New Delhi: Strong domestic traffic and limited presence of Indian carriers in the global long-haul aviation market prompted IndiGo’s decision to enter this market segment, CEO Pieter Elbers said on Tuesday. Last week, IndiGo – which has more than 60% share of India’s domestic aviation market – placed an order for 30 Airbus A350-900 aircraft, […]
Day: May 1, 2024
SAIL-RITES JV bags Rs 818 crore wagon order from Indian Railways
The Indian Railways has awarded a Rs 817.74 crore wagon manufacturing contract to a joint venture of SAIL and RITES. These Bogie Open Wagons (BOXNHL) are aimed at transporting coal and iron ore. According to officials aware of the move, the tender for 2000 such wagons was awarded in the last week of April to […]
Why Elon Musk chose to go to China rather than visit India
Tesla CEO Elon Musk, on Sunday, traveled to China on an unexpected journey. Ironically, a week before, he had cancelled a much-hyped trip to India citing “very heavy Tesla obligations”. Musk was scheduled to meet Prime Minister Narendra Modi and senior officials during his India visit. The cancellation came despite Musk confirming his India visit […]
Hyundai plans to launch its first hybrid car in India in 2026, says EVs long-run strategy
Hyundai Motor Group plans to launch its first hybrid cars in India as early as 2026, three sources said, as the South Korean auto group shifts strategy to look beyond electric vehicles and boost its presence in a key market. The group, housing Hyundai Motor and Kia Corp, is evaluating a hybrid sport-utility vehicle of […]
Tesla to cut hundreds more jobs in Musk cost push
Tesla plans hundreds of additional job cuts beyond a recent company-wide layoff as it cracks down on costs in a tough electric vehicle market, according to a US media report. Elon Musk’s EV company, which moved earlier this month to cut more than 10 percent of its 140,000 employes, will disband two departments and lay […]
China’s electric cars keep improving, a worry for rivals elsewhere
Automakers in China are building a new generation of bigger, more technologically advanced and competitive electric cars, threatening to leap further ahead of their global rivals as they step up exports around the world. The dozens of car companies operating in China plan to put 71 new battery electric models on sale this year. Many […]
Indian Oil Corporation to Invest Rs 5,215 cr in green power
Indian Oil Corporation plans to invest ₹5,215 crore in building 1 gw of renewable energy capacity in the country. The state-run company said in a stock exchange filing on Tuesday that its board has approved the investment plan, which would involve setting up “standalone ground-mounted solar or standalone onshore wind or wind-solar hybrid projects” in […]
India’s oil import bill could swell to USD 101-104 bn in FY25: ICRA
India’s net oil import bill could widen to USD 101-104 billion in current fiscal from USD 96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil […]
IOC to invest Rs 5,215 cr to build 1GW renewable energy capacity
New Delhi: Indian Oil Corp, the nation’s top refiner and fossil fuel retailer, plans to invest Rs 5,215 crore to build 1 gigawatt (GW) of renewable energy capacity in the country. Indian Oil’s board has approved the investment plan, which would involve setting up “standalone ground-mounted solar or standalone onshore wind or wind-solar hybrid projects” […]
India buys more Russian, less Saudi oil in April
India in April imported more Russian oil but less from Iraq and Saudi Arabia than it did a month earlier, preliminary data from trade flow tracking agencies Kpler and LSEG shows. Refiners in India have been snapping up Russian oil since Moscow’s invasion of Ukraine in February 2022 prompted the West to shun it and […]
BP appoints Kartikeya Dube as India unit chief
New Delhi: BP has appointed Kartikeya Dube as its India unit chief, the energy major said in a statement on Tuesday. Dube’s appointment will be effective from July 1. He will take over from Sashi Mukundan who will retire from BP after serving the company for over 42 years.
India revises windfall tax to Rs 8,400 per tonne, effective May 1
The centre Tuesday revised Windfall tax on domestically produced crude oil to Rs 8,400 per tonne, down from Rs 9,600 per tonne. The export duty on petrol diesel and aviation turbine fuel (ATF) will continue to be nil.