In a major setback to Essar Steel, the Supreme Court on Tuesday rejected their plea seeking exemption from payment of electricity dues to the Gujarat Government. A Bench of the apex court headed by Justice Arjan Kumar Sikri and also comprising Justice Ashok Bhushan, directed payment of Rs 1,038 crore of electricity dues by Essar […]
Day: May 2, 2017
Higher oil prices and output help BP triple its profit
BP’s profit nearly tripled in the first quarter of 2017 from a year earlier, buoyed by rising oil prices and production that hit a five-year high, while debt piled up in order to pay for acquisitions and costs for the 2010 Gulf of Mexico spill. The British oil and gas company joined oil major rivals […]
Sudan denies licence extension to ONGC Videsh; seeks higher taxes
Sudan has denied India’s ONGC Videsh Ltd an extension of licence to operate an oilfield as it sought higher royalties and taxes to make up for revenue lost due to drop in oil prices. The licence for Block 2B expired last November and an automatic 5-year extension is available but Sudan, whose revenues have been […]
Coal India’s production declines, sales grow in April
Coal India on Tuesday said its production during April declined by 4.8 per cent to 38.44 million tonnes (mt) as compared to 40.09 mt produced in the year-ago month. The miner reported its off-take grew by 6.1 per cent in April to 45.29 mt as against 42.45 mt sold in corresponding month in 2016. Miner’s […]
Why Modi’s hope to see hawai chappal-wearers fly will most likely fizzle out
The average Indian is unlikely to be able to afford aRs 2,500 flight — 13.8 times the monthly spending on travel (Rs 180) in 2011-2012 — under the governments new “Ude Desh Ka Aam Naagrik” (UDAN) programme. Launched on April 27, UDAN will feature flights to underserved smaller towns in which a certain number of […]
Shape up or ship out: BRO, other laggards warned
Government organisations engaged in road construction, including the Border Roads Organisation (BRO), have been warned their projects will be taken away from them if they are not completed on schedule, a senior minister has said. “I want to make it clear to BRO and other organisations involved in road construction that wherever (they) complete road […]