Bank unions Friday urged Prime Minister Narendra Modi to take over grounded Jet Airways to secure the future of the 22,000-odd employees of the carrier. In a letter to Modi, the All-India Bank Employees Association also said government must ensure that banks are not forced to lend to the crippled airline. After flying for 25 […]
Day: April 20, 2019
Air India offers special fares to Jet stranded int’l passengers
Coming to the rescue of the stranded international passengers hit by the abrupt grounding of Jet Airways, Government-run Air India Thursday offered special fares to such passengers. The “special stranded” fares have been offered to passengers at overseas airports such as Paris, London Heathrow, Singapore, Dubai, Hong Kong, Abu Dhabi, Jeddah, Dammam, and Muscat, among […]
Indian carriers have ‘limited freedoms’ to operate as true commercial businesses: IATA
Airlines in India have “limited freedoms” to operate as true commercial businesses and the country is a challenging market for the carriers despite the huge aviation potential, according to global airlines’ grouping IATA. The comments from the International Air Transport Association (IATA), which has nearly 290 airlines as members, also comes at a time when […]
DGCA issues IndiGo show-cause notice
Cracking the whip on budget carrier IndiGo over the issue of faulty Pratt & Whitney engines, aviation regulator DGCA has served show-cause notices to its chief operating officer and engineering head, sources close to the development said on Wednesday. The Directorate General of Civil Aviation (DGCA) is also carrying out a special safety audit of […]
Coal Ministry may fine GMR, Essar Rs. 900 cr for ‘non-performance’
The Coal Ministry will rake in approximately Rs. 900 crore from Essar and GMR for non-performance after bagging coal blocks in the first auction round held in 2015. This follows the Delhi High Court’s dismissal of petitions filed by Essar and GMR seeking a refund of the bank guarantees deposited by them, as they were […]
Solar, wind power capacity addition slows down in 2018-19
The pace of adding renewable generation capacities slowed down in FY19 with just 8.6 gigawatt (GW) of solar and wind power plants getting commissioned in the fiscal. The country had added 11.3 GW and 11.8 GW of renewable capacities in FY17 and FY18, respectively. The installed renewable capacity now stands at 77.6 GW. Experts have […]
Oil prices inch up on signs of tighter global supply
Oil futures edged up on Thursday as a drop in crude exports from OPEC’s de facto leader, Saudi Arabia, and a draw in U.S. drilling rigs and oil inventories supported prices. Brent crude futures settled at $71.97 a barrel, up 35 cents from their last close and near Wednesday’s five-month high of $72.27. Brent saw […]
2G ethanol will fuel job creation in rural India: Novozymes V-P
Danish company Novozymes believes 2G ethanol (second-generation ethanol produced from the structural and non-edible parts of plants) is the way forward for India, as it would help create a large number of jobs in the rural sector, as well as aid in the generation of green energy. Thomas Schroder, Vice-President, Biorefining Commercial at Novozymes, spoke […]
Reliance Industries rises ahead of Q4 results
Shares of Reliance Industries rise as much as 3.1 per cent to Rs 1,385, their highest since April 3. The stock posts biggest intraday per cent gain in over two weeks as the company is scheduled to report March quarter results later in the day. Saudi Aramco, the world’s biggest oil producer, is in talks […]
Reliance to start gas production from R-Cluster in second half of FY21
Reliance Industries has stated that it will start natural gas production from R-Cluster gas field in the flagging KG-D6 block in the Bay of Bengal from the second half of the 2020-21 fiscal. Reliance and its partner BP Plc of UK had in June 2017 announced an investment of Rs 40,000 crore in the three […]
Petrochem, retail, digital help RIL post 45% jump in FY19 revenue to Rs 6.2 lakh cr
The consolidated net profit of Reliance Industries Ltd (RIL) — the oil-to-telecom conglomerate owned by Mukesh Ambani — rose 9.8 per cent in the January-March quarter to ₹10,362 crore, helping the company post a net profit of over ₹10,000 crore for the second straight quarter in FY19. The fourth-quarter net profit was boosted by a […]
India still not power-surplus nation; peak deficit at 0.8 percent, energy deficit at 0.6 pc in 2018-19
India has again missed the chance to become an electricity-surplus nation by a whisker as its peak power deficit stood at 0.8 per cent and the overall energy deficit remained 0.6 per cent in 2018-19. In its load generation balancing report (LGBR) for 2018-19, the Central Electricity Authority (CEA) had pegged overall energy and peak […]