Oil prices fell for a third day on Wednesday on rising crude inventories and production in the US, the world’s biggest oil consumer, along with increasing hopes of a ceasefire agreement in the Middle East. Brent crude futures for July fell 47 cents, or 0.5 per cent, at $85.86 a barrel by 0005 GMT. US […]
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Govt cuts windfall tax on petroleum crude to Rs 8,400 per MT from May 1
India has cut its windfall tax on petroleum crude to 8,400 Indian rupees ($100.66) a metric ton from 9,600 rupees with effect from May 1, the government said on Tuesday. The tax, which is revised every fortnight, was left unchanged at zero for diesel and aviation turbine fuel. The government had on April 16 raised […]
Indian Oil Q4FY24 results: Net profit shrinks 50% to Rs 5,149 crore
During the fourth quarter of FY24 (January-March 2024), state-run Indian Oil Corporation (IOCL) saw its consolidated net profit fall 49.3 percent to Rs 5,149 crore from Rs 10,290 crore in Q4 of FY23. On a sequential basis, net profit slipped 43 per cent from Rs 9,030 crore. The sharp fall in net profit during Q4 […]
BP appoints Kartikeya Dube as India head, to replace Mukundan from July 1
BP on Tuesday announced the appointment of Kartikeya Dube as the new India head, replacing long-time executive Sashi Mukundan who is retiring. In a statement, the company said Dube has been appointed Head of Country (HoC) and senior vice president (gas and low carbon) for India with effect from July 1, 2024. “Sashi Mukundan, who […]
Adani Total Gas Q4 result: Profit up 72% at Rs 1.68 bn on higher CNG sales
India’s Adani Total Gas reported a 72% surge in fourth-quarter profit on Tuesday, helped by strong demand in its compressed natural gas (CNG) segment. Consolidated profit rose to Rs 16.8 crore ($20.14 million) in the three months ended March 31 from Rs 97.91 crore a year earlier, marking a fifth straight rise in quarterly profit […]
Adani Total Gas Q4 results: Profit rises 59% to Rs 165 cr, revenue up at 5%
Adani Total Gas Ltd, the city gas retailing joint venture of Adani group and TotalEnergies of France, on Tuesday reported a 59 per cent rise in March quarter net profit on the back of a surge in CNG sales volumes. The company posted a net profit of Rs 165 crore in the January-March period as […]
Indian Oil Q4FY24 results: Net profit falls 49% to Rs 5,148 crore
Indian Oil Corporation Limited on Tuesday reported a 49.96 per cent year-on-year fall in consolidated net profit at Rs 5,148.87 crore for the quarter that ended on March 31 in financial year 2023-24 (Q4FY24). The company had reported a net profit of Rs 10,289.82 crore during the same period last year (Q4FY23). Sequentially, the net […]
India’s oil import bill could swell to $101-104 billion 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 […]
Dry cell battery maker Eveready Industries defers new category entry
Dry cell battery maker, Eveready Industries India, has pushed the goalpost for entering a new category by a year. Led by the Burman family of Dabur India, Eveready had planned to enter a new category by FY26, what would have been its fourth after battery, flashlight and lighting. However, its challenges with a revamped route-to-market […]
Exide Q4 results: Net profit up 2.56% at Rs 184.74 cr, revenue rises 13.49%
Storage battery maker, Exide Industries, on Tuesday recorded a 2.56 per cent year-on-year (Y-o-Y) increase in net profit on a consolidated basis in Q4 FY24 on the back of a 13.49 per cent increase in revenue. Consolidated net profit stood at Rs 184.74 crore in Q4 FY24 compared to Rs 180.12 crore a year back. […]
Musk fires Tesla EV charging team, blindsiding automobile manufacturers
Elon Musk’s abrupt decision to lay off employees who ran Tesla’s electric vehicle charging business blindsided automakers gearing up to equip new EVs for customers to use the Tesla Supercharger network, industry officials and analysts said on Tuesday. For now, General Motors, Ford and other automakers which struck deals last year to give customers access […]
Adani Energy Solutions’ Q4 result: Net profit declines 13% to Rs 381 cr
Adani Energy Solutions Ltd (AESL) on Tuesday posted a 13.26 per cent fall in its consolidated net profit to Rs 381.29 crore during the quarter ended March 2024 on account of increased expenses. Its net profit after tax was at Rs 439.60 crore in the January-March period of the preceding 2022-23 financial year, the company […]