India's Adani Power to consider stock split
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Reuters
2 hours ago
- Reuters
Exclusive: Indian owners of three ships ask sanctions-hit Nayara Energy to release the vessels, sources say
NEW DELHI, July 29 (Reuters) - The Indian owners of three vessels chartered to Nayara Energy have asked the Russian-backed firm to end their contracts following recent European Union sanctions on the refiner, six sources familiar with the matter said on Tuesday. India-based Seven Islands Shipping Ltd and Great Eastern Shipping Co (GESCO) have asked Nayara to release the three clean products tankers, citing concerns over the sanctions, five of the sources said. The medium-range vessels are the Bourbon and Courage, owned and managed by Seven Islands, and GESCO's tanker Jag Pooja, sources said. The sources declined to be named as they were not authorised to speak to the media. Mumbai-based Nayara, Seven Islands and GESCO did not immediately respond to requests for comment. Lack of access to ships is hampering efforts by the Indian refiner to sell its refined-fuel stocks, which are building up. The EU sanctions package unveiled on July 18 against Russia and its energy sector have forced Nayara to reduce operations at its 400,000 barrels per day (bpd) refinery due to storage constraints, Reuters reported earlier on Tuesday. Privately held Nayara, which runs India's third-biggest refinery at the port of Vadinar in the western state of Gujarat, controls nearly 8% of the country's total refining capacity of about 5.2 million bpd. Nayara, majority-owned by Russian entities including oil major Rosneft, exports refined products and also supplies them domestically. Nayara operates more than 6,000 fuel stations.
Reuters
5 hours ago
- Reuters
India's L&T beats profit estimates on robust overseas orders
July 29 (Reuters) - India's infrastructure giant Larsen & Toubro ( opens new tab beat quarterly profit estimates on Tuesday, and posted a quicker order growth. The company's consolidated profit after tax stood at 36.17 billion rupees ($416.7 million) for the quarter ended June 30, above analysts' average expectation of 33.68 billion rupees, per data compiled by LSEG. Total orders grew 33%, faster than the 8% growth a year ago and a 24% growth in the preceeding quarter. ($1 = 86.8100 Indian rupees)
The Independent
5 hours ago
- The Independent
Sri Lanka visas to be made free for UK tourists
Sri Lanka has announced plans to waive visa fees for British travellers in a bid to boost tourism. Foreign Minister Vijitha Herath reportedly confirmed that tourists from 33 new countries, including the UK, will be able to visit the island without paying visa fees at the Hotel Show Colombo 2025 on Friday (25 July). Travellers from the US, Germany, the United Arab Emirates and Australia will also be able to enter without paying visa fees, reported Travel + Leisure Asia. Mr Herath added that Sri Lanka 's government face an annual loss of up to £50m by waiving the visa fees. However, the minister expected higher tourist footfall from the free visas to make up for the loss in economic gains. According to a government press release, Mr Herath said that Sri Lanka's tourism industry is 'steadily progressing day by day', with the tourism sector expected to become a 'key contributor' to strengthening the national economy. He said: 'We have stabilised the economy, and through policy changes in tourism, we aim to ensure steady growth in arrivals.' Travellers from seven countries – China, India, Indonesia, Russia, Thailand, Malaysia and Japan – have had a visa fee waiver to enter the South Asian country since September 2024, following a trial phase in 2023. British passport holders currently have to apply for a 30-day tourist visa with a $50 (£37.50) fee to visit Sri Lanka. According to the Sri Lanka Tourism Development Authority (SLTDA), Sri Lanka welcomed 2,053,465 tourists in 2024. Of these, the island hosted the most Indian, Russian and British travellers. The start date for free visa entry is unknown; however, it is expected that eligible travellers will still need to apply for an Electronic Travel Authorisation (ETA) in advance, free of charge. The Independent has contacted Sri Lanka's Ministry of Tourism and the Sri Lanka Tourism Development Authority for comment.
