A decision has been taken to gradually initiate Aadhaar and non-Aadhaar based LPG subsidy transfer through the OMCs.
While it gives clarity on one regulatory issue, the financial burden increases for the sector.
According to RIL's announcement for the first quarter ended June 30, the KG-D6 field produced 33.1% less gas in the quarter.
In a marginal relief to consumers, IndianOil, the biggest oil marketing company, has cut petrol prices by Rs 0.56 per litre with effect from midnight today.
It's going to be another predictable quarter for banks. Slower credit growth, high interest rates and deteriorating asset quality will continue to haunt the sector, especially public sector banks.
All current staff of BPCM is expected to transfer to the new owners under equivalent terms and conditions.
First, TCS is on track to grow faster than the industry's estimated 11-14 per cent growth (in constant currency). The second quarter has seen no major shift in demand or project cancellations, which were big concerns.
IndianOil targets monthly 5,000-tonne polypropylene exports
The private companies want a level playing field so that they can compete with the government companies in fuel retailing.
This loan growth has been largely driven by the top 10 corporate groups.
There are some companies in the sector that have seen a decline in revenues but their performance is not sufficient to cause such a decline in industrial production data.
About two million tonnes (mt) of condensates produced by the oil company were taken into account while apportioning the subsidy burden.
Oil firms yet to get Rs 18,000 crore (Rs 18 billion) of FY12 subsidy compensation, as estimate for this year's underrecovery swells past Budget allocation.
The earnings season this financial year is expected to start on an exciting note, as two information technology (IT) behemoths Infosys and Tata Consultancy Services (TCS) report their first quarter numbers on the same day. By now, TCS is expected to report a better set of numbers than Infosys.
RIL on Friday declared a net profit of Rs 20,040 crore (Rs 200.4 billion) for the 2011-12, a marginal drop from the Rs 20,286 crore (Rs 202.86 billion) it made in 2010-11.
The last week of March saw a series of new refining capacity going on stream. HPCL-Mittal Energy, Essar Oil and Mangalore Refinery & Petrochemicals (MRPL) were able to announce completion of capacity additions a couple of days before the seven-year tax holiday in this regard came to an end, on March 31.
A price war started by German car makers in China may eat into JLR margins and volumes.
ONGC to take biggest hit of Rs 4,600 crore, followed by Cairn India and Oil India.
The government's plans to reign in petroleum subsidies to plug the fiscal deficit next financial year are in jeopardy, as a whopping Rs 2.13 lakh-crore revenue loss is expected at the current levels of global crude oil prices and domestic retail prices of controlled products.
Analysts say piecemeal bailouts won't work, serious cash infusion is needed.
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