Oil subsidies to fall 44% in FY15.
Global crude oil prices have slumped by 49 per cent during the same period
The oil marketing companies are driving credit growth. The banking sector -- which typically sees credit contraction in the initial months -- has managed to buck the trend and has added nearly Rs 16,000 crore (Rs 160 billion) of advances in the first seven weeks of the current financial year thanks to the demand from the two sectors.
The Supreme Court on Friday cleared South Korean steel major Posco's plans to set up a Rs 51,000 crore (Rs 510 billion) mega steel plant and captive minor port in Paradeep, Orissa.A special environmental bench headed by Chief Justice K G Balakrishnan allowed Posco India Pvt Ltd, a subsidiary of Korea-based Posco, to go ahead with the project, for which an agreement was signed with Orissa government on June 22, 2005.
"We are not going to tax ONGC's subsidy part," a top income tax department official said in Dehra Dun on November 17. The move follows ONGC's appeal to the department that it should not be taxed on the subsidy. ONGC, which pays its tax in Dehra Dun where its headquarters are located, said in its plea that subsidy discounts reflect heavily on the company's revenue, reducing the corporate tax paid.
It is time he stood up and assured the middle class that they can count on him as one of their own, says Dr Sudhir Bisht.
Aviation companies are set to get a major relief from high aviation turbine fuel prices. Following a steep decline in crude oil prices, oil marketing companies are looking to cut ATF prices by 5-6 per cent, or Rs 2,000-2,500 a kl across various cities beginning Thursday, said industry sources.
Global crude oil prices have dropped 14 per cent in less than a fortnight, but the three public sector oil marketing companies could still end up borrowing more in the domestic market and put further pressure on liquidity. With the three OMCs still saddled with under-recoveries, estimated at Rs 820 crore (Rs 8.2 billion) a day, they have no option but to use bank credit lines in the coming days as they have run out of their stock of oil bonds.
With Iran reaching an agreement on its nuclear programme, India is expected to be one of the major gainers.
The production in Maharashtra is pegged higher at 11-11.5 million tonnes against 10.71 million tonnes
Although the current long-term bullish trend is intact, markets are awaiting clarity on the taper and the Assembly election results.
Oil companies have slashed Aviation Turbine Fuel (ATF) prices by Rs 2,221 per kilo litre with effect from midnight on Wednesday.
Out of the 192 mining leases of iron and manganese ores in Odisha, 94 do not have environment clearance.
Metal stocks also had a good session, with JSW Steel zooming by 7%, and Tata Steel and Nalco gaining about 3% each.
The government is working on a plan to pass on part of the revenue loss public sector oil marketing firms are incurring on sale of liquefied petroleum gas and kerosene, to refiners, including Reliance Industries Ltd.
The world's largest cash transfer programme has eliminated around 40 million ghost connections
Ministry to propose a new subsidy mechanism to cap upstream firms' share.
For every rupee fall against the dollar, the under-recovery will increase by Rs 8,000 crore
After a sharp sell-off in the past two months, overseas investors were once again seen turning bullish on Indian equities. FIIs bought shares worth Rs 63.5 billion in the past five sessions, their highest weekly investment tally in many months.
Indian basket at 6-month low of $49.11 a bbl
The Smart Power model is an innovative way to deliver clean energy.
Ujjwala Yojana was launched on May 1, 2016 at Ballia district in Uttar Pradesh and has so far covered 47.3 million consumers in 715 districts
The RBI has hiked repo or short-term lending rate up by 0.25 pc to 7.75 pc.
The rupee has been under immense pressure due to a host of reasons including soaring crude oil prices, sustained foreign fund outflows and widening current account deficit.
Govt targets 1 cr consumers to give up LPG subsidy.
For 2014-15, the bill on this account is likely to be 12.8% more than in 2013-14.
Re-instatement of 5% custom duty on crude imports will help.
The report, 'Road Ahead Clears Up for Oil PSUs', says the decline in underrecoveries, or losses oil-marketing companies incur on selling petroleum products below market price, will have a significant positive impact on both upstream and downstream public-sector oil companies.
NDA's energy plan powered UP win, but it's not a winner yet. Centre has claimed to have saved money by targeted coverage but critics say the system is not yet foolproof.
Stock specific action is seen with some of the prominent companies posting their quarterly numbers.
Capital inflows continued to aid the rupee's rise, although a strong dollar overseas capped the gains.
In the broader market, BSE Midcap and BSE Smallcap indices mirrored the gains in headline indices and rose 1% and 0.9% respectively.
About 1,556 shares have advanced, 1,211 shares declined, and 182 shares are unchanged.
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