Source : PTI |Union Power and New & Renewable Energy Minister R K Singh on Tuesday said renewable energy sources can supply 65% of the world’s total electricity by 2030 and as much as 90% by 2050. Addressing the inauguration of the Sixth Assembly of International Solar Alliance (ISA), Singh said “Renewable energy sources have the potential to supply 65% of the world’s total electricity by 2030 and decarbonise 90% of the power sector by 2050.”

Currently, he informed that around 80% of the global population resides in countries that depend on fossil fuel imports, totalling a staggering 6 billion people. Continue reading “Renewable energy sources can meet 65% of world’s power supply, 90% by 2050: R K Singh”

Source : PTI | New Delhi: State-owned gas utility GAIL (India) Ltd on Tuesday reported a 56 % jump in its September quarter net profit as bumper earnings from gas transmission and marketing business offset petrochem losses. Standalone net profit of INR 2,404.89 crore in July-September, or INR 3.66 per share, was 54.4 % higher than INR 1,537.07 crore, or INR 2.34 a share, profit in the same period last year, according to the company’s stock exchange filing.

GAIL saw pre-tax earnings from its mainstay gas transportation business soar 82 % to INR 1,290.65 crore in the second quarter of the current fiscal. Also, its pre-tax earnings from the marketing of natural gas jumped almost 400 % to INR 1,784.58 crore. Continue reading “GAIL net profit jumps 56% in Q2”

Source : PTI | New Delhi: State-owned Indian Oil Corporation (IOC) on Tuesday reported a return to profitability with a net profit of 12,967.32 crore in the three months to September 30 – more than half of its best-ever annual profit in just one quarter. The net profit — which came on the back of a boost in refining and marketing margin — compared to a loss of INR 272.35 crore in July-September 2022, according to a stock exchange filing by the company.

Besides robust refining margins, the profit was aided by a boost in marketing margins as a freeze on petrol and diesel price revision despite a fall in input crude oil prices helped recover losses incurred when rates were high last year. Continue reading “IOC Q2 net profit jumps to INR 12,967 cr; half yr profit tops best-ever full-year earning”

TOKYO, Oct 31 (Reuters) – Toyota Motor (7203.T) is expected to report a surge in third quarter profit on Wednesday and lift its full-year outlook as the Japanese automaker benefits from both robust demand and a weaker yen currency.

Even as worries about the global economic outlook deepen, the world’s top-selling car manufacturer has been little fazed so far. Toyota sold 7.5 million cars including of its Lexus brand in the first nine months of the year, it said this week, an increase of almost 7% over the same period last year. Continue reading “Toyota set to ride robust demand, weak yen to bumper profit”

WASHINGTON, Oct 31 (Reuters) – A group representing major automakers on Tuesday said the industry opposes steelmaker Cleveland-Cliffs’ (CLF.N) proposed acquisition of U.S. Steel (X.N), saying it would increase auto industry costs and slow electric vehicle sales.

The Alliance for Automotive Innovation, representing General Motors (GM.N), Toyota Motor (7203.T), Volkswagen (VOWG_p.DE), Hyundai(005380.KS) and other major automakers, in a letter to Congress and U.S. regulators cited the combined steel companies’ dominant market share for steel used to produce vehicle structural frames, for automotive surface panels like doors, hoods and fenders, as well as steel used for electric vehicle (EV) motors. Continue reading “Automakers oppose Cleveland-Cliffs push to buy U.S. Steel”

PARIS/LONDON, Oct 31 (Reuters) – Weaker electric vehicle (EV) demand, increased competition from China and market volatility are complicating French carmaker Renault’s (RENA.PA) plans to list its EV business Ampere, four people familiar with the matter told Reuters.

Renault aims to extract more value from Ampere through an initial public offering (IPO) but is unlikely to go ahead if the final valuation falls below 7 billion euros, two of the sources said. One of them said that the cut off point could be closer to 6 billion euros ($6.33 billion). Continue reading “Renault’s Ampere ambitions tested by choppy IPO, slow EV markets -sources”

Oct 31 (Reuters) – Tesla (TSLA.O) on Tuesday won the first U.S. trial over allegations that its Autopilot driver assistant feature led to a death, a major victory for the automaker as it faces several other lawsuits and federal investigations related to the same technology.

The verdict represents Tesla’s second big win this year, in which juries have declined to find that its software was defective. Tesla has been testing and rolling out its Autopilot and more advanced Full Self-Driving (FSD) system, which Chief Executive Elon Musk has touted as crucial to his company’s future but which has drawn regulatory and legal scrutiny. Continue reading “Tesla wins first US Autopilot trial involving fatal crash”