Reliance Power said on Friday that it has signed a loan agreement, along with Japanese utility JERA, for $642 million with a group of lenders for their 745 megawatt gas-based project in Bangladesh. In September, Reliance Power inducted JERA as a partner for the 750 mw-gas based combined cycle power project it is setting up […]
Month: July 2020
Air India employees protest delay in disbursement of retirement dues
Air India employees have protested the delay in disbursement of retirement dues and benefits in violation of the violation of the Gratuity Act and the PF Act. Aviation Industry Employees Guild in a letter to Rajiv Bansal, Chairman and Managing Director, Air India said, “Even basic entitlements like provident Fund and Gratuity which are statutory […]
PSPCL hears no word from state govt on Centre’s appeal to revive Bathinda plant
A week after the Prime Minister’s Office (PMO) expressed interest in reviving the defunct Guru Nanak Dev Thermal Plant (GNDTP) as a non-conventional fuel facility, the Punjab State Power Corporation Limited (PSPCL) has not received any communication from the state government on reviewing its decision to dismantle the Bathinda-based unit. PSPCL chief managing director A […]
AAI allows SpiceJet to fly despite pending dues, loss of ₹934.8 crores
SpiceJet, which is one of the low-cost airlines in the country, has now been allowed to operate normally by the Airports Authority of India (AAI) until further notice. The decision comes after SpiceJet wrote to AAI seeking more time to work out the modalities to pay pending dues. The airlines had announced a net loss […]
Delhi govt cuts VAT rates, diesel to be cheaper by over ₹8/litre in capital
Delhi chief minister Arvind Kejriwal on Thursday reduced the value-added tax (VAT) on diesel from 30% to 16.75%, effectively slashing the fuel price by ₹8.36 per litre in the national capital. Currently, the price of diesel is ₹81.94 per litre in Delhi, much higher when compared to petrol, which is ₹80.43 per litre. The new […]
AAI allows SpiceJet to keep flying despite pending dues after carrier posts huge loss
Mumbai: SpiceJet, which is among the last of the low-cost airlines in the country and announced a net loss of Rs 934.8 crore for the year 2019-2020, has been allowed to operate normally by the Airports Authority of India (AAI) till further notice. The decision comes after SpiceJet wrote to AAI asking them for more […]
Tax on auto fuel in India is fifth highest after UK, Italy, France and Germany: EY Report
Taxes on petrol and diesel in India is about 66% of their pump rates, which is the fifth highest after the United Kingdom, Italy, France and Germany, an EY India’s report said. Taxes on auto fuels in Spain, Japan, Canada and the US are; however, lower than India, the consultancy firm said in its latest […]
Airbus trims A350 output, Q2 loss worse than expected due to Covid-19 pandemic
Europe’s Airbus announced a new cut in production of its marquee A350 jet on Thursday as it swung to a larger-than-expected second-quarter loss in the face of the global pandemic. But boosting its shares, the planemaker also said it hoped to avoid consuming cash in the second half of the year after a smaller-than-expected second-quarter […]
Oil prices bounce back from 3-week lows
TOKYO: Oil prices rose on Friday, recovering further ground after touching three-week lows in the previous session, hit by a record decline in U.S. growth as the coronavirus ravaged the world’s biggest economy and oil consumer. Brent crude was up by 40 cents, or 0.9%, at $43.34 a barrel by 0204 GMT. On Thursday, Brent […]
IndiGo revenue dips 92%, reports Q1 net loss of Rs 2,844 crore
New Delhi: InterGlobe Aviation on Wednesday reported a net loss of Rs 2,844.3 crore for the three months ended June due to disruptions caused by the coronavirus pandemic, and the airline has pitched for removal of cap on fares. The parent of the country’s largest airline IndiGo had a net profit of Rs 1,203.1 crore […]
No construction near ORR: HMDA warns land owners
HYDERABAD: Owners of lands in the vicinity of buffer zones of the Outer Ring Road have been warned by Hyderabad Metropolitan Development Authority (HMDA) officials that construction of any temporary or permanent structures cannot be taken up in these areas. The buffer zone for the ORR extends up to a distance of 15 meters (50 […]
Airbus posts net loss on plunging deliveries during pandemic
Airbus announced Thursday net losses of 1.9 billion euros ($2.2 bn) in the first six months after aircraft delivery halved as a result of the coronavirus crisis. The leading European company delivered 196 planes over the first six months of 2020 as airlines around the globe slashed schedules and pushed back orders. “The impact of […]