” he said. While the government is keen to bring in foreign investments to Sri Lanka, it would not lobby any specific investor, he added. “We welcome all investors through proper channels, they must follow due process. We will ensure that the investments are beneficial to our people.”

Citing ongoing cases at Sri Lankan courts challenging the Adani power project, Secretary Hemapala said the petitions were based on three main concerns: whether the project was to be considered “Government-to-Government”, the validity of the Environmental Impact Assessment (EIA) undertaken, and the power-purchasing tariff.

Adani Green’s recent decision to withdraw from the project came weeks after President Anura Kumara Dissanayake’s Cabinet revoked a 2024 power purchasing agreement — signed by the predecessor President Ranil Wickremesinghe administration — according to which Sri Lanka was to purchase power at $0.0826, or 8.26 cents, per kWh from Adani Green Energy. The Cabinet decision was in line with President Dissanayake’s view that Adani Green’s tariff for the project was high , and went against his government’s stated aim of bringing down the electricity tariff by 30 % in the next five years.  Further, the Cabinet had appointed a committee to reevaluate the project. In response, a spokesman of the Adani Group told the media on January 24, 2024, that the Sri Lankan government’s decision to reevaluate the tariff was part of a “standard review process”, and categorically denied the project was cancelled as had been reported by some media. But, in just over a fortnight, Adani Green withdrew its investment.

Sampur solar plant

Meanwhile, Sri Lanka’s Cabinet has cleared a proposal to set up solar power plants in Sampur, in the eastern Trincomalee district, in a joint venture of the governments of Sri Lanka and India, through the Ceylon Electricity Board and National Thermal Power Corporation of India.  The plants, of 50 MW and 70 MW capacity, would come up in two stages, according to a statement issued by the Department of Government Information on Thursday. The decision appears to revisit an old project envisaged during the time of the Gotabaya Rajapaksa administration. In March 2022, the NTPC signed an agreement with CEB to jointly set up a 100 MW solar power plant in Sampur, a decade after a joint coal power project deal at the same location was signed and subsequently scrapped.

Bombay Stock Exchange (BSE). File
| Photo Credit: Reuters

Equity benchmark indices Sensex and Nifty settled lower for the sixth straight session on Monday (October 7, 2024) due to heavy selling in bellwether stocks including HDFC Bank and Reliance Industries amid mixed trends in the global markets and outflow of foreign funds.

Falling for the sixth consecutive session, the BSE Sensex tumbled 638.45 points or 0.78% to settle at 81,050. During the day, it plummeted 962.39 points or 1.17% to 80,726.06.

The NSE Nifty slumped 218.85 points or 0.87% to end at 24,795.75.

From the 30 Sensex firms, Adani Ports & Special Economic Zones, NTPC, State Bank of India, PowerGrid, IndusInd Bank, Axis Bank, HDFC Bank, Titan and UltraTech Cement were the major laggards.

Mahindra & Mahindra, ITC, Bharti Airtel, Infosys, Bajaj Finance, Tata Consultancy Services and Tech Mahindra defied the trend.

“The Indian markets have entered a consolidation phase with high risk of underperforming to Asian peers. This phase is marked by significant corrections in the broader market due to premium valuations. There is notable global arbitrage activity, with Chinese markets attracting substantial inflows driven by its attractive valuations and stimulus measures,” Vinod Nair, Head of Research at Geojit Financial Services, said.

Global oil benchmark Brent crude surged 2.09% to $79.68 a barrel.

European markets were trading on a mixed note on Monday (October 7, 2024).

In Asian markets, Tokyo, Shanghai, Hong Kong and Seoul settled higher.

Wall Street ended with gains on Friday (October 4, 2024).

Investors are reassessing their portfolio positions and FIIs outflows are exacerbated. Amid escalating geopolitical tensions, the surging oil prices pose a further challenge to the domestic economy in the short term, Mr. Nair added.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹9,896.95 crore on Friday (October 4, 2024), while Domestic Institutional Investors (DIIs) bought equities worth ₹8,905.08 crore, according to exchange data.

On Friday (October 4, 2024), the BSE Sensex tumbled 808.65 points to settle at a three-week low of 81,688.45, while NSE Nifty slumped 235.50 points to 25,014.60.

Last week, the BSE Sensex tanked 3,883.4 points, or 4.53%, and the Nifty slumped 1,164.35 points or 4.44%.

According to exchange data, equities worth ₹9,791.93 crore were sold by FIIs on Monday, September 30, 2024, while Domestic Institutional Investors DIIs purchased equities valued at ₹6,645.80 crore. File
| Photo Credit: Reuters

Benchmark indices Sensex and Nifty edged lower on Tuesday (October 1, 2024), extending the losing run to the third day amid profit-taking in oil & gas and select FMCG shares.

The BSE Sensex dipped 33.49 points or 0.04% to settle at 84,266.29. During the day, it hit a high of 84,648.40 and a low of 84,098.94.

The NSE Nifty closed marginally lower by 13.95 points or 0.05% to 25,796.90.

Muted trends in global markets and heavy foreign fund outflows weighed on investor sentiment, analysts said.

From the 30 Sensex firms, IndusInd Bank, Asian Paints, Hindustan Unilever, Tata Motors, Tata Steel, Titan, Reliance Industries and NTPC were among the major laggards.

Tech Mahindra, Mahindra & Mahindra, Kotak Mahindra Bank, Infosys, HCL Technologies and State Bank of India were among the major gainers.

In Asian markets, Tokyo settled higher. South Korea, Hong Kong and mainland Chinese markets are closed for a public holiday on Tuesday (October 1, 2024). Markets in mainland China will be closed for the rest of the week due to holiday.

European markets were trading on a mixed note. The U.S. markets ended in the positive territory on Monday (September 30, 2024).

Foreign Institutional Investors (FIIs) offloaded equities worth ₹9,791.93 crore on Monday (September 30, 2024), while Domestic Institutional Investors (DIIs) bought equities worth ₹6,645.80 crore, according to exchange data.

India’s manufacturing sector growth fell to an eight-month low in September amid softer increase in factory production, sales and new export orders, a monthly survey said on Tuesday (October 1, 2024).

The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) fell from 57.5 in August to 56.5 in September, registering the weakest pace of growth since January.

In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction.

Global oil benchmark Brent crude declined 1.66% to $ 70.51 barrel.

The BSE benchmark tumbled 1,272.07 points or 1.49% to settle at 84,299.78 on Monday (September 30, 2024). During the day, it plunged 1,314.71 points or 1.53% to 84,257.14. The Nifty tanked 368.10 points or 1.41% to 25,810.85.

Macawber Beekay Private Ltd, which is into the waste-to-energy segment said it had bagged three Green Coal projects from NTPC in Noida (Uttar Pradesh), Bhopal (Madhya Pradesh), and Hubbali (Karnataka). 
| Photo Credit: PTI

Macawber Beekay Private Ltd, which is into the waste-to-energy segment said it had bagged three Green Coal projects from NTPC in Noida (Uttar Pradesh), Bhopal (Madhya Pradesh), and Hubbali (Karnataka). 

The largest project with 900 tonnes per day (TPD) capacity would come up in Noida whereas Bhopal and Hubbali would have 500 and 400 TPD respectively, the company said in a statement.

Recently, it had commissioned a Green Coal project in Varanasi. 

Including the Varanasi project, all the projects will have a combined installed capacity to handle 2400 tonnes of Municipal solid Waste (MSW) per day by August 2025, the company added.

NTPC is expected to get over 800 tonnes of Green Coal per day collectively from the four projects, it further said.

Gautam Gupta, Joint Managing Director, Macawber Beekay said, “In terms of technological enhancements, we are upgrading the existing technology with innovations derived from our experience in Varanasi by continuous research and development.” 

“These refinements will not only bolster efficiency but also ensure the seamless integration of these advancements into our operations in Varanasi and the upcoming projects,” he added. 

Green coal is charcoal made using MSW through thermal treatment of MSW, technically called torrefaction, which is carried out in an oxygen-deficient environment. 

The process uses biomass pellets (produced using agro-waste) to start the combustion process. It also results in the production of some volatile gases which, in turn, are used in heating of dryer & reactor during conversion of MSW into charcoal, thereby keeping emissions to a minimum and making the system self-sustainable, the company said.