Based on the sources, here is the full reproduction of the article titled "How solar thermal can ‘green’ manufacturing processes" by K Bharat Kumar, found on page 8 of the July 20, 2026, edition of The Hindu BusinessLine.
How solar thermal can ‘green’ manufacturing processes
By K Bharat Kumar
The greening of the power grid through renewable energy (RE) will significantly help meet the country's commitment to achieving 'net-zero emissions' by 2070. However, another potential solution — solar thermal — remains overlooked.
The Need for "Process Heat"
A major chunk of the manufacturing industry is the need for "process heat" — factories burn huge quantities of fossil fuels to boil water, create steam or run assembly lines. Solar thermal energy can be made available instantly, unlike the futuristic hydrogen fuel option.
A solar thermal system is designed to absorb heat energy directly from the sun’s rays. In a policy-brief note, The Energy and Resources Institute (TERI) says India needs a "National Solar Thermal Mission, on the lines of the National Solar Mission and the more recent National Hydrogen Mission", under the Ministry of New and Renewable Energy.
Applications and Opportunities
The real opportunity for solar thermal energy is in medium-temperature applications such as steam, hot air, hot water generation and cooling. It is, however, not suited for the heavy-duty heating required in steel plants.
- Food and Food Processing: Thermal energy makes up 60-75 per cent of the energy mix used for distillation, sterilisation, and blanching.
- Dairy and Textile: These sectors need huge amounts of hot water and steam for pasteurisation and fabric dyeing, respectively. Solar thermal lends itself well in such sectors.
It not only lowers carbon emissions but also, compared with heat from fossil fuel, provides a more sustainable path. These "sunrise" sectors are expected to grow rapidly, as also their emissions, and would benefit from the use of solar thermal systems.
Market Challenges
While solar thermal has been around for a while, it has not made a significant impact yet. TERI describes it as a "chicken and egg" situation — market failure on both the supply and demand side. Reasons for the poor off-take include:
- Low awareness of the benefits.
- Too little demand leading to poor supply.
- The need to design solar thermal systems suited to specific needs, unlike solar panels, which are mass-produced and have standard usage.
Cost Advantage and Feasibility
Solar thermal is especially feasible owing to the abundant resource — India enjoys 250-300 sunny days a year, with radial radiation of 1,600-2,200 kWh/sqm. The technology ranges from inexpensive, low-temperature collectors to advanced tracking systems that hit 400 degrees Celsius.
It is highly competitive vis-a-vis fossil fuel alternatives. According to the source data:
| Fuel Source | Cost of steam production (₹ per kg) | Payback period for switching to Solar Thermal (Years) |
|---|---|---|
| Diesel | 7.82 | 1 |
| Natural Gas | 4.32 | 5 |
| Furnace Oil | 3.84 | 2 |
| Coal | 1.35 | 8 |
| Solar Thermal | 1.2 | N/A |
While switching from diesel offers the quickest payback (one year), switching from coal takes eight years, which often makes businesses hesitant to switch.
Emission Reduction Potential
TERI points out that replacing coal-fired industrial boilers with solar thermal systems provides the greatest reduction in carbon dioxide emissions. For a 10 tonnes per hour boiler, the annual reduction potential is:
- Coal: 20,136 tonnes per annum (TPA)
- Diesel: 17,918 TPA
- Natural Gas: 12,189 TPA
- Furnace Oil: 11,511 TPA
Recommendations
With policy support, companies can surmount obstacles like high upfront costs, land constraints, and lack of tailored bank financing. TERI recommends that the government should:
- Allow 10-year, green bond-backed loans.
- Drop GST to the lowest tier.
- Offer 30 per cent accelerated depreciation.
- Set up industrial special purpose vehicles (SPW) to share the infrastructure costs among clusters of factories.
Based on the sources, here is the reproduction of the article titled "Brokerages extend earnings recovery in first quarter as diversified revenue streams drive growth" from page 2 of the July 20, 2026, edition of The Hindu BusinessLine.
Brokerages extend earnings recovery in first quarter as diversified revenue streams drive growth
By Our Bureau, Mumbai
India’s brokerage industry reported a healthy earnings recovery in the June quarter, with most major firms reporting double-digit profit growth as higher cash market activity, expanding margin funding books and diversification into wealth management and distribution offset the impact of derivative volumes regulations introduced in late 2024.
The quarter also saw a widening gap in business models. Expanding beyond transaction-based broking into lending, distribution and other fee-based businesses helped major brokers deliver stronger earnings. Most brokerage firms reported relatively steady growth. Growth led the pack with parent Billionbrains Garage Ventures reporting a 94.4 per cent year-on-year jump in consolidated net profit to ₹735 crore. Revenue from operations rose 66 per cent to ₹1,501 crore, supported by higher operating leverage and increasing contribution from newer businesses such as margin trading facility (MTF) and commodity derivatives. EBITDA more than doubled to ₹1,050 crore during the quarter.
A similar trend was visible across peers. Angel One’s profit more than doubled to ₹231.4 crore on a 25.4 per cent increase in total income to ₹1,434 crore, aided by a record average client funding book of ₹6,140 crore, up 46 per cent year-on-year. The company continued to benefit from its strong market position, with its client base growing 51.5 per cent year-on-year to 3.86 crore. India’s largest full service retail brokerage, HDFC Securities, reported a 28 per cent increase in net profit, alongside 30 per cent revenue growth to ₹950 crore. Nearly 96 per cent of its 8 lakh new clients were acquired through digital platforms as the firm continued its shift towards lower-cost digital distribution.
Kotak Securities reported a net profit rise of 14.6 per cent, while total revenue was ₹511 crore.
Stable Earnings
Motilal Oswal reported relatively stable earnings, with net profit rising 7 per cent to ₹538 crore from ₹498 crore a year ago, while revenue from operations rose 38 per cent to ₹1,546.9 crore.
ICICI Securities' 5 paisa reported 10 per cent growth in its average client funding book to ₹421.6 crore despite a 12 per cent sequential decline in trading turnover. It saw net profit rise sequentially by 15 per cent to ₹311.2 crore.
Anand Rathi also credited higher revenue of ₹246.1 crore, up 22 per cent, to margin funding and distribution businesses for its strong operating performance.
Q1 financial snapshot
| Brokerage | Revenue (₹ cr) | PAT (₹ cr) |
|---|---|---|
| Billionbrains | 1,501.00 | 735.00 |
| Angel One | 1,434.00 | 231.40 |
| HDFC Securities | 950.00 | 311.00 |
| Motilal Oswal | 1,546.90 | 538.00 |
| Kotak Securities | NA | 511.00 |
| 5paisa | 81.30 | 11.60 |
| Anand Rathi | 246.10 | 23.40 |
Based on the sources, here is the reproduction of the article titled “The world’s set for a bumpy ride” by TCA Srinivasa Raghavan, found on page 6 of the July 20, 2026, edition of The Hindu BusinessLine.
The world’s set for a bumpy ride
By TCA Srinivasa Raghavan
Trump, Xi and Putin’s actions will cause turmoil in world economy. India will have to take some tough calls on the revenue front.
The world is back where it started in the US-Iran war. After a short lived ceasefire, both sides are again reaching each other. The flow of crude oil is disrupted and global supply is likely to remain below demand for a long time to come, the IMF thinks.
But there is more. When Trump attacked Iran, I had written about how, in history, every once in a while very egocentric people come to power and change the world forever by their unilateral actions. But there were only two of them then. Now there are three such people were at it simultaneously.
The three are Donald Trump, Xi Jinping and Vladimir Putin. These three guys don't seem to care a fig about what they do to the rest of the world and their countries. They are eccentric (or worse) and possess enormous power.
Thus, Trump and Putin have gone to wars which they have lost but are continuing with them. Xi has managed to unite the world against China in a way that is causing huge damage to the global economy. This process has already started and countries are beginning to make alternative arrangements for trade and investment.
The silver lining is that Trump will go in January 2029 when, hopefully, Americans will choose a more sober president. But let that not obscure the fact that he will be there for another two-and-half years more. He has already done enormous damage in the four years he has been President. He could still, and probably will, do much more damage while there for life and have the power to wreak further havoc in pursuit of their own agendas.
Of the three, Putin is the weakest but Xi Jinping and Trump are equal in strength. Xi and Trump have military power but only the US has technology. America is about 20 years ahead of these two in terms of technology.
Wages of Megalomania
What we are looking at is exactly the kind of thing George Orwell had predicted in his classic book, 1984, where there are three major groups fighting a war that never seems to finish. They just go on and on and on and no one even knows what it's all about.
None of these three leaders has any reason to behave in this destructive fashion. US was powerful and still is. Russia has the oil and gas that the rest of the world needs. And China controls industrial production for much of the world.
The three between them had enough muscle to get whatever they wanted without going to war. Yet Russia and America have done so. China had the goodwill and money to impose its will and it’s a matter of time (at most a year) before it tries something in Taiwan.
What is different this time is that these power struggles which involved the whole world started in Europe or were started by European powers. This time around Europe is as much a victim as all others are. But the consequences are the same: global disruption, destruction and devastation. And unlike in the past since these three men aren't fighting each other directly, but instead using others for life, there's no saying when all this nonsense will stop. But we can be sure about one thing: it won't be soon.
India's Problems
And so, as always, we come to India. Like the rest of the world we are in for a very bumpy ride economically. This could last, at the very least, until January 20, 2029. But the chances are that as America fights to retain its number one position, it will last well beyond.
Therefore, it is now widely expected that world economic activity and growth will shrink. As global growth falters, it will put pressure on Indian government revenues as well which will have to continue to subsidise welfare programmes, pay wage bills and pensions and fund defence expenditure, not to mention interest on past debt. There is already the possibility of a supplementary demand for grants in the monsoon session, the first in five years.
So, once the efforts at better management by the government reach their limits, expect higher taxes in 2026-27, and which will probably happen from 2027 onwards.
The only three free ride that companies have been getting since 2018 is also getting over. Personal income tax, too, will be revised upwards and GST exemptions, devised for political reasons, will now be revised downwards.
In overall fiscal management terms governments the world over will lean towards demand management via a combination of rationing and the price mechanism. The silver lining is that our citizens are masters of that art.
They even excel in saying no to citizens about whether they are citizens. So I guess we will be fine.
Based on the sources, here is the reproduction of the article titled "Role of trust in financial governance" by Arun Raste, found on page 7 of the July 20, 2026, edition of The Hindu BusinessLine.
Role of trust in financial governance
By Arun Raste
For decades, financial governance was largely synonymous with compliance. That paradigm, while necessary, is no longer sufficient. The world that organisations operate in today is volatile, shaped by technological disruption, stakeholder activism and unprecedented transparency.
Historically the Chief Financial Officer (CFO) is tasked with being a custodian — maintaining accounting integrity, cost management and regulatory compliance. Modern business analytics are reinventing the CFO’s role, with governance moving to the forefront of financial leadership. So the modern CFO has to:
- Provide strategic advice to the CEO and the board;
- Translate data into actionable insights;
- Act as a steward of organisational trust;
- Manage capital allocation in volatile environments;
- Anchor risk management frameworks for enterprise resilience.
For organisations, this transition means: Redefining competency frameworks for finance leaders; investing in digital and analytical capabilities within finance teams; and creating governance structures where finance drives — not follows — strategy. Modern governance frameworks need to leverage risk identification with predictive analytics.
Trust has become the most valuable intangible asset in an increasingly connected world that explicitly links governance with trust, compliance and strategic value creation. In commodity markets, where farmers, traders and institutions interact, trust plays an even more important role in ensuring inclusive participation.
Governance does not merely have to meet minimum compliance anymore; it now focuses on sustainability and value. Technology has a critical role to play in this transformation. The integration of AI and Analytics will enhance risk modelling and support faster, more intelligent governance decisions. Blockchain and distributed ledger technologies will bring greater transparency with less expensive governance. However, there will be an increase in governance challenges related to cybersecurity, algorithmic risk, and systemic risk which will challenge the governance of interconnectivity.
The future of financial governance will be defined by the integration of finance, technology, risk, and sustainability into a coherent framework, which will involve investing in analytics, embedding real-time governance systems, and institutionalising risk culture. Financial governance is no longer a defensive function; it is a source of competitive advantage.
The writer is MD & CEO, NCDEX. Views are personal.
Based on the source material from page 3 of The Hindu BusinessLine (Bangalore edition) dated July 20, 2026, here is the reproduction of the requested article:
India bought record $5.14 billion worth of Russian crude oil in June
By Rishi Ranjan Kala, New Delhi
STEADY RISE. New Delhi imported around 2.7 mb/d, accounting for more than half of its monthly imports
Indian refiners bought record quantities of Russian crude oil, valued at more than $5.14 billion in June, with Moscow transforming into New Delhi’s strongest energy security bridge, particularly following the Strait of Hormuz (SoH) disruptions.
The Centre for Research on Energy and Clean Air (CREA) in its latest compiled data on Russia’s earnings from its hydrocarbon exports, said that India imported €4.8 billion worth oil in June, a growth of 32 per cent m-o-m and 25 per cent y-o-y.
In volume terms, India saw the largest month-on-month rise in imported volumes of Russian crude (up 11 per cent), followed by the Paradip (126 per cent), Kochi (83 per cent) and Vadinar (45 per cent) refineries, it added.
Top Buyer
India was again the second-largest buyer of Russian fossil fuels last month, importing a total of €5.5 billion ($6.02 billion) of Russian hydrocarbons.
Crude oil constituted 83 per cent of India’s purchases, totalling €4.5 billion ($5.14 billion). Oil products ($558 million) and coal ($506 million) constituted industrial material of its monthly Russian imports.
In June, the average price of Russia’s Urals crude fell 26 per cent month-on-month to $63.18 per barrel, still significantly higher than the EU price cap of $60 per barrel, which took effect on 1 February 2026, CREA said.
As tanker traffic transporting fossil fuels through the Strait of Hormuz has increased, elevated crude oil prices declined amid market reassessment of the likelihood of sustained disruptions to oil flows, it added.
The crude discount on Urals crude oil relative to the global benchmark Brent remained at flat 28 per cent, or $24 per barrel last month.
Steady Supplies
Russian barrels have enabled Indian refiners to maintain high refinery run rates, ensure uninterrupted fuel supplies and avoid disruptions experienced by several other Asian countries (excluding China), added the real-time data and analytics provider.
India imported around 2.7 million barrels per day (mb/d) of Russian crude oil in June, which is the highest on record and accounted for more than half of the country’s cumulative monthly imports.
This growing importance is reflected in import trends. Sumit Ritolia, Kpler’s Lead Research Analyst for Refining & Modeling, told BusinessLine recently, “Russian crude imports rose to around 2.6 mb/d in June, accounting for more than 50 per cent of India’s crude imports, and have been steadily increasing since March. July arrivals are also tracking at healthy levels and could match or even exceed June’s volumes,” he added.
The Jamnagar refinery saw the largest month-on-month rise in imported volumes of Russian crude.
Based on the source material from page 8 of The Hindu BusinessLine (Bangalore edition) dated July 20, 2026, here is the reproduction of the requested article:
The missing element in India’s rare-earths scheme
By Anuj Gupta and Abhinav Jindal
What will it take for the country to cut import dependency and build a resilient critical-minerals ecosystem?
India’s ambitions in the areas of clean energy, electric mobility and advanced manufacturing rest on an unremarkable reality: the minerals needed to power these sectors are sourced through global supply chains that are increasingly beyond the country’s control.
Of the 33 minerals in demand, 24 find a high risk of supply disruption. India is entirely dependent on imports for 10 minerals, including cobalt, nickel and lithium.
China dominates the midstream — controlling over 90 per cent of rare-earth processing, 95 per cent of graphite processing and 70 per cent of refined cobalt production. Strategic leverage lies not at the mines but in the beneficiation — separation, refining and oxide production.
In November 2023, the Union Cabinet approved a ₹7,280-crore scheme to boost manufacturing capacity for 6,000 tonnes per annum of integrated rare earth permanent magnets (REPM), covering the value chain from rare-earth oxides to finished magnets for electric vehicles, wind turbines, and aerospace and defence applications.
However, the scheme faces several challenges. India produces seven light rare-earth oxides through the public sector company IREL, including neodymium-praseodymium, but is dependent on imports for the heavy rare-earth oxides dysprosium and terbium.
Between 2022 and 2023, imports accounted for 60-80 per cent by value and 85-90 per cent by volume of the permanent magnets supplied in the country. Without secure oxide supplies, India risks replacing one import dependency with another.
Three parallel strategies are needed to secure oxide supplies: Broadly, international off-take agreements for critical minerals from resource-rich, trusted states; ore-to-oxide processing capabilities built through technology partnerships; and development of domestic resources, including those in India's maritime domain.
OFFSHORE INFLECTION
India’s ‘exclusive economic zone’ — the area of the sea extending up to 200 nautical miles (about 370 km) from the country’s coastal baseline — spans about 2.37 million sq km. Seven auctioned offshore blocks near Great Nicobar contain polymetallic nodules rich in cobalt, nickel, copper, manganese and rare earths. Beyond them, India’s exploration contract in the Central Indian Ocean Basin covers an even larger resource. The National Critical Minerals Mission (NCMM), launched in January 2025 with an outlay of ₹34,300 crore, prioritises offshore mining.
Capability, however, lags ambition. India offered 13 offshore blocks for auction in November 2024, including seven polymetallic nodule blocks valued at over ₹1.5 lakh crore. After several deadline extensions, the auction was cancelled in December 2025 after attracting no bidders. The reason was clear: Indian companies lack the specialised equipment and technology needed for deep-sea mining. Rather than ending India's offshore ambitions, the setback should reshape them.
PARTNERSHIP ARCHITECTURE
Japan offers a useful model. The Japan Organization for Metals and Energy Security (JOGMEC) facilitates technology transfer in exchange for supply commitments — Japan and Lynas Rare Earths operate a three-country supply chain whereby ore mined in Australia is processed overseas before reaching Japan. This secures reliable midstream access without requiring every stage of the processing to be domestic.
India's future offshore auctions should similarly pair exploration rights with technology partnerships and long-term off-take agreements. Linking offshore development with India’s oxide requirements for the REPM programme could make deep-sea projects commercially viable while securing critical feedstocks.
Unless addressed by the NCMM, the REPM scheme, offshore mining reforms and Khanij Bidesh India Ltd’s (KABIL) overseas acquisitions — are all misaligned. The missing element is the oxide supply gap.
The oxide supply gap, processing technology deficit and offshore resource challenge are not separate problems but parts of the same value chain. A credible strategy must address all three together through diversified international supply, domestic processing capability built with global partners, and an offshore framework that attracts technology leaders rather than just speculators.
India cannot build a resilient critical-minerals ecosystem one link at a time.
Anuj Gupta is MD of Power Group India and Abhinav Jindal is a senior faculty member at Power Management Institute and an energy economist. Views are personal.
Based on the sources, here is the reproduction of the article titled "Infosys Q1 preview: Sequential growth likely to be aided by acquisitions" by Sanjana B, found on page 2 of the July 20, 2026, edition of The Hindu BusinessLine.
Infosys Q1 preview: Sequential growth likely to be aided by acquisitions
By Sanjana B, Bengaluru
Infosys is set to announce its first quarter (Q1FY27) results on July 23. While the IT major is projected to deliver steady sequential constant currency (CC) revenue growth of around 1.8-2.2 per cent, supported by ramp-up of acquisitions and ongoing cost-efficiency measures, brokerages remain divided on its full-year revenue outlook. The IT firm had earlier set its revenue growth guidance at 1-3 per cent for the current fiscal.
Sequential revenue growth in rupee terms is expected to be in the range of ₹48,086 crore to ₹48,659 crore, implying sequential CC growth of around 2-2.2 per cent, while reported revenue growth is estimated at 3.5-3.8 per cent quarter-on-quarter. On a year-on-year basis, revenue is expected to rise by 2-2.4 per cent, while profit is projected at ₹8,049 crore to ₹8,173 crore, reflecting a 1.2-1.5 per cent year-on-year decline, although it is still expected to grow 16-18.1 per cent year-on-year.
A Motilal Oswal Financial Services (MOFSL) note said the giant may land large-cap deals worth $2.5-3.2 billion in contract value month-on-month from Optimum and Stratus. The company may post modest sequential improvement in its operating leverage and cost actions.
Margins & Guidance
Guidance expectations remain mixed across brokerages. MOFSL expects Infosys to trim the upper end of its full-year constant currency growth guidance by 50 basis points (bps) to 1.5-3 per cent y-o-y. In contrast, BNP Paribas expects the company to revise it to 2-4 per cent y-o-y in terms to reflect the acquisition of Optimum Healthcare IT, while retaining its margin guidance of 20-22 per cent.
In a sector note, Kotak Securities report said, “There is a higher probability of Infosys cutting its upper end revenue growth target for FY27 based on weak Q1. His CC (constant currency) revenue growth for Infosys in Q1 was >3 per cent, and weaker Q1 growth this year, which implies risk on the upper end of the FY27 revenue growth target.”
Operating margins are expected to improve by around 20-40 bps sequentially to 20.3-21.5 per cent, supported by the absence of wage hikes in the current year, reversal of visa-related costs incurred in the previous quarter, and continued cost efficiencies under Project Maximus. Infosys is also expected to receive an inorganic revenue boost of around 20 bps from the Stratus acquisition and about 100 bps from Optimum Healthcare IT.
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