Centre, states must talk to lower fuel prices: Union Finance Minister

Union Finance Minister Nirmala Sitharaman has called for the Centre and state governments to have “a talk to bring down the retail fuel price at a reasonable level for consumers”. She stated that the fuel rates are worked up by oil marketing companies (OMCs), based on the cost of importing, refining, and distribution. The minister said that the fuel prices have been freed and that the Centre has no control over it. 

The prices of petrol and diesel have been rising in India over the past 10 days. Petrol prices have even crossed the Rs 100 per litre-mark in several cities. On Saturday, the price of petrol rose again by 39 paise, taking the rate to Rs 90.58 per litre in Delhi. Diesel prices were raised by 37 paise to Rs 80.97 per litre. 

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DBS faces lawsuits in India after takeover of Lakshmi Vilas Bank

DBS Group Holdings Ltd., Southeast Asia’s largest lender, said it is facing lawsuits in India related to its recent takeover of Lakshmi Vilas Bank (LVB). Holders of LVB’s equity shares and Tier-II bonds that were written off before the effective date of amalgamation took legal actions against DBS’s local unit in various high courts in India. DBS said it has no incremental unprovided risks on these lawsuits.

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NTPC commissions 5 MW solar capacity at Auraiya plant in Uttar Pradesh

NTPC Limited has announced the commissioning of a 5 megawatt (MW) solar capacity at a project in Auraiya, Uttar Pradesh. The capacity is part of its 20 MW Solar PV Project located in Auraiya. With this, the total installed capacity of NTPC and NTPC Group has become 52,115 MW and 64,880 MW, respectively.

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Steep rise in diesel prices to increase network operating expenses of telecom companies: Analysts

Telecom sector analysts have estimated that the steep rise in diesel prices in the current quarter can increase network operating expenses of telecom companies by 7-8%. However, it may only cause less than a 1% change in overall earnings. Diesel costs contribute roughly 8% to telecom companies’ operating expenses for running towers, generators, etc.

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Wanbury’s board approves preferential issue of shares to raise funds for settling debts

The Board of Directors of Wanbury Limited has approved the issue and allotment of 76.15 lakh equity shares on a preferential basis to investors at a price of Rs 65 per share. The total issue size is Rs 49.49 crore. The funds raised through this issue will be used for settlement of the company’s debts. Wanbury Ltd is a pharmaceutical company based in Mumbai.

Laxmi Organics, MTAR Technologies receives SEBI approval for IPO

Specialty chemicals company Laxmi Organics and engineering solutions firm MTAR Technologies has received approval from market regulator SEBI for their initial public offering (IPO). Both IPOs are expected to hit the public markets in early March. Laxmi Organics’ IPO consists of a fresh issue of Rs 500 crore and an offer for sale of Rs 300 crore by promoter Yellow Stone Trust. MTAR Technologies’ IPO consists of fresh issuance of 40 lakh shares and an offer for sale of 82.24 lakh equity shares by the promoter and existing shareholders.

Maruti Suzuki eyes boom in CNG-run car sales

Maruti Suzuki India expects sales of its natural gas-powered cars to jump 59% in the next financial year (FY 2021-22). The company hopes that more buyers would embrace greener fuels amid soaring petrol prices and the wider availability of compressed natural gas (CNG). Maruti Suzuki has further planned to expand its portfolio of CNG vehicles. 

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Mahindra CIE Q4 Results: Net profit at Rs 111 crore

Mahindra CIE Automotive reported a 702.23% YoY increase in net profit to Rs 111.67 crore for the fourth quarter ended December (Q4 CY20). The company follows the January-December financial year cycle. Its revenue from operations rose 13.62% YoY to Rs 1,957.64 crore during the same period. Mahindra CIE is engaged in the manufacture and supply of automotive components.

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Delhi govt to set up another 100 EV charging stations

The Delhi Government has floated a fresh tender for setting up another 100 charging stations for electric vehicles (EVs) across the city. The move comes under its ongoing ‘Switch Delhi’, a mass awareness campaign to sensitize citizens about the benefits of switching to EVs. A Delhi government agency, Delhi Transco Limited, has initiated the process to set up the charging stations. All power infrastructure costs will be borne by the state government.

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To know more about the Switch Delhi campaign, click here.