Oil prices slipped on Thursday as an escalating trade dispute between the United States and China outweighed the bullish impact of a decline in U.S. commercial crude inventories. Benchmark Brent crude oil was down 35 cents a barrel at $74.43 by 0935 GMT. U.S. light crude was 10 cents lower at $67.76. The trade dispute […]
Month: August 2018
Reliance Power wins $56-mn arbitration award in Indonesia coal mine dispute
Anil Ambani-promoted Reliance Power on Thursday said one of its subsidiaries has won an arbitration award in a contractual dispute over its Indonesian coal mines. The company will receive $56 million as compensation. “Reliance Power Netherlands BV, a wholly-owned subsidiary of Reliance Power, has won an international arbitration award of $56 Million against Prestige Capital […]
RInfra defaults on Rs 133 cr NCD redemption payment
Reliance Infrastructure (RInfra)has defaulted on payment of redemption of non convertible debentures (NCDs) amounting to Rs 133.38 crore. The company however said it expects to make these payments in the next few days from the proceeds from sale of Mumbai Power Business to Adani Transmission for Rs 18,800 crore. “The entire proceeds of the sale […]
RBI circular on power firms: Allahabad HC reserves order, judgment likely before August 27
The Allahabad High Court has reserved judgment on a case filed by power producers against the controversial Reserve Bank of India circular on stressed assets, sources said. However, an order is expected before Aug 27– the deadline for completing resolution proceedings for the stressed assets, the sources said. The arguments of both sides have concluded, […]
Kerala floods: Kochi airport suffers estimated loss of over Rs 220 crore
The Cochin International Airport Limited (CIAL) has suffered an estimated loss of over Rs 220 crores in the floods, an official said here today. He said the CIAL management has launched rebuilding of the damaged infrastructure including 2.5 km long airport walls that collapsed after Periyar river overflowed. The runway, taxi bay, duty free shops […]
Government sets 2 million tonnes daily sales target for Coal India Limited
The Centre has asked Coal India to raise daily output and sales to 2 million tonnes from 1.4 million tonnes achieved in the last quarter to improve supply to power plants facing critically low stocks. The coal ministry has told the company that it needs to produce and sell 1.9 million tonnes and 1.94 million […]
India’s small renewables firms fighting consolidation wave
Small to mid-sized renewable energy companies in India are starting to look like attractive takeover targets as lenders and investors withhold funds, worried by the stiff competition, weak bond markets, low tariffs and high debt besetting the sector. The small companies’ difficulty in raising cash is keeping them away from government power project auctions, restricting […]
Private airlines need to deal with issues on their own, says Prabhu on Jet Airways
Amid Jet Airways facing turbulent times, Civil Aviation Minister Suresh Prabhu has made it clear that private airlines have to deal with issues facing them on their own and the government’s role can only be at the policy level. The minister’s comments come at a time when the airline industry is grappling with tough times […]
Jet Airways says not aware of any inquiry by Indian government
Jet Airways India Ltd., the carrier that deferred earnings this month pending endorsement of its books by auditors, said it’s unaware of any probe initiated by government authorities after a report said the company is under scrutiny for alleged embezzlement of funds. The Registrar of Companies, which is under the Ministry of Corporate Affairs, has […]
Oil prices mixed as economic concerns weigh, Iran sanctions loom
Oil prices were mixed on Monday, weighed down by concerns over slowing economic growth but supported by the expected impact of U.S. sanctions on Iran, which will start targeting the petroleum industry from November. Brent crude futures, which act as a benchmark for international oil prices, were at $71.80 per barrel at 0706 GMT, close […]
Government defers Coal India stake sale again as stock falls
The government has advised Coal India that the deadline for a minimum 25% public holding has been deferred by two years since the stock has underperformed, company executives said. The Centre was planning to divest 5%-10% in Coal India to comply with the norm for listed companies. The management had started conducting road shows for […]
TPG Capital in talks to invest in Jet Airways: sources
Private equity firm TPG Capital is considering investing in India’s Jet Airways Ltd but is not close to finalising a deal, two sources with knowledge of the matter said, a plan that could raise money for the beleaguered airline. The investment could be more than $100 million but discussions are at an early stage and […]