Shares of InterGlobe Aviation Ltd plunged nearly 20 per cent on Thursday to a seven-month low and wiped out Rs 101.13 billion ($1.52 billion) in market capitalisation after the owner of India’s biggest carrier IndiGo reported dismal quarterly earnings. InterGlobe reported a 73 per cent slump in its fourth-quarter profit after market hours on Wednesday, […]
Month: May 2018
Govt to upgrade infrastructure at 3 airports for Rs 5,082 cr
The government today approved expansion and upgradation of infrastructure at Chennai, Guwahati and Lucknow airports at a total cost of Rs 5,082 crore. The Cabinet Committee on Economic Affairs (CCEA) has cleared expansion and upgradation of integrated terminal at Chennai airport which is estimated to cost Rs 2,467 crore. The expansion and upgradation of integrated […]
IndiGo share price fall before Aditya Ghosh’s resignation under Sebi lens
The drop in the share price of InterGlobe Aviation, the company that operates IndiGo, has come under the regulatory scanner. IndiGo’s stock price fell 6.3 per cent on Friday before the company announced that Aditya Ghosh would step down as IndiGo president that evening. According to sources, the market regulator Securities and Exchange Board of […]
New milestone for Indian airports: Over 300 mn passengers handled in FY18
In a new milestone for Indian aviation, the country’s airports in 2017-18 have handled over 300 million throughput passengers for the first time, according to data released by the Airport Authority of India (AAI). These include domestic, international as well as passengers in general aviation. Each passenger handled on domestic flights is counted twice — […]
Oil rises on Iran concerns, U.S. output growth caps gains
Oil recovered some ground on Wednesday after the previous day’s slide, helped by concerns about possible renewed U.S. sanctions on major exporter Iran although price gains were capped by rising U.S. supply. Brent crude oil futures were up 31 cents at $73.44 a barrel by 0900 GMT, after falling nearly 3 percent on Tuesday to […]
ONGC bids for 37 oil blocks, Cairn 55 in 1st OALP round
State-owned ONGC today bid for 37 oil and gas blocks while Cairn India put in bids for all the 55 areas on offer in India’s maiden auction of oil and gas acreage under the newly formulated open acreage licensing policy. As many as 110 bids had been received, the Directorate General of Hydrocarbon (DGH) tweeted. […]
Schneider deal done, L&T says no more non-core divestment on the cards
For engineering conglomerate Larsen & Toubro (L&T), the deal signed on Tuesday with Schneider may mark the end of non-core divestments for some time, according to company officials. However, analysts remain hopeful that there is scope for more. “At some point of time, if some asset gets matured and does not fit into the core, […]
‘BPCL to shut Bina refinery from mid-September for 45 days’
Bharat Petroleum Corp Ltd will shut its 120,000 barrels per day (bpd) joint venture Bina refinery from mid-September for 45 days to expand its capacity by 30 percent, its head of refineries said on Tuesday. During the shutdown, the company will carry out modifications at various units to raise capacity of the plant to 156,000 […]
Electricity Act to be amended so that discoms sign PPAs: Minister
The government proposes to amend the Electricity Act to ensure that companies applying for power distribution rights in an area have signed sufficient power purchase agreements (PPAs) to ensure uninterrupted supply to consumers, Power Minister R.K. Singh said on Tuesday. Briefing reporters here on the achievement of bringing electricity to all villages in the country, […]
Government extends bidding deadlines, clears cloud on Air India sale
The government today announced that they are extending the deadline for submission of Expression of Interest (EoI) in Air India to May 31, 2018 from May 14 earlier and also the date for announcement of qualified bidders has also been extended from May 28, 2018 to June 15. The government announced it in a corrigendum […]
H-Energy launches country’s first floating LNG terminal in Maharashtra
H-Energy, a unit of realtor Hiranandani Group, has launched the country’s first floating liquefied natural gas (LNG) terminal at Jaigarh Port in Maharashtra’s Ratnagiri district, the company said in a statement. The LNG terminal has a capacity of 4 million tonnes per annum and is slated to begin commercial operation by the fourth quarter of […]