Indian Railways, the world's third-largest railway network, has adopted a new method of comparing and purchasing electricity from the open market to save money. This has allowed the Jhansi division of North Central Railway to save over five crores in electricity expenditure in just one month. This method will now be adopted in other zones as well, as Indian Railways looks for more ways to cut costs and improve passenger facilities.
Indian Railways Pioneers New Electricity Procurement Method, Saving Millions
In a significant step towards cost optimization and passenger service enhancement, Indian Railways has introduced a novel method for sourcing electricity from the open market. This innovative approach has already yielded remarkable savings for the Jhansi division of the North Central Railway.
Background:
Indian Railways, the world's third-largest railway network, has traditionally procured electricity from state-owned power utilities. However, these fixed-price contracts often resulted in inefficiencies and higher costs. To address this issue, the railways explored alternative procurement methods.
The New Method:
Under the new method, the railways enters into short-term contracts with multiple electricity suppliers. This allows the railways to compare prices and negotiate favorable terms, leading to substantial savings.
Savings Achieved:
The Jhansi division of the North Central Railway adopted the new method in August 2022 and has already saved over INR 5 crores (approximately USD 650,000) in electricity expenditure in just one month.
Expansion Plans:
Encouraged by the success in Jhansi, Indian Railways plans to implement the new method in all of its zones. This move is expected to further reduce electricity costs and improve the financial health of the railways.
Top 5 FAQs and Answers:
Mumbai's popular Metro Line 3 faced a temporary shutdown today as the BKC Metro Station was temporarily closed for operations. According to officials, the rest of the metro line remains fully functional and the temporary closure was for maintenance purposes. The unexpected shutdown caused some inconvenience to commuters, but authorities assure that the issue will be resolved soon.
Meme stocks have become a hot topic in the stock market, with investors flocking to these highly volatile and speculative stocks. These stocks refer to those that skyrocket in price and trading volume due to social media buzz. However, investing in these stocks can be risky, as they are often overvalued and not based on strong fundamentals. While some investors have seen success with meme stocks, others caution against putting too much of one's portfolio into these highly unpredictable investments. It's a trend that may not last, and predicting when it will reverse can be a costly guessing game.
The Dow Jones Industrial Average and S&P 500 futures inched higher before the opening bell on Thursday, signaling a positive start for US stock markets. Analysts are anticipating the release of key economic data on jobless claims and crude oil stockpiles, which could have an impact on the course of benchmark interest rates. This comes after the Fed's decision to lower interest rates by 25 basis points, citing a strong economy and inflation nearing its target. Stay updated on all stock market news and more on Zeebiz.com.
Sports TechnologyEntertainment, "Trump Jokes about Elon Musk's Overbearing Presence at Mar-a-Lago" Former President Donald Trump joked about tech mogul Elon Musk's frequent presence at his Mar-a-Lago estate, making light of their close relationship. While Trump praised Musk for dedicating time to his election campaign, lawmakers noted that some within Trump's inner circle see Musk's continued presence as overbearing. Musk's involvement in Trump's transition team has sparked debate among the former president's allies, with some viewing it as beneficial and others questioning his persistent influence.
Eicher Motors Ltd., the parent company of Royal Enfield, reported a net profit of ₹1,100 Crore for the second quarter of FY25. Although revenue for the quarter increased by 3.6%, it fell short of projections. VECV, another subsidiary of Eicher Motors, saw an 8% increase in income from operations. Despite a decline in Royal Enfield's sales, the company has announced its entry into the electric mobility market with the launch of a new EV brand.
Nissan South Africa has officially opened its new headquarters in Irene, South Africa, which will serve as the hub for administrative and strategic operations in the country and its Independent Markets Africa division. The move to the new building will enhance collaboration, streamline processes, and provide a more productive and progressive work environment for the team. This decision aligns with modern practices of separating corporate headquarters from manufacturing operations and reflects Nissan's commitment to innovation and efficiency in engaging with the market and customers. The launch of the new Magnite vehicle in November also marks an auspicious month for Nissan South Africa.
Pokarna, a company with a market cap of Rs 2,231 crore, has announced a strategic investment of Rs 440 crore aimed at fulfilling the increasing demand for premium quartz surfaces worldwide. This marks the launch of the company's third Bretonstone production line from Italy's Breton S.p.A., which will set new standards for capacity and environmentally friendly production. However, the stock saw a decline of 9.96% in early trade as equity benchmark indices dropped due to a combination of factors such as retail inflation, muted quarterly earnings, and weak global markets.
NTPC Green Energy, a subsidiary of NTPC Ltd., will launch its IPO on November 19 with a price band of Rs 102-108 per share. The company will also have a shareholders category, allowing current NTPC shareholders to participate. Analysts are optimistic about the IPO, citing the company's operational capacity, contracted projects, and future development plans. With NTPC targeting 60GW of RE capacity by FY32, investors are advised to buy NTPC shares to increase their chances of IPO allotment.
ScottishPower has chosen Siemens Gamesa to supply the turbine blades for their £4 billion East Anglia TWO offshore wind farm. This agreement, worth more than £1 billion, solidifies Hull as the location for the blade production. In this interview, Chet Benham, President & COO of Viridi Energy, discusses their business and focus on renewable natural gas and its role in the energy transition. Additionally, AFRY has been selected by Electroperú to oversee the modernisation and life extension of two hydro power plants in Peru.
Nadhmi al-Nasr, CEO of Neom, the futuristic city development in Saudi Arabia, has suddenly stepped down and will be replaced by an acting CEO from the country's sovereign wealth fund. The Public Investment Fund's board deemed this a natural evolution and strategic move, but the reasons for Nasr's departure are unknown. Neom, envisioned as a 9-million-resident city with extravagant features like a floating business district and the world's tallest skyscrapers, has faced financial and leadership challenges since its announcement in 2017. With projects being delayed, downsized, or cancelled, securing foreign investors has become crucial, but the project's first phase has already exceeded its budget.