Govt's move will facilitate entry of global giants such as Total SA of France, Saudi Arabia's Aramco, BP Plc of the UK, and Trafigura's downstream arm Puma Energy.
Experts say local demand, government policies in retail and refining sector are attracting foreign players.
Companies and retailers have launched schemes one has never heard of.
'It has taken us 15 years to get to where we are. It obviously doesn't happen overnight.'
They were shut when PSUs were selling heavily subsidised fuel; will reopen now, buoyed by diesel decontrol
Since May 1, the dynamic fuel pricing model has been applied on a pilot basis in 5 cities
Petroleum and Natural Gas Regulatory Board in its July 2 order imposed a cost of Rs 100,000 on the three private fuel retailers who filed a complaint against Indian Oil, Bharat Petroleum and Hindustan Petroleum for indulging in 'restrictive and unfair trade practices and cartelisation'.
Apple's decision to slash its entry-level iPhone (8 GB version) in the US market will not trickle down to India anytime soon.
Apple's iPhone, the touch screen handset that acquired a cult status in the United States and other Western countries, will be available to Indian mobile users through private telecom operators Bharti Airtel and Vodafone Essar from August 22, giving competitors like Nokia, Samsung and others a run for their money.
Expecting oil prices to remain under pressure, Fitch Ratings said deregulation of diesel prices in October will help in lowering the under-recoveries (which is nothing but international petroleum prices minus the subsidised retail rates).
UK-based Vodafone is not the only one awaiting the Indian government's call on its purchase of stake in Hutch-Essar, US coffee retail giant Starbucks is also anxiously looking for a decision on the issue.
Vodafone will launch a range of merchandise comprising T-shirts, kidswear, mugs, bed and bath accessories featuring the egg-headed mascots of the company that have gained a lot of popularity.
Traders blame demonetisation for subdued demand in retail segment
If crude oil prices stay at current levels, the Indian government would not be required to issue additional oil bonds to the four state-run oil marketing companies in the current financial year, Finance Minister P Chidambaram said on Monday. Oil retailers, however, are unlikely to cut prices of petroleum products in response to falling crude prices unless private retailers like Essar Oil and Reliance Industries Ltd restart operations and offer a lower price.
Even if the Paytm fiasco does not mark the end of the bull run, at least some sanity will return to the wild IPO market, observes Debashis Basu.
Their first target would be bulk buyers.
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.
Russian firms expand their footprint in India. And take bigger steps to do business with India's private sector.
Reliance Industries will sell 20 per cent stake in its oil and chemicals business to Saudi oil giant Aramco for about $ 15 billion and nearly half of its fuel retail business to BP of UK for Rs 7,000 crore. Aramco, the world's biggest crude exporter, will also supply Reliance's twin-refineries at Jamnagar in Gujarat with 7,00,000 barrels of oil a day on a long-term basis, Ambani said.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
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.
Share prices of both upstream and downstream public sector oil companies fell up to two per cent on Monday. Even Essar Oil, a private fuel retailer, fell 1.50 per cent on the Bombay Stock Exchange.
In a major boost to oil majors aspiring to tap the retail oil sales market worth $15 billion a year, the government on Monday allowed marketing licence holders to import petrol and diesel.
The country's largest lender SBI on Thursday reported a 4.20 per cent decline in consolidated December quarter net at Rs 6,257.55 crore, largely because of a higher base in the year-ago period where it had benefitted from a Rs 4,500 crore one-off income. On a standalone basis, the city-headquartered lender's net profit came in at Rs 5,196.22 crore as against Rs 5,583.36 crore in the year-ago period and Rs 4,574.16 crore in the preceding September quarter. SBI chairman Dinesh Kumar Khara told reporters that the year-ago period had seen the resolution of the Essar Steel loans, resulting in an over Rs 4,000 crore interest income and Rs 500 crore other income benefit.
A vilification campaign against Rosneft has begun in right earnest, says M K Bhadrakumar.
Reliance has shut all of its 1,432 petrol pumps in the country after sales dropped to almost nil as it could not match the subsidised price offered by public sector competition. Public sector currently sells petrol at a loss of Rs 13.97 a litre and diesel at a discount of Rs 20.97 per litre. This revenue loss is made up by the Government through issue of oil bonds. Private firms were not entitled for the subsidy and priced fuel from their pumps at Rs 8-10 a litre higher.
The tankers carrying fuel from terminals to dealer outlets would not just have global positioning system (GPS) tracking but also an electronic key (e-key).
Reliance plans to shut two-third of its 1,400 petrol pumps in the country by next month as it is unable to match the fuel price offered by state-run retailers, who get compensated by the government for selling fuel below the cost. Reliance and Essar make huge losses on selling petrol and diesel at prices higher than Indian Oil, Bharat Petroleum and Hindustan Petroleum. On an average, fuel at private outlets is costlier by Rs 4 to 5 a litre than the PSU pumps.
Fernandes wanted Coca-Cola Company to not just transfer 60 per cent of the shares of its Indian firm but also the formula for its concentrate to Indian shareholders.
Hutchinson Max Telecom Pvt Ltd on Thursday launched Mobile Hutch Shops in India, a customer service and information unit on wheels, which the company expects would supplement its existing retail and customer care centres in the country.
The dealers are protesting against the use of petrol pumps for government campaigns and seeking of personal data of over a million people working there
The Hinduja Group, Mukesh Ambani, Murugappa, and the Adani groups were the other gainers in the Modi regime, while Naveen Jindal and Sun Pharma groups saw the most erosion in their m-cap in the last five years, reports Krishna Kant.
So what's up? Why are so many promoters heading for the door? It cannot be that all of them lost their appetite for a good fight at the same time.And if Naresh Goyal of Jet Airways and Subhash Chandra of Zee Entertainment do bow out, will it be seen as chickening out when the going got tough or the entrepreneurial instinct of surviving to fight another battle waned, wonders Shailesh Dobhal.
Low fuel prices to help oil marketing and refining sectors but upstream players will stay under pressure.
Demand is expected to grow as most customers await a drop in prices.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
'National assets, created over the years through tax-payers's money, should not be handed over to business houses at throwaway prices.'
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