According to sources, Russian energy giant Rosneft or its affiliates, Saudi Aramco and Reliance Industries are in race for BPCL's three refineries - Mumbai, Kochi in Kerala and Bina in Madhya Pradesh - 16,309 petrol pumps, 6,113 LPG distributor agencies and more than a fifth of 256 aviation fuel stations in the country.
Renault Kwid is a good entry-level car for Indian roads.
A looming global shortage of diesel in Europe presents India with more than one opportunity to profit from strong margins. A shortage of the fuel, a key contributor to inflation, has been exacerbated by the conflict in Ukraine, and western sanctions on Russian fuel supplies. The slowdown in natural gas supply means the West needs diesel to heat their homes this winter.
With domestic retail fuel prices jumping to record high on rising international oil rates, India on Thursday pressed oil cartel OPEC for 'affordable' oil price within a 'reasonable band' and that the producers should phase out production cuts. OPEC nations such as Saudi Arabia have traditionally been India's principal oil source. But, OPEC and its allies, called OPEC+, ignoring its call for ease supply curbs had led to the world's third-biggest oil importer tap newer sources to diversify its crude oil imports. As a result, OPEC's share in India's oil imports has dropped to about 60 per cent in May from 74 per cent in the previous month.
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.
If IOC is not allowed to run its own affairs, then we can see it close down in the next 10 to 15 years, warns Sudhir Bisht.
India may see a structural shift in supplies of crude oil with Russia emerging as a key source of fuels, a development that reduces New Delhi's dependence on West Asian oil, gives Indian refiners better bargaining power with price-setter Saudi Arabia, and improves overall energy security. The unexpected surge in supplies of Russian crude in the last few months, unthinkable until the war in Ukraine, may also deliver other unforeseen gains such as boosting exports of refined fuels to Europe, which historically has counted on Russian shipments. India has jumped on to the bandwagon of opportunistic buying of Russian crude but if calibrated carefully, Urals crude can be a long-term asset for India refiners.
Dharmendra Pradhan lays bare the next course of action for his ministry and says RIL will have to pay the same price at which it produced the volumes.
The Virtus is indeed designed to look, act and behave like a well-built European sedan that swims in the segment between the compact sedan VW Vento and the larger Passat, says Pavan Lall.
Earlier in May, Ford India announced that it had dropped its plans to make electric vehicles (EVs) in India, which it intended to export, under the production-linked incentive scheme (PLI). Ford was among 20 companies that had signed a Champion OEM Incentive Scheme under the PLI project with the government in February this year. The decision comes as a blow for the 4,000-odd employees at Ford India's Maraimalai Nagar plant near Chennai and in Sanand, Gujarat. In September last year, the company had announced that it would exit the India market, which it had entered in 1995 through an on-again, off-again joint venture with Mahindra & Mahindra (they split in 1998, signed a JV in 2019 and split again in December 2020), retailing petrol and diesel brands such as the EcoSport, Figo, Aspire, and Endeavour.
'According to CMIE data, employment in manufacturing saw a reduction from 51 million in the country in 2016 to 27 million in 2021. 'That is, it has halved in just 5 years. 'At the same time, the national lockdown resulted in reverse migration to rural areas, and an increase in the number of workers in agriculture. 'It also means joblessness has increased in agriculture because there are too many workers; the number of workers went up from 200 million to 232 million.'
'If you are invested in mid-cap and small-cap stocks, even if you are making losses right now, it is better to sell them now and sit on cash.'
German luxury car maker has expanded its product offering with the launch of 11 products this year.
At Rs 470,000 for the base petrol variant, Tigor is now the cheapest compact sedan in the country
And the only answer one can think of is that this is being done to preserve the image of toughness and 56 inches and all the rest of it, notes Aakar Patel.
US private equity firm I Squared Capital is dropping out of the race to buy India's second-largest state oil firm, Bharat Petroleum Corporation Ltd (BPCL) owing to a complex deal structure and lack of financial backers for the transaction, sources said. I Squared Capital through its Indian arm, Think Gas was among the three suitors that had evinced interest in buying the government's near 53 per cent shareholding in BPCL. "The company has made a decision not to participate in the financial bidding," a source with direct knowledge of the development said.
5 commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of GST's purview given the revenue dependence of state governments on these sectors.
The benchmark Indian crude oil basket is now estimated to average $77.88 a barrel for FY19, compared to the government's earlier estimate of $65 a barrel for the year and $56.39 for FY18
It is worth reconsidering if this fascination with either having a single party majority or Modi's leadership or, indeed, both, is such a great idea for India, says Udit Misra.
Prices third Nexa car aggressively at Rs 4.59 lakh, to take on Hyundai's i10Grand and M&M'S KUV100.
The NSE index Nifty ended above the 10,500-mark.
In Budget 2015, the finance minister has opted to take the slow road and has doubled the cess on coal to "balance the need to tax pollution and the price of power" in his words.
Step on the gas and the power that propels the compact four-seater will take you by surprise as it hurtles towards the 80 kmph like a racing thoroughbred, never compromising any stability thanks to its rigid chassis and solid 1,600-kg kerb weight that gives it a well-planted feel along straights, corners and tricky lanes and roads, says Pavan Lall.
Strengthening the portfolios of the home minister and the finance minister is a message that should not be missed, points out A K Bhattacharya.
LPG customers of Bharat Petroleum Corporation Limited (BPCL) will continue to get cooking gas subsidy post-privatisation of the nation's second-biggest fuel retailers, Oil Minister Dharmendra Pradhan said on Friday. "Subsidy on LPG is paid to consumers directly and not to any company. So the ownership of the company that sells LPG is not of any material consequence," Pradhan told PTI. The government gives 12 cooking gas (LPG) cylinders of 14.2-kg each to households in a year at a subsidised rate.
Incentives for industries have been rolled back and teachers have gone without salary for months as the state grapples with the after-effects of the ban
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 22.5 per cent rise in net profit for the quarter ended March on the back of bumper oil refining margins, steady growth in telecom and digital services and strong momentum in the retail business. The oil-to-retail-to-telecom conglomerate's consolidated net profit rose to Rs 16,203 crore in the quarter ended March 31, 2022 from Rs 13,227 crore, the firm said in a statement. Net profit, however, fell 12.6 per cent sequentially -- breaking a six-quarter chain of quarter-on-quarter improvement.
Reliance Industries on Friday reported a 41.5 per cent jump in its third quarter net profit as oil, retail and telecom businesses fired on all cylinders. Net profit of Rs 18,549 crore in October-December compared with Rs 13,101 crore a year back, the company said in a stock exchange filing. Income from operations rose to Rs 1.91 lakh crore from Rs 1.28 lakh crore.
Companies and retailers have launched schemes one has never heard of.
The radical styling that consists of 17-inch diamond-cut wheel rims and a chrome grill that comes with a sleek coupe-inspired profile -- the kind you'd expect to see in an Acura or a Lexus sports car -- make the Civic one of the best-looking cars on the road today irrespective of price.
The ongoing daily spat between Narendra Modi and the Congress party serves to cover up the real problems being faced by the people, says A Ganesh Nadar
The government is keen to close the sale before March 31, 2021, to help meet a record Rs 2.1 lakh crore target which Finance Minister Nirmala Sitharaman has set from divestment proceeds in the Budget for 2020-21.
With multiple options in the compact sport utility vehicle (SUV) and compact sedan space, the mid-size sedan seems to be losing its charm among customers.
The car it not only the most powerful four-wheel in its segment but also offers more features compared to the competitors.
The Goa CM knows running a coalition government while pursuing a development agenda will require a fine balancing act.
While the Union Cabinet had in November last year approved the sale of the government's entire 52.98 per cent stake in BPCL, offers seeking expression of interest (EoI), or bids showing interest in buying its stake, were invited only on March 7. The EoI submission deadline was May 2, but on March 31 it was extended up to June 13. On Wednesday, the government said this deadline is further being extended up to July 31.
The IOC stake sale will, however, dwarf in front of Rs 22,557 crore or Rs 225.57 billion that the government raised through a stake sale in Coal India Ltd last year.
The government is selling its entire 100 per cent stake in Air India but wants effective control to stay with Indian nationals.
Without directly referring to the farmers' agitation, which entered the 17th day on Saturday, Modi said agriculture reforms as part of government efforts are aimed at removing roadblocks, and the new laws will also bring in technology and investment in the sector.
Diesel makes up nearly half of fuel demand in Asia's No 3 economy.
