To help them make up for the revenue lost on selling auto and cooking fuel below cost.
The crude oil rally will impact prices of aviation turbine fuel, which forms 30 per cent of the operating cost for an airline. The company incurred a loss of $23.1 million during the October-December quarter of FY08. This was against a net profit of $9 million during the corresponding quarter of 2006-07.
Low-cost carrier Deccan Aviation is considering rationalisation of some of its routes as a cost-cutting measure in the backdrop of a hike in aviation turbine fuel (ATF) prices, a top company official said.
It is the seventh reduction in jet fuel rates since August
In their endeavor to produce a cost effective and environment friendly vehicle, the students of MM University has made first of its kind tri-fuel car- TRIO
Airlines will report losses in FY16 but 35% less Y-o-Y
While this benefit of easing fuel cost should have been passed on to consumers through the review of FAC due this month, the Railways does not intend to revise freight and passenger fares until the next Budget to be presented in February.
The sector may be overcrowded with a fair number of large players and the entry of the Adani Group through its two key acquisitions, followed by the takeover of majority stake in Sanghi Industries via Ambuja Cements. Since every major player is in expansion mode, there could be a capacity surplus and hence, price wars.
Long working hours, earnings that fall short of meeting household expenses, arbitrary deactivation and blocking of identity (ID) by platforms, and high physical and mental stress are among the major issues plaguing workers of the booming gig economy in India, a report based on a survey has found. Nearly 83 per cent cab drivers reported working for more than 10 hours in a day, while 78 per cent delivery personnel worked for the same duration, showed the report released on Monday, titled "Prisoners on Wheels" and based on a survey by the University of Pennsylvania and the Indian Federation of App-Based Transport Workers (IFAT).
Fuel rates were last revised on February 1 when petrol price was cut by a marginal 4 paise a litre.
The Indian aviation industry faced a paradoxical situation in 2011 suffering huge losses in the face of a burgeoning domestic air traffic, as it battled high fuel costs and fierce competition while looking up to the government for help.
Mallya's airline is the second domestic carrier to have received DGFT approval for ATF import after budget carrier SpiceJet.
Domestic airlines expect the fall in prices of aviation fuel to boost their earnings from the quarter ending December.
GoAir recently introduced return zero fare tickets under 'GoHappy Fares' plan, while low-cost arm of Air India, Air India Express offered domestic travellers a fare of Rs 99 plus taxes. Air Deccan, which has been taken over by Kingfisher Airlines and Spicejet are already in the race offering such sops. For AI Express, which has been primarily operating on international routes, this is an effort to reach out to the domestic market.
India's electric two-wheeler (E2W) sector is expected to cross the one million mark in 2024 fuelled by rising demand, increased production, and affordability, industry experts said, even as several original equipment makers are expanding their penetration to rural areas. Improved battery technology and innovative features are also likely to fuel growth, they said. "E2W sales will breach the 1-million mark in 2024 as the demand for electric two-wheelers is expected to continue growing due to factors such as environmental awareness, government incentives, and improvements in technology," Hyder Khan, chief executive officer (CEO), Godawari Electric Motors, said.
Jet Airways made a stand-alone profit of Rs 87.5 crore (Rs 875 million).
Reliance Industries Ltd is likely to import jet fuel for SpiceJet.
A 14.2-kg subsidised LPG cylinder in Delhi will now cost Rs 507.42 as against Rs 505.34 previously, according to a price notification of State-owned fuel retailers.
The International Olympic Committee expects to bear costs of up to $800 million for its part in the organisation of the postponed Tokyo 2020 Olympics, now due to be staged next year, IOC president Thomas Bach said on Thursday. In March, the International Olympic Committee and the Japanese government decided to delay the Games, which were due to start this July, for a year because of the coronavirus pandemic that has killed 300,000 people worldwide.
International oil prices have hit a six-month low, helping Indian fuel retailers breakeven on petrol but they continue to lose money on diesel - the most used fuel in the country, officials said. The world's best-known crude benchmark, Brent was trading at $94.91 per barrel on Thursday after concerns of a global recession led to it slipping to a six-month low of $91.51 on the previous day. The current rates are a relief to India, which is 85 per cent dependent on imports for meeting its oil needs.
We list down various ways in which you can derive the best mileage from your bike.
India's crude oil imports from Russia fell for a second straight month in January to its lowest in 12 months but the nation's insatiable appetite for Russian crude remains for the long term, according to data from energy cargo tracker and industry officials. Russia supplied 1.2 million barrels per day of crude oil to India in January, down from 1.32 million barrels in December and 1.62 million barrels in November 2023, according to data from energy cargo tracker Vortexa. Russia however continues to remain India's top oil supplier, accounting for a little less than a quarter of 4.91 million barrels a day of oil that the world's third largest energy consumer imported in January.
A Group of Ministers is likely to consider this week a marginal hike in petrol and diesel prices and a cut in excise duty on auto fuels to cut the Rs 7,840 crore (Rs 78.40 billion) loss public sector oil firms incur every month.
Revive growth by taxing fuels less and lowering interest for productive loans.
India annually spends Rs 4.5 lakh crore on importing petroleum products, and Transport Minister Nitin Gadkari feels methane is a cost-effective import substitution. But is it? Pallava Bagla examines the pros and cons.
Shailesh Karkera picks the Best Players at Euro 24.
The key risks against a fast recovery would include long delays in business travel resumption, delays in commissioning, etc.
The airline is not convinced that it will have a sizeable passenger traffic to make wide body operations profitable
'The need for added safety has bolstered demand for charter flights in the last year and is expected to continue.'
The country's biggest fuel retailer Indian Oil Corporation on Wednesday said it is losing Rs 107 crore (Rs 1.07 billion) a day on selling auto and cooking fuel below cost even as it awaits the government to announce clear compensation package.
Domestic sales for two big Indian automakers tumbled in August on rising fuel costs and interest rates.
Grounding increases govt carrier's fuel cost by Rs 40 lakh daily, forces changes in schedules.
Kajaria Ceramics, the country's leading listed tile manufacturer, has seen its stock fall by 7 per cent over the past month amid concerns about rising input costs and sluggish domestic demand. Other listed stocks also experienced weakness in September, although there was some recovery in October. While strong exports are expected to help stabilise domestic market prices, the surge in gas prices over the past couple of months may have impacted margins in the second half of FY24.
This is a good opportunity for long-term investors to pick quality small and midcap stocks at reasonable valuations.
Alliance Air, which is the largest regional airline, is currently operating 77 daily flights compared to 126 last year.
Finance Minister Pranab Mukherjee on Friday said surging food and fuel prices amid weak global economic growth are adversely impacting GDP growth of the country.
The size of Reserve Bank's balance sheet increased by 11.08 per cent to Rs 70.47 lakh crore as on March 2024, leading to the highest-ever dividend payout to the government, according to the central bank's annual report. In actual terms, the increase was Rs 7,02,946.97 crore over Rs 63.45 lakh crore as on March 2023.
For Air India and Jet Airways, airspace closure over Pakistan would mean flights to US and Europe will have to take a longer route.
Cement companies posted mixed figures for the first quarter of the 2023-24 financial year (Q1FY24). Volume growth was robust at 17 per cent year-on-year (Y-o-Y) - on an aggregate basis - for 15 cement companies, with revenue growth at 15 per cent. Aggregate earnings before interest, taxes, depreciation, and amortisation (Ebitda) were up 8.8 per cent Y-o-Y and 1.2 per cent quarter-on-quarter (Q-o-Q).
