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TMC Transformers is set to launch an Initial Public Offering (IPO) aiming to raise up to Rs 550 crore. The funds will primarily finance a new Extra High Voltage transformer manufacturing facility in Gujarat. The company, a leader in specialized traction transformers for Indian Railways, boasts impressive revenue growth and strong profit margins, highlighting its robust manufacturing capabilities and market position. View More
TMC Transformers (India), a manufacturer of power and traction transformers, has filed draft papers with the capital markets regulator Sebi to raise up to Rs 550 crore through an IPO. The proposed IPO comprises an entirely fresh issue of equity shares with a face value of Rs 10 each. The company may also undertake a pre-IPO placement of up to Rs 110 crore before filing the red herring prospectus, which would reduce the size of the fresh issue accordingly. The company plans to utilise the IPO proceeds primarily to fund capital expenditure for setting up a greenfield Extra High Voltage (EHV) transformer manufacturing facility at Halol, Gujarat, with an aggregate installed capacity of 78,000 MVA. The remaining funds will be used to meet incremental working capital requirements and for general corporate purposes. TMC Transformers follows an integrated, design-led manufacturing model and offers a wide range of products, including oil-filled transformers of up to 160 MVA, dry-type transformers up to 20 MVA/36 kV, and compact substations up to 3 MVA/36 kV, catering to customer-specific requirements. The company serves a diversified customer base across high-growth sectors such as railways, renewable energy, metro rail, industrials and power distribution utilities (discoms). Live Events According to a CRISIL report cited in the draft papers, TMC Transformers is the only transformer manufacturer in India certified by the Research Designs and Standards Organisation (RDSO) for all classes of transformers required for 2×25 kV traction substations used by Indian Railways. It is also one of only two Indian manufacturers approved by RDSO to manufacture 100 MVA/220 kV Scott-connected traction transformers, and the first and only manufacturer approved for 100 MVA/230 kV Scott-connected traction transformers for high-voltage railway electrification projects. The company has also emerged as one of the fastest-growing transformer manufacturers in India, with revenue from operations growing at a compound annual growth rate (CAGR) of 29.83% between FY24 and FY26, according to the CRISIL report. It also reported the highest gross profit margin among its peers, at 43.01% in FY26 and 38.57% in FY25, reflecting its strong execution capabilities, backward integration and cost efficiency. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
The Council of Economic Advisers has provided the president with information and advice on both domestic and international economic policy since 1946. View More
Pierre Yared, acting chair of the Council of Economic Advisers, speaks to members of the media during the National Association of Business Economics (NABE) economic policy conference in Washington, DC, US, on Tuesday, Feb. 24, 2026. Graeme Sloan | Bloomberg | Getty Images Pierre Yared is leaving his role as the acting chairman of the White House's Council of Economic Advisers, President Donald Trump said Tuesday.Yared, who has served in the role since September, "is returning to Columbia Graduate School where he is greatly respected by all," Trump said in a Truth Social post.Yared "and his team of 'Brainiacs' at the CEA have worked around the clock to Make America WEALTHY Again â with Great Success!" Trump wrote. "I want to thank Pierre for his terrific service to our Country, and wish him and his wonderful family all of the best for a healthy and happy future."Yared has held the title of Professor of International Business for the economics division of Columbia Business School, which he joined in 2007, according to the school's website.CNBC's efforts to reach Yared through the phone and email associated with him at Columbia were not immediately successful.The Council of Economic Advisers has provided the president with information and advice on both domestic and international economic policy since 1946.It was not immediately clear who would succeed Yared. The CEA's official website still lists Yared as acting chairman, and notes that Aaron Hedlund, a research fellow at the Federal Reserve Bank of St. Louis, serves as Member. Read more CNBC politics coverageTrump bought as much as $5 million in Axon stock before ICE sought Taser dealSupreme Court upholds birthright citizenship, blocks Trump orderLobbyists push House panel to block a ban on defense contractors buying back stock Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
India has adjusted its windfall taxes on fuel exports, slashing duties on diesel and aviation fuel while increasing the tax on petrol exports. These changes, effective July 1, reflect easing global oil prices and aim to secure domestic supply. Exemptions for exports to neighbouring countries have also been expanded. This move signals a shift in the government's approach to managing fuel revenues amidst fluctuating international markets. View More
India has lowered windfall taxes on exports of diesel and aviation turbine fuel as global oil prices ease, while raising the duty on petrol exports, according to a government order. The duty on diesel exports has been cut to Rs 8.5 per litre from Rs 14, while the aviation turbine fuel duty has been set at Rs 7.5/litre, down from Rs 12.5. The export duty on petrol has been increased to 4 rupees per litre from 1.5 rupees to ensure domestic supply. The new rates will apply from July 1. Oil prices have fallen sharply from peaks above $126 per barrel, as easing geopolitical tensions and restored shipping flows through the Strait of Hormuz have reduced fears of prolonged supply disruptions. Live Events Economists and analysts forecast Brent crude will average $84.50 per barrel in 2026, against $90.44 projected last month. At the time of imposition of the export levy, exemption was provided for exports of petrol, diesel and ATF made by public sector oil companies to Nepal, Bhutan, Bangladesh and Sri Lanka. The exemption has now been extended also to exports made by public sector oil companies to Mauritius and Maldives. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
They can support growth-oriented investments while ensuring liability-aware returns for subscribers View More
Transformers and Rectifiers (India) Limited has secured a significant order exceeding Rs 1,000 crore from Power Grid Corporation of India Ltd (PGCIL). This "ultra mega order" involves the manufacturing of various rated transformers and all associated work. The substantial deal highlights a major development for the company in the power infrastructure sector. View More
New Delhi: Transformers and Rectifiers (India) Limited on Tuesday said it has bagged an order worth over Rs 1,000 crore. The orders have been secured from Power Grid Corporation of India Ltd ( PGCIL ), Transformers and Rectifiers (India) said in an exchange filing. Read more: Anti-dumping duty on electrical steel may push transformer costs, impact grid expansion: GTRI It is an " ultra mega order ", the company said about the size of the order. As per its classification, ultra-mega orders are of Rs 1,000 crore and above. Live Events The scope of the order is for Manufacturing Transformers of various ratings, along with all associated work. Read more: Transformers and Rectifiers bags Rs 228.26 cr order from Gujarat Energy Transmission Corporation .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
In an extraordinary turn of events, Delhi's power consumption skyrocketed to an all-time high of 8,748 MW on Monday, driven by a relentless heatwave. City officials commend the effective power infrastructure and strategic foresight that allowed for uninterrupted service. Nevertheless, this surge places immense pressure on transmission capabilities, with forecasts suggesting continued rises in usage throughout the season. View More
New Delhi: The prevailing heatwave conditions caused the city's power demand to reach an all-time high of 8,748 MW on Monday, according to officials. The previous highest peak power demand was recorded at 8,656 MW on June 19, 2024, they added. "Today, Delhi made history by successfully meeting an all-time high peak power demand of 8,748 MW, shattering previous records by nearly 100 MW," Delhi Power Minister Ashish Sood said. In 2025, Delhi's highest peak power demand was 8,442 MW, recorded on June 12, 2025. The new all-time high demand at 8,656 MW is 306 MW higher than last year's peak. Sood said that no major breakdowns or infrastructure failures, despite the unprecedented load on the transmission network, are credited to the seamless execution of the Delhi government's proactive Power Master Plan. Live Events "The real achievement today isn't just the record-breaking numbers, but the fact that the entire city went about its day seamlessly. Our robust power network held strong with zero breakdowns or major infrastructure failures," he added. This summer season's previous highest peak demand was recorded at 8,439 MW on May 25. It was the highest ever peak power demand recorded in the city in May. According to SLDC projections, Delhi's peak power demand is expected to cross 9,000 MW this summer. Tata Power Delhi Distribution Limited (TPDDL) "successfully" met its all-time highest peak power demand of 2,497 MW, recorded on the day between 3.15 pm and 3.30 pm, ensuring uninterrupted power supply across its distribution network, said a spokesperson of the company. According to the real-time data of the State Load Dispatch Centre, Delhi's peak power demand clocked 8,748 MW at 3.17 pm, the highest ever for the city. BSES discom also successfully met the peak power demand in their respective areas, with BRPL meeting 3,906 MW and BYPL meeting 1,876 MW load, company officials said. According to the India Meteorological Department (IMD), heat wave conditions have been realised at many places over Delhi. This is the second day of the heat wave conditions over Delhi. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
GE Vernova turbines are powering Elon Musk's xAI Colossus 1 data center and Microsoft just bought seven to power its data center in Texas. View More
In this articleGEVFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO3:4403:44How the AI data center buildout is creating boom for the gas turbine industryTech An exclusive look inside GE Vernova's largest gas turbine plant in Greenville, South Carolina, offers fresh evidence that the artificial intelligence boom is going strong. Inside, engineers are working alongside factory workers to speed up production of this complex machine. The company hired 200 workers last year, and 300 more are expected to start working at this factory by the end of the year.Fueling the growth is AI.Hyperscalers â companies like Amazon, Google, Microsoft and Oracle â are lining up to buy the company's gas turbines. With AI data centers requiring a considerable amount of energy and bottlenecks in the grid emerging, these companies are increasingly relying on standalone energy sources, like gas turbines."Right now, when you need power at scale and you need firm power, the industrial gas turbine is one of the leading solutions for that," Pablo Koziner, chief commercial and operations officer at GE Vernova, told CNBC.The AI opportunity is prompting leaders from OpenAI and other companies to gain a deeper understanding of industrial design and power generation.Executives from nearly every major hyperscaler have walked the floor of the factory, according to a person familiar with the visits, who asked not to be named because the details are not public. Read more CNBC tech newsOracle stock has worst week since 2001 dot-com bust as AI financing concerns escalateOpenAI hasn't held pre-IPO investor meetings or set timeline yet, sources sayOpenAI and Anthropic face new AI reality as users shift from 'tokenmaxxing' to efficiencyOpenAI limits new AI models to 'trusted partners' at request of U.S. government The turbines are massive, at 31 feet tall and weighing 280 tons. One turbine can power roughly half a million homes."When we think of what the world needs for electrification and what we need to power this AI surge that we're living, a lot of that stuff comes right out of this factory," said Koziner.Microsoft just bought seven of them to power its data center in Texas. At 2.7 gigawatts, it's enough electricity to power about 3 million homes. GE Vernova turbines are already online at Elon Musk's xAI Colossus 1 campus in Tennessee, and nearly a gigawatt more are being deployed at OpenAI's Stargate project in Texas, according to Cleanview, an organization that tracks data center development. Demand for these machines far outstrips supply, with the order book full through 2029. Koziner added that the company is booking more into 2030 and even 2031."Today, about 20% of our gas power order book is going to a data center, artificial intelligence-type of application," he said. One turbine can cost more than $250 million, according to industry estimates. The price has soared, up 300% in the last 3 years, according to analysts at Melius. The steep rise in prices underscores why AI capital expenditure budgets continue to move up, a leading concern among tech investors.That spending surge has been a boon for GE Vernova, with its stock gaining nearly 60% in the past six months.Public pushback on data center development and growing environmental concerns could challenge the AI buildout.GE Vernova said it's working on making its turbines more environmentally friendly."We also put a lot of time and effort into the sustainability of these machines," Koziner said. "And the turbine that you're looking at here is two times more efficient than a turbine that we would have produced 20 years ago." Stock Chart IconStock chart iconGE Vernova stock chart. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
The department on Friday held a pre-EoI meeting with public and private sector companies, including NTPC, the Solar Energy Corporation of India (SECI), fertiliser manufacturers, technology providers and green hydrogen developers, to discuss the proposed project framework. View More
New Delhi: The Department of Fertilisers has invited expressions of interest (EoIs) to set up green urea plants as the government looks to decarbonise fertiliser production and reduce import dependence. The department on Friday held a pre-EoI meeting with public and private sector companies, including NTPC , the Solar Energy Corporation of India (SECI), fertiliser manufacturers, technology providers and green hydrogen developers, to discuss the proposed project framework. Officials discussed financial support available under the National Green Hydrogen Mission , including incentives for green ammonia production and a possible differential pricing mechanism to bridge the cost gap between conventional and green urea. India imports about 10 million tonnes of urea annually. The government said integrated projects combining renewable energy , green hydrogen, carbon capture, green ammonia and urea production could strengthen fertiliser security while advancing the country's 2070 net-zero target. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
A heat-related power outage left around 68,000 homes without electricity in western France as record-breaking heat sweeps Europe. View More
A tourist protects herself from the sun under an umbrella in front of the Louvre Pyramid, designed by Chinese-US architect Ieoh Ming Pei in Paris on June 23, 2026, as France experiences a heatwave.Dimitar Dilkoff | Afp | Getty Images A record-breaking European heat wave has caused a major power outage in France, as several countries issue red alerts across large swaths of their territory.A heat-related incident left around 68,000 homes without electricity in western France, according to the prefecture in the coastal department of Finistere.The outage, which started on Tuesday evening and was related to a transformer in the town of Ergué-Gabéric, was not expected to be fully restored until the end of Wednesday at the earliest."Priority is being given to restoring power to healthcare facilities and critical sites. Nursing homes where power has not yet been restored to the grid will be provided with generators," the operator said in a statement.Data from French utility EDF, meanwhile, showed that the country's nuclear output nationwide was reduced by 4.1 gigawatts on Wednesday as high temperatures reduced access to cooling water, according to Reuters. CNBC has contacted EDF and is awaiting a response.It comes as a fresh bout of record-breaking heat disrupts school and transportation schedules in countries across the region. An empty street in Toulouse, France, on June 22, 2026. France experiences its second heatwave of the year. MeteoFrance reports that this day is expected to be one of the hottest on record.Alain Pitton | Nurphoto | Getty Images France on Tuesday recorded its hottest day ever on a national scale, according to the Meteo France weather service.The mercury notched 44.3 degrees Celsius (111.74 degrees Fahrenheit) in Pissos in southwestern France, Meteo France said, while many cities experienced "unprecedented" values regardless of the month, including 42.1 degrees Celsius in the port city of Bordeaux.Temperatures also hit a record of 29.8 degrees Celsius at France's national thermal indicator, which represents an average of temperatures measured at 30 weather stations.At least 40 people were reported to have drowned in France while swimming in unsupervised areas to seek relief from the heat over the last few days.Elsewhere, the U.K. closed more than 1,000 schools across England and Wales as a rare red weather warning came into effect on Wednesday morning. Similar warnings were also put in place in Spain, Italy, Germany and Switzerland, among other countries. In the U.K., the red warning caters for an exceptional spell of hot and humid weather, which carries the potential for adverse health effects population wide and means substantial changes in daily routines will be required. Europe's latest heat wave is its second so-called heat dome in just two months and comes as scientists warn climate change is making extreme weather events more frequent and intense.Europe is warming faster than any other continent, at twice the speed of the global average since the 1980s, according to the European Union's Copernicus Climate Change Service. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.