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Nageswaran said July-August high-frequency indicators point to continued economic momentum, while September has been difficult amid rising oil prices. View More

The Centre has decreased the windfall tax on diesel exports to ?16 per litre and ATF exports to ?10.5. This decision, effective from October 1, follows a previous reduction on September 16. The petrol export tax remains unchanged at ?0.5 per litre during this period. Export duties are reviewed every fortnight based on international prices of crude oil and petroleum products. View More

The Centre cut the windfall tax on exports of diesel and aviation turbine fuel (ATF) from October 1, according to a notification issued by the Finance Ministry on Wednesday. The duty on diesel exports was reduced to Rs 16 per litre from Rs 20 per litre, while the levy on ATF exports was cut to Rs 10.5 per litre from Rs 15 per litre. The revised rates applied for the next fortnight. The windfall tax on petrol exports remained unchanged at Rs 0.5 per litre. The government had last revised the export levies on September 16, when the diesel duty was reduced to Rs 20 per litre from Rs 25 per litre and the ATF levy to Rs 15 per litre from Rs 19 per litre. The export duties were reviewed every fortnight based on international crude oil and petroleum product prices. Live Events There was no change in the existing excise duty rates on petrol and diesel cleared for domestic consumption, reflecting that the latest revision applied to exports and did not directly alter the excise duty on fuel sold in India. .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;width: 100%;box-sizing: border-box} .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)

The Union Cabinet has approved a significant Rs 1.86 lakh crore scheme for upgrading the electricity grid. This initiative aims to evacuate 135 GW of renewable energy and establish 50 GWh of battery energy storage. New transmission lines will be awarded through Tariff-Based Competitive Bidding, ensuring efficient project delivery. Additionally, renewable energy developers will receive support for battery energy storage projects. View More

The Union Cabinet approved a Rs 1.86 lakh crore scheme electricity grid upgradation programme Wednesday. This aims to evacuate 135 GW renewable energy and deploy 50 GWh battery energy storage . Announcing the PM DHARA (Developing Harmonized and Accelerated Renewable energy Access), Union Information Broadcasting Minister Ashwini Vaishnaw said new (greenfield) lines will be awarded through Tariff-Based Competitive Bidding , with transmission service providers building, owning, operating and maintaining the assets. He emphasised that managing the high variations in renewable energy, like solar and wind, is a "major challenge," stating, “The grid has to be designed to take the load of that variation.” Also Read: Data centre surge triggers CEA study on grid stability An official statement said brownfield upgradation and network strengthening works will be executed under Cost Plus Basis (CPB). The State Transmission Utilities will be the overall implementing agency, and Transmission Service Providers (TSPs) will participate under TBCB on a Build-Own-Operate-Maintain (BOOM) model. “The scheme will help in achieving the target of 900 GW installed Non-Fossil capacity by 2035,” the statement added. Live Events Also Read: Power Mech Projects bags Rs 549 cr O&M order from Adani Group entity An official presentation said Green Energy Corridor Phase-III scheme which aims for states to set up intra-state power transmission by fiscal 2032-33. Under the program, the renewable energy developers will also get support for setting up battery energy storage projects of 50 GWh capacity, for which the scheme has kept Rs 50,000 crore. .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;width: 100%;box-sizing: border-box} .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)

Inox Clean Energy has filed its DRHP for a Rs 10,000 crore IPO with Sebi. The issue includes a Rs 8,000 crore fresh share sale and Rs 2,000 crore OFS. The company has a 9.29 GW renewable power portfolio and 6 GW solar module manufacturing capacity across India and the US. View More

Inox Clean Energy has filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) of shares worth Rs. 10,000 crore. The IPO comprises a fresh issue of shares and an offer for sale by the promoters, Devansh Jain and Avarna Jain. The fresh issue component is Rs. 8,000 crore, and the offer-for-sale component is Rs. 2,000 crore. Nuvama, CLSA, Emirates NBD, HSBC, ICICI Securities, IIFL Capital, JM Financial , Motilal Oswal and UBS have been appointed as the book running lead managers for the IPO. The planned issue will be the largest so far by a private sector renewable energy company. NTPC Green Energy had raised Rs. 10,000 crore through an IPO in November 2024. Inox Clean Energy has an independent power producer business which houses renewable energy generation activities. It also has a manufacturing business which makes solar photovoltaic modules and cells. Live Events The company said it has expanded its footprint through acquisitions of operational assets. The company was originally incorporated as a private limited company under the name of Nani Virani Wind Energy Private Limited on November 20, 2017. Subsequently, the name of the Company was changed to Inox Clean Energy Private Limited, pursuant to a special resolution passed by Shareholders on November 15, 2024, and a fresh certificate of incorporation consequent to the change of name was issued to the Company. Also read: Swastika Infra shares list at 8% premium over IPO price on NSE, BSE The company was later converted into a public limited company and the name was changed to Inox Clean Energy Limited, and a fresh certificate of incorporation dated April 9, 2025 was issued to the company. The company has an aggregate renewable independent power producer portfolio of 9.29 gigawatts spread across India and Africa. This includes operational projects as well as those under development. It has an aggregate solar module manufacturing capacity of 6 gigawatts across India and United States. The company’s total revenue from operations is Rs. 178 crore as per its draft red herring prospectus. It also submitted proforma financials as many of the acquisitions it had made over the past year were not fully captured in its financials. As per the proforma financials it had revenues of Rs. 2,046 crore and earnings before interest, tax, depreciation and amortization of Rs. 1190 crore. About 82.78% of its current revenues are from renewable energy generation while the manufacturing business contributes 17.08% of revenues. The company is part of the INOXGFL group which includes three listed entities. These are Gujarat Fluorochemicals , Inox Wind and Inox Green Energy Services . (Disclaimer: The recommendations, suggestions, views and opinions expressed by the experts are their own and do not represent the views of The Economic Times) .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;width: 100%;box-sizing: border-box} .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 Central Electricity Authority has formed a committee to evaluate data centre effects on power systems and grid stability. This initiative responds to the growing demand for electricity from data centres across various states in India. Odisha raised concerns over operational challenges linked to large market purchases affecting the grid. View More

New Delhi: As states from Andhra Pradesh to West Bengal witness a data centre boom, the Central Electricity Authority (CEA) has set up a committee to assess the impact of these power- and water-guzzling facilities on the country's power system and grid stability The committee is also examining potential cybersecurity risks , as the power sector was a key target of cyberattacks during the India-Pakistan conflict amid Operation Sindoor, people familiar with the development told ET. The concern is already evident on the ground, with states flagging the need for massive electricity supplies to service data centres in the near future. Also read: Power Mech Projects bags Rs 549 cr O&M order from Adani Group entity The immediate trigger for setting up the committee came after the Eastern Regional Power Committee recently red-flagged concerns raised by Odisha over grid-linked operational challenges arising from "large collective market purchases" by the industry, according to minutes of CEA committee meetings reviewed by ET. Live Events At a meeting of CEA's National Committee on Transmission in June, the Central Transmission Utility of India (CTUIL) noted that West Bengal was projecting "a substantial load" of 200-300 MVA (MegaVolt-Amperage) for data centres in and around New Town and Rajarhat, with 24x7 load characteristics in the coming years. The country's installed data-centre power capacity has grown to 1,575 MW from 375 MW in 2020, according to a government statement in August. The CEA expects electricity demand from data centres to reach about 17 GW by 2031-32. Currently, data centres are located largely in Mumbai, Navi Mumbai, Chennai, Hyderabad, Bengaluru, Delhi NCR and Jamnagar, but are fast expanding to other states. The recently instituted panel will examine the operations, policy and regulatory aspects related to large data centres and submit its findings to CEA's National Power Committee (NPC), ET has gathered. Also read: Rains ease peak power demand in September The committee - which has representatives on board from various stakeholder bodies including National Load Dispatch Centre (NLDC), tech industry body Nasscom and CTUIL - has already held multiple meetings. Grid Controller of India (Grid-India) has submitted a technical note on the same. The NPC has already held a round of discussions in its February meeting, where members noted data centres typically exhibit high constant power loads, with surges linked to global time zones and possible "impact on grid behaviour." It was felt that this warranted a study to assess the electricity load behaviour patterns of data centres, their implications and impact on grid stability, and the possible need for separate classification or regulatory treatment. .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;width: 100%;box-sizing: border-box} .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)

President Donald Trump regularly defends his administration's record by contrasting it favorably with the Biden era, or blaming the former president. View More

watch nowVIDEO1:0901:09NEC Director Kevin Hassett: ‘We’re still working our way out from’ Biden Covid spendingSquawk BoxThe U.S. is still dealing with the impact of Covid 19-related stimulus spending from former President Joe Biden's first year in office, National Economic Council Director Kevin Hassett said Tuesday as he defended the Trump administration's handling of the economy."That's really the big mistake that we're still working our way out from," Hassett contended on CNBC's "Squawk Box."The comment came in the final weeks of a midterm election cycle centered on widespread concerns about affordability and inflation, with Democrats appearing poised to make gains in Congress.A Senate Majority PAC memo circulated Tuesday morning urges Democratic candidates to keep affordability "front-and-center," citing battleground polling that found attacks tying Republicans to higher prices for healthcare, utilities, gas and other everyday expenses tested more strongly than corruption arguments on their own.The memo, based on an August survey of 1,800 likely voters across nine Senate battleground states, argues Democrats should explicitly connect political decisions and corporate influence to higher household costs.(function(){function e(){window.addEventListener(`message`,function(e){if(e.data[`datawrapper-height`]!==void 0){var t=document.querySelectorAll(`iframe`);for(var n in e.data[`datawrapper-height`])for(var r=0,i;i=t[r];r++)if(i.contentWindow===e.source){var a=e.data[`datawrapper-height`][n]+`px`;i.style.height=a}}})}e()})();"The strongest reason to vote against a Republican continues to be that they have raised our costs," the memo says. President Donald Trump and his top officials regularly defend their administration's record by contrasting it favorably with the Biden era, or blaming the former president's policies for creating lingering problems. Nearly two years since the 2024 presidential election, those claims appear to be losing some potency, with recent polls showing voters increasingly disapprove of Trump on the economy and in general. After a CNBC host brought up Covid, Hassett argued that Trump's first administration approved the right amount of pandemic-related stimulus, but that heavy spending continued under Biden."We wanted to fill the hole, but not do more than that," Hassett said of Trump's first term, which overlapped with the spread of Covid in March 2020. "What Biden did is he took all that spending and he decided to spend it on other things, even though we didn't need it.""When President Trump left office last time — talk about affordability — inflation was one and a half percent," he said.Read more CNBC politics and policy coverageTrump holds up to $1 billion in bonds tied to institutions he can affectRep. James Comer expands House investigation into prediction market insider tradingHassett: 'We're still working our way out from' Biden Covid spending"And then it took off when they helicopter-dropped money by keeping as a baseline the Covid spending, and that's really the big mistake that we're still working our way out from," Hassett argued.Biden signed the $1.9 trillion American Rescue Plan in March 2021, and many economists say it exacerbated U.S. inflation, though there is debate about the extent of its impact. Inflation under Biden rose sharply during his first two years in office, peaking around 9% in summer of 2022. It declined to 3% by the time Trump returned to the White House in January 2025, and has crept higher this year as the U.S. war against Iran and Russia's continuing conflict in Ukraine heap pressure on global energy supplies.watch nowVIDEO11:2511:25Watch CNBC’s full interview with NEC Director Kevin HassettSquawk Box— Luke Fountain contributed to this report. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The Russian nuclear energy giant believes private participation will allow more companies to invest, build capacity in the sector View More

The number of vessels carrying wind turbine blade consignments also increased from 39 to 52 during the same period View More

Ellenbarrie Industrial Gases has been awarded a contract worth Rs 480.73 crore (excluding GST) by Bharat Heavy Electricals (BHEL), for the supply and erection of a Cryogenic Air Separation Unit (ASU) for the proposed Coal to Ammonium Nitrate (2000 TPD) Project at Bandhabal, Jharsuguda district, Odisha (India)." View More

Stocks in focus Monday: NMDC, NTPC Green, Adani Power, TVS Motor, with updates from iron ore and energy, manufacturing launches, and regulatory moves View More