SHELLING
Tight liquidity forces banks to tap debt markets, shell out more
"To a certain extent, the year-on-year rise in the bank borrowing numbers is a reflection of the merger between HDFC and HDFC Bank. But apart from that, it is clearly a reflection of the tightness in the liquidity and that was, to a certain extent, exacerbated in the month of May because government spending was restricted during the Union election," said Soumyajit Niyogi, director at India Ratings & Research.
India Inc makes a play for equality: L&T and Amazon lead the way with all-women teams in engineering and delivery
Engineering giant L&T has established an all-women team at Tata Steel's mining site in Odisha, handling large machinery repairs, inspired by a successful pilot. Amazon, which initiated all-women virtual customer service in 2020, now operates nine all-women delivery stations in various locations. Companies like Shell, KFC, and Dr. Reddy's are also creating all-women teams in various sectors, boosting productivity, reducing attrition, and attracting female talent. These initiatives aim to address the gender gap and promote inclusive practices across industries.
How solar companies are surpassing Big Oil
The rise of Chinese solar power cos like Tongwei and Longi is challenging the dominance of traditional oil giants such as Exxon Mobil and Shell. Solar firms are already rivaling Big Oil in energy production efficiency, longevity, and environmental impact, signaling a significant shift in the global energy landscape.
CBI conducts searches at 14 locations in connection with Rs 5717-cr fraud by SKS Power Generation
The Central Bank of India (CBI) has registered an FIR into a bank fraud involving Chhattisgarh-based SKS Power Generation Ltd. The company, promoted by SKS Ispat and Power, allegedly availed a Rs 6,170 crore loan from various financial institutions, leading to a default of Rs 5717 crore. The FIR has booked several officials, including two State Bank of India officers.
GAIL announces Rs 60,000 crore ethane capex
Gail India plans to set up a 1500 KTA ethane cracker project in Madhya Pradesh, with an investment of Rs 60,000 crore. Ethane, a component of natural gas, will be converted into ethylene for plastics, adhesives, and more. The project awaits state government enablers and proposes a 70-hectare township. Groundbreaking is expected by February 2025, with production starting in 2030-31. Gail aims to import ethane for the project, signing an MoU with ONGC and Shell Energy India for this purpose.
Ukraine orders evacuations from parts of Donetsk
Ukraine has ordered the evacuation of children and their guardians from several towns and villages in the eastern Donetsk region, where fighting with Russia is escalating. The move comes as President Zelensky stated that Russian firepower is concentrated in Donetsk, which Russia claimed to have annexed in 2022 despite not having full control. The Donetsk governor cited the deteriorating security situation and increasing shelling intensity as reasons for the evacuation. Several areas near the front line, including the town of Lyman and the hamlet of Progres, are affected.
Women, police clash in Sandeshkhali as violence seen across West Bengal seats
Nine Lok Sabha seats in Kolkata and surrounding regions were up for election on Saturday, and there were reports of violence in several districts of South Bengal, particularly in the Bhangar, Canning, and Sandeshkhali parts of South 24 Parganas district, with political workers and women hurt. Until 5 p.m., about 69.89% of polling was recorded in nine constituencies.
Destiny 2 Dungeons & Dragons Collaboration: This is what we know about release date, cosmetic items and more
Destiny 2 collaborates with Dungeons & Dragons, introducing new cosmetics and items. The release date is June 4, 2024, alongside The Final Shape expansion. The collaboration features class-specific gear and an Adventurer’s Pack Bundle. Estimated cost is around 2000 Silver.
West Bengal: BJP leader Suvendu Adhikari urges women to blow conch shells if they see suspicious activities
Adhikari also warned TMC officials against violating Election Commission guidelines, citing repercussions similar to those faced by incarcerated TMC leader Shahjahan Sheikh.
Reliance-BP and Shell-MRPL jet fuel sales take wing in April
Reliance-BP and Shell-MRPL, the two private sector joint ventures, have made extraordinary gains in a year, taking their combined market share in the ATF market to 10.3% in April from 6.3% in the same month last year, according to industry data.
LNG terminals get busier as imports balloon
Capacity utilisation at most import terminals increased during the year, with utilisation rising to 95% from 78% in FY23 at India's largest import terminal at Dahej, showed oil ministry data. Petronet LNG operates the Dahej terminal in Gujarat. Its other terminal at Kochi operated at 21% capacity in FY24, up from 19%.
Lok Sabha elections: Border villages enjoy peaceful voting without fear of cross-border shelling
Voters near the Line of Control (LoC) in Jammu and Kashmir participate in Lok Sabha elections at Sehar and Makri polling stations without fear of cross-border shelling.
IIT Madras and Shell India Partner to form Centre for Energy Research
Indian Institute of Technology Madras and Shell India partner to establish Shell IITM Centre for Energy Research (SICER) for advancing technologies in the energy sector, emphasizing research collaborations and energy startup incubation.
Gail may line up Rs 50,000 crore capex in big petrochemical bet
Gail (India) intends to invest up to ₹50,000 crore in constructing a 1.5 million tonnes per annum ethane cracking unit at Sehore, Madhya Pradesh, according to sources familiar with the matter. This significant investment marks one of the largest proposed capital expenditures by the state-run gas utility.
Shot by shot, Indian military is getting atmanirbhar
The government aims to increase India's annual defense production to nearly three times its current level, reaching Rs 3 lakh crore by 2028-29. Additionally, the target for defense exports is set to more than double, reaching Rs 50,000 crore compared to the current Rs 21,083 crore. For the fiscal year 2024-25, the goal is to achieve a total annual defense production worth Rs 1,75,000 crore, including exports valued at Rs 35,000 crore.
Britain's FTSE 100 hits record high as Shell shines
Britain's FTSE 100 opened at a record high, boosted by gains in Shell after Reuters reported its plans to sell the Malaysian gas station business and BP gained on maintaining share buyback plans but missed earnings forecast.
Shell appoints Parminder Kohli as UK boss
Kohli will also become head of sustainability and carbon, effective June 1, following the departure of Jonathan Osborne, London-based Shell said. In over 20 years with Shell, Parminder has held various positions in Shell's refining, chemicals and mobility operations. He currently heads lubricants in the EMEA region.
Israel military strikes northern Gaza in heaviest shelling in weeks
Israel continues heavy shelling in northern Gaza, causing panic, targeting rocket launchers, and claiming airstrikes on Zeitoun. Islamic Jihad launches rockets. Israel strikes Khan Younis, escalating tensions and hindering ceasefire efforts.
US aid could buy Kyiv time, but Ukraine needs many more troops
Ukrainian artillery gunners near Kupiansk are hopeful about the imminent U.S. aid package, seen as a crucial lifeline in their battle against Russian forces. The $61 billion aid is expected to replenish Ukraine's low stocks of artillery shells and air defenses. While the aid is anticipated to boost Ukraine's defense capabilities, challenges remain, including manpower shortages and questions about fortifications. The aid's impact may take time, with analysts suggesting a possible improvement in Ukraine's situation from autumn onwards.
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