Indian Oil Corporation invites global tenders to set up its first green hydrogen plant in Panipat

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian Oil Corporation Limited (IOCL) has begun the process to set up its first green hydrogen generation plant in Panipat at 10 KTA (thousands tonnes per annum) capacity. The big project will be coming up in the next 30 months.

The IOCL on Monday invited global tenders for setting up the unit next to its Panipat refinery on land owned by it. News18 has accessed a copy of the document. At 10 KTA capacity, this will be among the largest green hydrogen plants in India.

In 2021, the IOCL had made public its plans to set up two green hydrogen plants — of 5 KTA capacity at its refinery in Mathura and of 2 KTA in Panipat. However, recently, the Mathura plan was dropped. The latest tender document specifies that the plant in Panipat will now be of 10 KTA capacity.

Green hydrogen is a key facet in India’s aim to achieve net-zero emissions by 2070, as announced by Prime Minister Narendra Modi at the last climate summit (COP) in Glasgow. India wants to transform the current situation where presently its entire hydrogen production comes from fossil fuels.

IOCL owns and operates 11 refineries in India. The group refining capacity is 80.7 million metric tonnes per annum (MMTPA) or 1.6 million barrels per day — the largest share among refining companies in India. It also owns and operates a large network of pipelines of over 14,000 km for the transportation of crude oil and products in India.

The hydrogen unit 

The proposed location of the new green hydrogen unit is between the Panipat Refinery and Panipat Naphtha Cracker area in land owned by the IOCL within the vicinity of the Panipat Refinery Complex. The successful bidder will ensure the supply of gaseous green hydrogen at the delivery point to IOCL. The company intends to utilise green hydrogen produced using renewable power and integration of green hydrogen with the existing hydrogen network of the Panipat Refinery. The new unit will have a green hydrogen generation unit of 1,250 kg per hour capacity on 24×7 basis.

Also Read: Mukesh Ambani wants to fight India’s winter air pollution with a string of compressed biogas plants

IOCL operates a 15.0 MMTPA refinery at Panipat and is under the process of enhancing the refinery capacity from 15 to 25 MMPTA. In line with Auto Fuel Policy 2025, to produce or manufacture 100 percent BS-VI fuels only, Panipat Refinery has successfully executed BS -VI project in 2018 at Panipat to upgrade the entire gasoline and diesel to BS-VI specifications.

Also Read: Reliance AGM | Mukesh Ambani says energy business will be net carbon zero by 2035

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Marketbuzz Podcast with Reema Tendulkar: Sensex, Nifty 50 likely to open in the green tracking global cues

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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GIFT Nifty is suggesting a positive start for the Indian markets. US markets have ended in the green with gains of around 0.6 to 0.8 percent.

The rally continues in Hang Seng. Over the weekend, China had cut the stamp duty on stocks, so it spurred a rally in Asian markets, particularly Hang Seng and Shanghai.

This morning, the strength continues in markets like Hang Seng.

Yesterday, in the second half of the trading session, as Reliance Industries stock price came under pressure, markets gave up from the day’s high and finally ended closer to 19,300, a gain of about 0.2 percent.

The resistance level for a market has emerged to the 50 day moving average aroun d the 19,380 mark, that was also around the intra-day high yesterday.

On the way down, 19,200 19,250  has emerged as a support level. On Friday, the Intraday low was 19,229, on Monday, the intra-day low was 19,250. Over the last 10 sessions, Nify has taken support between 19,200 and 19,300 five times. So, in this consolidation band, the 19,250 level has emerged as an important support level,

Today is also the weekly Fin Nifty expiry, tomorrow is the first quarter GDP print, Thursday is the August series expiry and Friday the August auto sales numbers will be out.

In terms of flows, the domestic institutional investors (DIIs) net bought Rs 1,264 crore in cash on Monday, while foreign institutional investors (FIIs) net sold Rs 1,393 crore in the cash market.

The stocks that should be on your radar include Gokuldas Exports because the company has entered an agreement to acquire an apparel manufacturer,

lots of stock should be on a radar go exports because the company has gone ahead and entered into an agreement to acquire an apparel manufacturer Atraco Group for $55 million. The latter has a very strong market position in US and Europe. The product range includes shorts, pants, shirts, t-shirts, dresses, blouses, etc. The company will be funding this via debt and internal accrual. So the Street is quite excited with the prospect.

NBCC and SJVN have won orders. For SJVN it is a letter of acceptance, for NBCC it is a Rs 66 crore order win.

For APL Apollo Tubes we understand the promoter is likely to sell some stake in the company for approximately Rs 400 crore, which is around 0.85 percent of the equity. The base issue is Rs 300 crore, but there is a green shoe option of  Rs 116 crore.

PG Electroplast has also launched a QIP to raise Rs 500 crore. The implied dilution is around 14 percent.

Zomato witnessed a big block deal yesterday. Tiger Global has sold 1.4 percent of its stake in it.

Tune in to the Marketbuzz Podcast for more news and cues ahead of today’s session

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Mahindra University opens new media school — a look at multimedia journalism courses it offers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mahindra Group’s education arm Mahindra University recently launched the School of Media with two undergraduate programmes spanning digital journalism, mass communication, communication management, and technology-driven computational media-related fields.

This new school is the fifth school under the university. Mahindra Group already has schools of law, management, education, and the flagship École Centrale School of Engineering.

In a statement, the group said, the new media school is aimed at building “a generation of creators and information-seekers who have futuristic capabilities in the digital age of emerging technologies by investing not only in relevant infrastructure and gadgets but in a renewed student-centricity that focuses on the new environment’s demands in new and old sets of critical thinking.”

Students taking admission in the new school will be offered a B.A. in Journalism and Mass Communication, and a B.Tech. in Computation and Media.

Those who want to pursue B.A. can choose from three from digital journalism across media, audiovisual media production, and communication management encompassing the various promotional corporate functions. The B.Tech. programme will offer three specialised strands—interactive storytelling, virtual media, and media forensics.

Dr. Yajulu Medury, Vice Chancellor of Mahindra University, “With the beginning of the academic session of 2023-24, Mahindra University’s strength stands at over 4,000 students supported by more than 250 internationally acclaimed faculty members.”

Among roles that B.A students can apply for include, ethical practitioners and researchers of journalism, audiovisual production, advertising, public relations, social media, and corporate communications, Dr. Shashidhar Nanjundaiah, Dean, School of Media, said.

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B.Tech. students, meanwhile, will use AI, AR-XR-driven objects for news, television and promotions industries. They will also be competent in media forensics, which is important in tackling disinformation, the university’s statement noted.

Mahindra University also offers with specialised courses in Robotics, Artificial Intelligence, VLSI and Design System, Computer-Aided Structural Engineering, Computational Mechanics, Transportation Engineering, Biotechnology, and Biomedical Data Science.

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Byju’s chief business officer Prathyusha Agarwal, two more senior execs quit

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Three senior executives have resigned from edtech startup Byju’s, in what comes as a setback at a time when it is trying to hunker down and rebuild amidst challenges.

Prathyusha Agarwal, the Chief Business Officer of Byju’s, has resigned, four people aware of the matter told Moneycontrol. Himanshu Bajaj, Business Head of Byju’s Tuition Centers, and Mukut Deepak, Business Head for Class 4 to 10, have also quit, the people said, requesting anonymity.

Agarwal had joined Byju’s in February 2022 from Zee Entertainment Enterprises, where she was the Chief Consumer and Data Officer in her final stint. Agarwal was with Zee in senior positions for over five years.

Deepak, meanwhile, was with the company for almost two years, while Bajaj had joined Byju’s in November 2021 to head the Byju’s Tuition Centers (BTC) vertical from management consulting company Kearney. While Deepak was Tata Play’s Chief Business Officer, Bajaj was at AT Kearney for almost 16 years.

Also Read: Byju’s lets go of employees in mentoring, product expert division after performance review

Last week, Byju’s Senior Vice President for international business Cherian Thomas, who was considered one of the key members of the company’s American business and spearheaded Osmo, also quit. Byju’s had acquired educational gaming platform Osmo for $120 million in 2019. According to the company, Osmo had a revenue of $100 million in FY21 (2020-21).

Resignations due to restructuring

“They have ramped down the whole K-3 (Kindergarten to class 3) business which Prathyusha (Agarwal) was looking after from the business side. So, her role was getting redundant,” one of the persons cited above said.

A spokesperson for Byju’s confirmed the development and said that their resignations were due to a restructuring undertaken by the company recently.

“As Byju’s continues to chart its path to profitability and sustainable growth, we have undertaken a restructuring of businesses and verticals including the consolidation of four verticals into two key verticals – K-10 and Exam Prep,” the spokesperson said.

“At present, two very seasoned and senior leaders lead both verticals- Ramesh Karra leads the K-10 vertical while Jitesh Shah leads the exam prep business. And as a part of this reorganisation of businesses, Mukut Deepak, Prathyusha Agarwal, and Himanshu Bajaj will be moving on,” the spokeperson added.

Also Read: Byju’s lenders accused of using bogus loan-default claims

The departure of senior executives, who headed key verticals like Byju’s Tuition Centers, which was touted as its next growth engine, and its core K-12 business, comes at a time when Byju’s is trying to tide over operational issues.

Exodus

In June, Byju’s saw its three key investor board members stepping down due to differences with the founder Byju Raveendran over operational issues. Deloitte, which had been Byju’s auditor since 2015, also resigned in June, citing delays in the company’s FY22 (2021-22) financial results.

Byju’s is also in discussions with creditors – both Term Loan B lenders and Davidson Kempner – and is also awaiting an injection of funds.

The company has also laid off more than 2,000 employees this year and gave up its largest office space in Bengaluru. It is also grappling with student and parent dissatisfaction.

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However, the company is trying to turn the tide by undertaking some key steps, including setting up of a board advisory council and roping in industry veterans like TV Mohandas Pai and Rajnish Kumar as advisors. Byju’s also recently appointed Richard Lobo as its human resources head. He is expected to take charge of the company in September.

Byju’s, currently India’s most-valued startup and the world’s most-valued edtech, had reached new heights in March last year, when the company raised a massive $800 million fund infusion, which propelled its valuation to over $22 billion.

Founded by former teacher Raveendran over a decade back, the company has raised close to $6 billion in funding.

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Ukraine claims more gains along southern frontline

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ukraine’s deputy defense minister Hanna Maliar has claimed that Ukrainian forces appeared to be making further advances along the southern frontline, near the village of Robotyne. However, Maliar added “the enemy is throwing all its forces at these areas in order not to surrender the occupied positions”. Her comments came as Ukrainian soldiers detailed the challenges in trying to push further south.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Iron ore’s unexpected rally shows pockets of China strength

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The one commodity that should be getting hammered by China’s worsening property crisis is actually doing rather well.

Iron ore climbed to its highest in a month last week after a rally that has defied deepening gloom over China’s debt-laden economy. Prices have largely kept above the key $100-a-ton threshold this year despite waves of worrying news from the real estate sector, which in more normal years makes up about 40 percent of demand.

The absence of a price crash or devastating slump in steel demand illustrates how pockets of China’s economy are holding up despite the negative headlines. There are still plenty of risks ahead for iron ore, not least the prospect of a prolonged slump in the property sector. But relatively robust prices offer a counterpoint to the prevailing bearish mood across Chinese markets.

“Iron ore is still very resilient for an environment like this, and I think Chinese demand is playing a role in that,” said Hao Hong, chief economist at Grow Investment Group. It shows parts of the economy, outside the property sector, are relatively healthy, he said.

While the Shanghai Composite Index of stocks fell to its lowest this year last week — prompting government steps to steady the market — iron ore futures rose to as high as $114 a ton. In the last major slump of 2015-16, prices sank below $40 a ton, and China’s steel surplus flooded onto the world market, fueling trade tensions.

This doesn’t mean China’s economy will escape a marked slowdown in growth, or that iron ore prices will continue at these levels. Property construction is falling, especially in less-developed inland cities. And President Xi Jinping’s government is holding off on the large-scale stimulus, including infrastructure spending, that has typically lifted steel consumption during previous episodes of economic stress.

BHP Group, the world’s second-biggest iron ore producer, said it’s seeing “solid demand from infrastructure, power machinery, autos and shipping, offsetting weakness in new housing starts and construction machinery.” Consultancy Kallanish Commodities Ltd. adds “white goods” to that list, a category that includes products like fridges and washing machines.

Railway Boom

While many local governments are slowing spending due to financial strains, central government investment on infrastructure like railways is growing more rapidly.

Spending growth on railways is running at 25 percent year-on-year in the first seven months of 2023. Machinery manufacturing has risen 15 percent and auto output has grown 12 percent. There’s also a boom in the new energy sector, which isn’t negligible for steel demand. Property investment, meanwhile, contracted 7.1 percent in the first seven months of the year.

Steel industry forecasts from researcher CRU Group illustrate the divergence between construction and the rest, with demand for so-called “long products” used in building set to fall 1.7 percent this year. Flat products, the other major category, will see a three percent increase, it said.

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Research firm Mysteel said demand for heavy plate used in ships, bridges and wind turbines rose 8.1 percent in the first five months of the year. The product accounts for about 10 percent of Chinese steel demand. Other categories covering construction, machinery, appliances and cars were flat or slightly lower.

And even in the property sector, there are some small signs of optimism even as debt risks continue to swirl around the sector, with some state-backed developers reporting a recovery in sales volumes.

The overall result is a market that’s “lying flat,” according to Jiang Hang, head of trading and research at Yonggang Resources Co. — a reference to the much-discussed social phenomenon where citizens do the minimum to get by. Mills aren’t building up much inventory, but they’re still buying when necessary to meet immediate demand, he said.

Production Curbs

The resilience in steel demand and iron ore prices is also being driven by some industry-specific factors.

Steel exports have soaked up some extra material, and shipments from China are on track to reach their highest since 2016, although volumes are still well short of the quantities that irked trade partners at that time.

Also Read: Economists cut China’s growth outlook further for 2023

Iron ore has been helped by cuts at electric arc furnaces that use scrap — an alternative production method for steel. That’s helped keep output derived from iron ore relatively robust. Average daily production of molten iron from blast furnaces has reached its highest since 2020, according to Mysteel.

Steelmakers and traders are also buying up iron ore in anticipation of the seasonal lift to construction activity that occurs after the summer. And mills could be raising their output now to guard against the possibility of government-ordered production curbs later in the year.

“Iron ore prices have deviated a bit from economic fundamentals, largely due to a lack of self-discipline at mills,” said Xu Xiangchun, an analyst with Mysteel. “China’s economy isn’t that promising.”

For the rest of this year, whether China avoids more turmoil in the property sector is likely to be the decisive factor for prices. The lack of confidence in the private sector, and the dangers of local-government debt stress spreading to other parts of the economy, are also strong headwinds.

“China can’t reignite the fire under real estate and it looks like it doesn’t want to,” said Tomas Gutierrez, an analyst at Kallanish Commodities. “It does look like there’s a pretty solid floor for iron ore at $100 in the short term, but longer-term the outlook is weaker.”

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Block Deal Alert: APL Apollo Tubes shares fall after 1.5% equity worth Rs 624 crore change hands

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of APL Apollo Tubes opened lower after 38 lakh shares of the company exchanged hands in the block deal window.

The number of shares exchanged amounts to 1.5 percent of the company’s total equity. Shares exchanged hands at an average price of Rs 1,620, according to data available on the exchanges.

The value of the total transaction is said to be worth Rs 624 crore. Buyers and sellers in the deal are not immediately known.

CNBC-TV18 had earlier reported citing sources with knowledge of the matter that APL Apollo’s promoters are likely to sell some stake in the company via block deals.

Sources had mentioned that the company’s promoters were likely to sell 26.3 lakh shares of the company which totals 0.85 percent of the total equity through these block deals.

The base size of the block deal was said to be worth Rs 303 crore with a greenshoe option of Rs 116 crore, sources said.

Based on the June quarter shareholding pattern, APL Apollo promoters held 30.62 percent stake in the company, down from the 31.15 percent stake they held in March.

Shares of APL Apollo may have ended lower on Monday, but have risen 50 percent so far in 2023. APL Apollo shares are trading 2.7 percent lower at Rs 1,623.75.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Yen to retreat to 1990 levels if BOJ stays dovish, Goldman says

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The yen will weaken to levels last seen more than 30 years ago if the Bank of Japan sticks to its dovish stance, according to forecasters at Goldman Sachs Group Inc.

Over the next six months the yen is projected to reach 155 per dollar — the weakest since June 1990 — according to the bank’s strategists led by Kamakshya Trivedi. They had previously expected the yen to trade to 135.

“As long as the BOJ remains far from hiking rates and equities stay reasonably well supported, the yen should continue to trend weaker,” the strategists wrote in a note dated Friday. Improving US growth outlook was also a factor in their bearish view.

Also Read: Economists cut China’s growth outlook further for 2023

Loose monetary policy in Japan while the Federal Reserve and other central banks hiked rates has weighed on the yen, making it the worst performer among its peers in the Group of 10 this year. The markets had been primed for a yen rally that has failed to materialize as the new head of Japan’s central bank maintained his cautious approach, thwarting hopes for more substantial BOJ action.

The strategists expect the currency could once again strengthen in 2024, reaching 135 by the end of next year. The yen traded flat near 146.51 against the dollar on Monday. It has lost more than 10 percent this year.

“The main risk to this forecast of more yen weakness over the next six months is that higher inflation and currency depreciation proves more unpopular and catalyses more forceful responses in the form of currency intervention or an earlier hawkish shift from the BOJ, or both,” they wrote.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

US accuses Russia of intimidation after ex-consulate worker charged with spying

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The United States on Monday accused Moscow of attempting to intimidate and harass US employees after Russian state media reported that a former US consulate worker had been charged by security services with collecting information on the war in Ukraine and other issues for Washington.

Russian state news agency TASS quoted the FSB security service as saying that Robert Shonov, a Russian national, relayed information to US embassy staffers in Moscow on how Russia’s conscription campaign was impacting political discontent ahead of the 2024 presidential election in Russia.

The FSB said it planned to question U.S. embassy employees who were in contact with Shonov, who has been under arrest since May.

Shonov was employed by the US Consulate General in the eastern Russian city of Vladivostok for more than 25 years until Russia in 2021 ordered the termination of the US mission’s local staff.

State Department Spokesperson Matthew Miller repeated the US position that the allegations against Shonov, who Washington says was subsequently employed via a company contracted to the US embassy to summarise news reports, “are wholly without merit.”

“Russia’s targeting of Mr. Shonov under the ‘confidential cooperation’ statute only highlights the increasingly repressive actions the Russian government is taking against its own citizens,” Miller said in a statement, adding that Washington was aware the FSB had also summoned two diplomats working at the U.S. embassy in Moscow in connection to the case.

“We strongly protest the Russian security services’ attempts — furthered by Russia’s state-controlled media — to intimidate and harass our employees,” said Miller.

The Russian embassy in Washington did not immediately respond to a request for comment.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow