For May 2018, Gujarat was power deficit, a downgrade from its power self-sufficient status a year back. The slip in energy sufficiency may be attributable to certain developments but industry experts and industry officials say the state may be losing its sheen in energy and infrastructure sectors. Some early indicators, they suggest, are project delays, […]
Month: July 2018
IndiGo is worst airline stock after profit drops 97% to $4 mn in 3 months
IndiGo, India’s biggest airline, fell to the lowest in 16 months as rising fuel prices and a weaker rupee led to its worst-ever quarterly profit in a fiercely-competitive market. The carrier, operated by InterGlobe Aviation, said profit dropped 97% to $4mn in the three months through June, its worst quarterly result since listing in 2015. […]
Centre seeks Parliament nod for Rs 9.8-bn capital injection in Air India
The government on Tuesday sought the Parliament’s approval to inject Rs 9.8 billion ($142.87 million) in ailing national carrier Air India during the current financial year, after efforts to find a buyer for its 76 per cent stake in the carrier failed. The government has “sought funds for infusion of equity in Air India under […]
Higher oil price boosts BP’s recovery, second-quarter profit up four-fold
Higher oil prices and increased output helped BP quadruple its second-quarter profit from a year earlier as the oil major finally shakes off the after-effects of 2010’s Deepwater Horizon spill and the last oil market slump. Second-quarter results have been a mixed bag for the world’s top oil companies. Total beat forecasts and boosted production […]
Malaysia’s civil aviation chief resigns following MH370 report
Malaysia’s civil aviation chief resigned on Tuesday, a day after a report into the disappearance of Malaysia Airlines flight MH370 showed lapses by Kuala Lumpur’s air traffic control centre. In a statement, Azharuddin Abdul Rahman said although the investigation report “does not suggest that the accident is caused by the Department of Civil Aviation then, […]
Oil prices drop on oversupply concerns as OPEC output increases in July
Oil prices fell on Tuesday, with Brent futures set for their biggest monthly loss in two years, as oversupply concerns rose after a Reuters survey showed OPEC output rose in July to its highest for 2018. September Brent crude futures fell 25 cents, or 0.3 percent, to $74.72 a barrel by 0654 GMT after rising […]
Government taking steps to ease crude oil import cost: Pradhan
The Government is taking various measures, including focusing on biofuels, to ease the cost of crude oil import, Union minister Dharmendra Pradhan said today. He told the Lok Sabha that the government is focusing on biofuels such as first and second generation ethanol, biodiesel and bio-CNG as part of efforts for “import reduction, environmental benefits […]
Oil prices edge higher but trade row caps gains
Oil rose on Monday as investors remained cautious over the supply outlook, although the fallout from global trade tensions limited price gains. October Brent crude futures were last up 36 cents at $75.12 a barrel by 0902 GMT. The September contract expires on Tuesday. U.S. crude futures were up 78 cents at $69.47 a barrel. […]
Government to launch second round of oil, gas field auction on Aug 9
The government plans to launch the auction of 60 oil and gas fields being offered in the second round of bidding for Discovered Small Field (DSF) on August 9, regulator DGH said. DSF-II was supposed to be launched around mid-June, but it was deferred. “Launch of Discovered Small Field (DSF) Bid Round-II on August 9, […]
More bad news for Air India, carrier gets default notices from banks, aircraft lessors
Three banks and two aircraft leasing firms have served default notices on Air India over the last few weeks, the Business Standard newspaper reported on Monday, raising concerns about the government-owned carrier’s state of finances and credit-worthiness. San Francisco, United States-based Wells Fargo Trust Services and UAE’s state-owned Dubai Aerospace Enterprise (DAE) have sent letters […]
Tata Power gets shareholders nod to raise Rs 5.5K Cr
Tata Power today said it has got shareholders’ approval to raise up to Rs 5,500 crore through issuance of non-convertible debentures on private placement basis. The company had sought shareholders’ approval at the annual general meeting held last week through a special resolution which was passed by the requisite majority, as per a BSE filing. […]
Adani Group Loan at Rs 126,354 cr
PricewaterhouseCoopers Pvt Ltd in a confidential report to State Bank of India has stated that the Adani group’s four verticals’ total “outside liability” as on March 31, 2017 stands at Rs 126,354 crore.