Daily Archives: August 6, 2018

High operating profit to help ONGC cut borrowings, says Moody’s

Oil and Natural Gas Corp’s (ONGC) highest ever pre-tax quarterly profit (EBITDA) provides cash flow to the state-owned firm to reduce borrowings, Moody’s Investors Service said on Monday. For the April-June quarter of the current fiscal, ONGC reported 47.2 per cent increase in EBITDA or operating profit to Rs 142.4 billion. “The increase in EBITDA

Bengaluru airport handles 33% more pax in Q1 at over 8 million

The Bengaluru international airport has clocked around 33 per cent growth in passenger traffic in the June quarter at over eight million, the airport operator said today. In the June 2017 quarter, the Kempegowda International Airport (KIA), the busiest in the south and the third busiest in the country, had handled 6.04 million passengers. In

Indraprastha Gas receives LoI for development of city gas distribution network in 3 districts

From Petroleum and Natural Gas Regulatory Board. Indraprastha Gas (IGL) has received letter of intent dated 04 August 2018 from Petroleum and Natural Gas Regulatory Board (PNGRB) for grant of authorization to the Company for development of City Gas Distribution Network in the Geographical Area of Meerut (Except areas already authorized), Muzaffarnagar & Shamli Districts.

L&T construction arm bags orders worth Rs 1,296 crore

Larsen & Toubro (L&T) today said its construction arm has won orders worth Rs 1,296 crore across business segments in the domestic market. L&T said its metallurgical and material handling business has received orders worth Rs 808 crore. The company’s water and effluent treatment business also bagged an order worth Rs 488 crore. “Water and

Oil gains after monthly Saudi output shows surprise drop

Oil rose on Monday after Saudi crude production registered an unexpected decline in July and U.S. drilling appeared to slow, although the price is still almost 10 percent below its 2018 high of more than $80 a barrel. Markets also anticipated an announcement from Washington later on Monday on renewed U.S. sanctions against major oil

Taiwan’s $6.6 bn petrochem plan hits IOCL’s feedstock constraints

A massive investment plan of $6.6 billion (or Rs 430 billion) by Taiwan’s state-owned petroleum & natural gas company, CPC Corporation, in the country’s eastern coast at Paradip has bumped into a hurdle at the stage of project conception. Paradip has emerged as a suitable location for CPC Corporation’s greenfield cracker plant and downstream petrochemical

In a first CRPF to build major arterial road in Chhattisgarh’s Naxal-hit region after private contractors refuse project

NEW DELHI: After several assurances to provide adequate security to private contractors, it did not yield results, the CRPF itself took the role of a “contractor” to build a major arterial road in the worst Naxal-hit region of Bastar in Chhattisgarh, making it the maiden venture of this kind in the country.