Rakesh Gangwal, the co-founder of IndiGo, on Thursday sold almost 2.75 per cent of his stake in the airline through block deals on the NSE for Rs 2,005 crore. Gangwal and his family held 36.61 per cent in InterGlobe Aviation, the parent of IndiGo at the end of June. Co-founder Rahul Batia and his family […]
Category: The Telegraph
Telegraph
Rail bets big on freight revenue
The railways expects incremental revenue of at least Rs 30,000 crore per annum from freight services once 300 Gati Shakti cargo terminals are operational in the next five years following the approval of long-term leasing of railway land. Briefing reporters on the cabinet decisions, Union minister Ashwini Vaishnaw said that the ministry has received a […]
Domestic airline industry expected to report Rs 15,000-17,000 crore loss in FY23
Domestic airlines industry is expected to report a net loss of around Rs 15,000-17,000 crore this fiscal on account of elevated price of Aviation Turbine Fuel (ATF) and a weak rupee, a report said on Wednesday. The losses for the industry in the previous fiscal were estimated at around Rs 23,000 crore, credit ratings agency […]
Receivables of leading RE companies to shrink 20% this fiscal: Crisil
Receivables of leading renewable companies will shrink 20 per cent during this financial year, Crisil Ratings said. Leading renewable energy (RE) companies are set to see their receivables reduce a fifth from 180 days a year ago to 140 days as of March 2023, a level last visible pre-COVID, the agency said in a statement. […]
Indian Railways to provide training, IT solutions to Bangladesh Railway
The Indian Railways will provide training to the employees of the Bangladesh Railway as well as offer IT solutions for the computerisation of its passenger ticketing and freight operations, according to two MoUs inked between the two countries on Tuesday. The two MoUs were signed during Bangladesh Prime Minister Sheikh Hasina’s ongoing visit to New […]
RIL buys solar firm for $32 million
Reliance Industries Ltd (RIL) is acquiring a majority stake in California-based solar energy generation software developer Sense Hawk for $32 million (around Rs 256 crore). Founded in 2018, Sense Hawk develops tools for the solar industry to help companies streamline processes and use automation. It had a turnover of $2.3 million in the last financial […]
Elbers takes up reins at IndiGo
Budget carrier IndiGo has said Pieter Elbers, who was named as the chief executive officer of the company to replace Ronojoy Dutta, has joined the position from Tuesday. The airline had announced the appointment of Elbers as its new CEO following Dutta’s “decision” to retire on September 30. “…Petrus Johannes Theodorus Elbers (Pieter Elbers) has […]
Tatas launch CNG trucks
Tata Motors’ journey to net zero emission willbe through the gas route. On Monday, the company launched a series of CNG-powered medium and heavy commercial vehicle trucks. Executive director Girish Wagh said the company is working at gaseous fuels such as CNG, LNG, and hydrogen as alternative energy sources. “Today we are launching CNG vehicles, […]
Sembcorp in Rs 11,700 crore power deal
Singapore’s Sembcorp Industries has offloaded its coal-fired power plants in India as it looks to increase its share of renewable energy assets. Sembcorp Industries has said that it has entered into an agreement to sell its entire stake in Sembcorp Energy India Limited (SEIL) to Tanweer Infrastructure Pte Ltd for Rs 11,700 crore. SEIL is […]
Gas prices jump 30 per cent in Europe
European gas prices rocketed as much as 30 per cent higher on Monday after Russia said one of its main gas supply pipelines to Europe would stay shut indefinitely, stoking renewed fears about shortages and gas rationing in the European Union this winter. The benchmark gas price surged as high as 272 euros per megawatt […]
Tracks blocked to protest service scrap
Hundreds of passengers on Monday blocked railway tracks at four stations in Hooghly district for over three hours to protest against irregular local train services in the Howrah-Burdwan section of Eastern Railway during office hours. Multiple local trains were delayed following the blockade at Pandua, Khanyan, Talandu, and Mogra, starting from 7.30am and ending at […]
Charged with dysfunctionality
The US government is doling out billions of dollars to encourage people to buy electric vehicles. Automakers are building new factories and scouring the world for raw materials. And so many people want them that the waiting lists for battery-powered cars are months long. The electric vehicle revolution is nearly here, but its arrival is […]