New Delhi: Indian Oil Corporation (IOC), the country's largest fuel retailer, today announced Shrikant Madhav Vaidya has taken over as the new Chairman of the company today. He will also be the Chairman of Chennai Petroleum Corporation, a refining subsidiary, and Indian Oiltanking Ltd, a joint venture.He will also be on the board of Hindustan Urvarak & Rasayan Ltd, a joint venture setting up fertiliser plants. Vaidya, who is on the board of Ratnagiri Refinery & Petrochemicals Ltd, will take over as its Chairman and will also be Director on the Board of Petronet LNG Ltd.Prior to his elevation, Vaidya has been Director (Refineries) on the IndianOil Board since October 2019. He succeeds Mr Sanjiv Singh who has superannuated from the services of the Corporation yesterday.Vaidya is a chemical engineer from National Institute of Technology, Rourkela and has over 34 years of experience in refining & petrochemicals operations. He has had a decade-long association with India's … [Read more...] about S M Vaidya takes over as Chairman of Indian Oil Corporation
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COVID-19 pandemic which has affected all the sectors, says a report. In the current exceptional circumstances, it is futile to look at profit and loss parameters, according to the SBI's research report, Ecowrap. "What will be more important to closely observe the balance sheet strength. Ideally, corporates with such strength will be able to navigate through this exceptional times," the report said. It said no sector is untouched with the impact of COVID-19 and subsequent lockdowns even after opening up will prolong the economic pain.The report has looked into balance sheet strength of various sectors based on some key parameters such as debt-to-equity (DE), debt service coverage (DSCR), interest service coverage ratio (ISCR) and cash and bank balance to debt. Sectors such as automobile, FMCG, consumer durable though have reported negative growth in all key parameters in the fourth quarter of FY2020, have the requisite balance sheet strength to come out from the current situation, the … [Read more...] about Corporates with adequate balance sheet strength may manage Covid impact: Report
The letter encloses details of the containment zones, including total number of houses in each zone and its population. In Srirangam zone, six localities- Boi Thoppu and Vellai Vethalai Road with six cases each, Kallar Street with five cases, Nadu Guzilli Street with 12 cases, Boologanathar Koil Street with six cases and Takkar Chathiram Lane with 11 cases are containment zones. Jinnah Street with 12 cases and Varaganeri with 11 cases are the containment areas in Ariyamangalam zone. … [Read more...] about Coronavirus | Tiruchi Corporation scales up contact tracing
Private Lender Axis Bank has decided to wind down operations of its subsidiary Axis Bank UK Limited, based in the United Kingdom. In November 2019, ETBFSI exclusively revealed Axis Bank’s plans to exit the country following uncertainty surrounding economic conditions following the Brexit vote.According to British Government filings, Axis Bank had incorporated the subsidiary on March 7, 2011 by the name Axis UK Limited, the name of which was later changed to Axis Bank UK on April 23, 2013. Axis Bank UK, with an initial capital of $55 Million, received approval from regulators to carry out banking business which included deposit taking, disbursing loans, advances and investments.Axis Bank said the decision to shutter down operations was after reviewing its international strategy, and a ‘clear objective’ to focus on the Indian Banking market to harness potential. “In line with the said objective, the Bank has taken a decision to fully wind down and close the … [Read more...] about Axis Bank shutters UK ops; to surrender license by April 2021
When one analyses the terrain on both the sides of the India-China divide, it is clear that if one pops up beyond the highest feature from the Indian side, one will be able to see for miles into Tibet, both visually as well as electronically. … [Read more...] about Chinese Helicopter Drone: Much ado about nothing!