India is expected to save ₹35,758 crore on kerosene and cooking gas subsidies this year, which is over 91% of the total budgeted fuel subsidy for 2020-21, mainly because of low international oil prices, according to two officials who asked not to be named. As per prevailing international prices, the expected subsidy on kerosene sold […]
Category: Business Line
Business Line
BPCL declines 3% on Q4 pre-tax loss of Rs 2,959 crore, recovers later
Shares of Bharat Petroleum Corporation Ltd (BPCL) slipped to a low of Rs 337.65, down 3.2 per cent, on the BSE on Thursday after the company reported a consolidated pre-tax loss of Rs 2,958.91 crore for the March quarter of FY20 (Q4FY20). In the year-ago quarter, the oil marketing company (OMC) had reported a profit […]
Vedanta Resources appoints Georgeson for shareholder engagement on delisting issue
UK’s Vedanta Resources (VRL) has appointed US-based shareholder engagement firm Georgeson to convince shareholders to accept its delisting process for India’s Vedanta Ltd (VDL). VRL holds 50 per cent stake in VDL and it requires 40 per cent more to delist the company from Indian stock exchanges. VRL has offered ₹87.5 per share as its […]
BEML dispatches prototype of mainline electric multiple unit to Railways
BEML has dispatched prototype of Mainline Electric Multiple unit (MEMU) to the Indian Railways. The company will be supplying 300 MEMU coaches to the Railways. “The MEMU with three-phase onboard propulsion system, is an existing Indian Railways-approved Carbody design that has been adopted, re-engineered and developed by BEML on a contract from Indian Railways,” said […]
Tata Power shares jump 7 per cent as it completes acquisition in TPCODL
Shares of Tata Power on Tuesday rose 7 per cent after the company said it has completed the acquisition of 51 per cent stake in TP Central Odisha Distribution Ltd for Rs 178.5 crore. The stock advanced 6.82 per cent to Rs 42.25 on the BSE. On the NSE, it gained 6.97 per cent to […]
Buyers of electricity contracts in IEX Real Time Market see 21 per cent cheaper average trading prices
Buyers of electricity contracts in the Real Time Market (RTM) platform of Indian Energy Exchange (IEX), witnessed 21 per cent cheaper average trading prices. According to data released by IEX, prices for June 2 delivery were Rs 2.2 per unit, 21.8 per cent cheaper when compared to June 1 when prices per unit were trading […]
Sterling and Wilson Solar commissions solar PV project in Oman
Shapoorji Pallonji-backed Sterling and Wilson Solar Limited (SWSL) has commissioned the operations of its maiden solar PV project in Oman. SWSL, an engineering procurement construction (EPC) company had received the order from Amin Renewable Energy Company SAO to construct this solar project. The Amin Solar PV project is supported by the Japanese-Omani consortium designed by […]
Telangana CM writes to Modi over State’s opposition to Draft Electricity Bill
Telangana Chief Minister K Chandrasekhar Rao has made a request to Prime Minister Narendra Modi highlighting the State’s concerns over the proposed Draft Electricity Bill. In a letter addressed to the Prime Minister late on Tuesday — which was also Telangana State Formation Day — the Chief Minister requested the Centre to withdraw the proposed […]
To conserve mangroves, GMR Energy to stop dredging in mudflats off Kakinada coast
GMR Energy Limited has been directed to stop dredging in the Kumbabhishekham mudflat off the Kakinada coast in Andhra Pradesh to protect the mangroves. The company was directed by the State Forest Department to remove a bund close to the mudflat adjacent to the company’s 220 MW barge-mounted power plant., comes in the backdrop of […]
Over 1 lakh evacuated, flights and trains to Mumbai rescheduled ahead of cyclone Nisarga
Nearly 1 lakh people along the coast of Maharashtra have been shifted to safer areas ahead of cyclone Nisarga making landfall later today. Flights and trains to and from Mumbai have also been cancelled or rescheduled as the city braces for its first cyclone in over 100 years. The cyclonic storm over Eastcentral Arabian Sea […]
IndiGo reports net loss of Rs 870.8 crore in March-quarter
The closure of flight operations has affected the profitability of IndiGo, the Delhi-based low cost airline. Indigo reported a net loss of Rs 870.8 crore for the quarter that ended on March 31 as against a net profit of Rs 595.8 crore previously. It has reported a loss of Rs 233.7 crore for the entire […]
Brokerage firms back InvIT, IndiGrid due to good recent performances
Power sector InvIT, IndiGrid’s recent performance has got a thumbs up from analyst firms. Equity research and brokerage house firm Edelweiss Securities has given a ‘buy’ rating for IndiGrid. This comes in the wake of a transmission asset acquisition coupled with strong FY20 performance. “We reaffirm confidence in IndiGrid’s business model, which is backed by […]