NLC India receives Letter of Award from TN Green Energy Corporation

The NLC India Renewables Ltd, a subsidiary of NLC India, has received the Letter of Award (LoA) from the state government backed Tamil Nadu Green Energy Corporation Ltd for the development of three standalone Battery Energy Storage (BES) systems in the state.
This is the first large-scale BES system project to be undertaken by NLCIL Group and marks a major milestone, the Tamil Nadu-based company said.
The projects would be implemented under the Build-Own-Operate model with Viability Gap Funding support, NLC India said in a press release on Sunday.
Each project with an aggregate capacity of 250MW/500MWh would be established at 400/230/110 kV Ottapidaram Sub Station, Tuticorin, 400/230/110 kV Anuppankulam Sub Station in Virudhunagar district and 400/230/110 kV Kayathar Sub Station, Tuticorin in the state.
The company had bagged the projects through a 'competitive bidding process', it added.

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Time of India

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• Time of India

Nuvoco Vistas completes Rs 1800 cr Vadraj cement acquistion

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Indian Express

an hour ago

• Indian Express

Developments since June 6 decision show why we need to be cautious: MPC's Nagesh Kumar

The Reserve Bank of India's (RBI) decision earlier this month to tighten its stance to 'netrual' from 'accommodative' even as it cut the policy repo rate by a larger-than-expected 50 basis points (bps) to 5.50 per cent caught markets off-guard. However, according to Nagesh Kumar, one of the three external members on the central bank's Monetary Policy Committee (MPC), developments since the June 6 rate cut show why policymakers need to be cautious. 'Although the inflation numbers up to May are looking very good, with oil prices shooting up due to the Israel-Iran conflict, you never know what is in store. So, a neutral stance allows you freedom to adjust your actions. Since the MPC's decision on June 6, a lot has changed. We live in a very dynamic world, and that is why we need to be cautious,' Kumar said. Global crude oil prices rose to around $75 per barrel after Israel attacked Iran on June 13. Investors are now anticipating another sharp increase in oil prices after the US said on June 21 it had bombed three Iranian nuclear facilities. Speculation is rife if Iran – which has called the US attack outrageous and said it reserves all options to defend its sovereignty – will look to retaliate by blocking the Strait of Hormuz, a key waterway which handles almost a quarter of the global oil trade. In an interview with Siddharth Upasani, Kumar – Director and Chief Executive of New Delhi-based think-tank Institute for Studies in Industrial Development – also discussed how a consensus was finally achieved on his calls for a 50 bps rate cut and why growth numbers are not showing a broad-based revival, among other subjects. Edited excerpts: In the last meeting (in April) itself I had started making a case for a 50 bps cut. But at that time, trends were not very clear. There was uncertainty about the inflation number – it had begun to come down, but the drop was not significant enough. However, in June, we had numbers before us like 3.2 per cent in April. It has gone down even further in May. Looking ahead, the outlook seemed to be quite comfortable and benign because of the expectation of a better-than-normal monsoon, the declining prices of crude oil, and the softening of the US dollar. It was in that context and keeping in mind the continued concern about tariff-related uncertainties –the external economic environment had become very uncertain and volatile, with International Monetary Funds and Organisation for Economic Co-operation and Development downgrading the outlook very significantly, and World Trade Organization (WTO) projecting -1.5 per cent growth in world trade – and the need to support growth and the continued concerns about urban consumption and private investment not picking up that we cut the repo rate by 50 bps. In my view – and I articulated this in the April meeting – compared to two cuts of 25 bps each, one larger cut of 50 bps would be more effective. My reason was very common-sensical: if it is a quarter percentage point reduction, the banker might absorb a part of it as it is such a small change. But if it is 50 bps, the banker will have to pass it on with lower lending and deposit rates. We have seen the transmission of the 25 bps cuts being a bit slow. Of course, there will be a lag. But the stickiness of the deposit and lending rates was there. But 50 bps would be large enough to push the banks to take it into account. And if we feel confident that we will need another cut of 25 bps two months down the line, why not frontload it? That's why I made a case for a 50 bps cut. And this time, compared to April, the reason and policy space were much more solid. Seeing that, the consensus between us was easier to achieve. Well, at that time, inflation was high. 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The way inflation outlook is shaping will determine the future course of action. The RBI Governor, in a recent interview, has clarified that. It depends upon what kind of inflation you have because you need to have a certain real rate of interest. If that becomes negative, then savings will not be incentivised. Assuming that 1.5 per cent is the real rate of interest you want to preserve, then the floor (for repo rate) with inflation rate would be 5.5 per cent. However, if inflation goes to 3 per cent, then you have additional room to manoeuvre. Therefore, it really depends on the dynamics of the inflation and growth numbers. I wouldn't say that. Strictly speaking, the stance is not within the purview of the MPC. But we, of course, make some observations. I think it was purely the fact that with the 50 bps rate cut, the room (to cut further) going forward is limited. In view of that, it was a step to manage expectations. The uncertainty surrounding us is another factor to keep the stance neutral, which gives you more freedom to go either way. Although the inflation numbers up to May are looking very good, with oil prices shooting up due to the Israel-Iran conflict, you never know what is in store. So, a neutral stance allows you freedom to adjust your actions. Since the MPC's decision on June 6, a lot has changed. We live in a very dynamic world, and that is why we need to be cautious. When circumstances are uncertain and you want to promote growth, you try to reduce the cost of capital to make it easier for the entrepreneur who is sitting on the fence on whether to invest or not. That is what it does at the margin. Ultimately, investment decisions are a very complex process. But the cost of capital is one of the factors which is weighed by the entrepreneur, and policymakers try to assist the process. By lowering the cost of capital and trying to push demand, you are creating more favourable conditions for an investment decision than before. As I said, making an investment decision is a very complex process and cost of capital is only one of the factors. You can only exercise the levers which are within your control. You can't really do much about global uncertainty. What Mr Trump does on a day-to-day basis is something you have no control over. But holding other things constant, these (such as lowering the cost of capital) are some of the things which we can do something about. The other could be a fiscal stimulus which may be helpful to revive demand. The government has budgeted for a very substantial capex. So, frontloading the capex to keep the momentum up while things settle down in the international market could be another thing that could be done. Well, they are reacting to the changed times. We are now in a situation where the multilateral framework for trade has been completely put aside. MFN (Most Favoured Nation) – which has been the bedrock of multilateralism – has also been thrown out the window because Mr. Trump has X rate for China, Y rate for India, Z rate for Europe. The dispute settlement mechanism of WTO has been abandoned for some time because the Appellate Body was not renewed. In normal times, you don't have that urgency and you negotiate in a very relaxed manner. But when you need to, you find ways to expedite the process. That is what is happening. There is a realisation that we need to seize the moment and close these deals quickly before the damage is done, to protect and preserve our economic interests in the best possible manner. Sooner we do that, the better it is. Then the uncertainty that is prevailing is cleared. Yes, some of these are the early harvest type of arrangements, and they will continue to be negotiated. But normally in trade negotiations, you know what you can do for a large part of the agenda and only a small part, maybe 10-20 per cent, holds up progress. So, the best way forward is to move ahead with the part of the agenda on which you have no issues and find ways to address the red lines. Siddharth Upasani is a Deputy Associate Editor with The Indian Express. He reports primarily on data and the economy, looking for trends and changes in the former which paint a picture of the latter. Before The Indian Express, he worked at Moneycontrol and financial newswire Informist (previously called Cogencis). Outside of work, sports, fantasy football, and graphic novels keep him busy. ... Read More

Business Standard

2 hours ago

• Business Standard

DLF targets ₹2,500 crore sales from new housing project in Mumbai

DLF will launch more than 400 homes in the first phase of its upcoming project, marking the company's entry into Mumbai's residential property market Press Trust of India New Delhi India's largest realty firm DLF Ltd is set to enter the Mumbai housing market as it plans to launch a luxury housing project in the city worth about ₹2,500 crore in the next two weeks. DLF will launch more than 400 homes in the first phase of its upcoming project, marking the company's entry into Mumbai's residential property market. According to sources, the company has got all regulatory approvals to launch this project, which will be developed in partnership with Delhi-based Trident Realty. DLF has received RERA approval for its first premium residential project in Mumbai. The project, located in the suburb of Andheri, is expected to be launched within the next two weeks, they said. In the first phase, the company will develop 416 units in four towers. DLF plans to sell these apartments in a price range of ₹5-7 crore per unit. The spokesperson declined to comment. Earlier this month, the company launched and completely sold the DLF Privana North housing project in Gurugram, comprising 1,164 units. DLF will invest around ₹5,500 crore to develop this 17.7-acre project, which has already been completely sold out for about ₹11,000 crore. Aakash Ohri, Joint Managing Director and Chief Business Officer of DLF Home Developers, highlighted that 27 per cent of the demand came from non-resident Indians (NRIs). The project is part of a 116-acre integrated township -- DLF Privana in Sectors 76 and 77, Gurugram. In this 116-acre township, the company had last year launched and completely sold out two projects -- 'DLF Privana West' and 'DLF Privana South' -- for around ₹12,800 crore. DLF, the country's largest real estate firm in terms of market capitalisation, reported a record sales bookings of ₹21,223 crore in the 2024-25 fiscal year, an increase of 44 per cent from ₹14,778 crore in the preceding financial year. DLF's MD Ashok Tyagi recently gave sales bookings guidance for the current fiscal year at ₹ 20,000-22,000 crore, almost in the same range as the previous financial year. With the successful launch of the Gurugram project, DLF has already achieved 50 per cent of its annual sales bookings target. On financial performance, DLF's net profit increased to ₹4,366.82 crore during the 2024-25 fiscal year from ₹2,723.53 crore in the preceding year. Total income rose to ₹8,995.89 crore in the last fiscal year from ₹6,958.34 crore in the 2023-24 financial year. Since its inception, DLF has developed more than 185 real estate projects and developed an area more than 352 million sq ft. DLF Group has 280 million sq ft of development potential across residential and commercial segment, including current projects under execution and the identified pipeline. The group has an annuity portfolio of over 45 million sq ft. DLF is primarily engaged in the business of the development and sale of residential properties (the development business) and the development and leasing of commercial and retail properties (the annuity business).