The current price is among the lowest in Asia Pacific.
Riding high on a 32 per cent increase in net profit at Rs 1,565 crore (Rs 15.65 billion), Gas Authority of India said on Wednesday it would invest Rs 20,000 crore (Rs 200 billion) over the next five years.
The length of the main trunk pipeline is 1,385 km from Kakinada to Bharuch and 75 km is the length of the spur lines.
Though the developments are positive, analysts say the benefits will accrue only in the long run
The Maharashtra government will lend Rs 550 crore (Rs 5.5 billion) to Ratnagiri Gas & Power, earlier called Dabhol Power Company
Reason behind for the change in his stance: gas price increase.
Pakistan's demand for gas stands at 8 billion cubic feet while the current production is 4 billion cubic feet.
Former oil secretary Tarun Kapoor, present and former chairmen of ONGC and a former director of IOC, are among over a dozen people who have applied for the top job at the oil and gas regulator, PNGRB, sources said. Kapoor, who superannuated as Secretary to the Ministry of Petroleum and Natural Gas last month, is the most prominent name in the list of 13 persons who have applied to become the chairman of Petroleum and Natural Gas Regulatory Board (PNGRB). Oil and Natural Gas Corporation (ONGC) chairman and managing director Subhash Kumar and his predecessor Shashi Shanker are also in the race and so is G K Satish, who superannuated as Director for Planning and Business Development from Indian Oil Corporation (IOC) a couple of months back.
The Oil Industry Safety Directorate, under the Petroleum Ministry, carries out safety audits of oil and gas installations, besides formulating and standardising procedures and guidelines for design, operation and maintenance.
The Narendra Modi-led National Democratic Alliance government has given environment clearance to five projects since it took charge on May 26.
BG Exploration and Production India, a part of UK-based BG group and Reliance Industries, hold 30 per cent stake each in the field, while ONGC has a participating interest of 40 per cent.
Re-instatement of 5% custom duty on crude imports will help.
Both the countries have increased prices of gas recently.
He added every dollar rise in the gas price will result in Rs 4,000 crore of revenue and Rs 2,300 crore in profit after tax.
The proposed Rs 7,000-crore (Rs 70-billion) petrochemical complex of Gas Authority of India at Kochi has been shelved for the time being due to technical issues, according to Minister of Petroleum and Natural Gas Murli Deora.
State-owned oil firms such as ONGC and IOC will invest over Rs 1.11 lakh crore in the next fiscal year starting April as they supplement the government's massive spending programme to spur economic growth. Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC), GAIL (India) Ltd, Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Oil India Ltd (OIL) will together make a 7.4 per cent higher capital expenditure in the 2022-23 fiscal (FY23). The capex spending of Rs 1.11 lakh crore in 2022-23 compares with a revised estimate of Rs 1.04 lakh crore for the current fiscal year that ends in March, according to Union budget documents.
The last year has seen public sector undertakings (PSUs) outperforming the Nifty50, albeit by a small degree. But PSU valuations are still, on average, less than half of private sector peers at price-to-equity or PE 8.7x for the Nifty PSU Index versus 20.9x for the Nifty50. There are several reasons for lower valuation.
Tata Consultancy Services (TCS), the group's biggest cash generator, overtook Vedanta to become the highest dividend payer in India in FY23. The IT services major paid Rs 42,090 crore for FY23, up 167.4 per cent from Rs 15,738 crore for FY22. The 10 biggest payers together shelled out Rs 2.06 trillion for FY23, more than double the Rs 98,371 crore for FY22.
The Centre-appointed committee on Saturday launched its probe into the Gas Authority of India Limited pipeline fire tragedy in East Godavari district of Andhra Pradesh that has claimed 16 lives.
OVL had bid for two of the 10 shallow-water blocks that Myanmar had auctioned in December but drew a blank when the fields were awarded on March 26.
Bharti Airtel and Vodafone Idea have communicated to the telecom department that they will not pay AGR dues of Rs 88,624 crore, the deadline for which ended on Thursday, and will wait for the outcome of modification petition listed for hearing before the Supreme Court next week, according to official sources. Reliance Jio on Thursday paid Rs 195 crore to the telecom department to clear all adjusted gross revenue dues accounted till January 31, 2020, according to an official source.
The biggest jump in earnings and decline in P/E multiples has occurred with top companies in metals and mining, corporate banking, and the oil and gas sectors.
Corporate India continues to be generous in rewarding its shareholders with big dividend payouts. This is especially true for shareholders of companies such as Tata Consultancy Services (TCS), Hindustan Zinc (HZL), and Coal India (CIL) which are seen as cash cows of large business groups and the government. Boosted by a big payout by these three companies, the combined equity dividend payout by listed companies was up 38 per cent year-on-year (YoY) to a record high of Rs 2.27 trillion in 2022-23 (FY23), compared with Rs 1.65 trillion in 2021-22 (FY22).
Gas Authority of India Ltd, which signed a memorandum of understanding with the state government recently, will spend Rs 2,000 crore (Rs 20 billion) this year to lay the pipeline, a senior company official said.
The plant has been shut since 2013 for want of domestic gas supplies.
India's crude oil import bill is set to exceed $100 billion in the current fiscal year ending March 31, almost double its spending last year, as international oil prices trade at seven-year highs. India spent $94.3 billion in the first 10 months (April-January) of the ongoing financial year that started April 1, 2021, according to data from the oil ministry's Petroleum Planning & Analysis Cell (PPAC). It spent $11.6 billion in January alone when oil prices had started to surge.
The Sensex ended down 251 points at 27,351 and the Nifty shed 65 points to close at 8,228.
Draft prospectus for the upcoming mega public offers in public sector oil companies -- Gas Authority of India and Oil and Natural Gas Corp -- are expected to be filed with the Securities and Exchange Board of India
To push ahead with the divestment of Oil and Natural Gas Corp and Gas Authority of India Ltd, the government is likely to appoint as many as five advisors for the public offer of shares of the two companies.
#GiveItUp but no matching LPG connections for BPL
Cummins India will soon start producing fuel-agnostic engine systems at the Tata-Cummins plant in Phaltan in Satara district of Maharashtra, senior officials at Cummins India said. The firm will start limited production by the end of 2023 and mass production will likely begin by 2024, the officials said.
The board of directors of Indian Oil Corporation on Wednesday decided to sell up to 50 per cent and 20 per cent of its take in Gas Authority of India Ltd
ONGC was the top gainer which surged over 4% followed by Axis, SBI, CIL
Gas Authority of India on Monday said it is planning to invest up to $500 million over the next three to five years for gas exploration and liquefaction facilities in Australia.
Ratnagiri Gas will be an equal JV between NTPC and GAIL if MSEB which has been offered a small stake does not pick up equity
After a turnaround in performance by Indian equity markets since July that has seen the S&P BSE Sensex and the Nifty50 wipe out the year-to-date losses, analysts suggest investors start nibbling into stocks that are focused on the domestic economy. While they say intermittent corrections, led by policies of global central banks and other economic data, cannot be ruled out, analysts expect India's relative outperformance among global equity markets to continue as it looks better placed with a healthy economic recovery, and remains one of the fastest growing major economies. In this backdrop, Neeraj Chadawar, head of quantitative equity strategy at Axis Securities, believes that amid global slowdown, aggressive tightening by the central banks, and preference for domestic interests first (by the local government), export-oriented themes are likely to be muted or will deliver conservative returns in the near-term.
The government on Wednesday ruled out privatisation of Indian Oil, Oil and Natural Gas Corporation and Gas Authority of India Ltd and assured all security concerns would be taken care of while divesting public sector oil
RGPPL has signed a power purchase agreement with the government of Daman and Diu for selling about 98 Mw of power from July.
Stocks of Indian companies with exposure to Europe fell on Tuesday amid concerns about the impact on their sales in case the Russia-Ukraine crisis worsens and the US and its allies impose economic sanctions on Russia. While top conglomerates, including Reliance Industries, the Tata group, and Aditya Birla Group, said they did not have any significant exposure to Russia, executives of some of the oil and gas, pharmaceutical, and tea companies said they were monitoring the situation closely as they earned substantial income from the region. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions of eastern Ukraine after announcing that Russia would recognise their independence.
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