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Nayara Energy will shut its Vadinar refinery for 35 days from early April. This will take 8% of India's refining capacity offline. The shutdown could tighten domestic fuel supply. This comes amid import constraints for crude, natural gas, and LPG. Nayara has adequate buffer and product reserves. Other refiners usually adjust to maintain supplies. View More

New Delhi: Rosneft-backed Nayara Energy plans to shut operations for about 35 days from early April, taking roughly 8% of India's refining capacity offline and potentially tightening domestic fuel supply amid constraints in crude, natural gas and LPG imports due to the Iran war , people familiar with the matter said. The company had deferred maintenance at its 20 million tonnes-a-year Vadinar refinery in Gujarat -India's second-largest-last year after EU sanctions. European vendors critical for maintenance, including suppliers of chemicals and catalysts, had declined to work with Nayara following the sanctions. Nayara is now set to proceed with the shutdown after completing most pre-turnaround activities, said the people cited above. Most of Nayara's output is sold in the domestic market, with exports limited after last year's sanctions. A significant share is supplied to state-run refiners that sell more than they produce, with the rest sold through Nayara's network of nearly 7,000 petrol pumps. Nayara did not respond to ET's query. However, a source close to the company said: "Nayara has adequate buffer and product reserves during this shutdown period to ensure the fuel stations are adequately stocked and that there is no disruption". Refinery shutdowns are routine, with other refiners typically adjusting to maintain supplies. However, with crude imports down about a fifth and LPG supply 'worrisome', the outage of a large refinery could strain domestic availability, an industry executive said. Refined products such as aviation turbine fuel (ATF), petrol and diesel have become costlier in global markets, while retail fuel prices in India remain unchanged. This has led to losses in the retail business for both state-run and private refiners, which are paying higher crude costs. The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025 .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)

Partnership to develop renewable projects for round-the-clock supply to Nxtra facilities pan-India View More

According to a regulatory filing, the company will ink PPAs with Maharashtra, Rajasthan, Punjab, and Haryana. View More

Kalpataru Projects International Ltd, KPIL, has announced new orders totaling approximately Rs 4,439 crore for its Transmission and Distribution business. These significant contracts span projects in Africa, India, and Sweden. This achievement surpasses KPIL's annual order intake target of Rs 26,000 crore, highlighting the company's strong performance in the power transmission and distribution sector. View More

New Delhi: Kalpataru Projects International Ltd (KPIL) on Thursday said the company with its subsidiaries, have secured orders worth about Rs 4,439 crores in the Transmission and Distribution (T&D) business. These include order of 400kV transmission line and associated substations in Africa: orders for transmission line projects in India and order for substation project in Sweden, a company statement said. Also Read: Transmission and powergen demand lift capital goods; Siemens Energy, KOEL in focus According to the statement, KPIL, one of the leading EPC players in the power transmission and distribution (T&D) and civil infrastructure sector , along with its subsidiaries, have secured notification of awards/comfort letters/confirmation of consummation of contract of about Rs 4,439 crore in the transmission and distribution (T&D) business. Manish Mohnot, MD & CEO, KPIL, said in the statement, "The T&D business allows us to leverage our market-leading position and integrated capabilities to deliver world-class EPC solutions. With these wins, we have surpassed our annual order intake target of Rs 26,000 crore." Live Events Also Read: Kalpataru Projects International bags orders worth Rs 2,720 crore KPIL is one of the largest specialised EPC companies engaged in power transmission & distribution, buildings & factories, water supply & irrigation, railways, oil & gas pipelines, urban mobility (flyovers & metro rail), highways and airports. The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025 .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)

The Investing Club holds its "Morning Meeting" every weekday at 10:20 a.m. ET. View More

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Monday's key moments. 1. Stocks surged Monday after President Donald Trump said the U.S. and Iran had "productive" discussions in recent days about a resolution to the Middle East conflict, and that he was halting strikes on Iranian power plants and energy infrastructure. That drove the three major averages up roughly 2% and pushed international oil benchmark Brent crude down 10% to $100 per barrel. Within our portfolio, Qnity Electronics rallied over 5%, among the largest gainers in the S & P 500 . Capital One , an economically sensitive stock, climbed almost 3%, as the fall in oil prices provides relief to consumers. On the tech side, Broadcom and Nvidia roughly 4% and 1.5%, respectively. The market ended last week firmly oversold at minus 7 on the S & P Short Range Oscillator , our trusted momentum indicator. Jim Cramer believes instead of selling into the bounce, "I personally want things to let ride" because of the fast changes in investor psychology. At the same time, Director of Portfolio Analysis Jeff Marks mentioned that for investors looking to raise cash, booking some gains is rational. We have ample cash at the Club, though. 2. Another Club outperformer on Monday was GE Vernova , whose shares were up 5% and set a fresh 52-week high of nearly $921 during the session. A bullish note from Morgan Stanley added fuel to the rally in the gas turbine maker's shares. The analysts raised their price target on the stock to $960 from $871 and reiterated their buy-equivalent rating. The firm said continued strong AI-related demand is pushing gas turbine prices even higher, which is good for GE Vernova's margins. Jim noted that GE Vernova's gas turbines are sold out for years. Morgan Stanley added that the company's electrification business — home to products like transformers and switchgear, which help distribute the electricity its turbines generate across the grid — will support "incremental medium-term growth." 3. Jim said some investors might've been too quick to write off Apple's business in China following a pair of Wall Street research notes. Bank of America said its supply chain checks suggest Apple will introduce its first foldable iPhone this year, with analysts expecting higher demand from China. In a separate note, Morgan Stanley said its late 2025 survey found upgrade intention rates in China reaching all-time highs. Analysts also said interest in the foldable iPhone was surprisingly high, especially in China. "We kind of give up on China – we're really kind of missing the point of one of the most major markets," Jim said. In its latest quarterly earnings report , Apple's China business showed strength after some recent challenges. 4. Stocks covered in Monday's rapid fire at the end of the video were: Synopsys , Venture Global , and MongoDB . (Jim Cramer's Charitable Trust is long Q, COF, AVGO, NVDA, GEV, AAPL, GLW. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

Delhi Electricity Regulatory Commission (DERC), city's power regulator, informed the central agency, Appellate Tribunal for Electricity (APTEL), in January that total regulatory assets in Delhi stand at ?38,552 crore View More

Electricity rates in Delhi may increase from April. The Delhi government plans to pay over Rs 38,000 crore in pending dues to three power discoms. This payment is a result of a Supreme Court directive. The government intends to provide subsidies to lessen the impact on consumers. Regulatory assets have accumulated due to no tariff hike for a decade. View More

New Delhi: The electricity rates in the city are likely to rise from April as the Delhi government is preparing for disbursal of pending dues of over Rs 38,000 crore to the three power discoms, officials said on Sunday. The government is, however, planning to subsidise the hike in power tariff to cushion the impact on the consumers, they said. The Supreme Court in August last year directed that the regulatory assets, including carrying costs of Rs 27,200 crore, be paid to Delhi's three private discoms, BRPL, BYPL and TPDDL, in seven years. Regulatory assets - costs that are expected to be recovered in future - have risen sharply due to a lack of any power tariff hike in the past decade under the Aam Aadmi Party rule. Delhi Electricity Regulatory Commission (DERC), city's power regulator, informed the central agency, Appellate Tribunal for Electricity (APTEL), in January that total regulatory assets in Delhi stand at Rs 38,552 crore. Live Events As per DERC filing, the outstanding amount includes Rs 19,174 crore for BRPL, Rs 12,333 crore for BYPL and Ra 7,046 crore for TPDDL. The amounts are approved expenditures incurred by the discoms for supplying electricity. The original regulatory asset amounts have increased due to piling up interest because of the delay in recovery, they said. The court had also directed DERC to prepare a recovery plan, account for carrying costs (interest) and conduct a detailed audit explaining the prolonged delay in cost recovery. The recovery is likely to be made through an increased regulatory asset surcharge in electricity bills over a seven-year period. Delhi Power Minister Ashish Sood in March last year said the discoms were authorised to recover Rs 27,000 crore accumulated as regulatory assets, hinting that the electricity rates may go up in the city. The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025 .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)

Lofty gold prices and market volatility are pushing wealthy consumers toward jewelry, especially rare colored gemstones, as handbags lose appeal. View More

watch nowVIDEO2:2602:26Investors pivot to hard luxury assetsMarkets and Politics Digital Original Video When the gavel came down in December, Christie's had set a record that created a buzz in the auction world.A Tiffany & Co. necklace adorned with a sparkling blue Paraiba tourmaline gem and diamonds sold for more than $4.2 million, 10 times its low estimate. A matching pair of earrings hit the block next, and it too sold for 10 times its estimate. A 13.54 carat Paraiba-type tourmaline and diamond necklace by Tiffany & Co. sold at a Christie's auction in New York last December for $4.2 million, 10 times its low estimate.Courtesy: CHRISTIE'S IMAGES LTD. 2026 "I think that was really a marker for how far private clients are willing to go for these exceptional goods," said Jacqueline DiSante, vice president and head of sales of Christie's New York jewelry division.Amid economic and geopolitical uncertainty, a certain class of consumers are turning toward an unlikely asset class — jewelry. The trend comes as investors increasingly flock to tangible assets. For ultrarich consumers, colored gemstones such as rubies, sapphires and emeralds are especially popular right now."Whenever you have macroeconomic volatility … the appeal of hard asset investing goes up," said Thorne Perkin, president of investment management firm Papamarkou Wellner Perkin. "Tangible assets, they tend to retain their value or even increase when inflation rises."Mario Ortelli, a managing partner at strategic and M&A advisor Ortelli&Co., agreed with Perkin's take, saying that there was clearly a "defensive element" to the trend."In periods of inflation, geopolitical tension, or financial market volatility, tangible assets become more attractive," he said in an email. "Branded jewelry can function as a portable store of value.""Unlike fashion accessories that are tied to seasonal cycles, iconic jewelry collections have a much longer product life cycle," he added. "In many cases, they also demonstrate stronger resale value dynamics than handbags. That longevity and perceived capital preservation help explain jewelry's relative resilience versus soft luxury."Luca Solca, global head of luxury goods at Bernstein, estimated that roughly one-third of the renewed interest in gold-heavy and gemstone-driven jewelry could be tied to "flight to safety" behavior for investors.Strong resale valueSurging gold prices have played a role. Long considered a safe-haven asset, gold in January soared to its highest price ever, above $5,100 an ounce. Although prices have pulled back since, it still trades at a lofty level, above $4,500 an ounce. Stock Chart IconStock chart iconGold futures 1Y chart "I think the view of jewelry — gold jewelry, diamond and gemstone jewelry — being viewed as an investment is enhanced by, obviously, the almost daily increase in the gold price," said Andrew Brown, founder and CEO of luxury resale platform MyGemma.DiSante, of Christie's, said record high gold prices have incentivized some collectors to come out of the woodwork and sell certain pieces.Jewelry's durability in the resale market is part of its appeal, experts say. Brown said he regularly sees clients reselling branded jewelry years after their original purchase, often at prices that hold up far better than designer handbags, which show wear from use much easier.Jewelry has managed to buck softness in the luxury market and has been growing "quite nicely" over the past two years, according to Caroline Reyl, senior investment manager of Pictet's premium brands strategy.Reyl said she has seen consumers shifting away from "soft luxury" items such as handbags and accessories. At the same time, "hard luxury" goods such as watches and fine jewelry have grown in popularity. Reyl attributed the change to extreme price hikes for handbags due to previously strong demand and supply chain disruption.Quality concerns have also been a headwind, Brown said.A Bernstein study found auction prices for Hermès' iconic handbags have fallen, and average resale premiums for Birkin and Kelly bags slipped from 2.2 times in 2022 to 1.4 times last November."Leather does not have a lot of inherent value," said Ankur Daga, founder and CEO of fine jewelry e-commerce company Angara. "As gold is appreciating, people are understanding more and more that this is a very valuable asset."Durability has helped reinforce jewelry's reputation as a long-term store of value, especially pieces from well-known brands such as Cartier, Van Cleef & Arpels, Tiffany & Co., and Bulgari. Brown estimated that these four brands made up around 90% of MyGemma's jewelry sales.A 'passion investment'There's also an emotional element to jewelry. Perkin called it a "passion investment," with consumers potentially drawn in by an "element of prestige."Ortelli agreed. He said the brand equity, craftsmanship and scarcity element reinforce the perception of durability and value retention."Branded jewelry has historically experienced mid- to high-single-digit annual price increases over the long term, depending on brand and the design," Ortelli said. "As resale often occurs at a moderate discount to current retail pricing, over a 5-10 year horizon, owners can frequently exit above their original purchase price."'Color is en vogue'Gold-heavy jewelry benefits from a price floor created by the intrinsic value of the metal, Ortelli said. "However, exceptional gemstones — especially rare, high-quality sapphires, rubies, or emeralds — can command significant collector premiums," he said.Fashion trends currently favor colored gemstones, which have emerged as one of the fastest-growing jewelry segments.Lucrezia Buccellati, jewelry designer and co-creative director of Italian jewelry house Buccellati, said this is particularly true in Asian markets. Colored stones allow for more creative designs and often appeal to buyers who want more distinctive and personal pieces, she explained.Consumers also may be seeking alternatives to diamonds.There is a "genuine dearth of gem-quality material that's coming out of the earth," Angara's Daga said. He explained it is more difficult to replicate colored gems in a lab. Unlike diamonds, the stone's inclusions — or the minerals trapped inside during formation — provide character and enhance the value of a colored gemstone."No two are exactly alike, and I think that's what makes them so interesting to today's market," DiSante said, comparing each one to a piece of art. "In a world where we are seeing lab-grown diamonds being made, and it kind of feels like this conveyor belt ... you can't do that with a sapphire or ruby or emerald."Daga said he expects colored gemstones will appreciate faster than gold."If you look at Sotheby's and Christie's auctions, these gemstones are trading at numbers nobody would have thought possible five years ago, and it's only going to increase," he said. "Color is en vogue."Colored gemstones have traded at two to three times the high estimates at auction houses, which is "very unusual" given that auction houses usually calibrate low and high bids relatively well, Daga said. As proof of the trend's strength, Daga estimated that around 15% of engagement rings today feature a colored gemstone, up from 5% a decade ago. They have perhaps been further popularized thanks to celebrities such as Kate Middleton, Eva Longoria, Halle Berry, Rita Ora and Halsey. Actress Halle Berry's engagement ring on March 5, 2013 and Eva Longoria's engagement ring on Jan. 13, 2016.Gregg DeGuire | JB Lacroix | WireImage | Getty Images The trend has also brought in younger consumers. In 2025, millennials and Gen Z accounted for 44% of Christie's luxury buyers, DiSante said.If macro uncertainty persists, experts such as Reyl said they expect jewelry investing to continue. Buccellati concurred, saying within high luxury, she expects jewelry to continue growing and surpassing soft luxury goods.There are certain challenges, however, including illiquidity, safety concerns and storage costs. And unlike stocks or real estate, jewelry does not provide its owners with an income."Jewelry should not be viewed as a financial asset equivalent to equities or ETFs — liquidity, transaction costs, and dispersion of returns are much higher," Ortelli said.He added that the long-term outlook for branded luxury jewelry is positive, but cyclical."The category performs best in supportive macroeconomic environments with rising wealth creation and political stability. ... In the event of a severe macroeconomic downturn, demand would contract," he wrote.And that is where some collectors may find comfort in the more emotional aspects of jewelry."I think there's something really romantic about a colored stone," DiSante said. "There's something really incredible about when you think that it formed in the Earth hundreds of thousands of years ago. And if it's a Kashmir sapphire — that mine was only mined for 20 years in the early 1900s — there's a certain romanticism behind it that you can't replicate."Markets shift and headlines fade, but the core principles of building long-term wealth remain constant. Join us for our third CNBC Pro LIVE, where investors of all backgrounds — from financial professionals to everyday individuals — come together to cut through the noise and gain actionable strategies for smarter, more disciplined investing. No matter where you're starting from, you'll leave with clearer thinking, stronger strategies. Enter your email here to get a discount code. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Gujarat has approved a supplemental power purchase agreement with Tata Power. This paves the way for the 4,000-MW Mundra power plant to restart operations soon. The agreement revises commercial terms to address cost pressures. This move will ensure operational stability for the project. It also secures power supply for Gujarat ahead of peak summer demand. View More

New Delhi: Gujarat has approved the signing of a supplemental power purchase agreement (SPPA) with Tata Power , paving the way for its 4,000-MW imported coal-based Mundra power plant to restart operations as early as next week. "The Gujarat cabinet has approved the supplementary PPA and a government order has been issued," Tata Power said in a notice to stock exchanges. "After regulatory clearances, the company and Gujarat Urja Vikas Nigam Ltd (GUVNL) will sign the agreement." Financial details, including the revised tariff, were not disclosed. The deal is expected to provide operational stability to the project while securing power supply for the state ahead of peak summer demand. The SPPA revises some commercial terms in the original 2007 power purchase agreement between Gujarat Urja Vikas Nigam and Tata Power to address cost pressures arising from imported coal-based generation, a person familiar with the development said. It provides some concessions in operating parameters to the company. The tariff could be based on an agreed coal index provided by both parties, one of the persons cited above said. The 5X800 MW Mundra ultra mega power project had gone offline after the Centre in June last year withdrew a special provision that compensated imported coal-fired plants for higher input costs. The provision was introduced in phases amid rising power demand in 2022. Live Events The plant supplies electricity to Maharashtra, Punjab, Haryana and Rajasthan as well, but Gujarat has the largest share. Its issue arose when Indonesia changed its coal prices by linking it to international rates with effect from 2011. The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025 .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)

Adani Electricity Mumbai, Tata Power Delhi Distribution, and Noida Power Corporation lead the nation's electricity distribution companies in FY25, according to a Power Finance Corporation report. The rankings assess institutional capability, financial sustainability, operational efficiency, and service delivery. Power Minister Manohar Lal emphasized coordinated efforts for affordable and efficient power, alongside renewable energy transition and enhanced per capita consumption. View More

New Delhi: Adani Electricity Mumbai , Tata Power Delhi Distribution and Noida Power Corporation have once again emerged the top electricity distribution companies in the country, followed by Dakshin Gujarat Vij Company, according to Power Finance Corporation 's discom ranking report for FY25. The report was released at the Bharat Electricity Summit . The ranking mechanism involves an evaluation of institutional capability, financial sustainability, operational efficiency, and service delivery outcomes. The top four of the 66 discoms that participated were followed by Maharashtra's BEST, Kerala's Thrissur Corporation Electricity Department, Assam Power Distribution Company, BSES Rajdhani Power and TP Northern Odisha Distribution. Power minister Manohar Lal, addressing the session, said coordinated efforts between the Centre and states are needed to ensure affordable and efficient power generation, transmission, and distribution. Highlighting the importance of energy security amid global uncertainties, he underlined the need to enhance per capita energy consumption and accelerate the transition towards renewable energy . Live Events He also noted the potential of nuclear energy as a clean energy source. The country’s most definitive MSME stage returns on March 24 in New Delhi. Register now for the ET MSME Awards 2025 .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)