New Delhi, July 29 (IANS) The mining sector reforms introduced by the Centre have turned out to be “instrumental” in augmenting the production of key minerals in the country, Union Minister of Coal and Mines G. Kishan Reddy told the Parliament on Monday.

The production of iron ore has doubled from 129 million tonnes in 2014-15 to 258 million tonnes in 2022-23 while the production of limestone has jumped by 37.6 per cent from 295 million tonnes in 2014-15 to 406 million tonnes in 2022-23, the minister told the Rajya Sabha in a written reply.

The gross value added (GVA) of the mining sector now accounts for 2 per cent of the country’s GDP and the contribution of the mining & quarrying sector in value terms has increased from Rs 2,90,411 crore in 2014-15 to Rs 3,18,302 crores in 2022-23, he added.

The minister also stated that as a result of the reforms implemented by the Central government, a total of 385 mineral blocks have been auctioned in the country since the introduction of the auction regime in 2015. Out of these, 50 mines are already in production.

The Ministry of Mines has taken various steps to increase the share of domestic mining in total mineral consumption by increasing mineral production and to make ‘Aatmanirbhar Bharat in the mining sector’.

The Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act, 1957) was amended with effect from March 28, 2021, with the objective of inter-alia increasing mineral production and time-bound operationalisation of mines, increasing employment and investment in the mining sector; increasing the pace of exploration and auction of mineral resources, the minister added.

Some of the key amendments include removing end-use restrictions for the auction of mines, allowing captive mines to sell up to 50 per cent of minerals produced during the year after meeting the requirement of linked plant and removing restrictions on the transfer of mineral concessions. The MMDR Act, 1957 was further amended through the MMDR Amendment Act, 2023 with effect from August 17, 2023, with the objective of increasing exploration and production of critical and deep-seated minerals which are essential for the advancement of many sectors, including high-tech electronics, telecommunications, transport and defence, Reddy added.

–IANS

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New Delhi, July 29 (IANS) Hindustan Petroleum Corporation Limited (HPCL) on Monday reported a consolidated net profit of Rs 634 crore during the first quarter 2024-15 compared to 6,766 crore during 1Q FY24.

The standalone net profit during this quarter was Rs 356 crore compared to 6,204 crore during 1QFY24.

“The primary reasons for the lower net profit are suppressed marketing margins on select petroleum products and reduced refining margins,” according to an HPCL statement.

The average gross refining margin (GRM) for 1QFY25 was $5.03 per barrel ($7.44 per barrel during 1QFY24).

The reduction in GRMs is primarily due to lower cracks in line with the trend of international product cracks.

HPCL standalone revenue from operations was Rs 1,20,859 crore during the first quarter of FY25 compared to Rs 1,19,044 crore during 1QFY24.

The public sector oil major maintained a robust physical performance during the quarter.

HPCL refineries recorded a crude thruput of 5.76 MMT (million metric tonnes) during 1QFY25 registering an increase of 6.7 per cent over the thruput of 5.40 MMT during 1QFY24 despite planned shutdown in refineries.

Widening the company’s crude basket, HPCL refineries processed Imported crude from Khafji and Varandey, and indigenous crude from the eastern offshore KGDWN field for the first time.

HPCL recorded the highest-ever quarterly sales volume of 12.63 MMT (including exports) during 1QFY25 registering a growth of 6.6 per cent against 11.85 MMT during 1QFY24.

The company also achieved market share gain of 0.25 per cent among PSU Oil Marketing Companies during the period, according to the company statement.

During 1QFY25, sale of Motor fuels was 8.02 MMT (growth of 2.7 per cent over 1QFY24) and in case of LPG, the company achieved a sales volume of 2.07 MMT (growth of 8.7 per cent over 1QFY24).

The aviation business of the company recorded a robust growth of 31.3 per cent over 1QFY24 with sales volume of 261 TMT during 1QFY25.

New aviation refuelling facility at Kanpur was commissioned during the quarter, taking the total count to 55.

In the highly competitive lubricants business, HPCL’s sales were 152 TMT during 1QFY25, (growth of 3.1 per cent over 1QFY24), the company added.

During 1QFY25, the company recorded its highest-ever petrochemical sales of 30.3 TMT and introduced new grade HDPE Raffia in the polymer segment.

The oil major also recorded its highest-ever pipeline thruput of 6.83 MMT during 1QFY25 (growth of 5.2 per cent over 1QFY24), it added.

HPCL also said that it invested Rs 2,017 crore during 1QFY25 to further strengthen its refining and marketing infrastructure, including its equity investment in joint ventures and subsidiary companies.

–IANS

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New Delhi, July 29 (IANS) Leading news network NDTV on Monday reported a significant revenue surge at 34 per cent (year-on-year) in the April-June quarter, outpacing the performance of the previous year’s first quarter by a substantial margin.

The rise in revenue was driven by the Lok Sabha election programming and 44 per cent growth in digital traffic.

For Q1 FY25, the media company clocked profit after tax (PAT) at Rs 44.1 crore (NDTV Ltd) and Rs 47.1 crore (NDTV Consolidated).

Building on the momentum from the last fiscal year, NDTV continued its strategic investments in upgrading its infrastructure and expanding its distribution footprint to fuel future growth, which contributed significantly to expenses this quarter, along with regional expansion.

The company also made major investments in new technologies, expanding its digital offerings, and introducing new programming to further engage its audience.

On the election result day (June 4), NDTV not only broke numerous digital traffic records in India, but also became the No 1 Asian channel in markets like the UK.

During the quarter, NDTV also unveiled the sixth addition to its news channel line-up — NDTV Marathi. The channel was launched by Maharashtra Chief Minister Eknath Shinde, Deputy Chief Minister Devendra Fadnavis, and other dignitaries on May 1, coinciding with Maharashtra Day. The channel is already making an impact in the state through its meaningful, and accurate news and analysis.

–IANS

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New Delhi, July 29 (IANS) Ola Electric Mobility on Monday said they are raising capital via an initial public offering (IPO) to invest in cell manufacturing and further research and development.

The Bhavish Aggarwal-led EV company will also use the IPO funds for repayment of borrowing and spending on organic growth purposes.

Ola Electric aims to raise Rs 5,500 crore in primary issue and Rs 645.6 crore via offer for sale (OFS) from promoter entities and investors.

Harish Abichandani, Chief Financial Officer of Ola Electric Mobility, said that they “are raising capital for cell manufacturing and research and development”.

“All these get factored in terms of the cash flows generated in the future. As we scale up, the path to profitability is faster,” he said.

“Our capex is largely well-funded, both for the auto and the cell side,” Abichandani noted.

More than half of the proceeds from the IPO will be used for capital expenditure and investing in R&D, according to the company’s red herring prospectus (RHP).

Aggarwal said that they are focused on bringing EVs to the mass market and “we do expect mass market products to penetrate deeper into the small towns and villages”.

“The company is young, and we wanted to bring this company to market early because of its Indian manufacturing story,” he added.

Ola Electric is set to offer shares in the price band of Rs 72-76 in its IPO that will open for subscription on August 2 and close on August 6. Around 10 per cent of the IPO will be reserved for retail investors.

Promoters Aggarwal and Indus Trust will sell 3.79 crore and 41.79 lakh shares, respectively. Other investors in the EV firm, like SVF II Ostrich (DE) LLC, Alpha Wave Ventures II LP, Alpine Opportunity Fund VI LP, Internet Fund III Pte, Matrix Partners India Investments III LLC and Ashna Advisors LLP, will also offload their shares via the OFS route.

–IANS

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Kochi, July 29 (IANS) Kerala Minister of Industries P. Rajeeve said on Monday that the state government is preparing a comprehensive master plan for leveraging the full potential of Vizhinjam Port to the benefit of various sectors.

Rajeeve said this while interacting with investors at the day-long ‘Conclave on Continuing Investments,’ organized by Kerala State Industrial Development Corporation (KSIDC) and the Department of Industries & Commerce here.

“The master plan, which is in its final stage, will strategize utilization of the Port for the advantage of various sectors including medical devices, electronics and manufacturing sectors,” said Rajeeve.

The conclave brought around 282 entrepreneurs, who have invested more than Rs. 5 crore each in the state over the last three years.

Rajeeve also pointed out said the government is reimbursing 25 percent of the amount for purchasing equipment, besides an incentive of up to Rs 25 lakh is being provided to priority sectors identified in the Industrial Policy 2023.

Investors representing various sectors expressed their views regarding the initiatives of KSIDC and recalled the support of the government in setting up their enterprises.

–IANS

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