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<keyword id="19903807" type="General" weightage="100" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword>, the CEO of electric car maker Tesla and rocket manufacturer <keyword id="19905255" type="General" weightage="20" keywordseo="SpaceX" source="keywords" meta.keywordsubtype="org" meta.entityname="SpaceX" meta.hostid="261" meta.entityid="SpaceX">SpaceX</keyword>, may become the world's first <keyword id="20204152" type="General" weightage="20" keywordseo="trillionaire" source="keywords">trillionaire</keyword> by 2027, while Indian tycoon <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> may attain that status in the following year, and Asia's richest man <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> may do so in 2033, according to an Informa Connect Academy report. For Musk, the richest in the world with $237 billion net worth, to become the world's first trillionaire, his wealth needs to grow at an average annual growth rate of 110%, the report said. <keyword id="19898586" type="General" weightage="20" keywordseo="Adani" source="keywords">Adani</keyword>, who is ranked 13th on the world billionaire index with a wealth of just under $100 billion, maybe the second trillionaire (net worth equal to at least one trillion US dollars) if his ports-to-power conglomerate was to continue growing at the current 123% average annual rate, it added. Rival <keyword id="19898589" type="General" weightage="20" keywordseo="Ambani" source="keywords">Ambani</keyword>, now ranked Asia's richest with a net worth of $111 billion, may achieve the same status in 2033, according to the report. His oil-to-telecom-and-retail conglomerate is slated to hit trillion-dollar market cap status in 2035. Ambani's <keyword id="19938772" type="General" weightage="20" keywordseo="Reliance-Industries-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries Ltd" meta.hostid="261" meta.entityid="Reliance Industries Ltd">Reliance Industries Ltd</keyword> is the only Indian company projected to hit that mark. The companies that will hit the trillion-dollar market cap mark include Taiwan's semiconductor maker TSMC, which has a market cap of $893.7 billion now and is expected to achieve that status in 2025. It will be closely followed by Berkshire Hathaway, pharma giant Eli Lilly, technology company Broadcom and electric automobile firm Tesla. The report said, "No one in the world has claimed trillionaire status - at least not yet. However, there are some likely candidates. The following are multi-billionaires who will probably become trillionaires sooner or later". After Elon Musk and Gautam Adani, NVIDIA founder Jensen Huang, Indonesian mogul Prajogo Pangestu, French businessman Bernard Arnault, and Facebook CEO <keyword id="19952202" type="General" weightage="20" keywordseo="mark-zuckerberg" source="keywords">Mark Zuckerberg</keyword> come next as prospective trillionaires. Currently, there are only a handful of companies that have crossed the $1 trillion in valuation. This includes Microsoft, Nvidia, Apple, Alphabet, Amazon, Saudi Aramco, and Meta. The most recent case is that of <keyword id="19921921" type="General" weightage="20" keywordseo="warren-buffett" source="keywords">Warren Buffett</keyword>'s Berkshire Hathaway in late August. Nvidia also joined the $ 1 trillion club in May 2023 and reached $ 3 trillion in June, becoming the second most valuable company in the world, with Microsoft ahead and Apple behind.

Elon Musk may be world's first trillionaire by 2027, Adani to touch the mark by 2028, Ambani in 2033: Report

Shares of Anil Ambani-led group firms -- <keyword id="20367971" type="General" weightage="20" keywordseo="reliance-home-finance" source="keywords">Reliance Home Finance</keyword> Ltd, <keyword id="6360089" type="General" weightage="20" keywordseo="Reliance-Power" source="Orion">Reliance Power</keyword> and <keyword id="46907" type="General" weightage="20" keywordseo="Reliance-Communications" source="Orion">Reliance Communications</keyword> -- hit their <keyword id="10112182" type="General" weightage="20" keywordseo="lower-circuit-limits" source="Orion">lower circuit limits</keyword> on Monday as investors continued to desert the counters after markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> barred the industrialist and 24 others from the securities market for five years on charges of diversion of funds from <keyword id="19936674" type="General" weightage="20" keywordseo="Reliance" source="keywords">Reliance</keyword> Home Finance Ltd. The stock of Reliance Power dropped 4.99 per cent to hit the lower circuit limit of Rs 32.73 on the BSE. Shares of Reliance Home Finance Ltd tumbled 4.93 per cent to Rs 4.24 -- the lowest trading permissible limit for the day. Reliance Communications dived 4.92 per cent to touch the lower circuit of Rs 2.32. Reliance Infrastructure also declined 2.90 per cent to Rs 205.55. Shares of Reliance Infrastructure, Reliance Home Finance and Reliance Power had slumped on Friday also. Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from serving as a director or Key Managerial Personnel (KMP) in any listed company or Sebi-registered entity for five years. Besides, a fine ranging Rs 21 crore to Rs 25 crore has been levied on 24 entities. Also, the regulator barred Reliance Home Finance from the securities market for six months and slapped a fine of Rs 6 lakh on it. After receiving multiple complaints alleging the diversion/siphoning of funds of Reliance Home Finance Ltd, Sebi conducted an investigation for the period of FY 2018-19 to ascertain any regulatory violations. In its probe, Sebi found that <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>, with the help of RHFL's KMPs -- Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah -- have orchestrated a fraudulent scheme to "siphon off" funds from RHFL by disguising them as loans to entities linked to him. Although the board of directors of RHFL had issued strong directives to stop such lending practices and review corporate loans regularly, the company's management ignored these orders. Sebi, in its 222-page order on Thursday, noted the cavalier approach by the company's management and promoter in approving loans worth hundreds of crores to companies that had little to no assets, cash flow, net worth, or revenue. This suggests a sinister objective behind the 'loans'. The situation becomes even more suspicious when considering that many of these borrowers were closely linked to the promoters of RHFL. Eventually, most of these borrowers failed to repay their loans, causing RHFL to default on its own debt obligations. This led to the company's resolution under the RBI Framework, leaving its public shareholders in a difficult position.

Reliance Home Finance, Reliance Power shares hit lower circuit limits

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, Shares of <keyword id="19934911" type="General" weightage="20" keywordseo="adani-power" source="keywords">Adani Power</keyword> settled 5 per cent higher on Wednesday after the company said it has commissioned 2,000 MW of solar capacity in <keyword id="19906863" type="General" weightage="20" keywordseo="gujarat" source="keywords">Gujarat</keyword> that has made it the first company in India with over 10,000 MW of renewable energy capacity. The stock of the company jumped 5 per cent each to end at Rs 617.85 and 617.75 apiece -- its upper circuit limit -- on the NSE and BSE. The scrip also hit a 52-week high on the bourses. It jumped 15.3 per cent so far this year, while in the last one year, it surged 214 per cent. At the close of the trading session, Adani Power's market valuation added Rs 11,339.4 crore to Rs 2,38,262.40 crore. In the volume trade, 90.26 lakh equity shares were traded on the NSE, while 6.79 lakh shares were traded on the BSE during the day. The 30-share <keyword id="19950208" type="General" weightage="20" keywordseo="bse-sensex" source="keywords">BSE Sensex</keyword> benchmark fell 27.09 points, or 0.04 per cent, to close at 73,876.82. The broader Nifty went lower 18.65 points to end at 22,434.65. On Wednesday, <keyword id="19895436" type="General" weightage="20" keywordseo="adani-green-energy-ltd" source="keywords">Adani Green Energy Ltd</keyword> said it has commissioned 2,000 MW of solar capacity at the giant Khavda solar park in Gujarat that has made it the first company in India with over 10,000 MW of renewable energy capacity. The company now has an operating portfolio of 10,934 MW, the largest in India. It has brought 2,848 MW renewables capacity on stream in FY24, according to a company statement. The firm is aiming for 45 GW renewable energy by 2030.

Adani Power shares climb 5%, and hits a 52-week high

On a sweltering Tuesday, over 25,000 job seekers reportedly descended upon <keyword id="19895282" type="General" weightage="20" keywordseo="Mumbai" source="keywords">Mumbai</keyword>’s Kalina for a walk-in interview hosted by <keyword id="22441082" type="General" weightage="20" keywordseo="Air-India-Airport-Services-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Air India Airport Services Ltd" meta.hostid="261" meta.entityid="Air India Airport Services Ltd">Air India Airport Services Ltd</keyword>. The company had advertised 2,216 vacancies for the handyman position, a role requiring various repair and maintenance tasks. Despite the limited number of openings, the sheer volume of <keyword id="20595636" type="General" weightage="20" keywordseo="applicants" source="keywords">applicants</keyword> led to chaos, highlighting the fierce competition for <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword> in the region. The scene outside the <keyword id="19930602" type="General" weightage="20" keywordseo="recruitment" source="keywords">recruitment</keyword> office quickly turned chaotic as thousands jostled for a chance at the job. To prevent a <keyword id="21446700" type="General" weightage="20" keywordseo="stampede" source="keywords">stampede</keyword>, officials asked applicants to submit their resumes and leave, promising to review all submissions and contact eligible candidates for further steps. Despite the physical demands of the job, including heavy lifting and operational tasks, the role's salary, ranging from Rs 20,000 to Rs 25,000 per month, with potential earnings exceeding Rs 30,000 through overtime, drew a massive crowd. <div type="Article" hostid="261" msid="111786792" title="Time for a govt job? Karnataka announces impressive 27% pay hike for state employees" mstype="2" mssubtype="0"></div>George Abram, General Secretary of the <keyword id="22441084" type="General" weightage="20" keywordseo="Aviation-Industry-Employees-Guild" source="keywords" meta.keywordsubtype="org" meta.entityname="Aviation Industry Employees Guild" meta.hostid="261" meta.entityid="Aviation Industry Employees Guild">Aviation Industry Employees Guild</keyword>, criticised the disorganised recruitment process. "People came for thousands of vacancies. They brought demand drafts, but we told them not to pay anything yet and that they would be called in later," Abram stated. He claimed that up to 50,000 job seekers might have turned up, though the official count was about 15,000. The incident underscores the acute joblessness and the desperate measures people are willing to take to secure employment, even in physically demanding roles. The minimum qualification for the positions was a 10th-grade pass, and the age limit was capped at 23 years. <h2>Similar instances in the past</h2>This chaotic scene in Mumbai is not an isolated incident. Similar situations have occurred in other parts of India, reflecting the broader employment crisis. On July 9, a comparable incident unfolded in Gujarat when around 1,000 people showed up for walk-in interviews conducted by a private firm for just 40 vacancies at Ankleshwar. The chaos resulted in the collapse of a ramp railing, though no injuries were reported. <div type="Article" hostid="261" msid="111789866" title="The top reasons job applicants say they ghost prospective employers in the hiring process" mstype="2" mssubtype="0"></div>In another instance, a video from Pune showed over 3,000 engineers lining up for a walk-in interview aimed at filling junior developer positions. The overwhelming response for approximately 100 vacancies highlighted the intense competition in the IT sector. These instances paint a grim picture of the employment landscape in India. The overwhelming response to job vacancies, whether in manual labour or skilled sectors, indicates a significant gap between job availability and the number of job seekers.

Mumbai job frenzy: 25,000 applicants show up for job interview with Rs 20,000 salary, cause stampede-like situation

Packaging equipment manufacturer <keyword id="22233371" type="General" weightage="20" keywordseo="Mamata-Machinery-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Mamata Machinery Ltd" meta.hostid="261" meta.entityid="Mamata Machinery Ltd">Mamata Machinery Ltd</keyword> has filed preliminary papers with capital markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="261" meta.entityid="Sebi">Sebi</keyword> to float an initial public offering (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>). The Gujarat-based company's initial share sale is entirely an offer for sale (<keyword id="19951016" type="General" weightage="20" keywordseo="OFS" source="keywords">OFS</keyword>) of 73.82 lakh equity shares by promoters, according to the draft red herring prospectus (DRHP). Those selling shares under the OFS are Mahendra Patel, Nayana Patel, Bhagvati Patel, Mamata Group Corporate Services LLP, and Mamata Management Services LLP. Since it's an OFS, the company will not receive any proceeds from the public issue, and the entire fund such proceeds will go to the selling shareholders. The company, in its draft papers filed on Friday, said that the objective of the initial share sale is to gain the advantages of listing the equity shares on the stock exchanges. Additionally, the company anticipates that listing the equity shares will boost its visibility and brand image, provide liquidity to its shareholders, and establish a public market for the equity shares. <keyword id="22233370" type="General" weightage="20" keywordseo="Mamata-Machinery" source="keywords">Mamata Machinery</keyword> manufactures and exports plastic bags and pouch-making machines, packaging machines and extrusion equipment. It provides end-to-end manufacturing solutions for the packaging industry. The company sells its machines under the brand names 'Vega' and 'Win'. As of May 2024, the company installed over 4,500 machines in 75 countries around the world. The company offers a comprehensive range of products serving the entire flexible packaging market value chain covering. Beeline Capital Advisors Private Limited is the sole Book Running Lead Manager to the Issue (BRLM). SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank">Upcoming cars launching in India in July 2024</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a>

Gujarat-based packaging equipment firm Mamata Machinery files IPO papers with Sebi

New Delhi: After meeting Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> ahead of the <keyword id="21272963" type="General" weightage="100" keywordseo="semicon-india-2024" source="Orion">Semicon India 2024</keyword> Summit, <keyword id="20137945" type="General" weightage="20" keywordseo="sanjay-mehrotra" source="keywords">Sanjay Mehrotra</keyword>, CEO of Micron, appreciated PM Modi's vision of developing semiconductors in India and said policies set up by him to incentivise semiconductor manufacturing in India are also very exciting. "PM Modi's vision to develop semiconductors in India and make it self-reliant is very exciting. The policies set up by him to incentivise semiconductor manufacturing are equally exciting. This is the perfect time for India to develop semiconductors because opportunities will grow with AI. The best is yet to come," Mehrotra said ahead of SEMICON India 2024 Summit. PM Modi will inaugurate SEMICON India 2024 at India Expo Mart, Greater Noida, Uttar Pradesh, today. Earlier on Tuesday, PM Modi chaired Semiconductor Executives' Roundtable at his residence. During the meeting, the Prime Minister said that their ideas will not only shape their business but also India's future. Mentioning that the coming time will be technology-driven, Prime Minister said semiconductor is the basis of the Digital Age and the day is not far "when the semiconductor industry will be the bedrock for even our basic necessities". The Prime Minister emphasised that democracy and technology together can ensure the welfare of humanity and India is moving ahead on this path recognizing its global responsibility in the semiconductor sector. According to an official release, the Prime Minister talked about the pillars of development which include developing social, digital and physical infrastructure, giving boost to inclusive development, reducing compliance burden and attracting investment in manufacturing and innovations. The meeting was attended by CEOs, Heads and representatives of various organisations including SEMI, Micron, NXP, PSMC, IMEC, Renesas, TEPL, <keyword id="23116584" type="General" weightage="20" keywordseo="tokyo-electron-ltd" source="keywords">Tokyo Electron Ltd</keyword>, Tower, <keyword id="19920144" type="General" weightage="20" keywordseo="synopsys" source="keywords">Synopsys</keyword>, Cadence, Rapidus, Jacobs, JSR, Infineon, Advantest, Teradyne, Applied Materials, Lam Research, Merck, CG Power and Kaynes Technology. Also present in the meeting were Professors from Stanford University, University of California San Diego and IIT Bhubaneswar. SEMICON India 2024 is being organised from 11 to 13 September with the theme "Shaping the Semiconductor Future." The three-day conference will showcase India's semiconductor strategy and policy, which envisions making India a global hub for semiconductors. It will witness the participation of top leadership of global semiconductor giants and will bring together global leaders, companies, and experts of the semiconductor industry. The conference will witness participation of more than 250 exhibitors and 150 speakers.

Semicon India 2024: This is perfect time for India to develop semiconductors, says MICRON CEO Sanjay Mehrotra

New Delhi: <keyword id="19902194" type="General" weightage="100" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword> is reviewing a <keyword id="20738747" type="General" weightage="20" keywordseo="Sebi-order" source="keywords">Sebi order</keyword> imposing a fine and banning him from capital markets for five years in an alleged fund diversion case and will take appropriate next steps as legally advised, his spokesperson said in a statement on Sunday. <keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>, the spokesperson in a statement said, had resigned from the board of <keyword id="21260537" type="General" weightage="20" keywordseo="Reliance-Infrastructure-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Infrastructure Ltd" meta.hostid="153" meta.entityid="Reliance Infrastructure Ltd">Reliance Infrastructure Ltd</keyword> and Reliance Power Ltd, pursuant to Sebi's interim order dated February 11, 2022 in the matter pertaining to Reliance Home Finance Ltd. He "is in compliance with the said interim order (of February 11, 2022) for the last two and half years," the statement said. On the August 22 order that banned him and 24 others from the securities market for five years on charges of diversion of funds, the spokesperson said, "Mr Ambani is reviewing the final order dated August 22, 2024 passed by Sebi in the said matter, and will take appropriate next steps as legally advised." The Securities and Exchange Board of India (Sebi) had also imposed a fine of Rs 25 crore on Ambani, saying he orchestrated a scheme to "siphon off" funds from Reliance Home Finance, a listed subsidiary of conglomerate <keyword id="20479923" type="General" weightage="20" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="153" meta.entityid="Reliance Group">Reliance Group</keyword> of which he is chairman. The ban means that he and the other 24 will not be able to access the securities market and are prohibited from buying, selling or otherwise dealing in securities, directly or indirectly. In a separate statement, Mumbai-listed Reliance Infrastructure Ltd said it "was not a noticee or party to the proceedings before Sebi in which the order is passed. No directions are given in the order against Reliance Infrastructure Ltd". "Mr Ambani had resigned from the board of directors of Reliance Infrastructure Ltd pursuant to the interim order dated February 11, 2022 passed by Sebi in the same proceedings. Therefore, the order dated August 22, 2024 passed by Sebi has no bearing whatsoever on the business and affairs of Reliance Infrastructure Ltd," it said. Reliance Power, the other listed company of Anil Ambani's group, also issued a similar statement saying Ambani had resigned in 2022 and that the latest Sebi order has no bearing on it. Sebi in the August 22 order had stated that a "fraudulent" scheme "siphoned off" funds from Reliance Home Finance, which provides loans for housing and construction, by structuring them as loans to credit-unworthy borrowers. Most of these borrowers were linked to "promoters", the regulator had said. Anil Ambani and his elder brother Mukesh had in July 2006 split their father Dhirubhai Ambani-created Reliance Industries Ltd. Anil Ambani's Reliance Group spanned financial services, infrastructure and telecommunications while the elder brother got the traditional oil refining and petrochemicals business. Over the last few years, Anil Ambani has seen three of the largest firms within the group, including Reliance Communications, Reliance Capital, and Reliance Infrastructure, undergoing bankruptcy over unpaid debt. Sebi has charged that more than Rs 9,000 crore worth of loans from Reliance Home Finance were made to "nondescript borrowers who had no demonstrable financial ability to repay any of it". The other 24 banned include executives of Anil Ambani's Reliance Group and other unlisted companies connected to him.

Anil Ambani reviewing SEBI order, to take appropriate steps: Statement

State-owned <keyword id="77463" type="General" weightage="20" keywordseo="power-finance-corporation" source="Orion">Power Finance Corporation</keyword> has inked an initial pact with the <keyword id="6354766" type="General" weightage="20" keywordseo="gujarat" source="Orion">Gujarat</keyword> government to provide comprehensive financial backing for the state's <keyword id="6380509" type="General" weightage="20" keywordseo="generation" source="Orion">generation</keyword>, <keyword id="67884" type="General" weightage="20" keywordseo="transmission" source="Orion">transmission</keyword>, and distribution projects. Power Finance Corporation (PFC) signed an <keyword id="6368586" type="General" weightage="20" keywordseo="mou" source="Orion">MoU</keyword> with the government of Gujarat on January 3, 2024, according to a company statement issued on Wednesday. The MoU was signed by Parminder Chopra, CMD PFC and Jai Prakash Shivhare, MD (GUVNL) in the presence of Bhupendra Patel, Chief Minister of Gujarat. The chief objective of this MoU is to provide comprehensive financial backing for the state's generation, transmission, and distribution projects. The MoU, signed in Gandhinagar, marks a significant step towards bolstering various projects undertaken by the Gujarat Urja Vikas Nigam Limited (GUVNL), Gujarat State Electricity Corporation Limited (GSECL), Gujarat Energy Transmission Corporation Ltd (GETCO), Dakshin Gujarat Vij Company Ltd (DGVCL), Madhya Gujarat Vij Company Ltd (MGVCL), Paschim Gujarat Vij Company Ltd (PGVCL), and Uttar Gujarat Vij Company Ltd (UGVCL). The collaboration is set to facilitate long-term debt and other critical funding necessities vital for executing these diverse projects. Under the terms of the MoU, the envisaged financial assistance stands at an impressive Rs 25,000 crore, dedicated to powering up various projects across Gujarat, it stated. This substantial financial commitment underscores PFC's steadfast commitment to bolstering the power infrastructure in the region and supporting the state's ambitious initiatives in the power sector. Apart from facilitating the expansion of power infrastructure, the MoU shall also help create employment generation of up to 10,000 in Gujarat.

Power Finance Corp commits Rs 25,000 cr for power sector projects in Gujarat

RIL, Vedanta, Tata Steel, Yes Bank among stocks to watch out for on June 21

Billionaire Mukesh <keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>'s <keyword id="6355199" type="General" weightage="20" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> Ltd will commission a new energy <keyword id="20278828" type="General" weightage="20" keywordseo="giga-complex" source="Orion">giga complex</keyword> in <keyword id="6354766" type="General" weightage="20" keywordseo="gujarat" source="Orion">Gujarat</keyword> in the second half of 2024, the company said in an earnings statement and investor call. <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords">Reliance</keyword> is building a giga complex spread over 5,000 acres in <keyword id="6361405" type="General" weightage="20" keywordseo="jamnagar" source="Orion">Jamnagar</keyword> in Gujarat. The complex comprises five giga factories for photovoltaic panels, fuel cell system, green hydrogen, energy storage and power electronics. "On track to commence new energy facilities in phases this year," the company said in a post-third-quarter earnings call with investors. Post announcement of third-quarter earnings on Friday, Ambani stated that the "New Energy Giga Complex is all set to be commissioned in the second half of CY24. I am confident that Reliance's New <keyword id="679565" type="General" weightage="20" keywordseo="energy-business" source="Orion">Energy business</keyword> will play a pivotal role in the global movement for adoption of cleaner fuels." The Dhirubhai Ambani Green Energy Giga Complex will be among the largest integrated renewable energy manufacturing facilities in the world. Reliance has signed an MoU with the Gujarat government to set up 100 gigawatt renewable power at Rs 5 lakh crore capex. It has received in-principle approval for 74,750 hectares (ha.) of land parcels in Kutch for green hydrogen. The firm has strategically invested in ten global technology innovators with strong expertise across the new energy value chain. "Reliance is nearing the commissioning of the first tranche of 5GW module manufacturing capacity in mid-CY24," Nuvama said in a January 17 note. It has via REC Solar signed a supply agreement with China-based Suzhou Maxwell Technologies to buy a high efficiency production line for HJT cells (4.8GW capacity). It signed a 5.2GW HJT module automation production agreement with China-based SC Solar in January 2023. It won PLIs under both rounds of solar modules PLI (Round 1: USD 0.3 billion, 4GW; Round 2: USD 0.4 billion, 6GW). Reliance (apart from Greenko) is the only company to win incentives for both green hydrogen and electrolysers concluded recently. It won incentives of USD 0.3 per kg for electrolyser capacity of 300MW and USD 0.23 for green hydrogen capacity of 90,000 tonnes. Besides, it has won PLI under ACC battery storage for 5GW capacity. "These incentives are likely to assist Reliance achieve a green hydrogen cost of USD 1' 1.5 per kg," Nuvama said. Given <keyword id="20002939" type="General" weightage="20" keywordseo="ril" source="keywords">RIL</keyword> is the largest producer and consumer of grey hydrogen, transition to green hydrogen shall enable it to improve margins ahead, it said. The current green hydrogen cost hovers USD 3 per kg, which remains 1.5x compared to grey hydrogen produced using natural gas due to the high cost of generating solar/wind energy as well as high electrolyser cost. Presently, a hybrid of solar and wind remains the cheapest source of generating green hydrogen. The cost for solar remains the highest due to low PLF of electrolysers at 30' 35 per cent versus wind at 65' 70 per cent, and for hybrid 70' 75 per cent.

Reliance to commission new energy giga complex this year

On Tuesday, <keyword id="19907441" type="General" weightage="20" keywordseo="Aditya-Birla-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Aditya Birla Group" meta.hostid="261" meta.entityid="Aditya Birla Group">Aditya Birla Group</keyword>'s <keyword id="20102108" type="General" weightage="20" keywordseo="metal" source="keywords">metal</keyword> flagship <keyword id="20318152" type="General" weightage="100" keywordseo="Hindalco-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindalco Industries" meta.hostid="261" meta.entityid="Hindalco Industries">Hindalco Industries</keyword> reported a 25.2% rise in consolidated profit at Rs 3,074 crore for the June quarter, on the back of favourable macros, operational efficiencies and lower input costs. The company had posted a consolidated profit of Rs 2,454 crore in the year-ago period, <keyword id="20129733" type="General" weightage="20" keywordseo="hindalco" source="keywords">Hindalco</keyword> Industries said in a regulatory filing. In a statement, the company said the consolidated PAT in the first quarter of FY'25 was Rs 3,074 crore, compared to Rs 2,454 crore in Q1 FY24, up by 25 % year-on-year (YoY)." Total income during the quarter under review rose to Rs 57,437 crore, over Rs 53,382 crore noted in the year-ago period. The consolidated revenue for the first quarter stood at Rs 57,013 crore, up 8% YoY, on account of better realisations and efficiencies in India operations. "Hindalco reported an <keyword id="19957744" type="General" weightage="20" keywordseo="EBITDA" source="keywords">EBITDA</keyword> of Rs 7,992 crore (vs Rs 6,109 crore in Q1FY24) in Q1 FY25, up 31% YoY, driven by lower input costs and higher volumes," the statement said. "Our strong Q1 results ride on the back of consistent operational excellence and cost optimisation which allowed us to leverage the higher average metal prices. "The <keyword id="20076812" type="General" weightage="20" keywordseo="copper" source="keywords">copper</keyword> business achieved its highest quarterly EBITDA driven by high domestic sales (especially downstream products), healthy by-product credits and better operational efficiencies following a successful planned shutdown," Satish Pai, Managing Director, Hindalco Industries said. The <keyword id="20472150" type="General" weightage="20" keywordseo="aluminium" source="keywords">Aluminium</keyword> India upstream business recorded an 81% growth in EBITDA over the previous year, he said. "Looking ahead, the major capital formation phase of the downstream business is near completion, and from here on, we will explore growth opportunities in the upstream business, given our strong cash position," he explained. The company said its copper business delivered a new record-breaking performance in the first quarter, with EBITDA at an all-time high of Rs 805 crore, up 52% YoY, backed by higher average copper prices and robust operations. Hindalco Industries Ltd is the metal flagship company of the Aditya Birla Group. A 26 billion dollar metals powerhouse, Hindalco is the world's largest aluminium company by revenues, and the world's second largest Copper rods manufacturer (outside China). Hindalco operates across the value chain, from bauxite mining, alumina refining, coal mining, captive power plants and aluminium smelting to downstream rolling, extrusions, and foils. Along with its subsidiary <keyword id="20665479" type="General" weightage="20" keywordseo="novelis" source="keywords">Novelis</keyword>, Hindalco is the global leader in flat-rolled products, and the world's largest recycler of aluminium. Hindalco is the country's largest copper producer, serving more than half the nation's copper requirements. Its copper facility in Gujarat, comprises a copper smelter and refinery complex, downstream facilities, and a captive jetty. Hindalco's global footprint spans 52 manufacturing units across 10 countries.

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