BP joined its competitors in posting a strong 2018 performance, with a doubling of profits driven by strong growth in oil and gas output following a large U.S. shale acquisition. Record utilisation of its oil and gas fields and refining capacity further helped BP seal what was a transformational year as the aftermath of the […]
Day: February 5, 2019
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 […]
India becomes world’s 2nd largest LPG consumer after govt’s Ujjawla push
The government’s push to provide clean cooking fuel to every household has turned India into the world’s second largest LPG consumer whose demand is projected to rise 34 per cent by 2025, Oil Secretary M M Kutty said Tuesday. Speaking at the Asia LPG Summit here, he said active LPG consumers have grown at a […]
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 […]
NTPC may cut power to 3 southern states over non-payment; UP next in list
Due to non-payment and outstanding dues for more than two months, NTPC Ltd has issued notices to Telangana, Karnataka, Andhra Pradesh for ‘regulating power supply’ from February 9 onwards. NTPC currently has total outstanding dues of Rs 7,859 crore from all states across the country. Of this, J&K, Uttar Pradesh, Telangana, Karnataka, Andhra Pradesh are […]
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 […]
Ministry of power sets committee to recommend solutions for payment delays by discoms
The Ministry of Power (MoP) has constituted a new committee to study and submit its recommendations into the issue of delayed payments by distribution companies (DISCOMS) to power generating companies (GENCOs) and Independent Power Producers (lPPs). The terms of reference for the committee to deliberate has been set by the government as follows- • Study […]
Uttar Pradesh’s new smart meter tender for 4.5 million electricity consumers
In Uttar Pradesh, the Madhyanchal Vidyut Vitran Nigam Limited (MVVNL) has issued a tender to set up bi-directional smart meters. The bi-directional smart meters will be set up for each state-owned power distribution company (DISCOM) in the state of Uttar Pradesh. The bid-submission deadline is February 13, 2019. The entire tender will benefit 4.5 million […]
Gadkari to lay foundation stone for Rs 2,345 cr highway projects in Odisha on Wednesday
Transport Minister Nitin Gadkari will Wednesday lay foundation stone for three highway projects, entailing an investment of Rs 2,345 crore, in Odisha. The projects will ensure better connectivity of the mineral-rich Angul and Dhenkanal districts of Odisha with the rest of the state, Ministry of Road Transport and Highways said in a statement Tuesday. Gadkari […]
Owl enters cockpit of Jet Airways aircraft
Mumbai: Jet Airways had a unique visitor on Monday. When staffers entered the cockpit of a Boeing 777 aircraft, which was parked at Mumbai airport overnight, they were surprised to see an owl inside. The bird had perched itself next to the left hand seat, occupied by the commander on a flight.