RBML - the joint venture of Reliance Industries Ltd and supermajor BP - has told the government that fuel retailing for the private sector in India has become unsustainable after market-controlling public sector firms frequently froze petrol and diesel prices at rates way below the cost, sources said. Despite a surge in oil prices, state-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) first froze petrol and diesel rates for a record 137 days beginning early November 2021 when five states including Uttar Pradesh went to the polls, and last month again went into a hiatus that is now 47 days old. "They (Reliance BP Mobility Ltd) has written to the petroleum ministry over the fuel pricing issue," a highly placed source in the government, who didn't want to be quoted, told reporters.
Billionaire Gautam Adani on Sunday won the race to acquire Swiss cement major Holcim's stake in Ambuja Cements and its subsidiary ACC for $10.5 bn (around Rs 81,361 crore), including the open offers. The Adani family, through an offshore special-purpose vehicle, announced that it had entered into definitive agreements for the acquisition of Holcim Ltd's entire stake in two of India's leading cement companies -- Ambuja Cements and ACC -- the Adani group said in a statement. The group outbid Ultratech and JSW group to enter the cement industry and also emerge as the country's second-largest cement manufacturer, with 70 million tonnes of capacity annually.
India's negotiating posture at the multilateral negotiations should be aligned with a significantly transformed development strategy domestically.' 'The positions the country takes at the negotiations will then carry credibility, says Shyam Saran, former foreign secretary and India's chief negotiator on Climate Change 2007-2010.
CRRC Pioneer Electric (India) Private Limited, whose bid for the project is a joint venture of the Chinese firm CRRC Corporation Ltd with a Gurugram-based company according to its website, is one of the six contenders for the tender for procuring propulsion systems or electric traction kits for 44 trains to function as the Vande Bharat Express or Train 18.
As stringent sanctions imposed by the European Union and US are crippling business and trade, desperate Russian oil companies are offering huge discounts to India, provided a payment mechanism to bypass the SWIFT ban is quickly approved by the government. According to sources familiar with the development, Russian oil firms are offering 25-27 per cent discount to the dated Brent crude prices. State-run Rosneft is one the biggest oil companies that supply crude to India.
HDFC Bank Q1FY24 results analysis: Shares of HDFC Bank, the world's seventh largest financial entity, have advanced 2 per cent in two days, as against 1 per cent rise in the benchmark S&P BSE Sensex, after the lender reported its April-June quarter (Q1) results for financial year 2023-24 (FY24) on July 17. The S&P BSE Bankex index, meanwhile, has gained 1.3 per cent. While the near-term stock performance may remain sideways due to merger-related hiccups, analysts remain bullish on the stock's long-term prospects.
Finance minister Nirmala Sitharaman on Wednesday exuded confidence that inflation would further decline and the government is on track to meet its budgetary target for deficit and said that there is no fear of stagflation in India. Replying to the debate on first batch of Supplementary Demands for Grants 2022-23 in Lok Sabha, the finance minister said inflation has come down and it is now in the tolerable band of the RBI. Inflation has been declining since April 2022 and it is declining further, she said.
'This action sends out a very nasty message in a very strong way -- that nobody is exempt.' 'It is also an attempt to extend the definition of who is an anti-national, who's a terrorist, a definition that's becoming looser under this regime.' 'The sad part is that by the time the courts acquit those arrested, they would've spent years in jail and been taught a lesson.'
Prime Minister Narendra Modi will visit Abu Dhabi on July 15.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Women are neither subordinate to men nor do they need to be submissive to anybody, as the Constitution guarantees equal rights to individuals of all genders, the Supreme Court has said in its Handbook on Combating Gender Stereotypes, while terming as "incorrect" some common stereotypes about the gender roles ascribed to men and women.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
...followed by financial services, IT, and sales and marketing.
One of the challenges for those car graves is that Indian owners often find markets for their old cars rather than send them to scrapyards.
'Banks will continue to increase FD rates to attract more deposits and meet the increasing demand for credit.'
It is the first project of its kind in which a military aircraft will be manufactured in India by a private company.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Nikunj Saraf, Vice President Choice Wealth, will answers your queries.
As the new owner, Airtel will take over Telenor India's spectrum, licences and operations, including its employees and customer base of 44 million.
As the economic crisis in Sri Lanka - the world's largest exporter of orthodox tea - continues to rage across the island nation, tea producers in India look to cash in on the opportunity to seize the market. The country's largest tea growing company, McLeod Russel India, expects orders to come in from July. "A huge opportunity is coming up for everyone in India. "McLeod Russel is well placed because we have the capacity for orthodox tea," said Azam Monem, director, McLeod Russel. About 10 per cent of McLeod's production is orthodox tea.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Here are the key decisions announced by the Reserve Bank of India on Thursday.
The prospects of India becoming a credible manufacturer of defence platforms or major weapon systems for export are remote, says Vice Admiral Premvir Das (retd).
Nikunj Saraf, Vice President Choice Wealth, answers your queries
To ensure equal access to health care, the government must consider it in a holistic manner and improve all parameters.
SII said it will address the limited capacity by scaling up the vaccine production over the next two months.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
These jobs don't necessarily require a degree in engineering or specialisation in coding.
'An armed helicopter equipped with counter-drone systems will provide the airborne counter-drone capability and flexibility needed to protect India's critical assets.'
A salvo from a Pinaka battery brings down on the enemy more than seven tonnes of high explosive in just 44 seconds.
'We plan to touch Rs 1 trillion of Amul brand's turnover in the next five years.'
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
In her fourth tranche of the economic package, she said commercial mining will be done on revenue sharing mechanism instead of the regime of fixed rupee/tonne.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Mumbai-based Dream11, which is run by Sporta Technologies Private Limited, reported a profit of Rs 181 crore (Rs 1.81 billion) in FY2020, making it one of the few Indian consumer-tech unicorns to have turned profitable.
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