Government relaxes FGD mandate for thermal power plants, energy cost may come down by 25-30 paisa/kWh
The decision is likely to benefit about 79 per cent of the thermal plants of India.
Industry experts asserted that new norms are likely to reduce power generation cost of thermal power plants by 25 to 30 paisa per kilowatt hour (Kwh), benefitting consumers.
After the revision FGDs will now be mandatory only for coal-fired based plants within 10 kms of cities with population of over 1 million, or plants in critically polluted or non-attainment areas or plants using high-sulphur imported coal.
FGD is a system that removes sulphur dioxide (SO) from the smoke released by coal-fired power plants.
Experts say while FGD is effective in high-sulphur conditions, the system is expensive, water-intensive and adds carbon dioxide emissions during installation and operation.
It is useful where high sulphur coal are used for plants, or where there is high ambient sulphur dioxide levels or dense urban proximity.
The decision of the government follows independent assessment by three Indian research institutes - reportedly IIT Delhi, CSIR-NEERI and National Institute of Advanced Studies (NIAS) -- who noted that even in areas without FGDs, ambient sulphur dioxide levels are well within national standards.
Additionally, full-scale retrofitting of FGDs are projected to increase carbon dioxide emissions, largely due to added limestone mining and auxiliary energy use.
Environmentalists however argue that such relaxation risks delaying clean air goals. But government sources say that the new framework targets pollution where it matters most.
Developing economy like India who still rely on over 80 per cent of its power demand on thermal plants, it serves a practical template.
The new guideline is aligned to best global practices, even the US, the EU, and China have moved to targeted FGD deployment, not blanket mandates. (ANI)
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Time of India
33 minutes ago
- Time of India
F&O trade volumes slump nearly 20% after Sebi ban on Jane Street
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Volumes on India's thriving futures and options dropped nearly a fifth last week after Securities and Exchange Board of India's (Sebi) ban on New-York-based quantitative trading firm Jane Street for alleged market manipulation . The recovery to the recent peak in trading activity may not happen immediately, which may squeeze exchanges' earnings. The daily average turnover in index options trade on the NSE, which commands the majority in derivatives trading volumes in India, declined by nearly 17.4% last week from previous week."The recent dip in options turnover is likely due to the exit of a large market-making participant, which has impacted market liquidity and efficiency," said Vaibhav Sanghavi, CEO, ASK Hedge interim, ex-parte order probed into alleged index manipulation by Jane Street involving bank shares and Bank Nifty index futures and options, while banning it from trading in Indian market. The regulator's investigations showed the trading firm was engaged in manipulative trades on expiry days of Bank Nifty derivatives that pushed outcome in its favour. The absence of Jane Street in market has had a ripple effect with other large firms cutting the size of their the weekly options expiry day of Thursday-the most active trading day-turnover was down over 21% to about ₹472.5 lakh crore from ₹601.2 lakh crore a week ago, as per data from ETIG. Vipin Kumar, assistant vice-president of derivatives and technical research at Globe Capital Market, said during the entire expiry week (July 4 to July 10), index futures volumes were down by nearly 24% while index options volume was down by 16.5%, when compared with the entire previous expiry week (June 27 to July 3). Shares of BSE listed on the NSE, and NSE traded in unlisted market, declined in face of drop in volumes. Since Sebi put out order on July 3, NSE shares have dropped 6% to ₹2,150 as on July 13, as per data from BSE stock is down 16%. "It's too early to determine if this loss of turnover is permanent, but it will certainly impact revenues at the exchange-level if prolonged," said said volumes may have also declined as a result of lower volatility due to choppy trading since the start of July. 'The index was trading in a tight range of less than a percent and volumes are usually low during this kind of market move,' he said.'On July 11, Nifty breached that range on the downside and we recorded a sharp uptick in the volumes of index futures, stocks futures and stocks options that were up by 17%, 18% and 28%, respectively compared with the same day the previous week.'Sanghavi said that while this may reduce turnover in the short term, it also creates a more level playing field, limiting the advantage of high-frequency or algorithmic traders who typically account for 40-45% of options volume. Rajesh Palviya, head of technical and derivatives research at Axis Securities, said liquidity could improve once mutual funds launch SIFs, which could build derivative books of Rs 30,000- Rs 40,000 crore over time
Mint
38 minutes ago
- Mint
Startups prep for exits as Chinese backers find little love
Udaan, Pocket FM and Vedantu have joined the league of startups looking to offer exits to their Chinese backers as the industry's appeal to ease restrictions on such investments has failed to secure a policy shift, according to four people familiar with the matter. Udaan and Pocket FM count Tencent among their investors, while Vedantu's Chinese backers include Legend Capital and the TAL Education Group. There has been a recent spike in discussions around Chinese investors looking to pull out, several Indian investorsMintspoke with confirmed separately. 'We can expect more block deals within listed startup entities as well, as Chinese investors don't want to stay invested given the current geopolitical scenario," said one of the investors. This shift is more visible in highly regulated sectors such as gaming and fintech. The people and investors quoted earlier spoke withMint on the condition of anonymity. In recent months, Antfin have exited or trimmed stakes in firms like Paytm and MakeMyTrip. Last year, Tencent sold its stake in Dream11 parent Sporta Technologies Ltd to Singapore-based Tiga Investment Pte Ltd for $150 million, as the gaming unicorn sought to comply with regulations on Chinese investments. This wave of exits and stake sales follows a long wait among Indian founders, who anticipated that the government may ease rules governing Press Note 3 (PN3)—the 2020 pandemic-era notification that placed investments from neighbouring countries under a more stringent approval route. The move was largely aimed at curbing inflows from China after a deadly clash between Indian and Chinese soldiers in Ladakh's Galwan valley. 'Many (Chinese) funds, and even some board directors, have stepped back," said Rajat Tandon, president of the Indian Venture and Alternate Capital Association (IVCA), a key industry body. 'The entire wind-up of Chinese funds has happened. While their investments in Indian startups still exist, those startups are now actively exploring exit mechanisms." A spokesperson for Tencent said the firm has no plans to exit and remains committed to its investments in India. 'The information regarding Tencent is purely speculative, and we have no comments to offer on it. Pocket FM remains a high-growth company with strong investor confidence and continues to engage with several global investors," a spokesperson for Pocket FM said as the company looks to raise $100 million. Queries emailed to Vedantu, Udaan, Legend Capital and TAL Education Group did not elicit a response at the time of publishing. Some of these companies are struggling to raise successive rounds of capital as the funding tap dried from the pandemic highs, which has now led to investors chasing fewer startups with a profit-oriented mindset and strong fundamentals. Several Chinese investment firms may also offload stakes through initial public offerings of startups as a part of the offer-for-sale component. For instance, Hong Kong-based Hillhouse Capital, alongside other investors, is expected to sell some stake in CarDekho when the company goes public, Mint exclusively reported in September last year. Shrinking Chinese exposure From 2005, close to $16.8 billion in funding has been channelled from China into India, according to China Global Investment Tracker by public policy think tank American Enterprise Institute. Tencent has been among the most active Chinese investors in India, backing firms including Swiggy, Byju's, Dream11, Udaan, and PolicyBazaar. Shunwei Capital has invested in ShareChat, Meesho, Pratilipi, Koo, and Cashify, among others. The investor has reportedly exited Pratilipi and Koo. Alibaba, through Ant Group, had stakes in Paytm and Zomato, which have since been pared down. Hillhouse Capital has backed Zomato and Koo, while Qiming Venture Partners has invested in Pratilipi, partially exiting a few months ago. Since PN3 came into effect, new Chinese investments in India have plunged. From 17 deals worth $5.2 billion in 2021, the number fell to 10 deals worth $780 million in 2022. While this drop reflected the broader slowdown in funding post-2022, the contrast has become starker more recently. Overall, private equity and venture capital funding is showing signs of recovery. Indian startups raised $17.1 billion between January 2024 and June 2025. Yet, Chinese participation has continued to shrink, recording only five deals worth $317 million during the 18-month period, indicating a strategic retreat. What it means The PN3 restrictions not only apply to direct investments but also slow down approvals for Chinese investors acting as limited partners (or LPs) in domestic funds, or to global funds with Chinese exposure, affecting recent deals. LPs are investors who pool in capital but are not involved in managing funds. 'About 85% of the capital in India currently is international. Chinese money, in particular, was quite significant at one point, with a lot of capital ready to be deployed. Now, most Chinese investors have exited. Only a small, single-digit percentage remains," said Tandon. He said IVCA had formally requested the government to limit PN3 to general partners or fund managers, given that LPs typically do not influence fund deployment. 'Since LPs don't play an active role, the PN3 framework should focus on general partners (GPs who manage funds), with all necessary background checks done on fund managers. That's the request we've submitted," he said. Apart from that, IVCA has also sought amendments like defining beneficial ownership (ultimate investor) using a '10% threshold" in line with Indian laws, introducing a 'green channel" for low-risk cases such as repeat investments, listed funds not controlled by land-border countries, and 'minority, non-controlling stakes below 25%". It has also recommended a '45–60 business day" timeline for PN3 approvals to reduce deal uncertainty, he said. Part of this shift stems from the disadvantages startups face when Chinese investors remain on the cap table. 'Any further fundraises by Indian startups from existing Chinese investors remain a challenge, which can materially affect their business plans and growth prospects," said said Vaibhav Kakkar, senior partner at Saraf and Partners. 'Apart from the regulatory hurdles posed by PN3, companies with Chinese ownership may also face negative perception among regulators and the public." The retreat, however, also results in the loss of certain advantages. 'Chinese tech majors historically brought patient capital, playbooks on super-apps, social commerce and embedded fintech, and access to low-cost hardware supply chains—advantages that helped Indian startups," said Siddharth Mody, partner at JSA. While the uncertainty around having a Chinese investor in the cap table complicates follow-on rounds, domestic regulatory pressure and a weaker yuan have also prompted Alibaba's Ant, Tencent and others to monetize offshore bets and repatriate cash, Mody said, emphasising that these factors have made the past year an opportune window for Indian founders to negotiate exits. The vacuum left by the Chinese capital is already being filled. 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Mint
43 minutes ago
- Mint
Stocks to buy today: Trade Brains Portal recommends two stocks for 14 July
Today we recommend two stocks, one from the defence sector and one from the port services shipbuilding sector iscrucial for India's economic and strategic growth, contributing to national security, economic development, and global trade. The Indian port sector iscrucial for the nation's economic growth, acting as a vital link for international trade and contributing significantly to the GDP. We also analyse the market's performance on Friday to understand what may lie ahead for stock indices in the coming days. Two stocks to buy today, recommended by Trade Brains Portal Current price: ₹1,983 Target price: ₹2,490 in 16-24 months Stop-loss: ₹1,725 Why it's recommended:One of the top shipbuilding and repair yards in India, Cochin Shipyard Ltd. was established in 1972 and has Miniratna-I status. Its infrastructure blends economy, scale and flexibility. The company has a technical partnership with Mitsubishi Heavy Industries to supply the ministry of shipping with shipbuilding and ship repair capabilities. CSL has collaborated with major players in the sector such as Vard Group (Norway), GTT (France), and Rolls-Royce Marine (Norway). In FY25, shipbuilding accounts accounted for 61% of its total income, with ship repair accounts accounting for the remaining 39%. The company reported revenue from operations of ₹4,820 crore in FY25, a 26% increase from the previous year. The shipbuilding segment contributed ₹2,955 crore of revenue, up 5% from FY24, and the ship repair segment saw an 85% increase in revenue to ₹1,864.57 margin stood at 24% to ₹1,164 crore, and inventory turnover declined to 3.31 from 5.48 in after tax was ₹827.33 crore, a 6% increase from ₹783.27 crore in FY24. The company signed many significant deals in Q1 of FY26. CSL and Drydocks World, a DP World firm, have inked a memorandum of understanding to strengthen India's offshore fabrication and ship repair capacities. CSL and HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (KSOE), South Korea, formed a significant partnership that strengthened India's shipbuilding ecosystem through international cooperation and knowledge sharing, boosting independence and competitiveness in the maritime industry. Also in Q1, the company obtained an order from Polestar Maritime Ltd. for two 70 T bollard pull tugs valued at about ₹100 crore and ₹250 crore, respectively. The tugs are expected to be delivered in May 2027 and September 2027. Also, Heritage River Journeys Private Limited, doing business as Antara River Cruises, has placed a significant order with Hooghly Cochin Shipyard Limited (Hooghly CSL), a wholly owned subsidiary of CSL, for the ₹100-250 crore construction of two opulent river cruise ships to be operated on the Brahmaputra. Risk factors: The major raw materials required by CSL include steel (the grade and quality of which, in each project, depend on the necessary classification standards) and other materials, equipment, and other components like pumps, propellers, and engines. Material utilisation accounted for 52.25% of the company's expenses in fiscal 2025. The company's present fixed contracts may prevent it from passing these price increases on to its customers, which could have a negative impact on its operations, financial status, and business. Current price: ₹158 Target price: ₹185 in 12 months Stop-loss: ₹144 Why it's recommended:Founded in 1992, Gujarat Pipavav Port Ltd. (GPPL) is mainly involved in port operations, particularly at Pipavav Port, India's first private-sector port. It belongs to one of the biggest container terminal operators in the world, APM Terminals. Roll-on/roll-off (RORO), dry bulk, liquid bulk, and containers are among the cargo activities the port handles. Used port equipment sales, low-carbon logistics initiatives, crane and engineering services, quay and marine, storage and warehousing, and more are among the services offered by the organisation. The company's FY25 revenue remained flat at ₹988.4 crore from ₹987.6 crore in FY24. For the previous three years, its income increased at a CAGR of 10%. Gujarat Pipavav's profit after tax increased by 16% year over year from ₹342 crore in FY24 to ₹397 crore in FY25. Over the previous three years, net profit increased at a CAGR of 26%. Management anticipates a 2-3% gain in overall income, despite the 5% tariff hike that went into effect in January. Furthermore, the business anticipates EBITDA margins for FY26 to be between 59 and 60 percent. The company's liquid cargo capacity increased by 15% year over year from 1.28 million metric tons in FY24 to 1.47 million metric tons in FY25. Roll-on/roll-off (RORO—No. of Cars) climbed from 97,120 units in FY24 to 164,977 units in FY25, a 70% YoY increase. It anticipates a 5%–7% increase in its capacity for liquid cargo. With a predicted growth of almost 40%, its rural volumes are also expected to continue expanding strongly. Additionally, dry bulk stays the same in terms of containers, although the container market is expected to rise by 3% to 5%. In the realization part, the company aims to achieve between ₹8,500 and ₹8,800 for container, dry bulk, and liquid in FY26. Risk factors:GPPL faces competition from two nearby ports, Adani Port & SEZ Ltd (domestic capacity of over 498 million tons) and Jawaharlal Nehru Port Trust (7.7 MTEU). These ports operate on a larger scale and draw a healthy volume of traffic from nearby industrial hubs and export-import activities. The company's ability to offer competitive tariffs and ensure healthy operating efficiency will remain critical to support growth over the medium term. How the market performed on Friday in Friday the Nifty opened on a bearish note at 25,255.50, below the previous close of 25,355.25. It touched a day's low of 25,129.00 and closed at 25,149.85, below the 20-day EMA. At the end of the day, the Nifty 50 was down 205.40 points, or -0.81%. The BSE Sensex followed the same trend and declined 689.81 points, or 0.83%, from its opening of 82,820.76 to close at 82,500.47. The Nifty 50 RSI dropped to a monthly low of 48.75, and the Nifty ended above the 50/100/200 EMAs. The BSE Sensex RSI closed at 48.59, well below the overbought level of 70, and the Sensex went below the 20-day EMA but closed above the 50/100/200 EMAs. India VIX stood at 11.82 on Friday. This fall came due to reasons such as weak initial Q1 results and tariff concerns from the US, as it imposed a 35% tariff on Canada. Almost every major index declined on Friday. The Nifty IT index, which closed the day at 37,693.25, down 683.40 points, or 1.78%, was one of the top losers. TCS, Wipro, LTI Mindtree, and Oracle Financial Services were among the index's top losers, down more than 1%. TCS has fallen 3.43% due to weak Q1 results. The Nifty Media index was also among the top losers, closing Friday at 1,704.30, down by 1.60%, or 27.80 points. Among the top losers in this index were Dish TV India, Zee Entertainment, PVR Inox, and Saregama India, which fell over 2%. The Nifty Pharma index ended the day at 22,225.90, up 149.10 points or 0.68%. Glenmark Pharmaceuticals, Alkem Laboratories, and Ajanta Pharma led the sector with gains exceeding 1%. Glenmark Pharmaceuticals rose 14.55% on Friday, after the announcement that its subsidiary, IGI Therapeutics SA & AbbVie, had an exclusive global licensing agreement for the cancer and autoimmune drug ISB 2001. Asian markets were moderately bullish on Friday. The Hong Kong Hang Seng index rose 0.46%, or 111.20 points, to close at 24,139.57, while the South Korean Kospi index declined -0.23%, or 7.46 points, to close at 3,175.77. Japan's Nikkei 225 ended the day down 76.68 points, or -0.19%, at 39,569.68. The Thailand SET composite rose 0.96%, or 10.73 points, and closed at 1,121.13. The Indonesian Jakarta Composite rose 0.60%, or 42.07 points, closing at 7,047.44 points. The Shanghai index ended the day flat at 3,510.18, up 0.50 points, or 0.01%. On Friday, the US Dow Jones Futures closed at 44,348.70, down 301.94 points, or -0.68%. The Nifty 50 index has declined by 1.22% this week owing to various factors such as the weak start of earnings season, increased tariff concerns, and the weakened risk appetite of investors. Trade Brains Portal is a stock analysis platform. Its trade name is Dailyraven Technologies Pvt. Ltd, and its Sebi-registered research analyst registration number is INH000015729. Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
