The RBI on Wednesday slashed key interest rate by 25 basis points, for the second time in a row, to support a shuttering economy hit by reciprocal tariffs imposed by the US. Following the rate cut, the key policy rate eased to 6 per cent providing relief to home, auto and corporate loan borrowers.
Due to poor hydrocarbon prospects, BP surrendered nine out of the 21 oil and gas blocks where it had bought 30 per cent stake from Reliance Industries for $7.2 billion
Voltas saw strong growth in both UCP (Unitary Cooling product) and EMPS (electro mechanical projects) segments.
The RBI is fully aware that the high-cost loans and high indebtedness of the borrowers could pose financial stability risks, if not addressed by these NBFCs. Governor Shaktikanta Das has issued a stern warning, saying the RBI is closely monitoring these areas and will not hesitate to take appropriate action, if necessary, if the culprits don't opt for self-correction. Watch out for some action, soon, notes Tamal Bandyopadhyay.
All current staff of BPCM is expected to transfer to the new owners under equivalent terms and conditions.
The billion dollar penalty of the kind imposed on BP will not deter risky operations but it will hopefully create an incentive for stricter safety measures.
Sources said the Cabinet had in December last year stipulated that the new gas rate will apply to all producers excepting eastern offshore KG-D6 block where the contractor, which is fighting government against levying penalties for output shortfall, will have to give bank guarantees equivalent to the incremental revenue it would get from the new rates.
The near-doubling of gas prices to $8 per million British thermal units that will kick in from next month will accrue to all producers in the country.
Businessmen from all over the world attended Radhika Merchant and Anant Ambani's wedding at the Jio World Convention Centre, Bandra Kurla Complex, north west Mumbai, on Friday, July 12, 2024.
The Reserve Bank of India's (RBI's) decision to withdraw the incremental cash reserve ratio (I-CRR) is expected to benefit banks during the festival season. They are likely to increase deposit rates by up to 25 basis points (bps) in select maturity buckets. The rise in demand for funds to cover tax payments and meet quarter-end business targets could influence rate decisions by banks, according to bankers and money market executives.
Reserve Bank of India (RBI) Governor Sanjay Malhotra said the repo rate cut in the February meeting of the monetary policy committee (MPC) was due to inflation aligning with the target and recognising the fact that monetary policy is forward-looking.
India on Thursday won Vietnam's support for its bid for crisis-hit BP Plc's energy assets in the South Asian country, as Hanoi stressed BP must give priority to its partners in the stake sale.
'We have opened 100 branches in the last one and a half years. Our manpower is also in place.'
After nearly five months wait, the government on Friday cleared UK's BP Plc buying 30 per cent stake in most of Reliance Industries' oil and gas blocks, including the showpiece KG-D6 gas fields, for $7.2 billion.
The world's third largest energy firm BP Plc has rubbished India's claims that oil speculators are responsible for a global surge in crude oil prices, saying high prices were a result of production struggling to keep pace with the demand.
RIL will get $ 7.2 billion for the stake sale in 21 blocks and could get further $1.2 billion as performance payments based on exploration success resulting into development of commercial deliveries.
T N Ninan writes on how the United States is handling the BP oil spill disaster and what India needed to do in the horrific Bhopal gas tragedy.
Cabinet Committee on Economic Affairs had on July 22 cleared the sale of stake by RIL to BP in 21 blocks.
The October-December quarter (Q3FY25) results of fast moving consumer goods (FMCG) major Hindustan Unilever (HUL) indicated weak demand, with urban growth muted and rural showing recovery. Consolidated revenue grew by 1.6 per cent (volume was flat) to Rs 15,818 crore, due to price hikes. Prices of key raw materials such as palm oil and tea remained elevated, leading to compression of gross margin.
Although the Oil Ministry has the authority to decide on Reliance selling 30 per cent interest to BP in 23 exploration blocks, including the prize eastern offshore KG-D6 gas fields, the ministry on Tuesday decided to refer the deal to the CCEA, sources privy to the development said.
After a brutal selloff since October, foreign portfolio investor (FPI) flows for the year-to-date (YTD) in 2024 have turned negative. In early September, YTD FPI investments peaked at a record Rs 22,000 crore ($2.6 billion). This wave of selling has also pulled down benchmark indices, with the Nifty's YTD returns declining to 11 per cent from their high of 21 per cent in September.
The government last month announced freeing of auto fuel prices from its control, resulting in a Rs 3.50 per litre hike in petrol prices as domestic rates got linked to global movements.
ONGC Videsh Limited, overseas investment arm of state-run Oil and Natural Gas Corporation, wants to buy BP's 35 per cent stake in the $1.3 billion Nam Con Son gas project in Vietnam.
India Gas Solutions the equal joint venture between the two companies, is looking to sell LNG to five power producers in Andhra Pradesh - GMR, GVK, Lanco Infratech, Sravanthi Energy and Konaseema Gas.
The biographical drama is caught up in controversy after some Sikh organisations including the Shiromani Akali Dal objected, accusing it of misrepresenting the community and getting historical facts wrong.
Shares of Indian software majors have plunged into red on news that BP would cut its spend on information technology.
British energy giant BP Plc plans to tap rural India with cheap and clean fuel sources besides expanding its solar power business and cooperating in exploration, refining and marketing of fuels.
A market-based gas pricing regime is to kick-in from next month.
Reliance Industries Ltd, along with its partner British Petroleum, plans to invest about Rs 800 crore (Rs 8 billion) to carry out exploratory drilling in an offshore block in the Bay of Bengal, off the Tamil Nadu coast.
They also voiced concerns over a double penalty being sought to be imposed on them for KG-D6 fields output not matching targets.
Tata Power Company has tied up with British oil major BP for a "joint evaluation" of Dabhol power project that has been lying idle and deteriorating for several months.
Sanjay Malhotra takes charge as the 26th RBI governor at a time when headline retail inflation has shot up to 6.2%.
The company, which saw a pricing pressure of 5-6 per cent in the last two quarters, believes that most of the pricing negotiations are completed and about one-third of pricing pressure has been factored in the company's guidance. However, Shibulal does not rule out some tail-wind effect in this quarter as well.
RIL-BP, who are currently producing about 11.8 million standard cubic metres per day of gas from the flagging eastern offshore KG-D6 block, is targeting newer fields in KG-D6 block and gas discoveries in neighbouring north-east coast and Cauvery basin to raise output.
Reliance Industries Ltd, India's most valuable company, is back on a growth path after six months of challenges as it posted better than expected earnings in the December quarter, brokerages said.
BP Plc's response to the devastating Mexican Gulf oil spill is growing more expensive by the day, with the British energy major revising its costs upward to a whopping $2.65 billion.
Energy conglomerate Reliance Industries and its partner BP plc on Friday said they have made a second deep-water gas condensate discovery in the Cauvery basin, off the east coast.
Info Edge (India), the country's leading consumer internet company known for its platforms in recruitment (naukri.com), real estate (99acres.com), matrimony (jeevansathi.com) and education (shiksha.com) space, delivered revenue growth in line with expectations in the April-June quarter (Q1) of FY25.
