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TN: Tata Power to invest Rs 3k cr to set up solar cell manufacturing unit

Tata Power on Monday announced that it has inked a pact with the Tamil Nadu government to invest Rs 3,000 crore for setting up a new facility to manufacture solar cells and modules in Tirunelveli district of the state. "Tata Power, one of India's largest integrated power companies, has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to invest approximately Rs 3,000 crore for setting up a greenfield 4GW solar cell and 4GW solar module manufacturing plant in Tirunelveli district of Tamil Nadu," a company statement said.

Windfall tax: $12 margin hit for Reliance; govt to rake in Rs 1.3 trn

The windfall taxes imposed by the government on domestic crude oil production and fuel exports will hit ONGC's earnings severely while shaving off up to $12 per barrel in refining margins for Reliance Industries Ltd. The new levies will give the government up to Rs 1.3 trillion additional revenue, brokerages said. In a surprise move, the government on July 1 increased import duties on gold (by 5 per cent), added export duties on petrol and ATF (Rs 6/litre; $12 per barrel) and diesel (Rs 13/liter; $26/bbl) and slapped a windfall tax on domestic crude production (Rs 23,250 per tonne; $40/bbl). This follows earlier duties imposed on steel (15 per cent) and iron ore (up 20-45 per cent). While the export tax will be applicable on only-for-exports refinery of Reliance Industries (RIL), the restriction on product exports wherein at least 30-50 per cent is first supplied domestically will not apply to SEZ units.

Bajaj Auto starts share buyback worth Rs 2,500 crore at Rs 4,600 per share

Bajaj Auto on Monday said it has commenced its Rs 2,500 share buyback programme. In a regulatory filing, the Pune-based company said the buyback initiative has begun with effect from July 4. The company's board, at its meeting held on June 27, had approved the proposal for buyback of the fully paid-up equity shares of the company with a face value of Rs 10 each from existing shareholders, except promoters and promoter group, from the open market.

NTPC clocks 21.7% growth in power generation at 104.4 bn units in June qtr

State-run power giant NTPC Ltd on Monday said it has registered a 21.7% growth in electricity generation at 104.4 billion units (BU) in the April-June quarter of this financial year. NTPC group of companies recorded a generation of 104.4 BU in the April to June quarter of 2022, registering an increase of 21.7% from 85.8 BU generated in the corresponding quarter last year, a company statement said.

Adani Enterprises lowest bidder in Coal India's import tender:

Report Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report in The Economic Times said. The company quoted Rs 4,033 crore for the supply of 2.416 million tonnes of coal on a freight-on-road (FOR) basis, the report added. Behind Adani were Mohit Minerals and Chettinad Logistics, who quoted Rs 4,182 crore, and Rs 4,222 crore, respectively, the report said. The bids opened on Friday.

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