Global crude oil prices have slumped by 49 per cent during the same period
"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.
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.
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.
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
The Smart Power model is an innovative way to deliver clean energy.
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.
The RBI has hiked repo or short-term lending rate up by 0.25 pc to 7.75 pc.
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
Govt targets 1 cr consumers to give up LPG subsidy.
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.
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.
Capital inflows continued to aid the rupee's rise, although a strong dollar overseas capped the gains.
Stock specific action is seen with some of the prominent companies posting their quarterly numbers.
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.
The S&P BSE Sensex has gained 149 points to open at 25,802.
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All the 12 gram sabhas held in July-August last year had unanimously expressed opposition to the mining operation in the hills saying it would violate their social, cultural and religious rights.
