The fuel price revision on Wednesday is likely to wipe out the Rs 1,100 crore net revenue earned by the three oil marketing companies--Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- in the last one month, say officials from these companies.
At present, the annual cost-to-company of an entry-level officer in an oil-marketing company stands at Rs 6,30,000 per annum, including the annual performance bonus and various allowances, perks and retirement benefit that these officers are entitled to.
In a move to protect the interest of investors, the Securities and Exchange Board of India has asked a high-level committee to suggest guidelines for the power of attorney that investors issue in favour of their brokers. The agreements that are signed between brokers and investors are also up for review.
Falling oil rates have made rigs available for hire at a cheaper rate. Oil and Natural Gas Corporation planned to foray into building rigs in June 2008 owing to its short supply as crude oil prices zoomed northwards.
The committee said that promoters will have to make mandatory disclosures when they raise finances by pledging their shares. This is because lenders ask promoters to pay additional margins when the value of the shares pledged as collateral falls.
For instance, Indian Oil Corporation, the nation's biggest marketer and refiner, doubled its R&D spend from Rs 30 crore to Rs 60 crore (Rs 600 million) this year. The company is conducting research in areas like biodegradable lubricants and oil refining technology. The company will shortly commission a pilot at its Faridabad centre, where it will install technology for coal gassification and production of ethanol from biomass.
Sebi has launched a coordinated investigation with the Registrar of Companies to examine transactions between Satyam and its bankers BNP Paribas, Citibank, HSBC, HDFC and ICICI Bank
Many domestic and foreign companies in banking and financial services, consulting and consumer goods are believed to have written to the Indian Institutes of Management, requesting them to waive participation and recruitment fees.
With 4,00,000 sq km in acreage and over 100 blocks to be awarded, Nelp VIII is touted as India's biggest-ever auction of oil and gas blocks. Industry observers say there is a strong case for the government to postpone the Nelp VIII, keeping in account the present liquidity situation and low crude oil prices. "It will make sense to postpone Nelp VIII as a lot of exploration and production companies are re-looking at their investment strategies," said a sector expert.
Satyam fiasco may prompt market regulator to be stricter with promoters.
Oil sector officers, who brought the country to a grinding halt, by going on strike for nearly three days, will appeal to their respective management to reinstate the employees sacked by the companies.
ADAG, Mahindra BT, L&T Infotech may team up with PEs.
President & CEO of IDFC Private Equity Group, Luis Miranda, spoke on various issues relating to private equity in an exclusive interview with Rajesh Bhayani.
After a gap of five years, Hindustan Unilever has bagged slot zero position on B-school campuses. In 2007, the company had slipped to number 14 on the recruiters' list of B-schools. "It's an improvement of our brand value and affirmation of our employer brand," says Leena Nair, executive director HR, Hindustan Unilever.
The situation at various second-run management and engineering institutes is no different, courtesy the slowdown that has impacted even their better-known counterparts like the Indian Institutes of Management and Indian Institutes of Technology.
Around 8 IT firms have withdrawn from partnering 11 out of the 20 IIITs, says govt.
As many as 70 restaurants in Mumbai have shut shop in the past six months, owing to spiralling costs, high taxes and a downturn in the economy.
The Federation of Hotels and Restaurants Association of India has made a presentation to the government, requesting certain tax exemptions.
Mutual fund investors may soon have to give separate cheques to distributors as commission.
Hotel expects 25-30 per cent occupancy on December 21 when it throws open its doors. Trident regulars are preparing to return to the hotel sooner than later.
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