&w=3840&q=100)
Norges Bank supports ZEEL's preferential issue of convertible warrants
As per the Bombay Stock Exchange (BSE), the Government Pension Fund Global holds a 3.86 per cent stake as of the quarter ending 31 March. This announcement comes a few days before ZEEL's Extraordinary General Meeting (EGM), which will be held on 10 July.
This follows ZEEL's earlier statement in its stock exchange filing that it intends to raise over ₹2,237 crore from the preferential issue of convertible warrants. In June, ZEEL's board of directors approved the issuance of 169,503,400 fully convertible warrants at ₹132 per warrant to the promoter group entities on a preferential basis. These warrants are proposed to be allotted to Altilis Technologies and Sunbright Mauritius Investments, which are linked to the promoter group entities.
Through this issue, the promoters, Subhash Chandra and his family, are expected to raise their shareholding in ZEEL to 18.39 per cent from the current 3.99 per cent within 18 months.
Additionally, Glass Lewis & Co., a global independent research and proxy advisory services firm, recommended in a report that shareholders vote in favour of the resolution regarding the rise in promoters' shareholding.
'In this case, assuming full conversion of warrants into equity shares of the company (ZEEL), we note that the dilution to current shareholders will be capped at approximately 15 per cent of the share capital, which we consider reasonable. We recommend that shareholders vote FOR this proposal,' the report stated.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
21 hours ago
- Time of India
While US meddled in Greenland, Russia quietly moved in on this strategic Arctic territory belonging to Norway
As US ambitions in Greenland made global headlines, another Arctic flashpoint quietly began to heat up, this time in Norway's backyard, as per a report. While American diplomatic efforts focused on Greenland's strategic value, especially under the Trump administration, Russia was busy stepping up its presence and influence in the Svalbard Archipelago , a remote cluster of icy islands under Norwegian control, as per a report by Caliber. Why Is Svalbard Gaining Strategic Importance? Experts now warn that Moscow may be using Washington's Arctic moves as cover to press its own claims in Svalbard, due to Svalbard's location, which offers even more strategic leverage than Greenland, as per the report. Explore courses from Top Institutes in Please select course: Select a Course Category Project Management Others Leadership Technology Data Science Public Policy Cybersecurity healthcare MCA others CXO Data Analytics Degree PGDM Artificial Intelligence MBA Data Science Design Thinking Healthcare Digital Marketing Finance Product Management Operations Management Management Skills you'll gain: Portfolio Management Project Planning & Risk Analysis Strategic Project/Portfolio Selection Adaptive & Agile Project Management Duration: 6 Months IIT Delhi Certificate Programme in Project Management Starts on May 30, 2024 Get Details Skills you'll gain: Project Planning & Governance Agile Software Development Practices Project Management Tools & Software Techniques Scrum Framework Duration: 12 Weeks Indian School of Business Certificate Programme in IT Project Management Starts on Jun 20, 2024 Get Details Located roughly midway between mainland Norway and the North Pole, Svalbard has long been on the periphery of global attention, as per Caliber. But that changed as melting Arctic ice opened up new opportunities for shipping routes and natural resource extraction, and shifted global attention to the far north, according to the report. ALSO READ: Bitcoin to $300,000? Traders warn of massive surge before next Great Depression hits Russia's Real Focus: Military Leverage Over the GIUK Gap Russia has increasingly accused Norway of monopolising the surrounding continental shelf, but analysts argue the real value of Svalbard isn't economic, it's strategic, as per Caliber. Its location provides a key vantage point over the Greenland-Iceland-UK (GIUK) Gap, a narrow maritime corridor that Russian submarines would need to cross during a conflict, as per the report. NATO's control over Svalbard, especially Bear Island at the southern end, could give the alliance a critical military advantage, as per the Caliber report. Live Events Russia's Fears Over NATO Military Use of Svalbard Moscow's fear is that Norway, with backing from the US and NATO allies, could eventually militarize the archipelago, transforming Svalbard into a launchpad for surveillance missions or even strike aircraft operations that could threaten Russia's nearby missile testing facilities in Novaya Zemlya, according to the Caliber report. While overt military activity remains unlikely for now, especially given Russia's ongoing military strain in Ukraine, but political and psychological pressure is expected to grow, and reportedly Moscow will continue to test the limits of NATO's response, as reported by Caliber. ALSO READ: 8 video games Twitch turned into global hits: Dune Awakening, GTA 5, Fortnite, Among Us, Phasmophobia and more Signs of Russia's Growing Presence In Svalbard Incidents in recent years have raised the speculations, as per the report: Chechen special forces were spotted using Svalbard's main airfield during Arctic drills. A Russian trawler allegedly severed undersea communication cables in 2022. Soviet flags have reappeared in Russian settlements like Barentsburg and Pyramiden. In 2023, Russia's consul general held a symbolic Victory Day parade on Norwegian soil. Another significant move is that Russia planned to build a research center on the archipelago and extend invitations to BRICS member states, as reported by caliber. This move could mark the beginning of a broader diplomatic and geopolitical effort to entrench Russian influence under the guise of scientific cooperation, as reported by Caliber. FAQs Why does Svalbard matter to Russia and NATO? Its location gives a major advantage in watching and controlling key naval routes between the Atlantic and Arctic. Could this lead to war in the Arctic? That's unlikely right now, but the political pressure and strategic posturing are definitely heating up.
Hindustan Times
a day ago
- Hindustan Times
The global EV race and India's inflection point
Picture this: Yogesh, a cab driver circles the bustling area around the heart of New Delhi grappling with long queues at commercial charging stations. 'I manage to save ₹200 per day on fuel,' he says, 'but these savings are lost in search for readily available charging plugs. I could utilise this time to get another ride.' Delhi and India more broadly need structural policies that accelerate the transition to clean electric vehicles (EVs). (Shutterstock) With India standing at a pivotal juncture in its electric mobility revolution, having a target of 30% electric vehicle (EV) adoption by 2030 for cars, the nation needs over three million charging stations, a staggering leap from today's ~ 26,000 public chargers. This EV-to-chargers gap isn't merely infrastructural; it's a barrier to mass adoption. McKinsey's survey reveals that 29% of global EV owners consider reverting to ICE vehicles due to charging anxiety, with inadequate infrastructure as their top concern. The question is, 'What should India do in order to close this gap?' The answer is simple, look globally. Why? Because reinventing the wheel is costly and time consuming. Inspiration emerges from a very unexpected quarter: The global playbook. Let me explain. The current charger-to-EV ratio is 1:6 in Norway and around 1:20 in China as opposed to India's 1:135. Norway's 95% EV penetration, China's 1.2 million public chargers, and the European Union's (EU) highway charging revolution offers India not models to mimic, but lessons to adapt. And for India, this can pave the way for a strategic acceleration to its EV goals. Policy as a catalyst for EV adoption growth: Norway's tax incentive model: India is a large country with a large population. For something to take effect nationally, policies should be designed for long term impact. Let's take the example of Norway's brutal tax reengineering which included offering cut-throat tax incentives such as zero VAT or import duties on EVs. The Norwegian government also slashed registration taxes and road tolls for EVs while imposing carbon taxes on internal combustion engine (ICE) vehicles. The result? 95% of new cars sold today are electric. Norway built 18,000 chargers, not through subsidies alone, but by creating a market where EVs became economically rational. With these models, their government also communicated its clarity of vision, i.e., a complete ICE ban by the end of 2025, signalling long-term market certainty (as opposed to things such as Hybrid vs EV conundrum in India). The Netherlands went one step further, requiring EV-ready wiring in new buildings and charging points in structures with 20+ parking spaces. The EU's regulatory compulsion: The EU mandated interoperability via Alternative Fuel Infrastructure Regulation (AFIR) focusing on standardising and expanding EV charging infrastructure across Europe. Their Open Charge Point Protocol (OCPP) is also a widely adopted standard for communication between charging stations and charging station management systems. These regulations allow end consumers to use any charging infrastructure with one account. Taking cues from the Norwegians, the Dutch and the EI, India can rejig its EV policies. We can consider reducing GST on public charging, expand PM E-drive scheme to private installations as well, like Netherlands or provide incentives for green plates, such as toll-free highways or reduced road taxes for EVs nationwide. Another idea is to create a unified EV infrastructure body to standardise policy and put an end to fragmentation across different states. We also need to ensure seamless connectivity and interoperability across all chargers by pushing for a standardized protocol. While OCPP is already widely recognised in the industry, ensuring its consistent implementation across all charging points will enable seamless connectivity, enhance user convenience, and accelerate broader EV adoption through true interoperability. Infrastructure deployment through strategic expansion frameworks: With more than ~13,000 public chargers, Amsterdam made sure that there was no resident who was more than 500m away from an EV charger. The city has saturated supermarkets, transit hubs, apartments and other strategic locations across different neighbourhoods with EV charging stations. Similarly, in California, EVPassport is deploying over 400 charging stations at Viejas Casino & Resort in Alpine, focusing on high-density urban charging making it one of the largest deployments in North America. With the EU mandating fast-charging stations with a minimum capacity of 400 kW for cars and vans, and 600 kW for heavy-duty vehicles, to be installed along major highways. Germany has already installed chargers every 50-60km along its autobahns. China has installed over a million public chargers, of which most are in tier 2 and 3 cities across the country. Globally, more than two-thirds of the growth in public charging has been seen in China since 2020. The country was responsible in the deployment of fast charging amounting to 80% of the global deployments, increasing its total fast chargers to 1.6 million in 2024. EV adoption in India greatly hinges on confidence in the EV charging ecosystem and when it comes to building trust – seeing is believing. India should focus on establishing a dense network of charging infrastructure in and around the urban hotspots. We should begin by targeting key locations—metro stations, public parks, shopping malls, government offices, and highways—through strategic municipal partnerships, ensuring accessibility and convenience for all users The idea is to create high density urban charging zones. The government can consider requiring 10-20% EV-ready parking spaces in new apartments and societies. It can also explore utilising NHAI land banks to install solar-powered charging oases equipped with Battery Energy Storage Systems (BESS). BESS is critical to help reduce grid load as it helps store electricity during off-peak hours or from renewable sources (solar, wind) and supply it during peak demand. Through deliberate policy initiatives and detailed roadmap there is always an option to convert more than 20,000 PSU-run petrol pumps into dual-fuel hubs. Cochin Airport, for instance, has a 100% solar-powered charging hub. The CIAL now has a total installed solar capacity of 50 MW. Technology and innovation: Facing Arctic winters and grid strain, Norway deployed AI-enabled load management to shift charging to off-peak hours since heating demands during peak hours put strain on the grids. This strategy slashed their grid upgrade costs by 90% and allowed them to avoid substantial infrastructure investments. The OCPP mandate compliance further ended compatibility concerns. Netherland's wind-powered solution and user-centric design: Netherlands has made significant strides in leveraging renewable energy, including wind power, to power its public charging infrastructure. With over 66,000 chargers, there is no doubt that the country has utilised its limited landmass to create a dense, reliable charging infrastructure. At the same time, people in Netherlands use one interface across more than three lakh chargers for charging and making payments. Interestingly, the Germans are testing induction charging along its A6 motorway in Bavaria, which will potentially allow electric vehicles to charge inductively while driving at certain stretches. India can target similar models along the newly built Delhi-Dehradun, Delhi-Mumbai, Bangalore-Chennai Expressways and other similar high-speed corridors. India stands at an inflection point. Technology innovation can be India's route to leapfrogging to global leadership in India. We can learn a few crucial lessons from other countries to build a resilient EV charging network. First, while many chargers are designed for India's extreme weather—heat, rain, humidity, dust, and snow—this level of resilience must be standard across the country. Enforcing strict product certification and safety standards will ensure all chargers are consistently durable, reliable, and built to last, no matter where they're installed. Second, India could benefit from wider use of smart chargers that manage electricity based on real-time availability. By adjusting power use as needed, these chargers help avoid overloading the grid and ensure energy is used more efficiently. Third, India should adopt innovative solutions like solar power and battery storage (BESS) at charging stations to build a smarter energy model. This not only ensures reliable power and reduces strain on the grid, but also helps make EV charging sustainable from the ground up. Last but not the least, we need to build 'intelligent' chargers. Use of AI and predictive analytics, for example can substantially boost performance and reliability of the charging ecosystem. By focusing on these priorities, India can develop a robust, efficient, and future-ready EV charging ecosystem tailored to its unique environment. India can become a potential leader by combining global insights with local innovation. For that, we need strategic yet actionable measures for India to leapfrog others in times to come. A lot of conventional ideas are already hidden in plain sight which we need to look around and try to find from the global playbook. And then there are some non-conventional ideas such as: India is a country of yatras and road-trips. Be it the Char-Dham, Puri, Dwarka, Golden Temple, Shirdi, Kashi, Tirupati or many others, can be converted into EV Yatra with the access routes to these places having high density of EV chargers, effective for travellers as well as locals alike. Indian highways are full of dhabas. We can partner with dhaba owners on a commission-sharing model, converting select spaces in their parking lot as EV charging. This approach not only improves access to charging along highways but also creates local employment opportunities through MSMEs and deployment of local charging stations. This has the potential to cover 100% national highways within 2-3 years, where people can charge their cars during a pitstop. India's edge lies in convergence; 599 highways totalling 1,50,000+ km, 500 GW renewable capacity by 2030, UPI's eight billion+ monthly transactions, and demographic scale. Yogesh's struggle should give way to ease and efficiency in EV charging. By 2030, his hunt for chargers must transform into a 5-minute pit stop. The global playbook offers the tools; India's ingenuity must now rewrite the rules. Norway built the world's most advanced network by making chargers ubiquitous. India can surpass them by making them smarter, greener, and accessible to all. The global playbook is written. Now, we rewrite it – for India, and for the world. This article is authored by Anant Nahata, CEO, Exicom.
Mint
3 days ago
- Mint
Oil Rises as Trade Talk Progress Undercuts Eased Venezuela Curbs
(Bloomberg) -- Oil gained as technical support turbocharged a rally sparked by progress in international trade talks, undercutting a US move to restore Chevron Corp.'s ability to pump oil in Venezuela. West Texas Intermediate climbed 1.2% to settle above $66 a barrel, following four sessions of declines. The European Union and the US are progressing toward a deal that would set a 15% tariff for most imports, similar to the one President Donald Trump struck with Japan. That would be a smaller rate than investors feared, with the US president earlier threatening a 30% levy on most goods if an agreement wasn't reached by Aug. 1. The US benchmark also pushed through its 50-day moving average, triggering a spate of technical buying just ahead of the market's close. The technical boost erased an earlier slide spurred by the Trump administration's decision to let Chevron resume pumping oil in Venezuela, raising the prospect of increased supplies flooding into a market already facing the threat of oversupply. US imports of Venezuelan crude have ground to a halt, down from 300,000 barrels a day in January, according to Matt Smith, Americas lead oil analyst at market intelligence firm Kpler. Still, energy products from the Latin American country have already accounted for 15% of waterborne deliveries to the US Gulf Coast this year, he added. 'The revocation of Chevron's license has been to the benefit of China, given barrels have been redirected there,' Smith said. 'Perhaps the realization of this, along with the supply issues on the US Gulf Coast, has been a driver behind the reversal of the decision.' Oil prices have been in a holding pattern this month, with tightness in global diesel markets offset by expectations of a deluge of crude supply from OPEC as the group raises production quotas. While diesel inventories in the US are starting to build back up, they're still at the lowest seasonal level since 1996. The relative calm comes after a period of choppy trading that Norwegian oil giant Equinor ASA said Wednesday had hurt its energy trading business. France's TotalEnergies SE painted a dour outlook Thursday, saying the oil market is facing 'abundant supply that is fueled by OPEC 's decision to unwind some voluntary production cuts.' To get Bloomberg's Energy Daily newsletter in your inbox, click here. More stories like this are available on
