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Tariff hike only way; we won't shy away: Bharti Airtel's Sunil Mittal

A day after the board of Bharti Airtel approved a Rs 21,000-crore rights issue primarily to fund its dues linked to adjusted gross revenue (AGR), chairman Sunil Bharti Mittal pressed for tariff hike as the only way forward for the telecom industry. "We have done our bit in a limited way, we have run out of patience and we can't be an outlier all the time," Mittal said at the company's investor call on Monday, while reiterating that the company would not shy away from raising tariffs. The company had slightly tweaked tariff plans recently without impacting a large chunk of its subscriber base. No telco has initiated any significant rate hike after December 2019.

Tata, Adani plants may get to sell on power exchanges amid coal crisis

The two power units in Gujarat using imported coal -- Tata UMPP and Adani Mundra -- might have a chance at revival as the Centre opens up merchant power sale for them in the middle of domestic coal supply shortages. The two units have been in a constant tussle with five states to which they sell power over the compensation due to higher imported coal prices. It is expected that Tata Power and Adani Power could make gains on selling on the power exchanges, especially since they are not selling power to any state on a long-term basis due to no clarity on tariffs. The current prevailing rates at the Indian Energy Exchange (IEX), the country’s largest power exchange platform, are more than double the tariffs at which Adani and Tata pledged to sell power.

NTPC ups coal output, seeks to boost stocks to meet electricity demand

India's biggest utility NTPC Ltd is ramping up coal output from its mines and importing 270,000 tonnes of the fossil fuel under existing contracts, as it seeks to boost stocks at its plants and meet rising electricity demand. India's power demand has rebounded in recent months, reflecting an increase in economic activity as COVID-19 restrictions are eased. The increased consumption coincided with the monsoon season, when rains affected coal supplies..

CavinKare announces business restructuring, ropes in Gen Next

In a first step towards succession plan, Chennai-based fast-moving consumer goods (FMCG) major CavinKare on Monday announced the restructuring of its businesses and also roped in the generation next giving charges of separate business verticals. Announcing the restructuring on Monday, CK Ranganathan, chairman and managing director of CavinKare indicated that the business will be split into mainly four different streams – FMCG, ecommerce, retail and research and development. The transformation – termed as CavinKare 2.0 by the company – is also seen as a step towards its initial public offering (IPO).

Aluminium industry staring at 3-5 day coal inventory amid CIL's supply cut

With Coal India having significantly reduced coal supplies and rail rakes for captive power plants (CPPs), domestic aluminium industry is staring at a meager three-five days coal inventory. “Despite the FSA (Fuel Supply Agreement), we face this issue of coal supply cut from Coal India almost every monsoon. 2018 and 2019 was no different. What is the purpose of FSA then?” said an aluminium industry official on condition of anonymity. The aluminium industry CPPs signs FSA with Coal India and its subsidiaries for assured long term coal supply. Any abrupt stoppage of this secured coal supply brings the industry to a grinding halt and has a severe impact on the SMEs in downstream sector resulting in increased prices of finished products and burdening end consumers.

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