Energy Firms

UK govt increases windfall tax on profits of oil, natural gas companies

Britain's Treasury chief says he's increasing the windfall tax on the profits of oil and natural gas companies as he announced an emergency budget aimed at restoring the nation's economic credibility and patching up its battered finances. Jeremy Hunt said Thursday that the windfall tax will rise from 25% to 35% from January 2024 to March 2028 and that electricity generators will have to pay a new temporary levy of 45%. He said the taxes combined would raise 14 billion pounds next year. Energy companies such as London-based BP and Shell have reported huge profits in recent months as Russia's war in Ukraine pushes up energy prices worldwide. Britain's government has faced pressure to increase taxes on oil and gas companies to help fund support for millions of Britons struggling to cope with soaring energy prices. Prime Minister Rishi Sunak, a former Treasury chief, introduced a 25% energy profits levy earlier this year but that was limited to profits made from extracting U.K. oil an

Kaynes Tech IPO subscribed 34x, Keystone receives 8% bid on Day 1 & more

Kaynes Tech reported a net profit of Rs 10.05 crore and net sales of Rs 199.27 crore in the three months ended on June 2022

Hitachi Energy to supply transformers for NTPC renewable energy park

The NTPC REL facility in Kutch produce electricity to support 8 million people

Suzlon Energy founder Tulsi Tanti passes away after cardiac arrest

His death comes at a time when Suzlon Energy has just announced opening of its Rs 1,200 crore rights issue

Wall Street deep in bear market as S&P 500 hits new two-year low

S&P 500 hits lowest since Nov. 2020; rate-sensitive tech, growth stocks give back gains; energy stocks among rare gainers

Over 300 French companies urge govt to take action on surging energy prices

Over 300 French companies have alerted the country's government to the negative effects of the surging energy prices, Minister Delegate for Industry Roland Lescure has said

EU seeks $140 bn from energy firms to insulate consumers from energy crisis

European gas and power prices have rocketed this year as Russia cut fuel exports to retaliate for Western sanctions over its invasion of Ukraine

Norwegian energy firm Equinor completes Russia exit due to Ukraine war

Equinor had one asset left to divest from, a stake in the Arctic Kharyaga oilfield

Hyderabad- based Greenko to offer energy storage through a cloud platform

Storage to be open access for any consumer to use, can own and invest in green energy projects

CDPQ buys add'l 10% in Mumbai-based Apraava Energy at Rs 660 cr deal value

With this, the Canadian pension fund's stake in the firm goes up to 50%

UK announces 25% levy on energy firms to ease cost-of-living crisis

The UK announced that it will impose a 25 per cent levy on the profits of oil and gas companies, to ease the financial burden on millions of households amid raging inflation

Ravindra Energy seeks shareholders' nod to raise Rs 102 cr via warrants

The Board of Directors proposes to create, offer, issue and allot two crore warrants at the rate of Rs 51 per unit for an amount up to Rs 102 crore

IEX power trade volume rises 16% to 8,652 million units in January

Overall, the Exchange achieved 16 per cent YoY (year-on-year) volume growth in across all its market segments during the month (January),' an IEX statement said

Energy storage startup Matter partners ARAI for next gen mobility solutions

Energy storage start-up Matter on Monday said it has entered into an agreement with Automotive Research Association of India (ARAI) for collaboration in next-generation mobility solutions. The two parties have signed a memorandum of understanding (MoU) under which they will collaborate in next-generation mobility solutions in the areas of functional safety, electronics reliability and cyber security, the company said in a statement. Commenting on the collaboration, Matter Founder and CEO Mohal Rajiv Lalbhai said,"We are extremely confident the association with ARAI, which is the leading automotive R&D organisation in India, coupled with Matter's technology development capabilities will widen the horizons of growth for EV's and energy storage solutions in India." ARAI Director Dr Reji Mathai said the collaboration will open new opportunities in the field of electric vehicles (EVs) and energy storage solutions by leveraging ARAI's experience, expertise, and equipment. "With ARAI's ..

Shell ditches 'Dutch', to shift HQ to UK amid calls for carbon cuts

The changes come as Shell is battling activist investor Dan Loeb, who's demanding the company split itself into two to attract shareholders leaving the energy sector

BGR Energy Systems post Rs 2.65 cr net profit in September quarter

The company on Thursday posted a consolidated net profit due to higher revenues

China orders top energy companies to secure supplies at all costs

The order came directly from Vice Premier Han Zheng, who supervises the nation's energy sector and industrial production, and was delivered during an emergency meeting earlier this week

Indian shares open higher with IT, energy companies gaining the most

Indian shares rose on Thursday, with information technology and energy companies gaining the most, as investors awaited US inflation data and the outcome of a European Central Bank meeting

'Work from work': How a US firm's office policy left some employees bruised

Phillips 66 avoided a major outbreak while remaining nearly fully staffed at its 1.1 million-square-foot Houston campus

15-year plan to convert Reliance Industries into new energy company

While the company will remain a user of crude oil and natural gas, it is looking to embrace new technologies to convert CO2 into useful products and chemicals, says a report