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NEWS

Posted On:
03-08-2024

Sri Lanka Supreme Court sets Oct 14 for Adani wind power projects case

Sri Lanka's Supreme Court on Friday set October 14 as the date for the hearing of five fundamental rights petitions filed against the wind power plant undertaken by the Indian conglomerate Adani Group in the north-eastern region of Mannar. The three-member bench of the apex court here ordered the respondents to file objections before September 13. Environmental NGOs had filed petitions claiming that the project endangers biodiversity and poses a threat to migratory birds. The Wildlife and Nature Protection Society filed the case, naming the government, the Board of Investment and the Central Environmental Authority among others as respondents. The environmental rights group had claimed in court that a decision by the Cabinet to treat the Adani wind power project as a Sri Lanka-India government-to-government venture was illegal and that it would cause immense damage to the migratory bird population causing environmental hazards. The group had also challenged the action by Minister of Environment Pavithra Wanniarachchi to exclude the Mannar district's Viddathalathivu area from being a forest reserve, an action taken to facilitate the project.
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Posted On:
05-08-2024

Zomato collected Rs 83 crore in platform fee from customers till March

Food delivery aggregator Zomato, which began charging platform fee on orders from last August, collected Rs 83 crore through the new levy till March, the company's annual report has revealed. Platform fee has been cited as one of the three key factors driving Zomato's Adjusted Revenue, which grew 27 per cent year-on-year to Rs 7,792 crore in FY24. "Adjusted Revenue as a percentage of GOV (gross order value), continued to increase primarily due to increase in restaurant commission take-rates, improvement in ad monetization and introduction of platform fee from Q2FY24 onwards," the report stated. All of these factors more than compensated for the reduction in customer delivery charge per order due to the free delivery benefit available on Gold orders, it added. Interestingly, most late night orders in the last fiscal year came from Delhi NCR, while most breakfast orders came from Bengaluru, Zomato shared in the report. The food delivery aggregator began levying platform fee at Rs 2 per order last August, which has gradually been increased to Rs 6 now in key markets.
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Posted On:
05-08-2024

Bharat Coking Coal pays first-ever Rs 44 crore dividend to Coal India

Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India Limited (CIL), paid its first-ever dividend of Rs 44.43 crore to its parent company on Sunday. This milestone follows BCCL's achievement of clearing its accumulated losses and reporting a net profit of Rs 1,564 crore for the financial year 2023-24, with a turnover of Rs 13,216 crore. BCCL chairman-cum-managing director Samiran Dutta formally handed over the dividend to CIL chairman P M Prasad at a ceremony. The dividend payment was approved by BCCL shareholders at its 53rd Annual General Meeting on August 1. Dutta attributed the company's strong financial performance and strategic progress to a consistent growth rate of 15 per cent over recent years.
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Posted On:
05-08-2024

Lenders vote to liquidate defunct airline Go First due to low bids

The committee of creditors (CoC) of defunct airline Go First have unanimously decided in favour of liquidating the company as bids by prospective resolution applicants were below expectations, a source aware of the development, said. A senior executive of a private bank, which has a small exposure to the airline, said voting for the proposal is through and the airline will be recommended for liquidation soon. He added that it is difficult to give a timeline for any further process as it will depend on the legal process at the tribunal. Previously, the National Company Law Tribunal (NCLT) had extended the insolvency process of the debt-laden airline until August 3. It had instructed the CoC and the resolution professional to adhere strictly to this deadline with no further extensions. A consortium of SpiceJet promoter Ajay Singh and EaseMyTrip promoter Nishant Pitti along with Sharjah-based Sky One had expressed interest in providing a resolution plan for the airline. However, later Singh and Pitti decided to withdraw from the process.
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Posted On:
06-08-2024

Intel to take another of ASML's High NA EUV tools, says CEO Pat Gelsinger

Intel is in the process of receiving the second of ASML's new 350 million euro ($383 million) "High NA" EUV tools, CEO Pat Gelsinger said, according to a transcript of the company's Aug 1 earnings call. Intel began receiving the first of the massive machines, which take months to install and are expected to enable new generations of more powerful computer chips, in December. "The second High NA tool is coming into our Oregon facility," Gelsinger said on the call, adding that the company's technology investments are "showing good early indicators". The remark did not draw attention amid Intel's dramatic slump on worries about its turnaround prospects. ASML, the biggest supplier of equipment to computer chip makers, declined to comment on specific customer purchases. Executives at ASML said on July 17 the company had begun shipping a second High NA tool to an unnamed customer, and that it will only book revenues for the first, and possibly the second, this year.
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