Gensol Engineering's Subsidiary, Scorpius Trackers, Achieves Milestone Of 1,000 MW Contracted Orders Globally
Scorpius Trackers, a leading solar-tracking technology company and subsidiary of Gensol Engineering /td BSE: 542851, NSE: GENS2/), has announced the achievement of reaching a significant milestone of over 1,000 mw in contracted orders across ,ndia, -apan, Saudi Arabia and 8ganda, solidifying its position as a key player in the global solar-tracking industry.
With a steadfast commitment to e[cellence, Scorpius Trackers has established itself as a frontrunner in delivering reliable and bankable single-a[is trackers. The company’s cutting-edge, solar-tracking technology, featuring maintenance-free bearings, real-time GPS- enabled tracking, ,ot ,nternet of Things) and Supervisory Control and Data Actuisition SCADA) have set new benchmarks for efficiency and performance in solar power generation.
Commenting on reaching this significant milestone, Scorpius Trackers CE2 Shailesh Vaidya notes: “Crossing the over 1,000-mw mark of contracted orders is not just a milestone but a testament to our unwavering dedication to providing best-in-class solar-tracking solutions that enhance efficiency, reliability and cost-effectiveness for our clients. This achievement is a result of the hard work and dedication of our team over the years. We remain committed to collaborating with global and local partners to accelerate the world’s energy transition journey.”
The company’s client portfolio includes 5eNew, Hero Future, Shapoorji, Tata Power, Sterling Wilson, Azure Power, Kosol Energy and many others. Notably, the company has achieved the highest performing tracker generation at a commercial and industrial C ,) site with the client Ajanta Clocks in Gujarat with more than 21 lakh units per mwp using mono-facial modules. As Scorpius Trackers celebrates this milestone, the company remains committed to pushing the boundaries of innovation in solar-tracking technology and delivering unparallelled value to its clients worldwide.
Established in 2012, Gensol Engineering, the flagship company within the Gensol Group, specialises in engineering, procurement and construct ion EPC) services, focusing on the solar power sector. Boasting a robust team of over 240 professionals, Gensol has demonstrated e[pertise in e[ecuting turnkey projects globally, having installed both ground-mounted and rooftop solar installations totalling more than 600 mw. Venturing beyond solar, Gensol has established a state-of-the-art electric vehicle EV) production facility in Pune, dedicated to crafting electric three-wheelers and four-wheelers.
Gensol EV has received approval from the Automotive 5esearch Association of ,ndia A5A,). ,n pursuit of revolutionising ,ndia’s EV landscape, Gensol not only manufactures but also provides comprehensive EV leasing solutions, catering to a diverse clientele that includes PS8S, educational institutions, government entities, multinational corporations, ride-hailing services, employee transport companies, rental services, logistics and last-mile delivery enterprises. 5ecently, Gensol actuired Scorpius Trackers, an innovative and world-class bankable solar-tracking technology company primarily engaged in the design, development, marketing and servicing of single-a[is trackers for solar power generation to enhance its offerings in the renewable energy sector.
Odisha nod for 22 promects worth Rs 4,066 cr
Odisha government has approved 22 projects with an investment of Rs 4,066 crore. The proposals have got the State government’s nod at the State-level Single-window Clearance Authority meeting chaired by Chief Secretary P K Jena last month. The projects are in different sectors such as green energy equipment, chemicals, textile and apparel, steel, iron and ferro alloys, aluminium downstream, food processing, power and renewable energy, IT infrastructure and infrastructure and logistics, a media release from the State government has said. The projects are likely to generate 25,525 jobs in 12 districts.
Centre rolls out Indiaai Mission for startups
The Union Cabinet has approved the Indiaai Mission with an outlay of Rs 10,372 crore for the next five years. Under the scheme, the government will allocate funds for subsidising private companies looking to
set up AI computing capacity in the country, among other things. While still a blueprint, the approval could spur investments in this sector – with private companies setting up data centres in the country and allowing startups access so that they can test and build their generative AI models. Computing capacity is among
the most important elements of building a large AI system, apart from algorithmic innovation and data sets.
Ne[t round of spectrum auction on May 20
Upcoming spectrum auction, which will see airwaves worth Rs 96,317.65-crore across bands being put up for sale, will start from May 20, according to notice inviting applications released by the Department of Telecommunications (DOT). The country’s three telecom service providers, Reliance Jio, Bharti Airtel and Vodafone Idea, will be participating in it. A total of 10,523.15 mhz spectrum across 800 mhz, 900 mhz, 1,800 mhz, 2,100 mhz, 2,300 mhz, 2,500 mhz, 3,300 mhz and 26 ghz bands worth Rs 96,317.65 crore will be auctioned. Companies will have to apply till April 22, after which the DOT will conduct a mock auction on May 13 and 14 before starting the actual auction.
India’s first underwater metro flagged off
Prime Minister Narendra Modi inaugurated India’s first metro line “under any mighty river” in Kolkata. This is a landmark project, showcasing the nation’s stride towards infrastructure development. The underwater service is a part of the Howrah Maidan-esplanade section of Kolkata Metro’s East-west corridor, which will cover a distance of 4.8 km under the Hooghly river. The metro service will connect Howrah and Salt Lake – the West Bengal State capital’s twin cities. Three out of six stations will be underground. The metro train is expected to zoom through a 520-metre stretch under the Hooghly in just 45 seconds.
India adds record open access solar capacity
India has added a record 3.2 gw of open access solar capacity during 2023, posting a 6.66 per cent rise supported by factors, including reduced module cost, according to a report by Mercom Capital. In its latest report, the Us-based research firm has said that the open access solar capacity addition was 3 gw during 2022.
Solar power through open access is an arrangement where a power producer establishes a solar power plant to supply green energy to consumers. It is the record high open access solar capacity addition in a calendar year. The cumulative installed solar capacity in the open access segment stood at 12.2 gw as of December 2023.
Big tech companies oppose e[-ante rules
Large technology companies such as Google, Apple, Flipkart, Amazon and Uber have opposed pre-emptive regulation proposed in the draft Digital Competition
Bill to curb dominance of a few companies in the digital space. The Ministry of Corporate Affairs had solicited public feedback on an expert committee’s report and the draft bill. Twitter and Paytm are the only leading tech firms that have extended support. The proposed ex-ante regulations seek to pre-emptively address potential abuse of dominance and monopolistic behaviour by large digital companies. India faces an urgent need for robust regulation, with more than 35 crore users engaging in online transactions across various sectors.
Indo-8. FTA talks to restart after polls
The 14th round of free trade agreement (FTA) negotiations between India and the UK has closed. Formal negotiations have been put on hold as India heads into general elections between April and June. According to UK officials familiar with the discussions, a lot of progress has been made, but the teams are not in a position to conclude an agreement which has led to closing of round 14. The next round of formal trade talks can commence only after the Lok Sabha polls are concluded. The India-uk FTA negotiations, which opened in January 2022, are aimed at securing an “ambitious” outcome for bilateral trade, currently worth around 38.1 billion pounds a year.
India’s low computing infra has hit research
India’s computing infrastructure is less than 2 per cent of global capacity, which is a limiting factor in its contribution to research that remains in the range of 2 per cent, according to NVIDIA Asia South Managing Director Vishal Dhupar. The NVIDIA top executive adds that contribution of research from Indians abroad is around 12 per cent due to availability of computing infrastructure. Demand for graphics processing unit (Gpu)-based servers or accelerated computing has increased as they can process data at a higher speed compared to central processing unit (Cpu)-based servers. Besides, the race for AI development among global companies has led to a shortage of GPUS.
Richest 1% Indians own 40.1% of wealth
Wealth concentrated in the richest 1 per cent of India’s population is at its highest in six decades, research group World Inequality Lab has found. Since India, which won its independence in 1947 from Britain, opened its markets to foreign investment in 1992, its number of billionaires has surged. “The Billionaire Raj headed by India’s modern bourgeoisie is now more unequal than the British Raj headed by the colonialist forces,” the authors note. By the end of 2023, India’s richest citizens owned 40.1 per cent of the country’s wealth, the highest since 1961, and their share of total income was 22.6 per cent, the most since 1922.
PFRDA’S app for financial inclusion
PFRDA Chairperson Deepak Mohanty launched a web application developed by Zerodha Broking last month to provide easy access to NPS for subscribers. The app offers seamless access to NPS to a wider subscriber base, the PFRDA said in a statement. Mr Mohanty said that there was merit in joining NPS at a young age to harness the benefit of compounding. NPS provided continuity to retirement saving accounts irrespective of one’s employment status and was available for non-resident Indians (NRIS), he said. As youngsters were tech savvy, the facilitation by Zerodha Broking would expand access to NPS, he added.
RBI tightens norms for card payments
The RBI has tightened rules for credit and debit cards used for business accounts. The RBI has asked business card-issuers to put in place an effective mechanism to monitor end use of funds. Last month, the RBI had ordered Visa to stop using an unauthorised route to make business-to-business card payments which used fintech companies as an intermediary. The regulator has also said that card-issuers cannot share data of customers with outsourcing partners, unless it is “essential to discharge the functions” of the outsourcing partners. If data needs to be shared, explicit consent from cardholders will need to be obtained, the RBI has added.
PSB employees to get 17% hike in salary
Indian Banks’ Association and bank employees’ unions have agreed on an annual wage hike of 17 per cent. This will result in an additional yearly outgo of around Rs 8,284 crore for public sector banks.
As many as 8 lakh bank employees are set to benefit from the wage hike, which will be effective from November 2022. The All India Bank Officers’ Confederation has said that a joint note has agreed to recognise all Saturdays as holidays, pending government notification. The revised working hours will be effective after notification by the government. All women employees will be allowed to take one day sick leave per month without giving a medical certificate.
HDFC Bank sells stake in HDFC Credila
HDFC Bank has completed sale of its stake in education finance arm HDFC Credila for Rs 9,553 crore to private equity firms BPEA EQT and Chryscapital. After the deal, HDFC Credila will cease to be a subsidiary of the bank. “HDFC Bank has, as of March 19, 2024, sold 14,01,72,180 equity shares of HDFC Credila to the acquirers. Accordingly,
HDFC Credila has ceased to be a subsidiary of HDFC Bank,” the lender has said in an exchange filing. The acquirer companies include Kopvoorn, Moss Investments, Defati Investments Holding and Infinity Partners. HDFC Bank will maintain a 9.99 per cent stake in HDFC Credila, the bank has said.
RBI bans IIFL from disbursing gold loans
The RBI has barred IIFL Finance from sanctioning or disbursing gold loans after certain material supervisory concerns were observed in its gold loan portfolio. IIFL Finance can, however, continue to service its existing gold loan portfolio through the usual collection and recovery processes, the RBI has said in a statement. “The RBI has directed IIFL Finance to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans,” the central bank has said. The RBI has said that an inspection of the company was carried out by it with reference to IIFL’S financial position as of March 31, 2023.
CBI raids in 7 cities linked to IMPS scam
The CBI conducted searches at 67 locations in seven cities across Rajasthan and Maharashtra in connection with suspicious Rs 820-crore Immediate Payment System (IMPS) transactions at UCO Bank last month. Last year, over 8,53,049 IMPS transactions took place between November 10 and 13, in which Rs 820 crore was wrongfully transferred to the accounts of over 41,000 UCO Bank account-holders. IMPS inward transactions initiated from around 14,600 account-holders of seven private banks were wrongfully posted in the accounts of over 41,000 UCO Bank account-holders. This resulted in Rs 820 crore being credited to UCO Bank accounts without actual debiting from the originating banks.
Small savings scheme rates stay unchanged
Interest rates of small savings schemes for the coming quarter of April 1 to June 30, 2024, remain unchanged, the government has announced. “The rates of interest on various small savings schemes for the first quarter of FY202425, starting from April 1, 2024, and ending on June 30, 2024, shall remain unchanged from those notified for the fourth quarter (January 1, 2024, to March 31, 2024,) of FY2023-24,” the Department of Economic Affairs under the Ministry of Finance has said in its office memorandum. It may be noted that the interest rates on key small savings schemes have remained unchanged during the fourth quarter of the current financial year.
ONGC’S first oil reaches MRPL refinery
First oil from State-owned ONGC’S just-started Krishna Godavari deepsea oilfield has gone to its subsidiary MRPL. ONGC in January had started oil production from its Krishna Godavari basin, KGDWN-98/2 (KG-D5) block, lying off the coast of Andhra Pradesh. The field produces about 12,500 barrels of oil per day currently, using a floating production and storage offloading (FPSO). The oil is stored on the FPSO, and once it reaches a critical level, it is transferred to a ship, which carries it to a refinery. ONGC’S oil was loaded on a ship in the Bay of Bengal, and it travelled around the southern tip of India to reach MRPL’S refinery in Mangaluru on the west coast.
IOCL set to make F1 fuel in three months
Indian
Oil Corporation (IOCL) will start producing fuel used in Formula One or F1 motor racing soon. The company’s refinery in Paradip, Odisha, will in three months produce the petrol used in F1 car racing, IOCL Chairman Shrikant Madhav Vaidya has said. IOCL, the country’s largest oil company, controlling roughly 40 per cent of the fuel market share, will be the first Indian company and only a handful globally that will produce the fuel used in F1 racing. Mr Vaidya adds that IOCL expects to get its Formula 1 fuel certified in around three months, after which it will start competing with other global majors like Shell to supply it to F1 teams.
NTPC, NGEL to set up units in Ramasthan
NTPC and its subsidiary NTPC Green Energy (NGEL) have signed two separate initial pacts to explore the possibili
ty of developing supercritical thermal plants and renewable energy as well as green hydrogen in Rajasthan. The MOU between NTPC and Rajasthan Rajya Vidyut Utpadan Nigam (RVUNL) looks to explore opportunities for adding supercritical units to the existing Chhabra Thermal Power Plant. The MOU also includes undertaking of 15- to 20-year annuity-based renovation and modernisation of old thermal units of RVUNL by NTPC or its affiliates.
The MOU between NGEL and RVUNL aims to set up renewable energy projects and produce green hydrogen derivatives up to 25-gw and 1-mt capacities respectively in Rajasthan.
GAIL plans Rs 650-crore retail LNG foray
GAIL is planning a foray in retail liquefied natural gas (LNG) sector by increasing use of LNG as a transportation fuel, the company has said in an
exchange filing. The company plans to invest Rs 650 crore for this foray, and it aims to capture a 50 per cent market share in this segment in the next five years. GAIL is planning s to set up LNG dispensing stations across the Golden Quadrilateral and other major national highways to grow its retail LNG business. GAIL’S new business plan coincides with the government’s target to increase the share of natural gas in the energy mix from 6 to 15 per cent by 2030.
BHEL bags 1,600-mw order from NTPC
BHEL has bagged an order for setting up 1,600-mw Singrauli Supercritical Thermal Power Plant Stage-iii from NTPC. The plant will be set up adjacent to the existing 2,000-mw thermal power station in Singrauli in Sonbhadra district of Uttar Pradesh, BHEL has said in a statement. Set up by BHEL in 1982, Singrauli plant was NTPC’S first power plant in the
State. The machines installed earlier by BHEL at the plant have been performing exceedingly well since commissioning, it has said.
Don’t take action against IL FS NCLAT
The National Company Law Appellate Tribunal (NCLAT) has directed 11 public sector banks (PSBS) not to take coercive action against
IL&FS group companies and directors till its next hearing on May 14. A two-member NCLAT bench also issued notices to the banks, along with the RBI, directing them to file a reply. On October
15, 2018, the NCLAT had stayed all proceedings against IL&FS and other group companies till its further order. It had also restrained creditors of IL&FS from filing suits in the case of non-repayment of loans. IL&FS had filed a petition with the NCLAT that its lenders continued to harass IL&FS group companies and their directors despite the appellate tribunal’s 2018 order.
NMDC crosses 40-mt milestone in F<24
NMDC, India’s largest iron ore producer, has delivered its best-ever cumulative volumes up to February 2024. NMDC has produced 3.92 mt and sold 3.99 mt of iron ore in February 2024, taking the cumulative tally to 40.24 mt production and 40.48 mt sales in the 11 months of FY24. NMDC’S sales performance in February 2024 is the company’s best-ever February sales since inception. The
3.99 mt sales are 6 per cent higher than the volume of iron ore sold in February 2023. The company has reported growth of 13 per cent in cumulative production and 21 per cent in cumulative sales up to February 2024 over the last year’s numbers.
Tata Motors to split CV, PV into two cos
Tata Motors’ (TML) board has approved a proposal to demerge the company into two separate listed entities. The company has said in a statement that the demerger will birth two companies – a commercial vehicles (CV) business and a passenger vehicles (PV) business. “The demerger will be implemented through an NCLT scheme of arrangement and all shareholders of TML shall continue to have the identical shareholding in both the listed entities,” the company has said in the statement.
The demerger is a logical progression of the subsidiarisation of PV and EV businesses done earlier in 2022 and shall further empower the respective businesses to deliver higher growths with greater agility.
Women-led startups bag 15% of tech funds
India currently has over 8,000 tech-based startups that have a women founder, which have raised $23 billion till date, according to a report by data intelligence Tracxn. The tech startups have raised $155 billion in total funding, with women-led startups raising $23 billion, representing 14.8 per cent share of the overall tech funding pie. Of the 8,000 startups, 2,316 have received funding till date, according to the report. Nearly 6,000 firms are unfunded, of which 590 companies have revenue of more than $30,000. The share of funding raised by women-led startups in the country has risen in the past decade, the report adds.
Rakesh Gangwal sells 5.8% stake in Indigo
Indigo co-founder Rakesh Gangwal has sold a 5.8% stake in Interglobe Aviation,
the parent company of India’s largest airline. According to BSE data, Mr Gangwal sold 2.25 crore shares worth Rs 6,785 crore in Interglobe Aviation at an average price of Rs 3,015 per share. Morgan Stanley Asia bought 21 lakh shares of Interglobe Aviation at Rs 3,015.10 apiece, showed BSE data. Following this transaction, Mr Gangwal’s personal stake in Indigo has come down to 6 per cent. The Chinkerpoo Family Trust, where Mr Gangwal’s wife Shobha Gangwal is a trustee, holds another 13.49 per cent.
Singtel sells 0.8% in Airtel for Rs 5,850 cr
Singapore Telecommunications (Singtel) has sold 4.9 crore shares, representing a 0.8 per cent stake in Bharti Airtel for Rs 5,850 crore to US investment firm GQG Partners. After the transaction, Singtel will hold a stake of 29 per cent in Airtel, which will be valued at around 33 billion Singaporean dollar, or Rs 2 lakh crore. “Airtel continues
to see steady growth across all its businesses and has been rewarded with strong market valuations,” Arthur Lang, the CFO of Singtel Group, has said. The transaction marks Singtel’s move to unlock value by recycling its assets, bringing the total capital recycled to Rs 49,000 crore since its strategic reset in 2021.
=epto levies Rs 2 platform fee per order
Zepto has become the first quick-commerce company to introduce a platform fee of Rs 2 per order. The platform fee will apply to a select set of users. At present, Zomato-owned Blinkit and Swiggy Instamart, both competitors of Zepto, do not charge a fee on grocery orders, but collect a platform fee from food delivery orders. Zepto also charges a late-night handling fee of Rs 15 on orders placed after 11 pm in certain instances. “We do not believe in being over-dependent on delivery fees to be profitable. We believe in core operating efficiency and cost reduction to be profitable,” Zepto has said.
;iaomi India moves towards premiumisation
Smartphone-maker Xiaomi India is undergoing a noteworthy transformation in its business approach by introducing two high-end smartphones to the market. Currently, 85 per cent of the company’s smartphone revenue is derived from devices priced below $300 (approximately Rs 25,000). Although Xiaomi has been venturing into the premium phone segment since 2019, it is currently intensifying its presence in the premium smartphone market, targeting a price range between Rs 50,000 and Rs 1 lakh, with the introduction of the Xiaomi 14 Ultra and Xiaomi 14. The move follows Xiaomi’s loss of the top smartphone brand position to Samsung in 2022.
CCI fines now based on cos’ global turnover
Competition Commission of India (CCI) can now impose penalties on companies for violations based on their global turnover, with the government notifying the amended competition norms. Till now, the CCI had been deciding penalties on the basis of a company’s turnover from a particular business segment where violations have been found. The Corporate Affairs Ministry has notified the provisions under the amended the Competition Act with effect from March 6.
Tatas sell Air India building to Maharashtra govt
Nearly 50 years after it was built, Tata Group-owned Air India’s iconic building has been sold to Maharashtra government for Rs 1,601
crore. The building is situated in Nariman Point in Mumbai. Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey has announced that the Maharashtra government has decided to waive dues of Rs 298.42 crore payable by AI Assets Holding Company (AIAHL) to the State for this transaction. The non-core assets that were not included in the government’s strategic sale of Air India to the Tata Group for Rs 18,000 crore, which was completed in early 2022, are held by the State-run AIAHL.
AGL ropes in Ranbir as brand ambassador
Asian Granito India (AGL), one of the country’s leading tiles, engineered marble, quartz and bathware brand, has signed actor Ranbir Kapoor as its brand ambassador. Recognised for his charm, versatility and youthfulness, Mr Kapoor perfectly embodies the spirit of Asian Granito – innovative, dynamic and constantly evolving, the company has said in a media release. With strong and sturdy reputation built on years of excellence, Asian Granito continues to push boundaries and set new benchmarks in the industry. With over 235 franchisee showrooms, 11 company-owned display centres and a vast distribution network across India, including more than 14,000 touchpoints, Asian Granito has expanded its reach to over 100 countries.
BAMAM Group sets aside Rs 5,000 cr for CSR The Bajaj Group has committed Rs 5,000 crore towards social impact initiatives over five years, with a sharp focus on skill development, under Bajaj Beyond – the group’s new identity for all its corporate social responsibility (CSR)
and charitable programmes. This initiative is expected to benefit over 2 crore youth and enable them to take advantage of employment and entrepreneurial opportunities offered by India’s growing economy. In the last 10 years alone, the Bajaj Group has contributed close to Rs 4,000 crore towards CSR initiatives
Myntra is India franchisee of 8.’s NE;T
E-commerce platform Myntra has said that it has bagged franchise rights for the UK’S fashion brand NEXT for the country. Myntra has signed a franchise agreement with the UK’S fashion brand NEXT to this effect. The association allows Myntra Jabong, Myntra’s B2B wholesale entity, the right to distribute NEXT’S range of products, while holistically scaling NEXT’S omni-channel presence in India, a company statement has said. “As a part of this franchise agreement, Myntra’s B2B entity will set up NEXT branded
stores in India,” it said. It has added that the association enables NEXT to tap into the vast, diverse and ever-evolving Indian market.
Maruti recalls 16,000 units of Wagonr, Baleno
Maruti Suzuki has disclosed plans to recall 11,851 units of Baleno and 4,190 units of Wagonr produced between July 30, 2019, and November 1, 2019. The company has identified a defect in the fuel pump motor component, which, although rare, could result in engine stalling or starting issues. The automaker has assured affected vehicle owners that they would be promptly contacted by Maruti Suzuki’s authorised dealer workshops for replacement of the faulty part at no additional cost. This proactive measure aims to address safety concerns and ensure the optimal performance of the vehicles. The recall comes amid Maruti’s 15 per cent increase in the wholesale segment.
Bengaluru firm develops India’s fastest router
A Bengaluru-based firm Nivetti Systems has introduced an indigenous 2.4-terabits per second (tbps) router, setting a new benchmark in the field of networking. The cutting-edge router marks a significant milestone for India’s technology sector. Development of this high-speed router by Nivetti Systems carries numerous benefits for India’s technological landscape. Firstly, it represents a momentous achievement for the country, highlighting the strides made in advancing indigenous technology solutions. By relying on domestic expertise and resources, the router underscores India’s ability to innovate and compete on a global scale. With its impressive speed and efficiency, the router can significantly facilitating faster data transmission and connectivity.
Signature to invest Rs 2,200 cr in Gurugram
Realty firm Signature Global will invest Rs 2,200 crore over the next five years to develop a new luxury housing project in Gurugram as a part of its expansion plan amid strong consumer demand. “We have launched a new housing project in Sector 37D, Gurugram on Dwarka Expressway. The total units will be 1,008 in the project,” Signature Global Chairman Pradeep Aggarwal hss said. The company has already sold the entire 1,008 luxury flats for over Rs 3,600 crore, reflecting strong consumer demand despite price rise. Mr Aggarwal adds that the company had received 5,400 Eois from customers in this new 16.5-acre housing project.