GAIL third-quarter profit soars 33 percent, beats estimate

State-owned gas distribution company GAIL (India) Ltd on Tuesday reported a 33.2 percent jump in third-quarter profit, beating market estimate, buoyed by a surge in revenue from its natural gas marketing segment. Profit for the quarter ended Dec. 31 came in at 16.81 billion rupees ($234.32 million), compared with a profit of 12.62 billion rupees […]

BHEL net profit rises 25 pc at Rs 191.95 cr in Q3

State-run engineering firm BHEL posted a 25.30 per cent jump in its net profit at Rs 191.95 crore for the quarter ended on December 31, 2018, compared to the year-ago period. The company’s net profit in the third quarter last fiscal was Rs 153.19 crore, a company statement said. According to statement, the board has […]

Kuwait sees risk of oil supply shortage in 2019 due to Venezuela

The head of state-run Kuwait Petroleum Corp, Hashem Hashem, said on Tuesday that global oil supply could be hit this year by big reductions in exports from Venezuela. The Trump administration has imposed sweeping sanctions on Venezuelan state-owned oil firm PDVSA, aimed at severely curbing the OPEC member’s crude exports to the United States and […]

PFC acquiring 52 pc stake in REC gets CCI’s green signal

The Competition Commission of India Tuesday gave approval to state-owned financial institution Power Finance Corporation (PFC) for the acquisition of 52 per cent stake in REC. The government is expected to garner around Rs 15,000 crore from this sale process. In December 2018, the cabinet committee on economic affairs as well as the board of […]

Top three PSU coal miners’ capex to rise 15% in FY20

State-owned Coal India, Neyveli Lignite and Singareni Collieries will have a capex of Rs 20,121 crore in 2019-20, 15% more than the previous fiscal, according to the interim budget. According to the Expenditure Budget, this spending would be part of internal and extra-budgetary resources (IEBR) of the central public sector undertakings. Plan outlay of the […]