Biz Updates: RBI buys eight tones of gold in November, 876 tones of reserves; space sector investment falls by 55%

New Delhi| Central banks around the world collectively added 53 tones of gold to their reserves in November, 2024. During this period, RBI bought 8 tones of gold. Simultaneously, RBI’s gold reserves increased to 876 tones.  The RBI is second only to Poland’s central bank NBP in 2024 in terms of buying gold, the World Gold Council (WGC) reported in a report on Monday. Poland bought 90 tones of gold in this period, while RBI bought 73 tones.

55% decline in Indian space sector investment in 2024
After the great success of Chandrayaan-3, the Indian space industry had attracted the world’s attention. It was believed that investment in the Indian space industry would increase in view of the success of Chandrayaan-3 and ISRO’s upcoming second ambitious plans, but last year investment has registered an unexpected decline of more than 50 percent. According to a recent report by Traxon, a space industry watch platform, investment in the Indian space industry declined to $59.1 million in the year 2024. This is 55 percent less than the year 2023. In 2023, there was an investment of $130.2 million in the Indian space industry. According to the report, this decline in the Indian space sector comes amid a 20% decline in global investment, the first decline in at least five years.

Due to instability, many companies including Infosys postponed salary hike
Several companies, including Infosys, the country’s second largest IT company, have also postponed annual salary increases in the fourth quarter of FY 2024-25. The delay in wage increases, usually implemented at the beginning of the year, is a sign that the domestic IT sector is still facing uncertainty. It is believed that due to global instability, customers are not increasing IT expenses. According to a report, Infosys last implemented the wage increase in November, 2023. Other big IT companies like HCL Tech, LTIMindtree and L&T Tech Services also did not increase salaries in the second quarter to balance costs and profits. According to Motilal Oswal Financial Services, Infosys’ margins may decline in the December quarter. The reason for this is employees going on leave and working days decreasing.

Credit information companies must address complaints in 30 days, otherwise 100 rupees fine every day
RBI has issued a new rule by consolidating banks and other financial institutions on reporting credit information of customers. According to this, if credit institutions and credit information companies do not resolve customer complaints in 30 days, they will have to pay compensation of Rs 100 daily.

When credit reports of customers are accessed, credit information companies (CICs) will have to send alerts to customers through SMS/email, RBI said in a circular on Monday. CIC will send alerts only when the credit information report i.e. CIR test is visible to the customer. Credit institutions i.e. banks and non-banking financial companies (NBFCs) will have to explain to the customers the reasons for rejecting their request for data correction, so that the customers can better understand the issues. Its objective is to establish a standardized framework for reporting and dissemination of loan information and to protect the confidentiality of sensitive loan data of customers, RBI said in its circular.

Coal production registered a 23 per cent increase
NTPC Mining has performed brilliantly by producing 30.88 million metric tones (MMT) of coal till Q3 FY 2024-25, registering a growth of 23 per cent over the previous FY. 30.55 MMT of coal has been sent to NTPC power houses with an increase of about 19 per cent. NTPC Coal Mining has consistently exceeded its production targets, strengthening its position as a major player in the captive coal mining sector. NTPC Mining has produced over 134.87 MMT. Has dispatched more than 132.98 MMT of coal from its five operational captive coal mines, including Pakri Barwadih, Kerandari and Chatti Bariatu located in Jharkhand, Dulanga in Odisha and Talaipalli in Chhattisgarh.

NTPC achieved 326 BU production
NTPC Limited recorded 326 BU production at the end of Q3 FY 2024-25, registering a growth of 3.82 per cent over the same period of the previous FY. NTPC coal stations achieved a cumulative plant load factor (PLF) of 76.20 per cent by the end of Q3 FY 2024-25. NTPC Group’s installed capacity as of end of calendar year 2024 has increased by 2724 MW to 76,598 MW during the year. These achievements reinforce NTPC’s commitment to provide reliable and affordable power to the country. In addition to an operational capacity of 76.6 gigawatts, an additional 29.5 gigawatts of capacity, including 9.6 gigawatts of renewable capacity, is under construction. The company is committed to achieving 60 gigawatts of renewable energy capacity by 2032.

RECPDCL assigned the specific project to BOOT
REC Power Development and Consultancy Limited (RECPDCL) has handed over a project specific SPV (Special Purpose Vehicle) Rajasthan IV 4 A Power Transmission Limited to Power Grid Corporation of India Limited on December 30, 2024 in Gurugram. The transmission plan is designed to drain 3.5 gigawatts of renewable energy from the Rajasthan renewable energy sector. The estimated cost of the project is Rs 5378.03 crore. RECPDCL CEO TSC Bosh handed over the SPV to Satya Prakash Das, Company Secretary, Power Grid Corporation of India Limited, in the presence of senior officials of RECPDCL, Power Grid Corporation of India Limited and Central Transmission Utility of India Limited. The project is targeted to be implemented in 24 months.

BIS celebrated its foundation day
Bureau of Indian Standards (BIS) Noida branch office celebrated its foundation day with an industrial meeting at the Footwear Manufacturers and Exporters Chamber in Agra. The foundation day of BIS is celebrated every year on 6 January. The programme continues its tradition of promoting discussions on standardization, quality and innovation in the country’s industrial sector. President of National Chamber of Industry and Commerce Mr. Atul Gupta, Vice President of National Chamber of Commerce Amber Prasad and President of Agra Iron Foundry Association Amar Mittal were present in the program. The program started with a welcome address by Vikrant, Head of Noida Branch Office, in which he highlighted the visit and vision of BIS. He underlined the importance of standardization to ensure the quality of products and services in various sectors.