‘ Cannot come at the cost of the poor ’

New Delhi: Telecom operator Bharti Airtel on Tuesday reported a 91.5% year-on-year rise in consolidated net profit to `1,588 crore for the OctDec quarter of 2022-23. Total revenue rose nearly 20% year-on-year to `35,804 crore in the Decquarter (Q3FY23) “backed by strong and consistent performance delivery across the portfolio”. Its consolidated net income (after exceptional items) stood at `1,588 crore for the just ended quarter, translating into an increase of 91.5%. —PTI

GOLDI SOLAR PLANS TO GIVE 5,000 JOBS BY FY25, SAYS MD

Bengaluru (PTI): India, the world’s third largest oil consumer, on Tuesday said it is committed to energy transition but surviving the present and cushioning the vulnerable from price volatilities is essential before moving to clean and green energy.

India has committed to net zero carbon emission by 2070 and has repeatedly emphasised that ‘dirty’ fuels like oil and coal, on which the economy is twothirds dependent, will have to continue to be in use in the foreseeable future.

‘INDIA WILL PLAY MARKET CARD ON OIL’

New Delhi (PTI): India, the world’s third-largest energy consumer, will buy oil from wherever it can get on a predictable and sound basis, Oil Minister Hardeep Singh Puri said emphasising the country will play its market card. India shunned western pressures to raise imports from Russia in last year. Russia, whose oil is available at discount due to some western nations slapping sanctions, is now India’s top oil supplier.

“I will be very frank, we will play the market card,” he said.

“We will import from wherever it is available on a predictable and sound basis.”

An immediate shift from low-priced coal and oil to expensive fuels of the future such as hydrogen will entail huge costs in a nation with low per capita income.

“Unless we survive the

Coal import cannot be zero, says Power Min

New Delhi: Green energy company Goldi Solar has plans to recruit 5,000 people over the next two fiscals in the area of solar manufacturing and aftersales services, company’s MD Ishver Dholakiya said.

“Goldi Solar plans to create jobs at the grassroots level. The skill development programme will help the company’s vision to recruit over 5,000 people across various functions by FY25,” Dholakiya said after signing an agreement with L&T Public Charitable. —PTI

GOLD JUMPS `128 BUT SILVER PRICES

FALL BY `38 PER KG

New Delhi (PTI): Coal imports cannot be reduced to zero as several thermal power projects in India are designed to utilise the imported dry fuel for its high calorific value and blending it with domestic coal is also needed to maintain fuel stocks, Parliament was informed on Tuesday.

“The power plants designed for utilizing high Gross Calorific Value (GCV) non-coking coal, and cement, sponge iron, aluminum customers are utilizing high-ranked low ash coal. The coal requirement for such category of consumers cannot be substi- tuted by domestic coal. Thus, import of coal cannot be reduced to zero,” present, we will not be able to go into the world of clean and green energy,” Oil Minister Hardeep Puri said.

Power Minister R K Singh said in a written reply to the Rajya Sabha.

During 2022-23 (till January 2023), Coal India Ltd despatched 485.99 million tonne (provisional) coal to the power sector as compared to 440.05 MT during the same period a year ago, registering a growth of about 10%. However, he stated that with the rise in electricity demand, the increase in supply of coal to power plants is not commensurate with the domestic coal requirement.

“While affordable traditional energy resources are essential for meeting the

Non-fossil power capacity touches 174 gigawatt

New Delhi (PTI): India’s non-fossil fuel-based power generation capacity was at 174.53 gigawatt (GW) at the end of December 31, 2022, Parliament was informed The country’s total power generation capacity, including 235.81 GW from the thermal base, was at 410 GW at the end of 2022, Minister for Power, New and Renewable Energy said.

“So far, a total of 174.53 GW power generation capacity from non-fossil fuelbased energy resources has been installed in the country as on 31.12.2022,” he said. The capacity includes 63.30 GW solar power, 46.85 GW large hydro, 41.93 GW wind power, 10.73 GW bio power.

base load requirements, new sources of energy which are cleaner, sustainable, and innovative, are critical for combating the menace of climate change.”

Geopolitical situations last year led to a spike in prices of crude oil - raw material for petrol and diesel. “We have to make sure our transition entails surviving the present and cushioning vulnerable from volatility,” he said, adding the transition has to be affordable and sustainable particularly for vulnerable sections.

ONGC to reverse oil & gas output decline

Bengaluru (PTI): India’s largest oil and gas producer ONGC will this year reverse years of decline in production and gradually raise output thereafter, as it invests billions of dollars to produce from newer discoveries, an official said.

Oil and Natural Gas Corporation (ONGC) in fiscal 2021-22 produced 21.707 million tonne of crude oil, which is refined to produce petroleum products like petrol and diesel, and 21.68 billion cubic metre (bcm) of natural gas, which is used to produce electricity, manufacture fertiliser and as CNG in automobiles.

“We are definitely looking forward to increasing production of oil and gas in 2023-24 and even in the current year,” ONGC chairman Arun Kumar Singh said.

In the current fiscal year (2022-23), crude oil production is slated to rise to 22.823 million tonnes and gas to 22.099 bcm. In the following

AI to be a game changer in govt audit space: CAG

According To Ongc Official

z Oil and Natural Gas Corporation (ONGC) in fiscal 2021-22 produced 21.707 million tonne of crude oil, which is refined to produce petroleum products like petrol and diesel, and 21.68 billion cubic metre (bcm) of natural gas, which is used to produce electricity, manufacture fertiliser and as CNG in automobiles fiscal year, oil production will climb to 24.636 million tonnes and 25.689 million tonnes in 2024-25.

Natural gas production is slated to rise to 25.685 bcm in 2023-24 and 27.529 bcm in the following year.

New Delhi: Gold prices rose by `128 to `57,275 per 10 grams in the national capital on Tuesday amid firm global trends, according to HDFC Securities. In the previous trade, the yellow metal had ended at `57,147 per 10 grams. Silver, however, declined by `38 to `67,975/kg. “Spot gold prices in the Delhi markets traded at `57,275/10 grams, up `128/10 grams,” said Saumil Gandhi, Senior AnalystCommodities at HDFC Securities. In the overseas markets, gold was trading higher at $1,874/ounce while silver was flat at $22.42/ounce. —PTI

ELECTRIC PV’s

RETAIL SALES

DECLINE BY 10.51%

Mkts decline for 2nd day on selling in FMCG

Mumbai (PTI): Benchmark equity indices Sensex and Nifty closed lower on Tuesday due to selling in FMCG, metal and auto shares amid rising concerns over interest rate hikes by central banks.

Other Stories

Lucknow (PTI): Artificial Intelligence (AI) is going to be a game changer in the public audit space as it will help in quicker and more detailed analysis during both planning and execution stages, CAG G C Murmu said on Tuesday.

“Our intent is to use AI not as a one-time solution for a specific audit, but to build an evolving AI model that will allow for quicker and more detailed analysis during both the planning and execution stages through risk assessment straddling multiple parameters and a far more comprehensive evaluation than afforded through sampling,” he said.

Mumbai: Electric passenger vehicles retail sales declined by 10.51% sequentially to 3,346 units in January 2023 over 3,739 vehicles sold in December last year, according to automobiles body FADA. Tata Motors’s electric PV sales were down 17% at 2,426 vehicles in January as against 2,926 units delivered in December 2022. MG Motor sales volume also dropped 12.55% to 425 units against 486 units sold in the month earlier. —PTI

FALL

BY 0.37% ON TUESDAY

z The 30-share BSE barometer declined by 220.86 points or 0.37% to close at 60,286.04 as 22 of its constituents ended in the red

The 30-share BSE barometer declined by 220.86 points or 0.37% to close at 60,286.04 as 22 of its constituents ended in the red. The index opened flat amid mixed global trends. It moved in a range of 60,655.14 to 60,063.49 during the day. The broader Nifty of the National Stock Exchange fell by 43.10 points or 0.24% to settle at 17,721.50, with 31 of its scrips ending in the red. The index touched a high of 17,811.15 and a low of 17,652.55 during the session.

`

Among Sensex stocks, Tata Steel fell the most by 5.23% after posting weak financial results. ITC, Sun Pharma, Maruti, M&M, Tata Motors, HCL Tech, Wipro, Infosys, HUL, Bharti Airtel and Reliance were among the major losers.

GAINS 6 PAISE TO END AT 82.70/DOLLAR

Mumbai (PTI): The rupee appreciated 6 paise to close at 82.70 against the US dollar on Tuesday, as a weak American currency against major rivals overseas boosted investor sentiments. At the interbank foreign exchange market, the local unit opened strong at 82.68 and touched an intra-day high of 82.62 and a low of 82.80 against the greenback. It finally settled at 82.70, up 6 paise over its previous close of 82.76.

Adani Ports Q3 net profit declines 12.94%

New Delhi (FIB): Adani Ports and Special Economic Zone (APSEZ) on Tuesday reported a 12.94% decline in consolidated net profit to `1,336.51 crore for the third quarter ended December 2022.

The country’s largest integrated logistics player had clocked a consolidated profit of ` 1,535.28 crore a year ago, according to a regulatory filing.

Its total consolidated income increased to `5,051.17 crore in the December 2022 quarter from `4,713.37 cr in the year-ago period. The company’s total ex- penses in October-December 2022 rose to ` 3,507.18 crore compared to `2,924.30 cr in the year-ago period.

Karan Adani, chief executive officer and whole-time director of APSEZ, said, “The company also concluded the transac tions of Haifa Port Company, IOTL, ICD Tumb, Ocean Sparkle and Gangavaram Port, and is pro gressing well on transition ing its business model to a transport utility”.

APSEZ is targeting FY24 EBITDA of `14,50015,000 crore, he added.

“Besides an estimated capital expenditure of ` 4,000-4,500 crore, we are considering total loan repayment and prepayment of around 5,000 crore, which will significantly improve our net debt to EBITDA ratio and bring it closer to 2.5x by March 24,” Adani said on Tuesday.

CNG, EVs & HYBRID VEHICLES SHARE LIKELY TO REACH 30% OF TOTAL AUTO SALES IN 5 YRS: ICRA

Mumbai: CNG, EVs and hybrid vehicles may grab up to 30% share in total auto sales in next five years even as petrol cars are likely to dominate passenger vehicle volumes in medium-term, a report said on Tuesday. Demand for Electric Vehicles (EVs) has increased exponentially in the last two years with the government’s push, increasing awareness, and new launches, domestic rating agency Icra said in its report. However, the share of EVs in the overall PV (passenger vehicle) industry remains low, at 1% currently, it stated. —PTI

RCAP: NCLAT NOTICE TO TORRENT ON LENDER'S PLEA

ADANI

ENTERPRISES SHARES JUMP 25%

Mumbai (Agencies): Shares in the flagship firm of troubled Indian conglomerate Adani rocketed as much as 25% on Tuesday, clawing back some of its recent huge losses, after saying it would repay more than $1 billion in loans. The group owned by tycoon Gautam Adani lost around $120 billion in value after claims of accounting fraud were levelled by short-seller US investment group Hindenburg Research on January 24. The rise on Tuesday of Adani Enterprises and several other listed units of India’s biggest conglomerate helped trim the total loss to around $112 billion, Bloomberg reported.

New Delhi: The NCLAT on Tuesday issued notices to Torrent Investments and other respondents on a petition filed by the lender of Reliance Capital seeking a second round of financial bids for the debt-ridden firm, currently going through insolvency resolution process.

A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan issued notices, directing respondents to file replies within 3 days. —PTI

GREENER TRADE,

‘NO PROPOSAL

To Increase Amount

UNDER PM-KISAN’ New Delhi: The government on Tuesday informed Parliament that there is no proposal at present to increase the amount under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) from the existing `6,000 per annum per beneficiary. Under the scheme, eligible farmers are provided with a financial benefit of `6,000 per year in three equal instalments of `2,000 each every four months. —PTI

INVESTMENT

Crucial

TO TACKLE CLIMATE CHANGE IN ASIA PACIFIC: ADB

New Delhi: The Asian Development Bank (ADB) on Tuesday said greener trade and investment are crucial for tackling climate change in Asia Pacific, and incorporating a separate chapter on efforts to mitigate environmental concerns in regional trade agreements can help ensure their effectiveness in achieving climate goals.

The Asian Economic Integration Report (AEIR) 2023, released by ADB said Asia is one of the most vulnerable regions to climate change risks, yet it emits the largest volume of carbon dioxide. —PTI

Value your family and friends, cherish the moments of love and joy… look around you, life is unpredictable!

—Dr Jagdeesh Chandra, CEO & Editor-in-Chief, First India