SpiceJet settles $24 million financial dispute with Credit Suisse

SpiceJet Ltd has reached an in-principle commercial settlement with Credit Suisse AG over pending dues of $24 million. The Swiss firm had moved the Madras High Court against SpiceJet after the airline availed the services of SR Technics, Switzerland, for maintenance, repair, and overhauling of aircraft engines and components. SpiceJet had failed to make the required payments for the services.

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Exide Industries to invest Rs 6,000 crore in lithium-ion cell unit in Bengaluru

Exide Industries Ltd will invest around Rs 6,000 crore in a state-of-the-art lithium-ion cell manufacturing unit in Karnataka. The battery maker has proposed one of India’s largest giga factories for advanced cell chemistry technology. It has sought 80 acres of land in Haraluru industrial area near the Bengaluru International Airport.

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Prices of EVs to be equal of petrol cars in 2 years: Nitin Gadkari

Prices of electric vehicles (EVs) will be equal to the cost of petrol vehicles in India within two years, said Road Transport and Highways Minister Nitin Gadkari in Lok Sabha. MPs can buy electric vehicles once a charging station is installed on Parliament premises. The minister said the government’s policy is import substitute, cost-effectiveness, pollution-free and indigenous production.

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Adani Road Transport receives LoA for NHAI road project in Maharashtra

Adani Road Transport (ARTL) has received a Letter of Award (LOA) from the National Highways Authority of India (NHAI) for a road project in Maharashtra. The order consists of six-laning the Kagal-Satara section of NH-48. The estimated cost of the project is Rs 2,008.47 crore. ARTL is a wholly-owned subsidiary of Adani Enterprises Ltd. 

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Bharat Dynamics, UAE firm signs MoU to explore new business opportunities 

Bharat Dynamics Ltd (BDL) has signed a Memorandum of Understanding with UAE’s Tawazun Economic Council (TEC) for exploring new business opportunities in the field of defence. The two entities will explore the possibility of exporting products to cater to global demand. Tawazun is the defense and security acquisition authority for the UAE armed force.

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Britannia plans to raise prices by up to 7%

Britannia is planning to hike the prices of its biscuits and cookies by 7% this year. Managing Director Varun Berry said the last two years have been pretty bad for the business. The latest blow delivered by the Russia-Ukraine war has affected the food supply chain. The company had initially assumed a 3% inflation this year. However, inflation is now seen at 8-9%.

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GAIL announces Rs 1,083 crore buyback plan

GAIL (India) Ltd has announced a share buyback plan worth Rs 1,084.72 crore. The state-run company will buy back nearly 5.69 crore fully paid-up equity shares (of the face value of Rs 10 each) at Rs 190 per share. The buyback price is at a 24% premium over Wednesday’s closing price of Rs 153.40. GAIL has fixed April 22 as the record date for ascertaining the eligibility of shareholders for buyback of shares.

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Bharti Airtel partners with Tech Mahindra to co-develop 5G use cases

Bharti Airtel Ltd has entered into a strategic partnership with Tech Mahindra to co-develop and market 5G use cases in India. They will jointly set up a 5G innovation lab for developing ‘Make in India’ use cases for the Indian and global markets. Airtel has been spearheading 5G demos and testing in the country, while Tech Mahindra has developed world-class 5G applications and platforms. 

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IOCL to release 6,000 MT diesel to ease power crisis in Sri Lanka

Indian Oil Corporation Ltd (IOCL) will release 6,000 metric tonnes of diesel to Sri Lanka as it pitches in to mitigate the spike in power cuts in the island nation. Sri Lanka is facing an unprecedented economic and energy crisis caused due to shortage of foreign exchange. India recently announced to extend a $1 billion line of credit to Sri Lanka as part of its financial assistance to the country. 

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Indian govt more than doubles gas price

The government more than doubled the domestic price of natural gas, increasing it for the second time in a row amid rising global prices. Gas under the administrative price mechanism will cost 110.3% more at $6.1 a million metric British thermal units for the first half of FY23. As per reports, such a hike may benefit Oil & Natural Gas Corp., Oil India Ltd, and Reliance Industries Ltd.

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