During the Gulf War in 1990, India was hit with a crisis so severe that the country was left with oil reserves adequate for just 3 days. Oil prices shot up alarmingly as a fall out of the war and triggered an inflationary spiral across the world and India could not escape the heat.
The outlook on crude oil is getting murkier. The US wants India and other countries to stop importing oil from Iran by 4 November, as sanctions loom. India imports almost 80% of its oil requirements and Iran is its third-largest supplier. The country’s share in India’s import volumes was 10.4% in FY18.
With ever increasing pollution levels across the major cities in India, it is high time that we, as individuals, take steps to protect ourselves and our future generations from environmental degradation. And the time to do it is – NOW.
Indian renewable energy company Acme Solar Holdings has downsized its proposed IPOto Rs10bn-Rs15bn (US$147m-$219m) from Rs22bn as it plans to sell some of its assets, people with knowledge of the transaction have said.
KSRTC’s electric bus, which completed a four-day trial run in Kochi, left for Kozhikode on Wednesday. The transport corporation, which introduced the bus on Saturday, said the trial was “75 per cent successful” and the bus collected an average of Rs 40-45 per km.
Crude oil futures eased 0.46 per cent to Rs 4,925 per barrel today as speculators reduced their positions amid a weakening trend in Asian markets.
Prices of oil refinery and marketing companies’ shares tumbled in the market today, with the sharp jump in global crude oil prices triggering heavy selling at these counters. BPCL tumbled by about 8% and Hindustan Petroleum Corporation shed 7.4%, while Indian Oil Corporation declined 6.1%.
Shares of Power Grid Corp of India Ltd fall as much as 1.44 pct to 184.5 rupees, lowest since Jan 3, 2017. Power transmission co’s stock breaks below a support at 186.1 rupees, the 38.2 pct Fibonacci retracement level of the uptrend from Sep. 7, 2015 low to Aug. 8, 2017 high
U.S. nuclear firm Westinghouse expects to emerge from bankruptcy with sufficient equity in coming weeks and is targeting Saudi Arabia and India for new reactor sales, its CEO said.
Around 3 billion of the world’s poorest people still rely on solid fuels (wood, animal dung, charcoal, crop wastes and coal) burned in inefficient stoves for cooking and heating, and some 1.2 billion light their homes with simple kerosene lamps.