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Mitsubishi, the Japanese conglomerate, is poised to exit a power project located in West Bengal, prompting discussions with NTPC regarding the financial implications. The company has tabled an offer for penalties associated with their withdrawal from the incomplete project, while NTPC is advocating for a more substantial settlement. As dialogues continue, both parties are working towards an agreeable resolution. View More
New Delhi: Japanese conglomerate Mitsubishi is seeking to exit a flue gas desulphurisation (FGD) installation project at NTPC 's Farakka Super Thermal power station in West Bengal and has offered to pay a penalty for leaving the project incomplete, said people familiar with the development. Public sector undertaking NTPC has sought more than ₹1,200 crore from Mitsubishi Power India Private Limited (MPI), while the Japanese firm has offered around Rs 720 crore for exiting the project located in Murshidabad district. "Negotiations are underway to reach a settlement," an official said on condition of anonymity. NTPC did not respond to ET's queries till press time. Mitsubishi said it will continue to execute the work in accordance with the contract with NTPC. "We are currently carrying out the installation work of flue gas desulfurization equipment for the Farakka Power Station in India. We will continue to execute the work in accordance with the contract with NTPC," Mitsubishi said in response to a query from ET. Live Events The company did not explicitly say that it wanted to exit the project. In June 2025, the government exempted most coal-fired power plants from installing FGD units, designed to curb emissions, reversing its decade-old stance. The Japanese company was mandated to install wet limestone FGD systems at Farakka Super Thermal Power Station in three stages (3x200MW, 2x500MW and 1x500MW) for NTPC, but it has completed only the first stage. "Mitsubishi has offered an upfront reimbursement of payment released by NTPC for this project till November 2025," said a senior official. The project was to be completed last year, but "significant" work is still left to be done, according to the official. Mitsubishi declined to comment on the reasons behind the delay, citing confidentiality of its agreement with NTPC. .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 routine wind turbine construction in Wolfenbüttel, Germany, unearthed a remarkable 3000-year-old Bronze Age treasure hoard. The intact cache, featuring intricate bronze jewellery and Baltic amber beads, highlights the advanced craftsmanship and extensive trade networks of the era. Archaeologists believe the items were likely offerings or hidden wealth, underscoring the rich history buried beneath modern development. View More
The stock has hit its upper circuit band of ?299.50, with sell-side pressure outweighing buyers — 56.16% of order quantity sitting on the sell side against 43.84% on the buy side. View More
BHEL signs technology transfer pact with DRDO lab; EIE Renewables to acquire Suyog Urja; Peak XV exits MobiKwik stake View More
India is phasing out petrol and diesel vehicles. Union Minister Nitin Gadkari stated there is no future for these fuels. Manufacturers must switch to cleaner alternatives. Hydrogen and ethanol are highlighted as key fuels. India is already producing ethanol from various sources. Pilot projects for hydrogen trucks and buses are underway. View More
Union Minister of Road, Transport and Highways Nitin Gadkari has cautioned that there is no future of petrol and diesel vehicles , as concerns around air pollution and country's heavy dependence on fossil fuel imports continue to rise. Amid the widespread debate on whether alternative fuels will gain a significant share in auto supply chains, he said that Original Equipment Manufacturers (OEMs) must mull switching from fossil fuels towards cleaner alternatives. “There is no future for diesel and petrol vehicles. If you (OEMs) are planning to expand only in that direction, then as a friend, I can say your future is not good,” Gadkari said at the Busworld India 2026 summit, urging manufacturers and fleet operators to accelerate the shift towards the cleaner fuels such as hydrogen, ethanol, CNG, LNG and electric-powered fleet. Also read: India proposes new vehicle rules to allow higher ethanol-blended fuels "We import fossil fuels worth ₹22 lakh crore. This is not only an economic challenge, but also a major pollution problem. Our policy is: import substitute, cost-effective, pollution-free, and indigenous," Gadkari noted. Live Events Hydrogen: Fuel of the future Speaking at the summit, Gadkari also highlighted that hydrogen is the "fuel of the future" and the ministry has started pilot projects with hydrogen trucks and hydrogen buses, in collaboration with Tata Motors , Volvo, Indian Oil , BPCL , and NTPC across 10 routes. On flex-fuel, the minister asserted the use of ethanol is a key alternative fuel, noting that India is producing ethanol from broken rice, corn, bamboo, rice straw, sugarcane, molasses. Highlighting the "huge potential" of ethanol as a fuel, Gadkari said that 20 per cent ethanol blending is already taking place, and the goverment is now working on flex engines. Gadkari's comments come at a time when the Centre has proposed changes to the vehicle fuel framework with a plan to formally introduce higher ethanol blends such as E85 and E100 as part of its strategy to cut dependence on imported petroleum. The proposal, as reported by Reuters , seeks to expand beyond the current E20 benchmark by creating regulatory space for vehicles compatible with significantly higher ethanol content. .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 stock's massive rally in 2026 established a high bar for Tuesday's results. View More
Corning shares pulled back Tuesday despite the glassmaker reporting better-than-expected earnings and announcing two new long-term supply agreements to support AI infrastructure initiatives. The stock's massive advance this year set a high bar for these results, but the long-term story is still intact. Core revenue in the three months ended March 31 rose 18% year over year to $4.35 billion, topping the consensus estimate of $4.26 billion, according to LSEG. The growth was led by its AI and solar businesses. Adjusted earnings per share (EPS) rose 30% to 70 cents, a penny ahead of expectations, LSEG data showed. Shares of Corning fell more than 7% on Tuesday to roughly $156 apiece. At the lows of the day, the stock briefly traded below $150. GLW 1Y mountain Corning's 12-month stock performance. Bottom line We're not at all surprised to see this kind of market reaction Tuesday. It was almost a given considering the incredible run Corning shares had going into the print, up 92% year to date as of Monday's close. It is why we said Monday that anyone who wants to trim the stock should go right ahead. "If you wanted to take profits in [Corning], I would do that," Jim Cramer said on Monday's Morning Meeting, adding: "It's a very overhyped stock at this very moment." Thankfully, the price action on Tuesday is relieving some of that hype. It's a gift for the investors who have yet to start a position in Corning. Corning's results admittedly weren't perfect, so why are we so encouraged? The main reason: The company has finalized two more long-term supply agreements that are "similar in size and duration" to its previously announced deal with Meta Platforms . That agreement, announced ahead of earnings back in January, is worth up to $6 billion through 2030. Corning didn't disclose the names of these two hyperscalers, with CEO Wendell Weeks saying it's up to the customers to publicly discuss their supply-chain commitments. Still, he said, "These deals are very significant, and they share the risk and rewards of the required expansions with our strategic customers." We're pleased to see this structure, which was also used in the Meta deal, because it means Corning isn't taking on all the risk associated with investing in new production capacity. In other words, Corning isn't adding new production lines before a customer has been secured. They're investing with a higher degree of confidence. And that should help quell any investor concerns about the wisdom of capacity expansion. This is a company that clearly learned its lesson from the speculative fiber-optics boom of the dot-com bubble. As mentioned, there was some weakness under the hood, such as a miss on operating margins, and revenue guidance for the current quarter did come in a bit light. Nevertheless, the stock can be bought Tuesday because these deal announcements make it even clearer that Corning is a critical player in the trillion-dollar-plus AI infrastructure buildout. As AI systems become more advanced and society adopts technology like self-driving cars and other zero-room-for-error applications, latency and data integrity will become increasingly important. That's where Corning's optical solutions come into the fold, replacing copper wires as the means to transmit data. Optical technology is more capable of handling the required data transfer speeds and the longer distances that data needs to travel in modern AI data centers. That's how you get Corning's Optical Communications segment rising an impressive 36% year over year in the quarter. There is more to like, though. We're seeing a new growth opportunity emerge in solar, with revenues growing 80% year over year. Though the segment remains small versus Corning's existing optics and other glass businesses, it is becoming an increasingly important part of the company's growth story. The announcement of the two new supply agreements serves to verify and solidify the stock's move this year. Plus, the company's planned investor day next week in New York, where it's going to provide a refreshed multiyear growth outlook, should give the market increased confidence in financial estimates later into the decade. For that reason, we're reiterating our $180 price target, and we do believe investors without a position can start a small one Tuesday. We're keeping our 2 rating for now, though, given there's a long week of earnings ahead, especially Wednesday night when four hyperscalers report (Amazon, Alphabet, Meta and Microsoft). Their results will surely influence how the broader AI trade acts in the coming days. So, for now, we are going to monitor the action and look for more details at next week's investor event, in hopes of finding a better opportunity to upgrade shares back to a 1. Commentary Digging into the results, the top-line beat was driven by strength in Optical Communications, which was up 36% year over year to $1.85 billion. On a sequential basis, the segment saw 9% growth from $1.7 billion in the fourth quarter. Additionally, the Solar segment expanded 80% to $370 million. For the total company, this marks the eighth consecutive quarter of year-over-year sales growth. Tuesday marked the first time that Corning reported a Solar segment, so expect it to garner increased attention going forward. The business had previously been reported in a segment called Hemlock and Emerging Growth. "We've advanced the business to the point that it now warrants its own segment, which will include our solar and semiconductor polysilicon sales, as well as our wafer and module businesses," CFO Edward Schlesinger said. Though it remains small, management has previously stated its intention to grow this into a $2.5 billion revenue opportunity. Corning is investing in capacity expansion to support that growth. Some of it is already up and running, benefiting the first-quarter Solar numbers. As Corning moves past some of these start-up investments to scale the business, growth and profitability should both improve. Corning targets a 20% corporate operating margin target, and Weeks emphasized that the Solar segment will get there. Glass Innovations is another new reporting segment for the company, with the team now combining results from the previously separately reported Display and Specialty Materials segments. In the first quarter, its sales were up a modest 1%. This unit is home to a collection of businesses serving industries such as consumer electronics. In other words, it's where we'll find its sales to Apple for the iPhone and Apple Watch glass, among other customers. "These businesses share core technologies, manufacturing capabilities, and market access, and we have aligned them under a unified management structure to increase operational flexibility, improve efficiency, and strengthen our leadership positions in the markets we serve," Schlesinger said. Guidance For the current quarter, management forecasts core sales growth of about 14%, resulting in revenue guidance of about $4.6 billion. That compares to the LSEG consensus of $4.63 billion. Core earnings are expected to be between 73 cents and 77 cents per share. The midpoint of that range is in line with the 75-cent LSEG compiled estimate. Notably, the team has factored in an additional $30 million expense for the quarter due to an extended maintenance shutdown at a solar facility. We'll get an updated look at Corning's Springboard growth initiative next week. The company's Springboard targets have thus far been through 2028. But management plans to extend its outlook through 2030 at the investor day. The team also plans to introduce a new platform targeting the buzzy photonics market inside data centers. They're calling it a "Photonics Market-Access Platform" designed to serve generative AI original equipment manufacturers. We're looking forward to getting more details on its exact nature. (Jim Cramer's Charitable Trust is long GLW, AMZN, MSFT, META and MSFT. 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. 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On April 28, the Indian stock market resumed its downtrend, with the Nifty 50 and Sensex declining. Banking stocks faced pressure from RBI's guidelines, but broader markets outperformed, led by gains in Nifty Oil and Gas, Chemicals, and Metals sectors. View More
BHEL share price has rallied over 37% in one month and has gained 20% on a year-to-date (YTD) basis. The PSU stock has surged 47% over the past six months, while it has jumped 52% in one year. BHEL stock price has delivered multibagger returns of 346% in three years. View More
Vedanta Chairman Anil Agarwal has stated that NGSL, a joint venture between NTPC and GE, held full responsibility for the operations and maintenance of the Chhattisgarh power plant. An explosion at the plant on April 14 killed 25 workers. Agarwal drew an analogy to vehicle owners trusting drivers for safety. View More
New Delhi: Nearly two weeks after Chhattisgarh power plant blast killed 25 people, Vedanta Chairman Anil Agarwal on Monday said the entire responsibility for the operations and maintenance (O&M) of the facility was entrusted with NGSL, a joint venture between power giant NTPC and GE. "What weighs heavily on my mind is this: at our Athena plant , we had put in place the highest standards of safety. The entire responsibility was entrusted to NGSL, a partnership between NTPC and GE, among the most respected and trusted institutions in India. The contractors, the teams, the technical expertise, all were theirs. Also read: Fire breaks out at commercial complex in Ahmedabad; 25 persons rescued "It was on the strength of this trust that we had confidently outsourced the plant's operations and maintenance. And yet, this unfortunate tragedy occurred," Agarwal said in a social media post. Drawing an analogy, he compared it to vehicle owners handing over their cars to trusted drivers, expecting them to follow rules and stay safe. Live Events "It is a lot like a vehicle owner placing his trust in a capable and responsible driver, believing that both the vehicle and its passengers will remain safe. And still, sometimes, fate intervenes," Agarwal said. "At Vedanta, safety is always our highest priority in every contract. The same commitment has been the cornerstone for NTPC and GE as well. And when such a tragedy happens despite all of this, it truly breaks your heart," he explained. An explosion occurred in a steel tube carrying high-pressure steam from the boiler to the turbine at the Vedanta's power plant located in Singhitarai village of Chhattisgarh on April 14, killing 25 workers and leaving several persons with severe burn injuries. Vedanta had earlier announced Rs 35 lakh compensation and employment support for kin of those killed in a boiler explosion and Rs 15 lakh for the injured. The Chhattisgarh police registered an FIR against Agarwal and others in connection with the blast, an official had earlier said. Industrialist Naveen Jindal later came out in support of the Chairman stating that the matter should first be investigated and responsibility should be established based on evidence. A report by the Forensic Science Laboratory (FSL) in Sakti also confirmed that the accumulation of fuel and the resulting excessive pressure were the primary causes of the explosion, the police statement had said. During the investigation, it emerged that Vedanta company and its contractor NGSL (NTPC GE Power Services Limited) failed to properly adhere to maintenance and operational standards for machinery and equipment, the statement had said. .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)