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Apart from a dismal September quarter, stretched working capital and higher debt were key disappointments View More

MUMBAI : The Bharat Heavy Electricals Ltd (BHEL) stock has zoomed 77% so far in 2023. The government’s capex thrust has come as a shot in the arm for capital goods stocks lately. But in the case of BHEL, a robust order inflow outlook mainly for its thermal power segment, is fuelling optimism among investors. So much so, that despite dismal September quarter (Q2FY24) earnings, the stock is up 13% reacting to the results. BHEL reported a net loss of ₹233 crore in Q2FY24 as compared to a net profit of ₹10 crore in the same quarter last year. Higher raw material costs weighed on its operating performance. Stretched working capital position and higher debt were the other key disappointments. As of September end, BHEL’s working capital ballooned to ₹4,382 crore from ₹1,210 crore at March end. Higher debtor days (clients taking longer to pay) have led to elongated working capital cycle, a lingering concern for BHEL. “Few power projects under construction viz. 3x800MW NTPC Patratu have back-ended (towards the end of project) payment terms which have been a source of working capital stress for the company," said JM Financial Institutional Securities Ltd. if (adFreesubs || adLite) { getGooglePubAds("subs-adfree"); } The pain of higher debtor days will ease FY25 onwards with the commissioning of a large number of projects which have better payment terms, said the JM report. But for now, the Street seems fixated on the state-owned company’s order prospects. Order inflow for Q2 surged 49% year-on-year to ₹17,900 crore taking the order book to ₹1.14 trillion as of September end. Facing a continuous surge in power demand in the country, ministry of power/Government of India has revised its thermal ordering plan to 53GW by FY30-31 from 24GW earlier, said a Nuvama Research report. This implies 10-11GW of ordering every year and at least 5GW of order inflow for BHEL (50% market share) versus the current assumption of 3GW, it added. What’s more, the company’s ongoing efforts to diversify into non-thermal power segments of railways, pumped-hydro storage plants, and defence, are expected to keep BHEL’s order book in good stead. Milestone Alert!Livemint tops charts as the fastest growing news website in the world ???? Click here to know more. .productListBox-table{margin-top:20px;margin-bottom:15px}.table-responsive{overflow:auto}.table-responsive.story-element table{min-width:100%;margin-top:20px;width:100%}table,td,th,tr{border-collapse:collapse}.table-responsive.story-element table tbody tr:first-child td:first-child,.table-responsive.story-element table tr:first-child td{background:#757575;font-size:14px;color:#fff;border:none;font-family:Lato-Bold;text-align:left;padding:13px 16px}.table-responsive.story-element table tr:first-child td:nth-child(1){border-radius:2px 0 0}.table-responsive.story-element table tr:first-child td:last-child{border-radius:0 2px 0 0}.table-responsive.story-element table tbody{border:1px solid #eee}.table-responsive.story-element table tbody tr td{padding:10px 16px;background:#f9f9f9;color:#212121;line-height:18px;font-size:14px;font-family:Lato-Regular}.table-responsive.story-element table tbody tr td .tblbuynow{color:#00b1cd;font-size:14px;font-family:Lato-Black;text-align:right;text-decoration:none;text-transform:uppercase}.table-responsive.story-element table tbody tr td:first-child,.table-responsive.story-element table tbody tr td:first-child a{color:#212121;line-height:18px;font-size:14px;font-family:Lato-Bold}.tableRowTitle{-webkit-line-clamp:1;-webkit-box-orient:vertical;overflow:hidden;text-overflow:ellipsis;display:-webkit-box}.tableRowTitle a{text-decoration:underline}.table-responsive.story-element table tbody tr:first-child td{color:#fff!important}.productListBox-table tr:hover td,.productListBox-table tr:hover td a,.productListBox-table tr:nth-child(2) td,.productListBox-table tr:nth-child(2) td a,.tdCyan-ever td,.tdCyan-ever td a{color:#00b1cd!important}.table-responsive.story-element table tbody tr td:last-child{white-space:nowrap} Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. More Less Updated: 19 Nov 2023, 09:07 PM IST
Chief Economic Advisor Anantha Nageswaran has said that startups will play an important role in India achieving its developmental aspirations and becoming the third-largest economy in the world View More

Chief Economic Advisor Anantha Nageswaran has said that startups will play an important role in India achieving its developmental aspirations and becoming the third largest economy in the world, PTI reported Sunday. Speaking on the concluding day of the Huddle Global 2023 organised by the Kerala Startup Mission (KSUM), Nageswaran said the tier-2 and 3 cities, including Thiruvananthapuram, have become game-changers in helping startups flourish in the country due to improvements in infrastructure and supportive policies of the respective government, a KSUM release said. The CEA said India was the fifth largest economy on course to become the third largest in a few years. if (adFreesubs || adLite) { getGooglePubAds("subs-adfree"); } “As all of you know very well, we are the fifth largest economy in the world, which is on course to become the third largest in a few years. In fact, I would say '7-in-7' is the buzz slogan, i.e., $7 trillion economy in seven years. It is possible by 2030 if India maintains its present growth trajectory, and in that journey, startup entrepreneurs are going to play an important role," PTI quoted Nageswaran as having said in the release.  Also Read | India vs Australia Live Score Updates, World Cup Final: IND 211/6-43 overs; Regular wickets hurt India, SKY holds key“The active participation of startups in India in developing business models on the foundation of expanding physical and digital infrastructure will continue to generate efficiency, revenue and economic returns for the country. The culture of entrepreneurship and innovation is one 'pandemic' that India would like to experience continuously. It must spread," he added.  "The last decade has seen an exceptional transformation in the startup landscape in India, which has emerged as the third largest ecosystem globally, with over 1.12 lakh startups presently recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) across 763 districts. Among them, more than 110 are unicorns with a total valuation of around USD 350 billion," he said. The chief economic advisor further said India ranks second in innovation quality. Nageswaran said innovation in the country was not just limited to certain sectors as startups were solving problems in 56 industrial sectors, with 13% of them from IT services, 9% from health and life sciences, 7% from education, 5% from agriculture and 5% from food and beverages. He further said it was significant that 49% of the startups were from tier-2 and 3 cities which have turned out to be game-changers as the business advantages in these locations enable entrepreneurs to operate at lower costs as compared to tier-1 cities. "Apart from improved infrastructure and the government’s pro-active policies, the availability of a technically skilled talent pool is a huge advantage for startups to set up and flourish in tier-2 and tier-3 cities," he said. He said that historically there was a perception that small towns were difficult places to conduct business. "...but with improved internet penetration, vastly better physical infrastructure, road, rail and air connectivity and supportive government policies, this is no longer true," the chief economic advisor added. Milestone Alert!Livemint tops charts as the fastest growing news website in the world ???? Click here to know more. .productListBox-table{margin-top:20px;margin-bottom:15px}.table-responsive{overflow:auto}.table-responsive.story-element table{min-width:100%;margin-top:20px;width:100%}table,td,th,tr{border-collapse:collapse}.table-responsive.story-element table tbody tr:first-child td:first-child,.table-responsive.story-element table tr:first-child td{background:#757575;font-size:14px;color:#fff;border:none;font-family:Lato-Bold;text-align:left;padding:13px 16px}.table-responsive.story-element table tr:first-child td:nth-child(1){border-radius:2px 0 0}.table-responsive.story-element table tr:first-child td:last-child{border-radius:0 2px 0 0}.table-responsive.story-element table tbody{border:1px solid #eee}.table-responsive.story-element table tbody tr td{padding:10px 16px;background:#f9f9f9;color:#212121;line-height:18px;font-size:14px;font-family:Lato-Regular}.table-responsive.story-element table tbody tr td .tblbuynow{color:#00b1cd;font-size:14px;font-family:Lato-Black;text-align:right;text-decoration:none;text-transform:uppercase}.table-responsive.story-element table tbody tr td:first-child,.table-responsive.story-element table tbody tr td:first-child a{color:#212121;line-height:18px;font-size:14px;font-family:Lato-Bold}.tableRowTitle{-webkit-line-clamp:1;-webkit-box-orient:vertical;overflow:hidden;text-overflow:ellipsis;display:-webkit-box}.tableRowTitle a{text-decoration:underline}.table-responsive.story-element table tbody tr:first-child td{color:#fff!important}.productListBox-table tr:hover td,.productListBox-table tr:hover td a,.productListBox-table tr:nth-child(2) td,.productListBox-table tr:nth-child(2) td a,.tdCyan-ever td,.tdCyan-ever td a{color:#00b1cd!important}.table-responsive.story-element table tbody tr td:last-child{white-space:nowrap} Related Premium Stories Indian roads have become more fatal, shows latest accidents data Centre nudges 112 top firms to sign up for ‘right to repair’ Token releases hit cinemas as OTT mandate kicks in New Delhi followup: G20 discussing proposal for $1 trillion-a-year startup fund Mint Explainer: What did the meeting between Joe Biden and Xi Jinping achieve? Delhi pollution: Do odd-even schemes work? Here’s what data says International airlines see scope in India as aviation hub Recruitment sector plods through a gloomy quarter The plan to keep a lid on food prices is cooking Wait for biz loan pickup could get longer on limited capex Explore Premium function cdpTrackingForPremiumWidget(cta){ var htfpPara = getCookie("_ht_fp"); var clientIdPara = getCookie("_ht_clientid"); var subsection = ""; var premiumPara = "yes"; dapTracker.track("PremiumArticles", { "url": window.location.href, "property": "lm", "platform": "web", "htfp_id": htfpPara, "client_id": clientIdPara, "section": sectionName, "subsection": subSectionName, "premium": premiumPara }, "event"); } Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. More Less Updated: 19 Nov 2023, 05:22 PM IST Topics news
The primary market is all set to be buzzing in the coming week as six new companies are tapping Dalal Street to raise over ? 7,300 crore via initial public offering (IPO). View More

The primary market is all set to be buzzing in the coming week as six new companies are tapping Dalal Street to raise over ₹ 7,300 crore via initial public offering (IPO). Tata Technologies and Indian Renewable Energy Development Agency (IREDA) are among the biggest among six companies. ‘’In terms of the number of IPOs, India’s share in the global pie has increased sharply. In 2021, India’s share in the total number of IPOs globally stood at 6 per cent. It surged to 11 per cent in 2022. In the first half of 2023, India’s share in the number of global IPO’s has rose to 13 per cent,'' said said Mahavir Lunawat, Managing Director, Pantomath Capital Advisors Pvt. Ltd, a mid-market investment bank. Tata Technologies IPOThe most long-awaited will open for subscription on November 22 and will close on November 24. The company has fixed a price band of ₹475 - ₹ 500 per share. This is the first IPO from the Tata Group after almost 19 years. if (adFreesubs || adLite) { getGooglePubAds("subs-adfree"); } The engineering services firm, valued at over  ₹ 20,000 crore in the market, seeks to raise over ₹3,042.51 crore through the Offer for Sale (OFS). The promoters, Tata Motors, along with investors Alpha TC Holdings Pte Ltd and Tata Capital Growth Fund I, are the participating selling shareholders in the OFS. IREDA IPOThe Mini Ratna enterprise, which will be among the first among six IPOs in the mainboard segment, will open for subscription on November 21 and will close on November 23. The price band for the IREDA IPO has been fixed at ₹30 - ₹32 per share. The financial entity aims to raise over  ₹2,150.21 crore by offering 67.19 crore equity shares in a public issue at the upper price limit. The initial public offering (IPO) encompasses a new offering of 40.31 crore equity shares valued at  ₹1,290.13 crore by the company, along with a government offer-for-sale (OFS) involving 26.87 crore shares valued at  ₹860.08 crore. Gandhar Oil Refinery India IPOThe white-oils manufacturer will open for bidding on November 22 and will close on November 24 with a price band at ₹160 - ₹169 per share. The Mumbai-based company intends to raise over ₹500.69 crore from the issue. The IPO includes a new issuance of shares valued at ₹302 crore, along with an Offer for Sale (OFS) of 1.17 crore equity shares totaling ₹198.69 crore. The selling shareholders, including promoters Ramesh Babulal Parekh, Kailash Parekh, and Gulab Parekh, will participate in the OFS. Notably, Green Desert Real Estate Brokers, Denver Bldg Mat & Décor TR LLC, and Fleet Line Shipping Services LLC, among the selling shareholders, will completely divest from the company by selling their entire stake through the OFS. Fedbank Financial Services IPOFedbank Financial Services will be the third company to launch its IPO in the coming week, looking to raise over ₹1,092 crore. The IPO will open for bidding on November 22 and will close on November 24. The price band for the Fedbank Financial Services IPO has been fixed at ₹133 - ₹140 per share. The Non-Banking Financial Company (NBFC) IPO, supported by the Federal Bank and True North Fund, includes a new issuance of shares valued at ₹600 crore and an offer-for-sale (OFS) featuring 3.5 crore equity shares worth ₹492.26 crore, with the selling shareholders being the Promoter, The Federal Bank, and the investor True North Fund VI LLP, a private equity fund. Flair Writing Industries IPOThe Flair Writing Industries, which is a Mumbai-based stationery products manufacturer, will float its IPO during November 22 and November 24 with a price band of ₹288 - ₹304 per share. The company intends to raise ₹593 crore through its inaugural offering, comprising ₹292 crore in new shares and a ₹301 crore Offer for Sale (OFS) by the Rathod family. Rocking Deals Circular Economy IPOThe B2B re-commerce company is set to initiate its public offering for subscription on November 22, with a share price range of ₹136 -  ₹140. The subscription window will remain open until November 24. Specializing in bulk trading of surplus inventory, open-boxed items, re-commerce products, and refurbished goods, the company aims to raise ₹21 crore through the IPO. This fundraising effort exclusively involves a fresh issue of shares. FEDERAL BANK More Information if(!isPremiumStory){ (function(){ let interval; let exchangeCode = 'BSE'; const elementId = "stockwidget-11700364869035-11700364870751-S0003070"; let tickerId = "S0003070"; exchangeCode = "BSE".toLowerCase(); if(exchangeCode == 'nse'){ exchangeCode = 'NSI'; } interval = setInterval(() => { if(typeof getStockwidget === "function" && typeof getWatchListInstance === "function"){ clearInterval(interval); if(tickerId.startsWith("I")){ getIndicesWidgetStory(exchangeCode, tickerId, elementId); }else{ getStockwidget('BSE', tickerId, elementId); } } }, 1000); })();} Milestone Alert!Livemint tops charts as the fastest growing news website in the world ???? 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Download The Mint News App to get Daily Market Updates. More Less Updated: 19 Nov 2023, 09:15 AM IST Topics Indian stock market
Initial stop-loss and target can be at ?236 and ?262 respectively View More

Last fiscal, power consumption had increased 9.5%. View More

India’s power demand will likely grow 7% year-on-year in FY24, after having grown 7.1% in the first half of this fiscal on the back of robust industrial activity, a report by Fitch Ratings has estimated. Last fiscal, power consumption had increased 9.5%. “The strong power demand should keep the average thermal power plant load factor (PLF) above 60%," the report noted. In the past three months, power demand has grown around 20% every month, compared with the corresponding months of FY23. if (adFreesubs || adLite) { getGooglePubAds("subs-adfree"); } The report noted that thermal coal inventory fell and was adequate for only 8.4 days in September end, against the usual 18 days. This was despite government efforts in the past six months to maintain adequate coal stock through increased local supply and higher coal imports. As demand soared, the power ministry directed mandatory blending of 6% imported coal till March 2024, and asked all imported coal-based power plants to operate at full capacity till the end of this financial year. The report also noted that regular payments under the central government’s late payment surcharge (LPS) rules have lowered total dues from distribution companies (discoms) to power generation companies (gencos) to around ₹70,000 crore, from ₹1.3 trillion in June 2022, when LPS was launched. “We expect receivable days for Fitch-rated gencos to further shorten in the near term, although at a slower rate than the sharp improvement in FY23," Fitch said. Long-term sustainability of gencos’ better receivables position depends ontimely and adequate tariff adjustments, delivery of state subsidies and greater operational efficiencies. Milestone Alert!Livemint tops charts as the fastest growing news website in the world ???? 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He has reported on diverse sectors over the last six years including, commodities and stocks market, insolvency and real estate. He has previous stints at Cogencis Information Services, Indo-Asian News Service (IANS) and Inc42. Read more from this author if(adFree){ document.getElementById("author-widget").style.display="block" }else{ document.getElementById("author-widget").style.display="none" } Related Premium Stories India’s power demand seen rising 7% this fiscal: Fitch Mint Explainer: Why RBI raising risk weights for consumer loans is significant Meet the man behind the mega Kims deal IMAX sets sights on record-breaking revenue in India The ugly underbelly of BoB’s app usage fiasco Mint Primer: Our AQI woes: Why farmers still burn stubble In charts: India’s wanderlust set to take off this holiday season How to turn Indian airports into South Asian travel hubs Celebrities ring in weddings with media deals, videos, sponsorships As Sivakasi, firecracker central, hits a century this Diwali, a pivot beckons Explore Premium function cdpTrackingForPremiumWidget(cta){ var htfpPara = getCookie("_ht_fp"); var clientIdPara = getCookie("_ht_clientid"); var subsection = ""; var premiumPara = "yes"; dapTracker.track("PremiumArticles", { "url": window.location.href, "property": "lm", "platform": "web", "htfp_id": htfpPara, "client_id": clientIdPara, "section": sectionName, "subsection": subSectionName, "premium": premiumPara }, "event"); } Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates. More Less Updated: 17 Nov 2023, 11:28 PM IST
In the first half of this fiscal, demand witnessed a year-on-year growth of 7.1% on the back of robust industrial activity. View More

New Delhi: India’s power demand is expected to grow 7% in FY24, according to a report by Fitch Ratings. Last fiscal, power consumption increased 9.5%.  The report noted that in the first half of this fiscal, the demand witnessed a year-on-year growth of 7.1% on the back of robust industrial activity. “The strong power demand should keep the average thermal power plant load factor (PLF) above 60%," it said. In the past three month power demand has grown around 20% every month, compared to the corresponding month of last year. The Fitch report noted that thermal coal inventory fell to around 8.4 days at end-September 2023, against around 18 days normative. This was despite government efforts to maintain adequate coal stock through increased local supply and encouraging higher coal imports in the past six months. In the wake of high power demand, the power ministry recently directed mandatorily blend 6% imported coal till March next year and also asked all imported coal-based power plants to operate at full capacity by the end of this fiscal. The report also noted that the regular payments under the central government’s late payment surcharge (LPS) rules have lowered total dues from distribution companies (discoms) to power generation companies (gencos) to around ₹700 billion, from ₹1.3 trillion in June 2022, when LPS was launched. “We expect receivable days for Fitch-rated gencos to further shorten in the near term, although at a slower rate than the sharp improvement in FY23," it said. The long-term sustainability of gencos’ better receivables position depends on structural changes to boost the operational and financial profiles of discoms, Fitch said adding that it includes timely and adequate tariff adjustments, state subsidies and greater operational efficiency. The central government’s Revamped Distribution Sector Scheme (RDSS), together with restricted access to the short-term exchange-traded power market in case dues to gencos are delayed under the LPS, should help, but implementation risk remains. “We believe improved billing and revenue collection from the installation of prepaid smart-metres under the results-linked RDSS could reduce losses at discoms, which reached ₹590 billion in FY22. The scheme provides financial support to install 250 million smart metres by FY26, with 210 million smart metres approved and 2 million installed across India by mid-September 2023,“ it said. The RDSS will also facilitate the upgrade of distribution infrastructure to accommodate rising power demand and reduce technical losses. The scheme will outlay ₹3 trillion in FY22-FY26 to cut aggregate technical and commercial losses to 12%-15% and aims to bridge the gap between the average cost of power supply for discoms and the average revenue realized by 2025, among other items.
The finance ministry also decided to reduce the special additional excise duty on the export of diesel from ?2 to Re 1 per litre View More

New Delhi: The union finance ministry on Thursday lowered the windfall tax on the sale of domestic crude oil to ₹6,300 a tonne, according to an official notification. For the past two weeks the the levy stood at ₹9,800 a tonne. The revised tax rate comes into effect from Thursday. The ministry also decided to reduce the special additional excise duty (SAED) on the export of diesel from ₹2 to Re 1 per litre. The windfall tax on petrol and aviation turbine fuel (ATF) remained unchanged at zero. The cut comes as crude-oil prices have been easing over the past couple of weeks amid persistent concerns of lower global demand and another interest-rate hike by the US Federal Reserve. if (adFreesubs || adLite) { getGooglePubAds("subs-adfree"); } Brent prices have dropped to $80 a barrel from around $85 a barrel a fortnight ago. At the time of writing this, the January contract of Brent on the Intercontinental Exchange was trading at $80.65 a barrel, down 0.65% from its previous close. The December contract of West Texas Intermediate (WTI) fell 0.61% to $76.19 a barrel. Rahul Kalantri, vice president, commodities at Mehta Equities, noted that the decline in crude prices followed the US Energy Information Administration's report, which revealed that US crude-oil inventories surged by 3.6 million barrels for the week ending on 10 November, surpassing the anticipated 1.8 million barrels. "This downturn was exacerbated by concerns over demand from the European Union. Nevertheless, the positive performance of Chinese industrial production and retail sales data provided some support to crude-oil prices. Additionally, the upward revisions in demand forecasts for 2023 by OPEC+ and the IEA further bolstered crude oil prices at lower levels," he said. The India crude basket stood at $83.09 a barrel on 15 November. It has averaged at $84.78 a barrel this month, down from $90.08 last month. The Indian government first imposed a windfall tax on the sale of locally produced crude on July 1, 2022 as oil exploration and production companies made huge profits after crude-oil prices hit multi-year highs following Russia’s invasion of Ukraine. The additional levy was imposed as private refiners were mainly selling abroad, where prices were higher, instead of the domestic market. The windfall tax is reviewed every fortnight, based on average oil prices over the previous two weeks. Milestone Alert!Livemint tops charts as the fastest growing news website in the world ???? Click here to know more. .productListBox-table{margin-top:20px;margin-bottom:15px}.table-responsive{overflow:auto}.table-responsive.story-element table{min-width:100%;margin-top:20px;width:100%}table,td,th,tr{border-collapse:collapse}.table-responsive.story-element table tbody tr:first-child td:first-child,.table-responsive.story-element table tr:first-child td{background:#757575;font-size:14px;color:#fff;border:none;font-family:Lato-Bold;text-align:left;padding:13px 16px}.table-responsive.story-element table tr:first-child td:nth-child(1){border-radius:2px 0 0}.table-responsive.story-element table tr:first-child td:last-child{border-radius:0 2px 0 0}.table-responsive.story-element table tbody{border:1px solid #eee}.table-responsive.story-element table tbody tr td{padding:10px 16px;background:#f9f9f9;color:#212121;line-height:18px;font-size:14px;font-family:Lato-Regular}.table-responsive.story-element table tbody tr td .tblbuynow{color:#00b1cd;font-size:14px;font-family:Lato-Black;text-align:right;text-decoration:none;text-transform:uppercase}.table-responsive.story-element table tbody tr td:first-child,.table-responsive.story-element table tbody tr td:first-child a{color:#212121;line-height:18px;font-size:14px;font-family:Lato-Bold}.tableRowTitle{-webkit-line-clamp:1;-webkit-box-orient:vertical;overflow:hidden;text-overflow:ellipsis;display:-webkit-box}.tableRowTitle a{text-decoration:underline}.table-responsive.story-element table tbody tr:first-child td{color:#fff!important}.productListBox-table tr:hover td,.productListBox-table tr:hover td a,.productListBox-table tr:nth-child(2) td,.productListBox-table tr:nth-child(2) td a,.tdCyan-ever td,.tdCyan-ever td a{color:#00b1cd!important}.table-responsive.story-element table tbody tr td:last-child{white-space:nowrap} .author-widget{border: 2px solid #f99d1c;margin: 20px;padding: 10px;border-radius: 5px;} .author-widget .authorBox2{ width:100%; padding: 0; margin-top:0; margin-bottom:0;background-color: #fff; box-sizing:border-box;} .author-widget .authorImg{ margin-top: 5px;width:62px; height:62px; border:1px solid #f99d1c; float:left; padding:4px; box-sizing:border-box; border-radius:50%;} .author-widget .authorImg img{ width:54px; height:53px; border-radius:50%;} .author-widget .authorDesc{ margin:0 0 0 9px; float:Left; width: calc(100% - 71px);} .author-widget .authorDesc h2{margin:0; padding:0; font-weight:900; color:#000; font-size:16px; font-family: 'Lato Black',sans-serif; margin-bottom:5px; white-space:nowrap; overflow: hidden; text-overflow: ellipsis;} .author-widget .authorDesc h2 a{color:#000;} .author-widget .authorDesc h2::after{display:none;} .author-widget .authorDesc h1 {display: block;float: none;width: 100%;padding: 0;} .author-widget .authorDesc h5{display: block;width: 100%;font-weight:400; color:#757575; font-size:14px; font-family: 'Lato Regular',sans-serif; margin-bottom:5px; white-space:nowrap; overflow: hidden; text-overflow: ellipsis;} .author-widget .authorInfo{border-top: 0;margin-top: 0;padding: 0;font-weight:400; color:#424242; font-size:16px; line-height:22px; font-family: 'Lato Regular',sans-serif;display: -webkit-box;-webkit-line-clamp: 3;-webkit-box-orient: vertical;overflow: hidden;} .author-widget .title {font-weight: 700;color: #757575;padding: 10px;} .author-widget .author-read-more{color: #f99d1c;text-decoration: underline;font-size: 17px;} .author-widget .authorDesc .marZero .fl{color: #000 !important;} @media (max-width: 767px){ .author-widget .authorInfo{ -webkit-line-clamp: 4; } } ABOUT THE AUTHOR Rituraj Baruah Rituraj Baruah is a senior correspondent at Mint, reporting on housing, urban affairs, small businesses and energy. He has reported on diverse sectors over the last six years including, commodities and stocks market, insolvency and real estate. He has previous stints at Cogencis Information Services, Indo-Asian News Service (IANS) and Inc42. Read more from this author if(adFree){ document.getElementById("author-widget").style.display="block" }else{ document.getElementById("author-widget").style.display="none" } Related Premium Stories Mint Explainer: What did the meeting between Joe Biden and Xi Jinping achieve? Delhi pollution: Do odd-even schemes work? Here’s what data says International airlines see scope in India as aviation hub Recruitment sector plods through a gloomy quarter The plan to keep a lid on food prices is cooking Wait for biz loan pickup could get longer on limited capex The rise and fall of Subrata Roy Closure soon in nearly 100 profiteering cases CESL tots up 1.4 mn carbon credits but can’t sell them Dodgy deals under resolution professionals' lens Explore Premium function cdpTrackingForPremiumWidget(cta){ var htfpPara = getCookie("_ht_fp"); var clientIdPara = getCookie("_ht_clientid"); var subsection = ""; var premiumPara = "yes"; dapTracker.track("PremiumArticles", { "url": window.location.href, "property": "lm", "platform": "web", "htfp_id": htfpPara, "client_id": clientIdPara, "section": sectionName, "subsection": subSectionName, "premium": premiumPara }, "event"); } Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. More Less Updated: 16 Nov 2023, 07:57 PM IST
Over the past two fiscals, demand for electricity has seen a robust 8-9% annual growth, driven by the post-pandemic economic rebound. During this period, 34 gigawatt (GW) of capacity has been added with 90% of it in RE. In GW terms, this is a 9% growth in power capacities but on normative terms this was only 4-5% growth as capacities operates at varying PLFs2 and in this incremental supply, coal-based power plants remain an important cog, accounting for 69-71% of total power generation because of the intermittent nature of RE with lower PLFs3. View More

Plant load factors ( PLFs ) of coal-based power plants in India will improve to 65% this fiscal despite record renewable energy (RE) capacity addition, said Crisil Research in a report today. Healthy PLFs along with lower receivables and encouraging fuel supply will support the credit profiles of private coal-based generating companies ( gencos ). Over the past two fiscals, demand for electricity has seen a robust 8-9% annual growth, driven by the post-pandemic economic rebound. During this period, 34 gigawatt (GW) of capacity has been added with 90% of it in RE. In GW terms, this is a 9% growth in power capacities but on normative terms this was only 4-5% growth as capacities operates at varying PLFs2 and in this incremental supply, coal-based power plants remain an important cog, accounting for 69-71% of total power generation because of the intermittent nature of RE with lower PLFs3. “The trend will likely continue this fiscal. Power demand is seen growing 5-6%, and a part of the incremental requirement will be met by the newly added RE capacities —including 18 GW in wind and solar, the highest ever. That said, a good portion of the incremental generation will be met by existing coal-based power plants," said Ankit Hakhu, Director, Crisil Ratings, adding that this will prove beneficial for thermal PLFs, which are likely to improve by 100 basis points (bps) to over 65% in fiscal 2024, as no material coal-based capacity is envisaged this fiscal and relatively low-capacity addition of hydro, biomass and nuclear. The higher PLFs will continue to be supported by conducive fuel supply as domestic coal production, building upon its record high of 893 million tonne (MT) last fiscal, is on track to achieve 11-13% growth projected for this fiscal. Moreover, coal allocation under various e-auction modes has notably improved. Evacuation infrastructure has also witnessed augmentation with railway rakes for coal transportation 8%7 higher on-year. In addition, cash flows will be supported by release of receivables under the Late Payment Surcharge (LPS) scheme notified by the government in June 2022. Receivables of private gencos rated by Crisil Ratings are estimated to reduce from 82 days as of March 2022 to 55-60 days by the end of this fiscal. “Overall, we expect coal-based power plants rated by us to witness over 20% on-year rise in cash flow from operations (CFO)10 this fiscal. Consequently, CFO to total debt for these power plants will improve from 11% as on March 31, 2023, to an estimated 15% as on March 31, 2024," said Mithun Vyas, Team Leader, Crisil Ratings. This improvement is in making since the last couple of years after a period of distress, plagued by lower PLFs, limited coal access, and stuck receivables. While these parameters are on a better footing now, their sustainability and the pace of rollout of RE capacities will bear watching over the medium term. Till then, utilization of surplus cash flows towards deleveraging will benefit the credit profiles of those coal-based power plants, which create balance-sheet cushions.
Nifty 50 closed the day at 19,765.20, up 90 points, or 0.46 per cent while the Sensex ended at 65,982.48, up 307 points, or 0.47 per cent. View More

Frontline indices Nifty 50 and the Sensex rose for the second consecutive session on Thursday, November 16, amid mixed global cues, on gains led by IT heavyweights, including Infosys, TCS and HCL Tech. Most IT stocks clocked healthy gains on hopes that the US Federal Reserve is done with hiking rates. The US is a key market for major Indian IT services companies and they earn a significant part of their revenue from the US. Growing anticipation of interest rates reaching their peak in the US intensified following the revelation of a decline in US retail sales for the first time in seven months during October. Easing inflation and cooling labour market are fuelling hopes that the the Fed may not hike rates further.  if (adFreesubs || adLite) { getGooglePubAds("subs-adfree"); } Meanwhile, global financial firm UBS expects a series of rate cuts in the US in 2024 as it slips into a recession. "UBS expects the US Federal Reserve to cut interest rates by as much as 275 basis points in 2024, almost four times the market consensus, as the world’s largest economy tips into recession," reported CNBC on November 14. Nifty 50 closed the day at 19,765.20, up 90 points, or 0.46 per cent while the Sensex ended at 65,982.48, up 307 points, or 0.47 per cent. BSE Midcap and Smallcap indices hit their fresh record highs of 33,370.16 and 39,563.13 respectively during the intraday session. Finally, the BSE Midcap and Smallcap indices closed 0.52 per cent higher each.  The overall market capitalisation of the firms listed on the BSE rose to nearly ₹327 lakh crore from ₹322.1 lakh crore on November 13, making investors richer by about ₹4.9 lakh crore in two sessions. Over 340 stocks, including HCL Tech, NTPC, Sun Pharma, Tata Motors and Titan, hit their fresh 52-week highs in intraday trade on BSE. Also Read: Bull vs bear: Sensex, Nifty 50 extend rally. Is Indian stock market getting ready for a fresh bull trend? Meanwhile, crude oil prices extended losses on persisting concerns over lower demand. Benchmark Brent Crude traded 0.27 per cent lower near the $81 per barrel mark around 4:05 pm. Top Nifty 50 gainers todayShares of Hero MotoCorp (up 3.34 per cent), Tech Mahindra (up 2.88 per cent), HCL Tech (up 2.85 per cent), TCS (up 2.72 per cent) and Infosys (up 2.45 per cent) ended as the top gainers in the Nifty 50 index. Also Read: TCS share price in focus as IT major declares record date for buyback of shares. Should you tender? Top Nifty 50 losers todayShares of Axis Bank (down 1.47 per cent), Coal India (down 1.03 per cent), Adani Enterprises (down 1.01 per cent), Tata Consumer Products (down 0.98 per cent) and ICICI Bank (down 0.65 per cent) ended as the top losers in the Nifty 50 pack. As many as 32 stocks ended higher in the Nifty 50 index while the remaining 18 suffered losses. Sectoral indices todayBarring Nifty PSU Bank (down 0.24 per cent), FMCG (down 0.15 per cent), Nifty Bank (down 0.09 per cent) and Private Bank index (down 0.03 per cent), all sectoral indices ended higher. Nifty IT index continued witnessing strong gains as it jumped 2.69 per cent after clocking a gain of 2.59 per cent in the previous session. Nifty Healthcare and Consumer Durables rose 1.13 per cent and 1.04 per cent respectively. Experts' views on markets"The Indian market continued its positive resurgence, tracking global gains. Softer-than-expected US inflation data and easing bond yields have brought optimism that spending will emerge in technology. Taking the cues further, IT stocks showed a significant jump in the broader market. The market is sensing that export-based sectors like IT and pharma could be future winners. While cut in inflation will also benefit domestic placed staples and consumer sector," said Vinod Nair, Head of Research at Geojit Financial Services. “Although key indices pared gains towards the closing hour, markets continued their upward bias due to an upsurge in IT and realty stocks. Moderating inflation in the US could be signalling that the Federal Reserve may be done with rate hikes, which is good for global markets. Further, domestic economic numbers like exports have shown signs of recovery, which has further boosted the market sentiment and has triggered renewed buying interest in recent sessions," said Prashanth Tapse, Research Analyst-Sr VP Research, Mehta Equities. Also Read: Nifty 50 covered the entire October drop in last 10 sessions, up 3.59% in Nov so far Technical views on markets"Nifty encountered resistance near 19,850, the consolidation high, on the daily chart, resulting in a sharp intraday decline. However, the index displayed strength by closing above the previous session's high. In the short term, the market outlook suggests a 'buy on dips' strategy as long as the index maintains levels above 19,500. A breakthrough above 19,850 could propel the Nifty towards the 20,000 mark," said Rupak De, Senior Technical analyst at LKP Securities. "Nifty 50 has made a strong bullish candle on the daily chart but a sharp up-move has already been seen in the last two sessions and we feel that there will be a profit-booking activity that will drag the Index lower. A level of 19,850 will continue to remain as immediate resistance while a zone of 19,580-19,550 will be a strong support area. There is a possibility of forming an Inverted Head and Shoulder as well but it is too premature to say," said Aditya Gaggar Director of Progressive Shares. Read all market-related news here Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions. BSE More Information if(!isPremiumStory){ (function(){ let interval; let exchangeCode = 'BSE'; const elementId = "stockwidget-11700128159439-11700130945317-S0004751"; let tickerId = "S0004751"; exchangeCode = "NSI".toLowerCase(); if(exchangeCode == 'nse'){ exchangeCode = 'NSI'; } interval = setInterval(() => { if(typeof getStockwidget === "function" && typeof getWatchListInstance === "function"){ clearInterval(interval); if(tickerId.startsWith("I")){ getIndicesWidgetStory(exchangeCode, tickerId, elementId); }else{ getStockwidget('BSE', tickerId, elementId); } } }, 1000); })();} Milestone Alert!Livemint tops charts as the fastest growing news website in the world ???? Click here to know more. .productListBox-table{margin-top:20px;margin-bottom:15px}.table-responsive{overflow:auto}.table-responsive.story-element table{min-width:100%;margin-top:20px;width:100%}table,td,th,tr{border-collapse:collapse}.table-responsive.story-element table tbody tr:first-child td:first-child,.table-responsive.story-element table tr:first-child td{background:#757575;font-size:14px;color:#fff;border:none;font-family:Lato-Bold;text-align:left;padding:13px 16px}.table-responsive.story-element table tr:first-child td:nth-child(1){border-radius:2px 0 0}.table-responsive.story-element table tr:first-child td:last-child{border-radius:0 2px 0 0}.table-responsive.story-element table tbody{border:1px solid #eee}.table-responsive.story-element table tbody tr td{padding:10px 16px;background:#f9f9f9;color:#212121;line-height:18px;font-size:14px;font-family:Lato-Regular}.table-responsive.story-element table tbody tr td .tblbuynow{color:#00b1cd;font-size:14px;font-family:Lato-Black;text-align:right;text-decoration:none;text-transform:uppercase}.table-responsive.story-element table tbody tr td:first-child,.table-responsive.story-element table tbody tr td:first-child a{color:#212121;line-height:18px;font-size:14px;font-family:Lato-Bold}.tableRowTitle{-webkit-line-clamp:1;-webkit-box-orient:vertical;overflow:hidden;text-overflow:ellipsis;display:-webkit-box}.tableRowTitle a{text-decoration:underline}.table-responsive.story-element table tbody tr:first-child td{color:#fff!important}.productListBox-table tr:hover td,.productListBox-table tr:hover td a,.productListBox-table tr:nth-child(2) td,.productListBox-table tr:nth-child(2) td a,.tdCyan-ever td,.tdCyan-ever td a{color:#00b1cd!important}.table-responsive.story-element table tbody tr td:last-child{white-space:nowrap} Related Premium Stories Multibagger small-cap stock announces QIP to raise ₹600 crore India count in MSCI EM index now at 131 Mint Primer: The rupee, its fall, slight recovery and what the RBI did Muted demand outlook dampens Page’s turnaround hopes Pidilite's new moves come with old triggers A bull market is coming: This is how you should prepare for it Eicher navigates growth potholes Retail surge drives NSE delivery volumes to six-year high What’s next for Tata Power? Investors await key triggers Newcomer frenzy in options market worrisome: NSE chief Chauhan Explore Premium function cdpTrackingForPremiumWidget(cta){ var htfpPara = getCookie("_ht_fp"); var clientIdPara = getCookie("_ht_clientid"); var subsection = ""; var premiumPara = "yes"; dapTracker.track("PremiumArticles", { "url": window.location.href, "property": "lm", "platform": "web", "htfp_id": htfpPara, "client_id": clientIdPara, "section": sectionName, "subsection": subSectionName, "premium": premiumPara }, "event"); } Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. More Less Updated: 16 Nov 2023, 04:41 PM IST Topics Indian stock market NIfty
The government has reduced the windfall profit tax on domestically produced crude oil and diesel exports in line with the decrease in global oil prices. View More

The government on Thursday announced a reduction in the windfall profit tax on domestically produced crude oil and diesel exports, aligning with the downward trend in global oil prices. The tax, imposed as Special Additional Excise Duty (SAED) on crude oil, has been lowered from ₹9,800 per tonne to ₹6,300 per tonne, as stated in an official release, PTI reported. Meanwhile, the government has decided to decrease the SAED on diesel exports from ₹2 per litre to Re 1 per litre. if (adFreesubs || adLite) { getGooglePubAds("subs-adfree"); } Also Read: Windfall tax on crude oil raised to ₹10,000 per tonne Also, there will be no changes in the duty for the export of aviation turbine fuel (ATF) and petrol, and it will remain at zero, as outlined in the latest decision. The new tax rates came into effect from Thursday. In the previous adjustment, which came into effect on November 1, the government raised the tax on crude oil from ₹9,050 per tonne to ₹9,800 per tonne. Subsequently, the duty on diesel exports was reduced by half to ₹2 per litre, while the levy on jet fuel was eliminated, bringing it down from Re 1 per litre to nil. Due to a decline in international oil prices since the last adjustment, there has been a necessity for a reduction. The monthly average for the basket of crude oil imported by India was USD 84.78 per barrel in the current month, compared to the averages of USD 90.08 per barrel in October and USD 93.54 per barrel in September. Also Read: Government hikes windfall tax on petroleum crude to 9,800 rupees/ton effective tomorrow India initially implemented windfall profit taxes on July 1 of the previous year, aligning with a global trend of taxing the supernormal profits of energy companies. During that initial implementation, export duties of ₹6 per litre (USD 12 per barrel) were imposed on both petrol and aviation turbine fuel (ATF), along with ₹13 per litre (USD 26 per barrel) on diesel. A ₹23,250 per tonne (USD 40 per barrel) windfall profit tax on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) was also levied. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. Also Read: Government raises windfall tax on crude oil to ₹12,100 per tonne A windfall tax is imposed on domestically produced crude oil when the rates of the global benchmark exceed USD 75 per barrel. For the export of diesel, aviation turbine fuel (ATF), and petrol, the levy is applicable when the product cracks, or margins, surpass USD 20 per barrel. Product cracks or margins represent the difference between the cost of crude oil (raw material) and the value of the finished petroleum products. The levy on domestic crude oil dropped to nil in the first half of April as international crude oil prices fell but was back in the second half in step with a rise in rates. The tax on diesel was eliminated in April but was reintroduced in August. Similarly, the duty on ATF was reduced to nil in March but reinstated in the second half of August. However, the export tax on petrol was abolished in the initial review, PTI reported. Also Read: Centre cuts windfall tax on crude oil, hikes levy on export of diesel The process involves refining and converting crude oil extracted from the ground or beneath the seabed into various fuels such as petrol, diesel, and ATF.  Key players in fuel export in India include Reliance Industries Ltd, operating the world's largest single-location oil refinery complex in Jamnagar, Gujarat, and Nayara Energy, which is backed by Rosneft. (With inputs from PTI) Milestone Alert!Livemint tops charts as the fastest growing news website in the world ???? Click here to know more. .productListBox-table{margin-top:20px;margin-bottom:15px}.table-responsive{overflow:auto}.table-responsive.story-element table{min-width:100%;margin-top:20px;width:100%}table,td,th,tr{border-collapse:collapse}.table-responsive.story-element table tbody tr:first-child td:first-child,.table-responsive.story-element table tr:first-child td{background:#757575;font-size:14px;color:#fff;border:none;font-family:Lato-Bold;text-align:left;padding:13px 16px}.table-responsive.story-element table tr:first-child td:nth-child(1){border-radius:2px 0 0}.table-responsive.story-element table tr:first-child td:last-child{border-radius:0 2px 0 0}.table-responsive.story-element table tbody{border:1px solid #eee}.table-responsive.story-element table tbody tr td{padding:10px 16px;background:#f9f9f9;color:#212121;line-height:18px;font-size:14px;font-family:Lato-Regular}.table-responsive.story-element table tbody tr td .tblbuynow{color:#00b1cd;font-size:14px;font-family:Lato-Black;text-align:right;text-decoration:none;text-transform:uppercase}.table-responsive.story-element table tbody tr td:first-child,.table-responsive.story-element table tbody tr td:first-child a{color:#212121;line-height:18px;font-size:14px;font-family:Lato-Bold}.tableRowTitle{-webkit-line-clamp:1;-webkit-box-orient:vertical;overflow:hidden;text-overflow:ellipsis;display:-webkit-box}.tableRowTitle a{text-decoration:underline}.table-responsive.story-element table tbody tr:first-child td{color:#fff!important}.productListBox-table tr:hover td,.productListBox-table tr:hover td a,.productListBox-table tr:nth-child(2) td,.productListBox-table tr:nth-child(2) td a,.tdCyan-ever td,.tdCyan-ever td a{color:#00b1cd!important}.table-responsive.story-element table tbody tr td:last-child{white-space:nowrap} Related Premium Stories Mint Explainer: What did the meeting between Joe Biden and Xi Jinping achieve? Delhi pollution: Do odd-even schemes work? Here’s what data says International airlines see scope in India as aviation hub Recruitment sector plods through a gloomy quarter The plan to keep a lid on food prices is cooking Wait for biz loan pickup could get longer on limited capex The rise and fall of Subrata Roy Closure soon in nearly 100 profiteering cases CESL tots up 1.4 mn carbon credits but can’t sell them Dodgy deals under resolution professionals' lens Explore Premium function cdpTrackingForPremiumWidget(cta){ var htfpPara = getCookie("_ht_fp"); var clientIdPara = getCookie("_ht_clientid"); var subsection = ""; var premiumPara = "yes"; dapTracker.track("PremiumArticles", { "url": window.location.href, "property": "lm", "platform": "web", "htfp_id": htfpPara, "client_id": clientIdPara, "section": sectionName, "subsection": subSectionName, "premium": premiumPara }, "event"); } Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. More Less Updated: 16 Nov 2023, 02:26 PM IST

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