A bonus is given to existing stockholders in proportion to the number of shares they already hold.
Nearly 120 of the 257 auto fuel pumps in Mumbai face closure, as oil marketing companies (OMCs) have lost their earlier protection under the Maharashtra Rent Control Act. They were enjoying protection from eviction by the land owners prior to 2005. However, after the rule was amended, they lost it and were served with eviction notices by the owners as soon as the lease period expired.
The annual under-recoveries of state-run oil marketing companies have been estimated at Rs 1.1 lakh crore, the government told the Lok Sabha on Thursday.
With the government expressing its reluctance in raising prices of diesel and domestic LPG, the oil marketing companies may be forced to go for another round of increase in petrol price.
Govt diverts Rs 253-crore subsidy savings to the poor.
Lack of clarity on the overhaul of the subsidy-sharing mechanism by upstream companies.
Analysts are enthused by BPCL's upstream foray and have re-rated the stock in the past couple of years.
The government does not seem inclined, at least in the petroleum sector, to effect sudden and steep upward price revisions to tame its huge subsidy burden and rein in fiscal deficit.
The Andhra Pradesh high court on Monday stayed a Central Bureau of Investigation's inquiry into the alleged illegal mining by the Obulapuram Mining Company, owned by Karnataka Tourism Minister G Janardhan Reddy and his family.
Refuting all the allegations, IOC has clarified that no monopolistic situation exists in supply and pricing of aviation turbine fuel (ATF) to airlines.
The Appellate Tribunal for Electricity has admitted the OMCs' plea challenging the Petroleum and Natural Gas Regulatory Board's power to adjudicate on the matter.
Currently, OMCs provide A-I a two-month credit. "There was a request from the committee of secretaries to extend the credit on ATF to three months from the existing two months to help Air India.
Oil subsidies to fall 44% in FY15.
Centre and state governments are steadily increasing excise duties and value-added tax
Low oil prices drove the growth in states' share faster than expected, says Abhishek Waghmare.
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.
Global crude oil prices have slumped by 49 per cent during the same period
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.
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.
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.
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.
The production in Maharashtra is pegged higher at 11-11.5 million tonnes against 10.71 million tonnes
Out of the 192 mining leases of iron and manganese ores in Odisha, 94 do not have environment clearance.
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.
Metal stocks also had a good session, with JSW Steel zooming by 7%, and Tata Steel and Nalco gaining about 3% each.
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
Indian basket at 6-month low of $49.11 a bbl
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