CHENNAI: While the government’s tight fiscal position and high dependence of fuel taxes have resulted in the continued levy of substantial taxes imposed during the onset of the pandemic last year, ratings agency ICRA said that if fuel consumption growth comes in as expected this fiscal, the government could get room to slash fuel cesses […]
Day: June 26, 2021
Petrol price crosses Rs 100 mark in 12 districts in Tamil Nadu in two days
CHENNAI/CUDDALORE: The price of petrol breached the Rs 100 mark in 12 districts in Tamil Nadu over the past two days after the oil companies effected an upward revision of the price over the last two days. Kumaratchi village near Kattumannarkoil in Cuddalore district breached the Rs 100-mark per litre in the state, when the […]
Higher petrol, diesel consumption can help govt cut fuel cess without impacting revenues: Icra
MUMBAI: A rise in petrol and diesel consumption can help the government cut cesses on the fuels by Rs 4.5 a litre without impacting revenue collections of FY21, and help cool off the pressure on inflation, domestic rating agency Icra said on Friday. Petrol consumption is estimated to increase 14 per cent in 2021-22 and […]
ONGC reports Rs 6,734 cr net profit in Q4
State-owned Oil and Natural Gas Corporation (ONGC) reported a net profit of Rs 6,734 crore in the March quarter on the back of higher oil prices and exceptional income. The firm had reported a net loss of Rs 3,214.41 crore in the January-March 2020 period, according to a company press statement. In an investor call, […]
Triton EV to drive into Telangana with Rs 2,100 crore investment
HYDERABAD: Telangana has pipped neighbour Karnataka in the race to attract US-based electric vehicles major Triton EV in what will be the state’s largest EV investment yet. The New Jersey-based rival to Elon Musk’s Tesla will be investing Rs 2,100 crore in setting up its EV manufacturing facility in Telangana’s Zaheerabad, which also houses Mahindra […]
Grinntech closes bridge funding of $2 million
Chennai: Grinntech, a Chennai-based EV start-up working on lithium-ion batteries for electric vehicles and energy storage systems, has closed a bridge funding round of approximately $2 million, where all the existing investors have fully subscribed to the offer. After emerging from their incubator in the Indian Institute of Technology Madras Research Park in September 2020, […]
JSW Energy Q4 net rises 16.5% to Rs 104.75 crore
JSW Energy on Friday reported a 16.5% year-on-year rise in consolidated net profit for the January-March quarter of 2021 to Rs 104.75 crore on higher operating profit and operating margins during the period. Lower expenses, including the fuel cost led to 10% year-on-year increase in operating profit or Ebitda (earnings before interest, tax, depreciation and […]
Ashok Leyland to set up ‘mother EV’ plant in India under UK-subsidiary Switch
Chennai: Truck and bus maker Ashok Leyland will set up a ‘mother plant’ in India under its UK-subsidiary Switch for its electric vehicle business. Switch UK will set up an Indian entity which in turn will put up the plant. The company’s entire electric vehicle business will move to Switch which will also develop EV-specific […]
Electric wave: EVs to dominate sales 5 years sooner than expected
Electric vehicle (EV) sales in the US, China and Europe will outstrip all other engines five years sooner than previously expected, said consultancy firm EY in a new study. Accordingly, EY deployed its ‘Mobility Lens Forecaster’, an artificial intelligence (AI) powered forecast modelling tool that provides an outlook for the supply and demand of mobility […]
Airlines say new UK travel rules cause travel uncertainty
Airlines and holiday providers on Friday expressed frustration with the U.K.’s plans to ease travel restrictions, saying uncertainty about how and when the new rules will be implemented make it difficult for people to book summer vacations. The government on Thursday expanded its “green list” of safe travel destinations, allowing people to visit without having […]
Power cut announced for parts of Chennai, outskirts on Saturday
CHENNAI: Tangedco has announced suspension of power supply in several parts of Chennai and outskirts on Saturday as part of maintenance work. Power supply will be suspended from 9am to 1pm in Pattabiram, Thirumullaivoyal, Ambattur, Mylapore, Avadi, Tondiarpet, IT Corridor, Anna Salai, Thirumudivakkam, Sembium, Adyar, K K Nagar, Perambur, Villivakkam, Vyasarpadi, Guindy and Tambaram. In […]
Higher petrol, diesel consumption can help govt cut fuel cess without impacting revenues: ICRA
A rise in petrol and diesel consumption can help the government cut cesses on the fuels by Rs 4.5 a litre without impacting revenue collections of FY21, and help cool off the pressure on inflation, domestic rating agency ICRA said on Friday. Petrol consumption is estimated to increase 14 per cent in 2021-22 and diesel […]