Vedanta's Cairn Oil & Gas on Thursday announced the appointment of Nick Walker as the new chief executive officer (CEO) of the company. In a statement, the company said the appointment is effective January 5. "Before this appointment, Walker was president and chief executive officer at Lundin Energy, one of the leading European independent E&P companies," it said.
Re-instatement of 5% custom duty on crude imports will help.
The government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) while also joining nations like the UK in imposing a windfall tax on crude oil produced locally. A Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel is effective from July 1, finance ministry notifications showed. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
The government should scrap the windfall profit tax on domestically produced crude oil as the levy is adversely impacting the capex-intensive exploration of oil and gas, the industry said in its recommendation for the forthcoming annual Budget. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, a Rs 23,250 per tonne ($40 per barrel) windfall profit tax on domestic crude production was levied.
Brokerages expect Nifty50 companies to have cumulatively witnessed strong double-digit growth in their earnings in the first quarter of FY24 (Q1FY24). This growth in the combined earnings is expected to have been driven by banks, automakers, and oil & gas companies. Other sectors may report muted profit growth.
Between fiscals 2009 and 2014, India's energy import bill surged at an average 14 per cent annually to $161 billion.
Adani is the fastest growing energy company in Asia-Pacific and the second fastest in the world
The blaze erupted around 7 am in the gas processing plant of the ONGC located in Uran area of neighbouring Navi Mumbai, an official said.
American refiners closed some of their production, leading to futures trade benchmarked to the West Texas Intermediate going negative.
Brokerages expect a further slowdown in Indian firms' revenue and earnings growth in Q4FY25, following low single-digit growth in the preceding three quarters, as factors like weak consumer demand and credit growth linger on.
The country may propose pipeline via China when Putin visits this year.
Custom duties, a major concern for the oil sector.
India Inc's debt-to-equity ratio has fallen, from 0.92 in FY15 to 0.88 in FY16.
The company had assets in countries like Yemen, Peru, Oman, Myanmar, Columbia, East Timor, Kurdistan and Australia, but it exited almost all these blocks later as part of its portfolio rationalisation
Petroleum Minister Dharmendra Pradhan was to give away the awards but he could not attend because he was travelling.
Oil India is set to usher in a new era with a road map drawn to ramp up production and diversification plans to foray into liquefied natural gas
Says operating environment for Indian corporate sector has improved during FY15
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said. India on July 1 joined a select league of nations globally that have taxed windfall gains accruing to oil companies from soaring energy prices. The government slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective July 1. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
The share of public sector undertakings (PSUs) in the total market capitalisation of listed companies--at an all-time low of 10 per cent currently --- may get a leg-up from the government's divestment push. Recently the government announced the successful sale of national carrier Air India to Tata Sons, India's first privatisation of a PSU since 2002-03. The transaction is expected to be completed by December.
Telecom stocks fell after Mukesh Ambani extended Reliance Jio's free offers till March 2017.
Bank shares were the top gainer in early trades with Bank of Baroda up over 4%.
ICICI Bank and SBI were among the top Sensex gainers along with FMCG majors ITC and HUL.
India is the world's fourth-largest importer of natural gas, accounting for six per cent of the global market.
Stocks and sectors impacted most by GST.
Markets climb higher tracking global cues.
n the broader market, BSE Midcap and Smallcap indices are trading higher by 0.3% each.
Election results, diesel & gas pricing moves, labour law changes - all stoke anticipation of more cheer ahead.
Broader market outperformed the benchmark indices with S&P BSE Midcap gaining over 1%
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
Tech major's shareholders will receive total dividend of Rs 15,474 crore in FY15
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.
With India's imports exceeding exports, weak rupee does more harm than good. Analysts, however, say that rupee depriciation is positive for export-oriented sectors such as IT services, pharmaceuticals, textiles and automobiles
Capital goods shares continued to trade firm in late noon despite weak market trend on the back of encouraging core sector growth in February.
Sensex, Nifty put up a good show in closing trade.
Markets ended higher, amid firm global cues, and are on track for third straight day of gains.
The 30-share Sensex gained 321 points to end at 26,430 and the 50-share Nifty surged 100 points to end at 7,879.
The 30-share Sensex lost 12 points to end at 29,559 and the 50-share Nifty climbed 4 points to close at 8,914.
The 30-share Sensex surged 299 points to close at 28,736 and the 50-share Nifty gained 90 points to end at 8,723.
