In another match in the Bombay Gold Cup, Prabhjot Singh's brace gave IOC a 2-1 win over Karnataka XI.
Oil Minister Dharmendra Pradhan said the new timing of the price change was agreeable to the dealers and so daily price revision will be implemented from June 16
Olympus Capital, UTI's PE arm to fund Rs 400 crore.
Under Clause 49, independent directors are required to have at least 50 per cent representation on the board of directors of listed entities, including listed Central Public Sector Enterprises, in case the chairman is an executive member, or at least one-third in case the chairman is non-executive.
Today, less than six weeks into the 2011-12 financial year, the government used up its entire budgetary provision of Rs 20,000 crore (Rs 200 billion) for petroleum subsidy.
The company is also looking to expand the supply of gas by roads and is evaluating creation of small storage hubs along the highways.
Sources said government headhunters Public Enterprise Selection Board had on September 29 last year, named Butola as its most preferred choice to head the nation's largest oil firm.
The bankmen came back from a goal down to beat Indian Oil 2-1 in the ONGC-Nehru hockey tournament.
This is the third reduction in rates this month
State-run Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum currently sell petrol, a commodity which the government freed from its control in June last year, at a discount of about Rs 4.50 a litre to its imported cost.
The 12-digit unique number that the UIDAI will generate will be combined with the the smart card project of the Oil Ministry for distribution of PDS kerosene and domestic LPG through biometric identification of beneficiaries.
Petrofed, a body representing both public and private sector companies like Indian Oil Corp and Reliance Industries, has written to the government seeking inclusion of crude oil, petrol, diesel, aviation turbine fuel and natural gas in the goods and services tax that is likely to come into effect from next year.
IOC and its sister PSUs, Hindustan Petroleum and Bharat Petroleum, sell diesel, domestic LPG and kerosene at rates way lower than their imported cost to help government keep general price inflation under check.
Kaushik Basu, chief economic advisor in the finance ministry, said, "All I can say is, we are very serious about fiscal consolidation, and intend holding on to our fiscal targets, even if the crude price rises on a sustained basis."
The government shouldn't hide behind the veil of making a domestic giant out of the HPC-ONGC deal, rather it should just say it needs cash from this divestment exercise, says Sudhir Bisht.
Karnataka and Steel Authority of India Limited from Orissa scored hard-fought victories in their respective boys' quarter-final matches to set up an interesting semi-final in the 35th Junior (under-20) National Hockey Championship, organized by Pune District Hockey Association in association with the Pimpri-Chinchwad Municipal Corporation, under the auspices of the Indian Hockey Federation.
Last year witnessed a growth rate of 10.8 per cent against a 13.9 per cent rise in 2009-10.
The movement of prices in the international oil market and rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes
The government on Thursday approved Rs 20,001 crore in additional cash subsidy to state-owned oil companies to compensate them for selling fuel below cost in 2010-11 fiscal. With this, the government has paid a total of Rs 40,912 crore in subsidy to oil companies in 2010-11 financial year, an oil ministry official said.
Under the scheme, National Iranian Oil Co, too, will open an account in a UAE or Turkey-based bank to receive direct money transfer from oil companies.
The company, like Hindustan Petroleum and Bharat Petroleum, the two other government-owned oil marketers, sells diesel, kerosene and LPG at government regulated prices.
The total investment at risk is $930 billion and oil companies will need to cut their expenses by 30 per cent to make their projects viable provided oil remains around $70 a barrel.
This will encompass the sale of Air India, a number of other privatisation initiatives, mergers, initial public offerings, the Centre's two exchange-traded funds, buybacks and offers-for-sale, and even monetisation of land assets.
The divestment department has lined up a host of companies.
Ramkumar became the first Indian in seven years to advance to the singles final of an ATP World Tour event but missed out on ending India's 20-year title drought when he lost the Hall of Fame final to Steven Johnson on Sunday night.
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Investment can only be by prospective dealers.
"We are exploring if Indian oil firms can open accounts in banks like Dubai-based Noor Islamic Bank so they can undertake a direct transfer of money for oil they buy from Iran," a senior government official said.
A series of rises in petrol price following its decontrol on June 25 last year has increased the state governments' earnings from value added tax on petrol by around 21 per cent.
Govt looks to take cooking gas to tiger reserves, Naxal-hit areas
The 50-share NSE Nifty stayed in the positive zone and retook the 9,900-mark to hit a high of 9,905.05 as buying paced up towards the fag end. It settled higher by 72.45 points, or 0.74 per cent, at 9,899.60.
The revenue loss, termed as under-recovery by oil firms, will be the highest-ever.
According to estimates, there is a possibility of $24 billion being raised from major IPOs, including that of Coal India, SBI and Indian Oil, for the balance period of 2010-11.
Indian Oil Corporation's Raxaul depot resumed supplies after the obstruction by protesters was removed from the main 'Maitreyi' (Friendship) Bridge connecting the two countries.
In a temporary reprieve, India will pay for Iranian crude oil in euros through a German bank based in Hamburg, while a permanent solution to the payment issue will be explored at a meeting in Teheran next week.
Petroleum Minister Dharmendra Pradhan's wish to levy indirect tax on petrol unlikely to be taken up
No period in the recent history of Indian oil and gas sector will perhaps leave its long- lasting imprint than 2010 that saw the unfolding of two events that could shape the future of this fast growing sphere.
Technical bids opened today for Mallavaram-Vijaipur line, winner in three weeks.
Reliance Industries Ltd's legal battle over the Uttar Pradesh government's decision to impose 21 per cent value-added tax on gas is holding up supply to NTPC's two power plants and Indian Oil Corporation's Mathura refinery, despite a group of ministers making allocation to them.
This is the fourth increase in auto fuel prices since May 1
Shell India, the domestic arm of Royal Dutch Shell Plc, had offered for sale 20 of its 80 operational retail outlets and around 20 sites acquired earlier for setting up such outlets.
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