15,000 Cr In Green Energy, First Green Hydrogen Project, PM Awas Yojana,Kotak Bank Credit Cards Paused, Etc.

Market Briefs

Main Briefs

Naveen Jindal Group's Rs 15,000-Crore Green Energy Push:

Investment Plan Overview:

• Naveen Jindal group finalising a Rs 15,000-20,000 crore investment plan for renewable energy projects.

• Renewable energy sources to become a source of captive clean fuel for the expanding steelmaking operations.

Green Energy Production:

• The group aims to power new steel capacity additions by creating 4 gigawatts (GW) of renewable power sources in-house within the next couple of years.

• Focus on reducing carbon emissions and producing green steel, contributing to ESG compliance.

Renewable Energy Projects:

• Most of the renewable energy capacity will be created by developing solar and wind power projects.

• Bulk of the projects will be in Rajasthan and Karnataka.

Future Plans:

• Jindal Steel and Power to primarily invest in India, focusing on steel and ancillary businesses such as mines, ports, and power.

• Plans to ramp up steelmaking capacity to about 15 million tonnes per annum by 2025-26 from 9.6 million tonnes per annum in 2022-23.

Industry Impact:

• Other steel firms like Tata Steel and ArcelorMittal Nippon Steel have also announced setting up captive green power projects to turn carbon emission-free in the steelmaking process.

India's First Multi-Purpose Green Hydrogen Pilot Project Inaugurated:

Project Inauguration:

• India's first multi-purpose green hydrogen pilot project inaugurated at 1,500 MW Nathpa Jhakri Hydro Power Station (NJHPS) in Himachal's Jhakri, according to Satluj Jal Vidyut Nigam (SJVN) officials.

Project Features:

• The project includes a 20Nm3/hr electrolyzer and 25kW fuel cell capacity-based green hydrogen pilot project.

• Nation's first multi-purpose (combined heat and power) green hydrogen generation plant.

• Capable of catering to the high-velocity oxygen fuel (HVOF) coating facility of NJHPS to meet its combustion fuel requirements.

• Electricity generated through its 25kW capacity fuel cell.

Production Details:

• Hydrogen gas produced by splitting hydrogen and oxygen from water with the help of an alkaline electrolyzer of 20Nm3/hr capacity.

• Utilises renewable energy supplied from the 1.31 MW solar power plant of SJVN located in Wadhal, Himachal Pradesh.

• The pilot project is set to produce 14 Kg of green hydrogen daily during eight hours of operation, stored in 6 storage tanks.

Utilisation:

• Green hydrogen will be utilised for HVOF coating of turbine underwater parts.

• Electricity generated through its 25kW capacity fuel cell.

National Green Hydrogen Mission:

• Aligned with the National Green Hydrogen Mission of the Government of India.

• SJVN's Green Hydrogen Pilot Project will accelerate the development of green hydrogen production infrastructure in the power sector, establishing green hydrogen as a clean energy source.

Centralised Operation Inauguration:

• Geeta Kapur inaugurated the first-of-kind centralised operation of 1,500 MW NJHPS and 412 MW Ram

  pur Hydro Power Station (RHPS) by remotely operating Unit-2 of RHPS from the NJHPS control room at Jhakri.

PM Awas Yojana: Widening Housing Subsidy Scope for Urban Poor:

Expanded Scheme Proposal:

• Centre considering expanding PM Awas Yojana housing subsidy for urban poor, per CNBC-TV18 sources.

•   Self-employed, shopkeepers, and small traders likely to be covered under the scheme.

•   Subsidised loan to be linked to housing unit price and size; up to Rs 30 lakh loan proposed for a Rs 35 lakh house.

Previous Developments:

• In 2021, Centre ended the Credit Linked Subsidy Scheme (CLSS) under PMAY, providing subsidised home loans based on income.

•   Interim Union Budget 2024-25 allocated Rs 80,671 crore to PMAY, aiming to boost the program.

•  Finance Minister Sitharaman announced plans to launch a scheme helping middle-class individuals buy or build their own houses.

PMAY Scheme Overview:

•   PMAY launched in June 2015, aiming to

  provide pucca houses with basic amenities to eligible urban beneficiaries.

•   Mission targets adding another two crore houses over the next five years.

•  Housing and Urban Affairs Minister Hardeep Singh Puri announced a proposal for interest subsidies for urban affordable housing in January.

Briefs, You Can’t Miss:

1. RBI Directs Kotak Mahindra Bank to Pause Issuing New Credit Cards, Onboarding Fresh Customers via Mobile Banking.

2. Smart Appliances Firm Karban Raises a Whopping Rs 8.9 Crore in Seed Funding Round Led by All In Capital, Titan Capital, and Rainmatter.

3. Government Grants One-Year Extension for RBI Deputy Governor Rabi Sankar.

4. PVR Inox Introduces Ad-Free Movies Experience Amid Declining Theatre Footfalls.

5. Blackstone-Backed Aadhar HF Reduces IPO Size to Rs 3,000 Crore; Eyes Early May Launch at Rs 13,500 Crore Valuation.

6. HUL Sharpens Focus on Beauty Segment Growth Amid Personal Care Sector Decline.

7. Government Allows Sugar Mills to Utilise 6.7 Lakh Tons of B-Heavy Molasses for Ethanol Production.

8. India's Pharma Exports Surge 10% to Reach USD 27.9 Billion in FY24.

World Briefs

• Elon Musk's X Set to Launch Television App, Posing a Challenge to YouTube.

• Tesla's Profits Plummet by 55%, Raising Concerns About Its Strategy.

• Hitachi Energy Aims for Expansion in India Amid Surging Power Demand.

• Canada Pension Investment Board Sells 2.04 Percent Stake in Delhivery.

• TikTok CEO Expresses Confidence in Overcoming US Restrictions: 'We Aren't Going Anywhere'.

• Biden Signs $95 Billion War Aid Measure with Support for Ukraine, Israel, and Taiwan.

• Indian Fintechs Have Revolutionised QR Payments, Says Visa CEO Ryan McInerney.

• Qualcomm to Equip Windows PCs with New Processors to Compete with Apple MacBooks.

AI Briefs

• GenAI Revolutionising High-Technology Accessibility for More People and Companies, Says Flipkart and Navi Founder Sachin Bansal.

• Fitness and Social Media Apps Fuel AI Adoption in India, Particularly in Cities like Bengaluru.

• British Regulators Scrutinise Microsoft and Amazon AI Partnerships.

• Nvidia Acquires AI Workload Management Startup Run:ai for $700M, According to Sources.

• Microsoft Unveils Phi-3, Its Smallest AI Model Yet.

• Snowflake Introduces Its Flagship Generative AI Model.

Company Of The Day

Company Name: MDH Spices

• Founder: Dharampal Gulati

• Year Of Foundation: 1919

• Headquarter: New Delhi, India.

• Industry: MDH Spices is a spice manufacturing company that produces ground single and blended spices, as well as spice-related products.

• Why In News In India?

• MDH masalas are banned in Singapore and Hong Kong because ethylene oxide was found in some products, posing health risks like cancer and other long-term effects.