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Posted On:
10-07-2024

ONGC unveils Rs 2 trillion decarbonisation road map for net-zero 2038

As part of its net-zero emissions road map, state-owned Oil and Natural Gas Corporation (ONGC) plans to offset 9 million tonnes (mt) of carbon dioxide (CO2) equivalent emissions (tCO2e) by 2038 at a total cost of Rs 2 trillion. India’s largest oil and gas producer announced this initiative on Tuesday, making ONGC the first fossil fuel company in India to outline a detailed plan to reduce greenhouse gas (GHG) emissions over a fixed time period. While other major Indian public sector undertakings such as Indian Oil Corporation (IndianOil), Indian Railways, and Coal India have declared net-zero targets,
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Posted On:
10-07-2024

IBM Software sees 30-40% productivity gains among developers using GenAI

For Dinesh Nirmal, who heads IBM Software, one of his mandates is to integrate generative artificial intelligence (GenAI) into all products IBM builds and leverage it to enhance developer productivity across global labs. Nirmal believes that one of the biggest benefits of GenAI is automation, leading to optimisations and productivity gains. He shares that IBM Software has observed productivity gains of 30-40 per cent in some segments of software development.“Software development encompasses multiple aspects beyond code generation. In areas like code documentation, explanation, or generating test cases, we’re seeing 30-40 per cent optimisation and productivity gains,” he told Business Standard in a virtual meeting.
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Posted On:
11-07-2024

BPCL ready to invest Rs 1 trn in Andhra Pradesh: Industries minister Bharat

Andhra Pradesh Industries Minister TG Bharat on Wednesday said Bharat Petroleum Corporation Ltd (BPCL) is ready to invest Rs 1 lakh crore in the state, which could include the setting up of an oil refinery. The Industries Minister accompanied a BPCL delegation led by its chairman and managing director G Krishna Kumar to meet Chief Minister N Chandrababu Naidu at the Secretariat in Amaravati on Wednesday. According to Bharat, BPCL officials told Naidu that the company is ready to invest massively in the state and discussed primarily about setting up an oil refinery. "BPCL is ready to invest Rs 1 lakh crore in the state. Initially, it will invest between Rs 50,000 crore and Rs 75,000 crore," said Bharat in an official press release. Later, the oil marketing major is keen to raise its investments to Rs 1 lakh crore, he said, adding that BPCL is looking at three places to zero in on the probable location to set up the oil refinery. After 90 days, the minister noted that BPCL delegation will meet the CM again to decide the location of the oil refinery. The Industries Minister noted that Vietnamese electric vehicle manufacturer VinFast expressed its keenness to set up shop in Andhra Pradesh to Naidu.
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Posted On:
11-07-2024

Dairy firm Heritage Foods looks East in line with pan-India ambition

Heritage Foods is spreading its footprint in the East in sync with its ambition to become a pan-Indian private dairy company. On Wednesday, the company announced its foray into West Bengal and over the next few days, Bihar and Jharkhand are on the cards. In Odisha, Heritage launched its products about six to nine months back. Srideep, M Kesavan, chief executive officer (CEO), said East had the lowest per capita consumption of dairy. “But in the last few years, the region has emerged as the fastest-growing market. This is the growth market that we want to capture.” These are building blocks to the company’s target of achieving revenue of Rs 6,000 crore in three years. In FY24, Heritage clocked consolidated revenue of Rs 3,793.9 crore. Heritage’s products are sold across 12 states in India. The company has 18 milk processing facilities with a total processing capacity of 2.78 million litres per day (MLPD). And, it works with more than 300,000 dairy farmers for milk procurement across nine states. Kesavan said that post-Covid, a focus on healthier products has had a rub-off effect on the dairy industry. In the last three years, Heritage has grown at a compound annual growth rate (CAGR) of 17 per cent, he pointed out.
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Posted On:
12-07-2024

ATC Telecom converts Rs 160 cr worth Voda Idea debt bonds into equity

Mobile tower company ATC Telecom Infrastructure has converted Rs 160 crore worth of optionally convertible debentures, issued by Vodafone Idea in lieu of payments, into equity, a regulatory filing said on Thursday. Debt-ridden telecom operator Vodafone Idea (VIL) had issued optionally convertible debentures (OCDs) worth Rs 1,600 crore to ATC, as it failed to pay for rentals of mobile towers. ATC has already converted OCDs worth Rs 1,440 crore into equity in March. "We wish to inform you that pursuant to the terms of OCDs, the Company has received Conversion Notice in respect of outstanding 1,600 OCDs from current OCD holders (ATC) for conversion into 16,00,00,000 fully paid up equity shares of face value of Rs 10 each at conversion price of Rs 10 per equity share," VIL said in the filing. ATC has already converted OCDs worth Rs 1,440 crore into equity in March. "We wish to inform you that pursuant to the terms of OCDs, the Company has received Conversion Notice in respect of outstanding 1,600 OCDs from current OCD holders (ATC) for conversion into 16,00,00,000 fully paid up equity shares of face value of Rs 10 each at conversion price of Rs 10 per equity share," VIL said in the filing.
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