The government on Wednesday said it has started the process of appointing financial advisors to offload 10 per cent stake in state-owned oil refinery Oil and Natural Gas Corporation.
Puri said the government has a moral duty to provide energy at affordable rates to consumers.
The revised sale documents for public float of 10 per cent government equity in state-owned oil company Oil and Natural Gas Corp is expected to be filed with market regulator Securities and Exchange Board of India, next week.
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.
The Securities and Exchange Board of India is ready to relax some of the public issue norms to facilitate divestment of government stake in public sector undertakings
Public sector oil companies paid Rs 2,687 crore (Rs 26.87 billion), on Thursday, to the government as interim dividend for 2002-03 to bridge its fiscal deficit target.\n\n\n\n
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
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
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
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.
Buoyed by the proposed public offerings in six companies, including Oil and Natural Gas Corp and Gas Authority of India Ltd, the government on Tuesday set an ambitious target of mobilising Rs 16,000 crore
Divestment Minister Arun Shourie said on Thursday that early elections would help speed up the process of privatisation.
Capital expenditure (capex) by 54 large central public sector enterprises (CPSEs) and five departmental arms with an annual capex target of Rs 100 crore and above has reached around 42.5 per cent of their annual target of about Rs 7.33 trillion in this financial year so far, a senior official from the Ministry of Finance told Business Standard. "The Centre is pushing the big public undertakings in the infrastructure and refinery sector to achieve 90 per cent of their target by the end of the third quarter," he said. The capex by this group of CPSEs stands at around Rs 3.1 trillion in the April-August period so far.
'The Weather Channel argues that India faces the gravest challenge: Climate change-induced health vulnerability.' 'This is an issue often neglected, alerts Claude Arpi: "Prolonged summers, unpredictable rains, floods, droughts, and rising sea levels are the harsh realities of climate change in the country. These factors increase the frequency and severity of illnesses, pushing people into poverty, and forcing migration".'
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.
The Bombay high court has given its go ahead for transfer of assets of the 2,184 MW Dabhol power plant to Ratnagiri Gas and Power Pvt Ltd, paving the way for restarting the plant before the end of 2006.
Rulers in New Delhi and their political aides in sensitive states like Tamil Nadu have to be doubly careful not to provoke a situation whose consequences may be much more than visible now to the naked eye, notes N Sathiya Moorthy.
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All but four employees who took ill after the leakage of poisonous gas at the Bhilai Steel Plant have been discharged from hospital, the Steel Authority of India said on Saturday in a statement.
Take the rediff business quiz and see how much you know about the successful initial public offers by Indian companies ranging from automobiles to oil refiners.
The world needs to wake up to this new dimension of war at sea and be prepared to face the 'unknown enemy' who have the advantage of attacking at their choice of location and time, cautions Commodore Venugopal Menon (retd).
The divestment proceeds could surpass the budget target this year due to the upcoming initial public offerings of ONGC and GAIL, though the current bull phase in stock markets did not fuel the primary markets in 2003, NCAER said on Wednesday.
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.
ONGC on Friday said it was not against the government's move to dilute its 5% stake in the public sector undertaking through an IPO or by diluting the cross holding of shares between ONGC, Indian Oil Corporation and Gail.
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 new rates, which are likely to be at $8-8.4 against the current price of $4.2 per million British thermal unit, are based on the recommendations of a committee that was appointed by Prime Minister Manmohan Singh at the request of Moily's predecessor, S Jaipal Reddy.
State-run gas firm Gas Authority of India Ltd has joined hands with Tata Power Co Ltd and British Petroleum to bid as a group for bankrupt US energy firm Enron Corp's Dabhol power plant and LNG import terminal in Maharashtra.
Corporate earnings grew in double digits during the April-June 2022 (Q1FY23) quarter but the momentum waned. Overall corporate earnings in the quarter were down sharply from their highs in FY22. The combined net profit of 2,981 listed companies across sectors in the Business Standard sample was up 22.4 per cent YoY to Rs 2.24 trillion in the June quarter, driven by a big jump in the earnings of banks, non-banking lenders, oil & producers, and FMCG companies. Also, earnings in the corresponding quarter a year ago were affected because of the second wave of the Covid pandemic, even though the numbers were a lot better than Q1FY21 when there was a nationwide lockdown.
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.
Though the developments are positive, analysts say the benefits will accrue only in the long run
Oil PSUs to pay Rs 2,500 cr interim dividend.
The external environment has worsened further. While the Finnish economy entered into a recession, Swedish economic growth also dipped. The Finnish gross domestic product (GDP) dropped 0.6 per cent in October-December, 2022. It was the second quarter of negative growth, which is a technical definition of recession.
Hundreds of millions of dollars were invested in publicly traded Adani group stocks through Mauritius-based 'opaque' investment funds by partners of promoter family, the Organised Crime and Corruption Reporting Project (OCCRP) alleged on Thursday. The fresh allegations by an organisation funded by likes of George Soros and Rockefeller Brothers Fund come months after a US short seller wiped away close to $150 billion in value of Adani group stocks with allegations of accounting fraud, stock price manipulation and improper use of tax havens by the ports-to-energy conglomerate run by billionaire Gautam Adani. Adani group has denied all allegations. Citing review of files from multiple tax havens and internal Adani Group emails, OCCRP said its investigation found at least two cases where the "mysterious" investors bought and sold Adani stock through such offshore structures.
A magisterial probe has been ordered into the incident of leakage of poisonous gas at Steel Authority of India Limited's Bhilai plant in which six people, including two deputy general managers, were killed and about 30 others injured.
We are looking at bringing quality control orders for mass production items such as smart meters and ceiling fans. This will benefit our own industry and consumers, a government official said.
Terming the Dabhol Power project a "bump in the road", GE, a major stakeholder in the project, on Monday said delayed resolution has not affected the company's investment plans in India and suggested that NTPC should be given responsibility to operat
'We suggest an equity strategy of 5% to 10% exposure to cash, 5% to Gold ETF, close to 50% to Sensex/Nifty/large mid-cap stocks.'
Six persons, including two deputy general managers, were killed and over 30 people fell ill when poisonous gas leaked in Steel Authority of India's Bhilai Plant in Durg district of Chhattisgarh on Thursday.
BP, which bought a 30 per cent stake in RIL's 21 oil and gas blocks, including KG-D6, for $7.026 billion in 2011, is working with RIL to arrest the output decline in the fields.
