India plans to further cut imports from Iran by 13 per cent next fiscal even though easing of US and western sanctions has made buying crude oil from the Persian Gulf nation easier.
The surge in deal value is largely due to the $12.9 bn Essar-Rosneft deal
The Essar group, Jindal Steel and Power, Monnet Ispat, Bhushan Steel and the Avantha group have been asked to close deals by March-end.
Reliance Industries will sell 20 per cent stake in its oil and chemicals business to Saudi oil giant Aramco for about $ 15 billion and nearly half of its fuel retail business to BP of UK for Rs 7,000 crore. Aramco, the world's biggest crude exporter, will also supply Reliance's twin-refineries at Jamnagar in Gujarat with 7,00,000 barrels of oil a day on a long-term basis, Ambani said.
Oil and gas players' wish list includes incentivising E&P investments and reintroduction of income tax holiday for exploration and production activities, among others.
US sanctions against Iran kick in from November 4, which will block payment routes. Sources said India and Iran are discussing reverting to rupee trade after November 4.
Jaypee, Essar, GMR, GVK, Lanco, Abhijeet groups debt rise despite falling cash flow, says UBS
This measure will ensure that the price of a scrip cannot move upward or downward beyond a limit set for the day.
Once Bhushan Steel is into its fold, Tata Steel will increase its capacity from 12.7 million tonnes per annum (mtpa) to 18.3 mtpa
Inputs by the Petroleum Ministry were found among stolen documents.
They were shut when PSUs were selling heavily subsidised fuel; will reopen now, buoyed by diesel decontrol
Moscow-based OAO Rosneft Chairman Igor Ivanovich Sechin said the agreement was to ship by sea as much as 10 million tons of oil per year to Essar Group.
"We will be guided by our national interest," he said.
India will pay Iran $900 million in two tranches beginning next week to clear part of the past dues for crude oil it buys from the Persian Gulf nation.
Iran has offered discounts on crude oil price and free shipping if India agrees to buy more of its oil.
Petrol attracts a total excise duty of Rs 17.46 per litre.
Promoters of 517 companies have pledged nearly 46.35 per cent of their shares, the highest since the 2008 global financial crisis.
A majority of India's billionaires gained wealth in the last one year in spite of the stock market decline.
TCS, Infosys and Wipro were down 0.4-2% each. Capital goods majors also ended lower with L&T and BHEL down 1.4-3.9% each.
Reliance Industries has regained the top slot among Indian energy companies on the Platts global list
Petroleum Minister Dharmendra Pradhan was to give away the awards but he could not attend because he was travelling.
The UAE central bank will then make payments in dirhams to Iran.
India has asked refiners that owe about $6.5 billion to Iran for oil imports to build up dollar and euro balances to avoid downward pressure on the rupee if six world powers and Tehran reach a final nuclear deal.
India's Iran imports rise to 276,800 bpd vs 195,600 bpd in 2013.
Cover inadequate for even one refinery.
The Rs 3-trillion West Coast or Nanar refinery has all the potential to become India's flagship petrochemicals project, with the planet's largest oil producer Saudi Aramco as its biggest shareholder. Yet the locals don't see the plant as a harbinger of better times.
The pricing and marketing freedom for exploitation would be capped by a ceiling price.
Iran has complained of irregular shipments
India has been eyeing deeper energy ties with Iran and has already lined up $20 billion as investment in oil and gas as well as in petrochemical and fertiliser sectors there.
India's imports from Iran rose to 250,200 barrels per day
Experts say investors should be careful, as even a 50-100 bps cut in rates will not help such companies if their business is not doing well. Check what is the problem and consider
A vilification campaign against Rosneft has begun in right earnest, says M K Bhadrakumar.
Tehran plans to lift exports by 500,000 barrels per day
These refineries, commissioned mostly in the 1950s and 1960s during India's early industrialisation push, are inefficient and costly to maintain compared to their modern counterparts on the coast mainly operated by private companies.
Slowdown and liquidity squeeze by RBI have put India's top 10 indebted firms in a tight spot. But they have a few options.
R-Power, Essar could be hit as state mulls benefit-sharing levy for ecology loss.
'There exists a 'brotherhood' of sorts for a very long time and corrupt dealers and corrupt OMC officials are in it together,' Ashwani Attrish, founder, Empowering Petroleum Dealers Foundation, tells Sudhir Bisht, a veteran of the petroleum industry.
The calculation excludes cross-holding of listed group cos in each other.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers's queries on stocks they own or want to buy.
BSE Mid-cap index ended at a record closing high of 10499.86 and CNX Mid-cap index ended at a record closing high of 12672.85 levels.
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