Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.
These refineries, commissioned mostly in the 1950s and 1960s during India's early industrialisation push, are inefficient and costly to maintain compared to their modern counterparts on the coast mainly operated by private companies.
ONGC is raising debt for a spate of acquisitions over the past year
Reliance Industries has regained the top slot among Indian energy companies on the Platts global list
Markets ended in green on rate cut hope.
Markets crashed due to domestic worries; bluechip stocks tanked too.
Low fuel prices to help oil marketing and refining sectors but upstream players will stay under pressure.
The Rs 3-trillion West Coast or Nanar refinery has all the potential to become India's flagship petrochemicals project, with the planet's largest oil producer Saudi Aramco as its biggest shareholder. Yet the locals don't see the plant as a harbinger of better times.
Oil imports are a third of India's total import bill.
'We aren't so unreasonable as to demand that he should have fully reversed Indira Gandhi's worst economic legacy, bank nationalisation.' 'But he could have made a beginning by selling off the two most stressed small public sector banks, and then announced that each year for the next 10, one government bank with the most messed-up balance sheet will be sold.' 'It would have electrified the markets, shocked his other banks into better behaviour, and marked his name among the great reformers,' argues Shekhar Gupta.
Finance Minister Nirmala Sitharaman will present her second Budget a little more than a month from now. Like any other FM, Sitharaman will depend on her team of bureaucrats and advisors to frame and present the Budget.
Fitch reaffirmed India's rating at 'BBB-' with a Stable Outlook saying the rating balances a still strong medium-term growth outlook compared with similar category peers and relative external resilience stemming from solid foreign-reserve buffers against high public debt, a weak financial sector and some lagging structural factors, including governance indicators and GDP per capita.
Interest rate sensitive stocks gain ground post decision
Diesel makes up nearly half of fuel demand in Asia's No 3 economy.
Brokers said a flurry of buying by investors in blue-chips mainly influenced the sentiment.
The government will seek Parliament's approval for Rs 37,000-crore additional spending on infrastructure development in the second batch of supplementary demands for grant. Earlier this month, Finance Minister Nirmala Sitharaman had announced additional budget of Rs 25,000 crore as capital expenditure (capex) on roads, defence, water supply, urban development and domestically produced capital equipment. Besides, the central government approved issuance of a special interest-free 50-year loan to states of Rs 12,000 crore for infrastructure development.
Sources privy to the development said Maran was being asked to take care of a part of the liabilities.
Analysts are enthused by BPCL's upstream foray and have re-rated the stock in the past couple of years.
As India emerges from the COVID-19 crisis, the ninth budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
Infosys was the top Sensex loser along with other index heavyweights ITC and HDFC.
Rising oil prices and diminishing cash pile to limit capacity in 2018-19
Gains were led by Tata Motors on robust Q1 earnings and HDFC Group shares.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Life Insurance Corporation of India has over Rs 7,000 crore in tax demand pending against it, the biggest across various categories.
Most analysts expect growth in the sales of Nifty-50 companies to decelerate, albeit marginally, in the quarter ended December compared to the corresponding period of 2013-14, with metals and real estate companies pulling down earnings.
'The mismatch between valuations and fundamentals is startling,' warns Devangshu Datta
The fall in international oil prices had resulted in six consecutive reduction in petrol prices since August and two in diesel in the last one month and there was possibility of another round of cuts this weekend.
The National Democratic Alliance government is weeding out independent directors on the boards of public-sector undertakings (PSUs).
ONGC Videsh Ltd and Oil India Ltd will buy Videocon Industries' 10 per cent stake in a giant Mozambique gas field for $2.475 billion.
Oil firms' borrowings could fall by up to Rs 15,000 cr, govt's subsidy bill by 12% .
US, China and Japan have no quotas for women and have had the lowest increase in female directors.
'By holding forth on Swadeshi economics, Bhagwat is showing his intent to fight back,' says Shekhar Gupta.
Participants are keenly awaiting the rollovers to the next series ahead of the expiry of June F&O.
The department of investment and public asset management (Dipam) can also seek in-principle approval from the Cabinet Committee on Economic Affairs (CCEA) for strategic divestment of PSUs on a case-to-case basis considering investor appetite and sectoral trends.
The government on Monday budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions, including 2 PSU banks and one general insurance company, in the next fiscal year beginning April 1. The amount is lower than the record Rs 2.10 lakh crore which was budgeted to be raised from CPSE disinvestment in the current fiscal year. However, the COVID-19 pandemic impacted the government's CPSE stake sale programme, and the target has been lowered to Rs 32,000 crore in the Revised Estimates.
IDS-2 and raids to uncover black money stash keep receipts flowing
Nearly 1,500 akansha petis (boxes of aspirations) have been placed in colleges for students to reveal what they expect from a BJP government. While demonetisation figured high in villages, BJP strategist Siddharth Sikka says city youth were "more concerned" about law and order and sanitation.
If the new regime is introduced in 2017, the govt may lose out on cess, surcharge
"Those who ruled for decades since Independence believed Dispur was too distant from Delhi. 'Dilli ab door nahi aapke darwaaze par hai' (Delhi is not far now, it stands at your doorstep," he told a massive gathering.
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