Gas Authority of India Ltd said on Thursday that it is eyeing exploration blocks in Argentina and Mozambique and planning city gas projects in several countries to expand its international operations.
According a fast track status to the sale of 10 per cent equity each in Oil and Natural Gas Corporation and Gail, the government on Monday said that financial advisors cum lead managers would be appointed by this week for the two issues.
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 slowdown in corporate revenue growth over the last one year has begun to reflect in India Inc's capital expenditure, or capex. The country's top listed companies are going slow on fresh investment in capacity expansion, in line with a deceleration in their top line growth. The combined fixed assets of the listed companies, excluding banking, finance services and insurance (BFSI) and the government-owned oil & gas firms, were up 10.1 per cent year-on-year (Y-o-Y) during April-September 2023 (H1FY24) - the slowest in 18 months - as against 21.1 per cent Y-o-Y growth in H2FY23 (October 2022-March 2023) and 11.6 per cent growth in the April-September 2022 period (H1FY23).
Prime Minister designate Manmohan Singh on Thursday said the public sector units like the Oil and Natural Gas Corporation and Gail would not be privatised.
Russia has defaulted on the supply of at least 5 cargoes or shiploads of LNG to India after its retaliatory sanctions hit one of the companies that supply gas to India, sources said. India's largest gas firm GAIL has a long-term deal to import 2.85 million tonnes of liquefied natural gas (LNG) per annum from a Singapore-based unit of Russian gas producer Gazprom. The company has since June defaulted on the supply of 5 cargoes of LNG under that contract citing difficulty in sourcing gas due to sanctions, two sources briefed on the matter said.
State-owned Gas Authority of India Ltd has discovered oil and gas near Ahmedabad, in onshore block awarded under the exploration policy.
The US Fed interest rate decision, ongoing quarterly earnings, macroeconomic data and FII trading activity are the major triggers that will drive stock markets this week, analysts said. Investors would also track global market trends and the movement in global oil prices for further cues. "This week, the focus will shift to global cues, particularly the US markets," Santosh Meena, Head of Research, Swastika Investmart Ltd said.
American refiners closed some of their production, leading to futures trade benchmarked to the West Texas Intermediate going negative.
State-owned gas transportation company, Gas Authority of India Ltd has proposed a global depository receipt issue of 2.5 per cent of its equity shares.
State gas transmission firm Gas Authority of India Ltd on Friday filed the draft prospectus for the public issue of government's 10 per cent stake with capital market regulator Securities and Exchange Board of India.
State-run gas firm Gas Authority (India) Ltd may list on the New York Stock Exchange or the Nasdaq by converting its global depository receipts into American depository receipts.
Gail to finalise HPL equity participation soon
In May, MFs were the net sellers in several PSUs, as they deployed Rs 47,600 crore in equities during the month.
Venkataraman Krishnamurthy, who is considered as the turnaround man of several Indian corporate houses like BHEL, Maruti Udyog, SAIL and Gail (India), passed away on Sunday at the age of 97. Krishnamurthy is considered as "the father of public sector undertakings in India" by many in India Inc. Born in the temple town of Tamil Nadu's Karuveli, he started his career as an airfield technician during the Second World War.
With two more persons succumbing to their burn injuries on Sunday, the toll in Friday's deadly fire-blast, apparently caused by leakage from a GAIL gas pipeline in Nagaram, Andhra Pradesh, rose to 19 even as the condition of at least three others remains critical, police said.
GailTel, the telecom arm of state-owned Gas Authority of India announced on Thursday an investment of Rs 750 crore (Rs 7.5 billion) over thr next five years to expand its telecom infrastructure, combining it with its proposed city gas pipeline.
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).
Indian Oil Corporation and Bharat Petroleum Corporation have backed out of Gail's Vizag-Secunderabad LPG pipeline.
The government on Wednesday fixed a floor price of Rs 185 per share for the ensuing public offer of Gas Authority of India Ltd.
Gas Authority of India Ltd is eyeing a stake in the oil and gas exploration blocks in Argentina and Mozambique. Gail is talking to Shell for picking up stake in two city gas distribution companies in Egypt.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
Oil and Natural Gas Corporation, Gas Authority of India and Oil India Ltd will pay Rs 1,200 crore (Rs 12 billion) to the state-run oil marketing firms for the losses they suffered during the first quarter for selling LPG and kerosene below the cost.
The government will allow exploration firm Oil and Natural Gas Corporation and Gas Authority of India to market domestic LPG to increase penetration of cooking fuel to 75 per cent of the population.
A roadshow for the public offer of 10 per cent government equity in the public sector gas transmission unit -- GAIL -- would be flagged off on February 20 in Mumbai.
At least four firms including Gas Authority of India Ltd, Petronas of Malaysia and British Gas have bid for supplying natural gas/LNG to Reliance Energy's mega 3740 MW gas-fired power plant at Dadri in Uttar Pradesh.
The government said on Saturday that the public offer of state-owned gas transmission company Gas Authority India Ltd would hit the market on February 27 followed by Oil and Natural Gas Corp public float on March 5.
State-run Gas Authority of India said on Thursday that it will invest Rs 4000 crore (Rs 40 billion) in laying pipelines and expanding capacity of its Pata petrochemical complex this fiscal, with 60 per cent of the requirement being raised through deb
The two firms are discussing bidding jointly for CGD projects in cities that would be put on offer by the sector regulator, Petroleum and Natural Gas Regulatory Board in the future.
Scottish explorer Cairn Energy Plc rejected state-owned Oil and Natural Gas Corp's $200 million bid to acquire its oil and gas properties on east and west coasts of India.
The competition between the two main players vying to lay cross-country natural gas pipelines has undergone a volte-face.
Gas Authority of India Ltd on Monday reported a 18 per cent increase in its net profit to Rs 365.09 crore
Eight companies including Reliance Gas Ltd, GAIL Gas and the joint venture of Indian Oil and Adani Energy have bid for the rights to retail CNG in seven cities.
BPCL is a high revenue-earning public-sector undertaking (PSU) and plans to privatise it are completely off the table, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Tuesday after assuming charge of the ministry for the second time. "Why would we divest ourselves of highly successful Maharatnas like BPCL," Puri said, arguing the Centre was not in favour of divesting its stake in oil PSUs.
Delhi-based Shubham Chakraborty, 32, a management graduate from XLRI, Jamshedpur, tells us how he fought anxiety and stress due to poor workplace management.
