Solar power price touched a new record low in the bidding held for Bhadla Solar Park in Rajasthan. The companies eyeing 250 Mw in the park took the lowest bid to Rs 2.62 per unit, which is less than the average price of coal-based power in the country.

The winning companies are South African solar company Phelan Energy Group Limited which won 50 MW, US Avaada Power Group which bagged 100 MW at same rate. Clean energy arm of SoftBank Group also clinched 100 MW at Rs 2.63/unit as the bidding followed bucket filling method to award quantities in the 750MW solar park. Balance 500MW would be awarded on Wednesday.

The Supreme Court on Tuesday convicted beleaguered businessman Vijay Mallya for contempt of court and summoned him to appear on July 10.

The conviction was on the basis of a contempt on plea filed by the consortium of banks.

Mumbai: The Indian rupee on Tuesday weakened against the US dollar, tracking the losses in Asian currencies markets pushing the currency to its biggest loss for the calendar year.

Rupee closed at 64.63 a dollar, down 0.50% from its Monday’s close of 64.31. The rupee opened at 64.42 a dollar and touched a high and a low of 64.42 and 64.70, respectively.

Mumbai/Bengaluru: India’s move to strengthen the hand of its central bank will help it push reluctant lenders towards write-downs and errant borrowers into insolvency, bankers said, but the country is far from drawing a line under its $150 billion of sour debts.

India’s bad loan problem is choking off new credit and dampening economic growth, and the government of Prime Minister Narendra Modi knows it needs to act.

Country’s largest lender SBI on Tuesday said it plans to raise funds through follow-on public offer and institutional placement in the current fiscal and has sought applications from merchant bankers for managing the issue.

“The bank intends to tap capital markets via a QIP/FPO. The issue size may vary based on various factors including but not limited to management discretion and the decision of the shareholders,” SBI said in a public notice.

TOKYO: Defence Minister Arun Jaitley has hinted that incentives are being worked out to encourage domestic manufacturing in the defence sector so as to cut imports of combat planes, ships and submarines.

In an interview to PTI, he said the government is working on a policy that will incentivise companies to set up manufacturing bases in India.

The benchmark Sensex on Tuesday regained the 30,000-mark early on by surging over 76 points after investors built more bets and domestic financial institutions continued buying amid mixed Asian cues.

The 30-share index, which had gained 67.35 points in the previous session, added 76.39 points, or 0.26%, at 30,002.54 on sustained buying activity in early trade.

National carrier Air India will launch flights to three new destinations in the US as well as to Stockholm, Nairobi and Tel Aviv this year, its chief Ashwani Lohani said on Tuesday.

Making it the fifth non-stop destination in the United States, a direct service would start to Washington from July 7, followed by a flight to Los Angeles from September 1 and then to Dallas.

An expert panel set up by food regulator FSSAI has recommended additional tax on highly processed food items and sugar-laced beverages as well as a ban on advertising of junk foods on children's channels or during kids' shows on TV.

The report by the 11-member panel on 'Consumption of Fat, Sugar and Salt (FSS) and its health effects on Indian population' suggests ways to cut consumption of unhealthy food products and reduce rising burden of chronic diseases like cancer and diabetes.

State-owned Coal India is planning to conclude an agreement with the government of Bangladesh this year to start export of coal to that country.

Demand for thermal coal recently began picking up, but Coal India still has a 69 million tonne (mt) stock as carryover from the previous year’s production. Its officials are now eyeing the South Asian region, to clear the stock and for future contracts.

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