Wednesday, September 16
India's electricity demand is expected to grow by a moderate 4 % in 2025, after cooler summer temperatures in the first half of the year reduced consumption and shifted peak load to September, the International Energy Agency (IEA) said. In its mid-year update on electricity, IEA said while global power demand is rising much faster than the forecast for the 2025-2026 period than it did during the past decade, electricity demand in China and India is expected to rise at a more moderate pace in 2025 than the rapid growth seen in 2024. "After 6 % growth in 2024, electricity demand in India is forecast to rise by 4 % this year," it said. IEA projected Chinese consumption to rise 5 % in 2025, down from 7 % in the previous year. However, China alone will account for 50 % of global electricity dem
ET Intelligence Group: M&B Engineering, a manufacturer of fabricated steel structures (pre-engineered buildings or PEB) and self-supported roofings, plans to raise ₹275 crore through fresh issue to fund capital expenditure and debt repayment and ₹375 crore through an offer for sale. The promoter stake will fall to 70.5% after the IPO from 100%. Its Sanand facility in Gujarat is the only PEB manufacturing facility in India with a certification from the American Institute of Steel Construction (AISC). The company has undertaken capacity expansion to cater to rising demand. It operates at a higher margin compared with peers. Given these factors, investors may consider the IPO for the long-term. Incorporated in 1981, Ahmedabad-headquartered M&B provides PEB and roofing solutions to
Mumbai: India's top nine private sector banks posted a combined net profit of ₹43,641 crore in the June quarter, marking a 2.7% growth, reflecting circumspect economic growth and tepid credit demand. An ET analysis showed that in the first quarter of FY25, the combined profits of these nine lenders had climbed 19% year-on-year.Growth was hindered by sluggish credit and deposit expansion. With core business momentum remaining weak, treasury gains played a significant role in supporting profitability.Analysts said the earnings of financial companies reflect stress across the board, especially at the less resourced end of the customer spectrum. "The sum and substance is that the economy is grappling with lower growth; there are job creation and employment issues and there is stress manifest
The Chinese military announced Wednesday that it would hold an annual naval exercise and conduct a maritime joint patrol with Russian forces next month. Defence Ministry spokesperson Zhang Xiaogang said that the Joint Sea 2025 exercise would be held in the air and seas near the Russian port city of Vladivostok, which lies across the sea from Japan's west coast. Last year, the drill was held off southern China in the South China Sea. The Chinese and Russian governments have deepened their ties in recent years, with China providing an economic lifeline to Russia in the face of Western sanctions over Moscow's invasion of Ukraine. European leaders asked China again last week to use its influence to pressure Russia to end the war, now in its fourth year, but there was no sign that Beijing would
The Avaada Group has signed a memorandum of understanding with the Bihar government to invest ₹5,000 crore for developing 1 gigawatt (GW) of renewable energy capacity in the state. The deal was formalised in the presence of Bihar Energy Minister Bijendra Prasad Yadav and Industries Minister Nitish Mishra, coinciding with the launch of the state's new renewable energy and pumped storage policy.Under the agreement, the projects will span ground-mounted, floating solar, and community solar installations, along with battery energy storage systems. The state government has committed to facilitating the necessary land and water access, as well as helping Avaada obtain approvals and clearances from relevant departments.“Our partnership with the Government of Bihar marks a significant step tow
