Imposition of auction ceiling prices and delays in commissioning of awarded projects have lowered near-term growth outlook of wind power sector in India, according to a report. In its latest report ‘Global Wind Power Market Outlook Update: Q2 2019’, Wood Mackenzie Power and Renewables said the current market conditions in India have bruised the region’s […]
Category: The Financial Express
The Financial Express
Asset monetisation: Ministries and Niti Aayog differ on how to split GAIL
Though it is amply clear by now that the marketing and pipeline businesses of state-run GAIL (India) will be separated, opinions of departments within the government seem to differ on the ownership and shape of the new entity to be created. While the ministry of petroleum and natural gas feel the pipeline company should remain […]
Jet Airways crisis: Delhi HC seeks Centre’s response on Naresh Goyal’s plea against look out circular
A Delhi High Court Tuesday refused to allow Jet Airways founder Naresh Goyal to go abroad and sought response of the Centre on his plea challenging a look out circular (LOC) issued against him. Justice Suresh Kait said no interim relief can be granted at this stage and added that he may deposit Rs 18,000 […]
Board recommends Mukund M Chitale & Co as new auditor of IL&FS financial arm IFIN
The government-appointed board of IL&FS Financial Services (IFIN), the financial arm of the IL&FS group and the focus of multiple fraud investigations, has recommended Mukund M Chitale & Co as the new statutory auditors for the company. The move comes after BSR & Associates resigned as the company’s auditor on June 19. BSR & Associates […]
First CoC meet for Jet Airways insolvency next week
The first meeting of the committee of creditors (CoC) regarding the insolvency proceedings of Jet Airways is likely to take place early next week, sources told FE. The National Company Law Tribunal (NCLT) had on June 20 passed an order to initiate insolvency proceedings against the grounded airline following a plea filed by State Bank […]
Analyst corner: Fuel subsidy unchanged amid steady crude oil price
The government’s elevated disinvestment target along with the proposal to create more headroom for divestment in non-financial PSUs may act as a technical overhang on the stocks; it may also inhibit divestment of cross-holdings by other PSUs. The government has increased excise duties on auto fuels by `2/litre, which have been passed on to end-consumers […]
Stock corner: ‘Add’ on Torrent Power, target price raised to Rs 327
In an order issued by the Gujarat Electricity Regulatory Commission (GERC), tariff on power from the 382.5MW brownfield gas project, UNOSUGEN, which was determined by CERC in FY14, has been finally adopted, albeit with certain changes. As against a fixed cost of `3,470 crore (`1.68/unit) as in FY19, Torrent Power (TPW) has offered recovery of […]
IL&FS road projects: 6 investors show interest in asset sale
At least six investors that include I Squared Capital, Canada’s CDPQ, NIIF, Brookfield, Edelweiss and Lone Star are understood to be conducting due diligence ahead of submitting their bids for 18 road assets of IL&FS, a source aware of the developments told FE. The bids are likely to start coming in by mid-July and should […]
IOC, GAIL pact to take stake in Adani’s Dhamra LNG project expires, no investment made: Dharmendra Pradhan
State-owned refiner Indian Oil Corp (IOC) and gas utility GAIL India Ltd’s initial agreement to buy a 50 per cent stake in Adani Group’s Rs 5,000-crore Dhamra LNG project in Odisha has expired, Oil Minister Dharmendra Pradhan said Monday. IOC and GAIL had on September 21, 2016, signed a “non-binding MoU” with Adani Petroleum Terminal […]
Air India privatisation: Fearing for their jobs, AI unions oppose bid to sell the Maharaja
Fearing for their jobs, the over a dozen employees and officers unions of Air India Monday came out strongly against the government’s second bid to sell the financially-crippled national carrier, union sources said after a meeting with the management. Acting quickly on the budget announcement, Air India chairman Ashwani Lohani had called on Friday itself […]
IndiGrid completes acquisition of 2 transmission assets
IndiGrid, the first infrastructure investment trust (InvIT) in the power sector, announced that it has completed acquisition of two power transmission assets from Sterlite Power for an enterprise value of `5,025 crore. These two assets are NRSS XXIX Transmission (NTL) and Odisha Generation Phase-II Transmission (OGPTL). IndiGrid had signed definitive documents to acquire the two […]
AirAsia India plans to add nine planes to fleet by end of 2019
Budget carrier AirAsia India is planning to take its fleet strength to 30 by end of the year from the current 21 as it looks to expand its domestic network. A senior airline executive said the airline is planning to lease nine narrow-body Airbus A320 in the next six months to serve key markets like […]