According to industry figures, the pre-Covid demand for liquid medical oxygen (LMO) before the pandemic was 700 tonnes per day across the country. Now, with the second wave, the demand has gone up more than seven times, reports Jyoti Mukul.
The Public Enterprises Selection Board, which is the government head-hunter, interviewed seven candidates for the post, which fell vacant after Dinesh K Sarraf was elevated as Chairman and Managing Director of ONGC.
The reduction in auto fuel prices today was the fifth cut in two months on back of softening global oil prices.
A bonus is given to existing stockholders in proportion to the number of shares they already hold.
Rebuffing petroleum ministry, Siddaramaiah launches Pradhan Mantri Ujjwala Yojana-like scheme months before state polls
If the fiscal deficit for the year can be maintained at Rs 7.04 trillion, the deficit as a percentage of GDP will slip to 3.44 per cent
Though the NDA government had been trying to privatise 20 companies, a decision for which was taken in 2017, and included national carrier Air India, the investor community evinced little enthusiasm for any of them. Now, with an in-principle approval for privatisation of BPCL, CCI and SCI, the government has taken the plunge again.
As the Tata group inches closer to taking over Air India in January 2022, the $242-billion conglomerate will also inherit a stake in Kerala's Cochin airport. The Tatas would become the only airline to have an operational stake in a major Indian airport. The airport is a strategic hub connecting India to Middle East nations - home to the largest share of Indian migrant workers. In addition to Air India and Air India Express, private carrier Indigo also uses Cochin to ferry the lucrative 'Malayali Gulf traffic' to multiple locations like Jeddah, Riyadh, Sharjah, Dubai, Abu Dhabi, Doha, Kuwait and Bahrain, among others. According to regulatory filings, Air India has a three per cent stake in Cochin International Airport.
Jet fuel constitutes over 40 per cent of an airline's operating costs and the price cut will bring relief to the cash-strapped carriers.
Not surprisingly, equity investors are bidding-up stock prices across sectors and the broader market is now more valuable than pre-Covid levels.
In 16 days, petrol price has been hiked by Rs 8.3 per litre and diesel by Rs 9.46 - a record increase in rates of the fuel in any fortnight since pricing was deregulated in April 2002.
'What has taken the government so long to understand what the people of this country are going through?'
A total of 180 NSE-listed companies have not appointed a woman director.
"This is a big scam. The country is being looted. Please allow us to speak," Congress leader in Lok Sabha Adhir Ranjan Chowdhury said.
There is the problem of regions in the North East being theatre for power-play by nations with borders and influences converging in those parts, which in turn requires a sizable presence of the armed forces, notes Shyam G Menon.
The Indian basket represents the price of Oman and Dubai sour grade crude.
Changing tracks helps. But, not taking the beaten path isn't always helpful. This is the story of two of India's biggest privatisations - Air India and Bharat Petroleum (BPCL). Nearly two decades after the last privatisation, a landmark divestment concluded this year when the loss-making national carrier Air India was sold to the Tatas.
In the year to date, 61 PSUs have lost an average of 22 per cent, with five companies losing more than half their share value. The BSE PSU index is down 10.6 per cent.
Movement of prices in international oil market and rupee-USD exchange rate will be monitored
The government has received three preliminary bids for buying of controlling stake in India's second-largest fuel retailer Bharat Petroleum Corporation Ltd (BPCL), Oil Minister Dharmendra Pradhan said on Wednesday. Mining-to-oil conglomerate Vedanta had on November 18 confirmed putting in an expression of interest (EoI) for buying the government's 52.98 per cent stake in BPCL. The other two bidders are said to be global funds, one of them being Apollo Global Management.
Aviation turbine fuel to now cost more.
Majority of PLL's long-term deals are linked to crude, which faces price challenge from other fuels. Spot LNG is moving away from this linkage, which puts a question mark on crude linked contracts.
Upstream firms have a tremendous financial pressure due to selling crude at subsidised rates to oil marketing firms.
The third-quarter financials didn't excite market watchers. But equity investors can still make money if they invest in the right stocks.
While LPG price was raised by Rs 18, kerosene saw a hike of Rs 3 per litre
Jet fuel (ATF) prices have been hiked by a steep 6.9 per cent, taking the rates to lifetime high of Rs 75,031 per kilolitre.
The market breadth in BSE remains healthy with 1,829 shares advancing and 721 shares declining
The government allocated Rs 650 billion for petroleum subsidies in FY14, of which Rs 450 billion was used to pay oil marketing companies for the subsidy gap incurred in the previous financial year.
Despite a massive decline in crude oil prices since 2012 -- Modi has been prime minister in six of these eight years -- petrol in Delhi has become 10 per cent costlier and diesel 97 per cent, as of July 2.
Petrol prices were on Wednesday hiked by Rs 3.07.
Oil companies on Monday slashed petrol price by Rs 3.02 per litre.
Fuel rates were last revised on February 1 when petrol price was cut by a marginal 4 paise a litre.
One of the reasons is that the retail prices are not bench-marked to crude but their respective international benchmark prices.
The government cleared the proposal despite opposition from the petroleum ministry, which says this is not the right time for divestment as the sector is moving from trade parity to export parity pricing.
Diesel in Mumbai costs Rs 79.72 per litre at IOC outlets and Rs 79.79 at BPCL outlets.
The ethanol vehicles will have the flexibility to switch to other fuels
IOC said the daily price revision is an initiative for ensuring the best possible prices to the customers as well as improved transparency on the pricing mechanism.
Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) on Thursday said it has no intention to sell a part of its stake in Petronet LNG Ltd and Indraprastha Gas Ltd (IGL) to help its new owner avoid making an open offer for the two gas companies. BPCL holds 12.5 per cent of the shareholding in India's largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions.
Privatisation-bound Bharat Petroleum Corporation (BPCL) may sell a part of its stake in Petronet LNG and Indraprastha Gas (IGL) to shed its promoter status to obviate the need for its new owner to make open offers for the two gas companies, sources said. BPCL holds 12.5 per cent of shareholding in India's largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions. As per the legal position evaluated by Department of Investment and Public Asset Management (DIPAM) - the department running the process for sale of government's entire 52.98 per cent stake in BPCL - the acquirer of BPCL will have to make an open offer to the minority shareholders of Petronet and IGL for acquisition of 26 per cent shares, three sources with knowledge of the matter said.
In 2017, a consortium led by Russian state oil company Rosneft agreed to buy Essar Oil for $12.9 billion in India's biggest foreign acquisition of a homegrown company. Rosneft's buyout of Essar's assets was meant to herald a wave of energy investments in India - over six decades after Esso, Caltex and Shell invested in India's refining sector in the 1950s. But the government has tripped up in its efforts to sell Bharat Petroleum Corporation Ltd (BPCL), formerly Burmah Shell, a blue chip public sector company. Bidders include a couple of global funds and resources firm Vedanta.
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