New Delhi, May 26

State-owned Coal India Ltd (CIL) on Thursday said it was planning to divest 25% stake in its unlisted arm Bharat Coking Coal Ltd (BCCL) and will go for the its subsequent listing after getting clearances.

"As advised by MoC (Ministry of Coal), CIL Board in its 438th meeting held on March 10, 2022 had accorded its 'in-principle' approval to divest 25% of paid-up share capital of BCCL held by CIL and its subsequent listing on stock exchanges and advised to forward the proposal to Ministry of Coal for obtaining further clearances," the filing said.

San Francisco, May 26

Jack Dorsey has stepped down from the Twitter Board of Directors, as Tesla CEO Elon Musk fights with the micro-blogging platform to reveal the actual number of fake/spam accounts. He quit as Twitter CEO in November last year, handing over the baton to Indian-origin Parag Agrawal who was then the CTO of the company.

At the time, Twitter noted that Dorsey would stay on the Board "until his term expires at the 2022 meeting of stockholders". Dorsey has categorically said he will never be the CEO of Twitter again, as reports of him rejoining the micro-blogging platform surfaced after the $44-billion takeover by Musk. — IANS

New Delhi, May 26

The Ministry of Road Transport and Highways (MoRTH) has increased the third-party motor insurance premium for various categories of vehicles with effect from June 1, a decision which is likely to jack up the insurance cost of cars and two-wheelers.

According to the revised rates, private cars with an engine capacity of 1,000 cc will attract rates of Rs 2,094 compared to Rs 2,072 in 2019-20.

Similarly, private cars with an engine capacity between 1,000 cc and 1,500 cc will attract rates of Rs 3,416 compared to Rs 3,221, while owners of cars above 1,500 cc will see a drop in premium from Rs 7,897 to Rs 7,890.

Mumbai, May 25

Benchmark indices Sensex and Nifty reversed initial gains to close in the red for the third day running on Wednesday as investors continued to offload IT, consumption and metal stocks despite a largely positive trend overseas.

Unabated foreign fund outflows and rising crude oil prices put further pressure on markets.

Reversing course after a firm start, the Sensex ended 303.35 points lower at 53,749.26. Similarly, the Nifty declined 99.35 points to end at 16,025.80. — PTI

Sugar stocks slide

New Delhi, May 25

IndiGo on Wednesday reported a net loss of Rs 1,681 crore in the fourth quarter, 46.6% more than the loss incurred in the corresponding period a year ago.

The total income of India's largest airline in Q4 of 2021-22 was Rs 8,020 crore, which was 28.9% more than the corresponding period a year ago, it said.

New Delhi, May 24

The Supreme Court has stayed an order of the National Green Tribunal (NGT) that imposed an environmental compensation of over Rs 15 crore on Moon Beverages, a key bottler in north India for beverage giant Coca-Cola.

A Bench also issued a notice to a Ghaziabad resident, on whose plea the NGT had passed the order. Moon Beverages Ltd, located at Greater Noida, approached the SC after the NGT had imposed an environmental compensation of Rs 1.85 crore on the company and Rs 13.24 crore on its Sahibabad unit, along with Rs 9.71 crore on Varun Beverages Ltd's Greater Noida unit.

New Delhi, May 23

Online food delivery platform Zomato on Monday reported widening of its consolidated net loss at Rs 359.7 crore in the fourth quarter ended March 2022, impacted by higher expenses. The company had posted a consolidated net loss of Rs 134.2 crore in the same period of the previous fiscal.

Mumbai, May 20

The Reserve Bank of India (RBI) will pay the government Rs 30,307 crore as dividend for the fiscal year that ended March 31, down from the second highest payout ever of Rs 99,122 crore paid in the previous year.

The board approved the transfer of Rs 30,307 crore as surplus to the central government for the accounting year 2021-22 while deciding to maintain the Contingency Risk Buffer at 5.5 per cent, the RBI said in a statement. The decision was taken at the 596th meeting of the Central Board of Directors of RBI.