The Reliance juggernaut is back in action with a $20-billion-plus investment plan.
Ambani said Reliance ended last year with a net debt of Rs 154,478 crore.
Now, non-subsidised liquefied petroleum gas price is hiked by Rs 26.5 per 14.2-kg cylinder.
'The long-term impact of elections is minimal.'
Reliance Industries Ltd on Friday reported an 11 per cent drop in its June quarter net profit largely due to weak oil-to-chemical (O2C) vertical and higher interest and depreciation cost. Net profit was Rs 16,011 crore, or Rs 23.66 per share, in April-June - the first quarter of current 2023-24 fiscal year - compared with Rs 17,955 crore, or Rs 26.54 a share, earning a year back, according to a company's stock exchange filing.
Indian Oil, Bharat Petroleum, Hindustan Petroleum to open over 3,000 outlets this year. Even losses of over Rs 300 crore (Rs 3 billion) per day from selling automobile fuels have not stopped government-owned oil marketing companies from expanding their retail network across the country.
Indian Oil Corporation, the country's largest petroleum product marketer, has already started selling only premium fuels in nearly 25 of the 50 fuel stations it has in Mumbai, and in almost 10 of 50 outlets in Delhi. Bharat Petroleum Corporation and Hindustan Petroleum Corporation are also planning to follow IOC's example.
Royal Dutch-Shell has made a come back after nearly three decades in fuel retailing in India, setting up its first petrol pump in Bangalore.
Wholesale price inflation remained in the negative territory for the fourth month in a row in July at (-)1.36 per cent, even though prices of food items, especially vegetables, skyrocketed. The inflation, however, has inched up from (-)4.12 per cent recorded in June fuelled by 62.12 per cent rise in vegetable prices. In July last year, wholesale price index (WPI) was 14.07 per cent.
Apple BKC is designed to be one of the most energy-efficient Apple Store locations in the world, with a dedicated solar array and zero reliance on fossil fuels for store operations. The store is operationally carbon neutral, running on 100 percent renewable energy, Apple said in a statement.
The Oil Ministry will raise the cap on supply of subsidised cooking gas (LPG) to 9 cylinders per household in a year provided the Finance Ministry agrees to give an additional Rs 3,000 crore in 2012-13.
Oil marketing companies on Friday cut petrol price by 32 paise, and diesel by 85 paise a litre with effect from midnight tonight.
The wholesale price-based inflation eased to a 29-month low of 1.34 per cent in March on easing prices of manufactured products and fuel items, even though food articles turned expensive.
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Thursday said that he favoured a hike in the fuel prices to offset the increase in international crude prices. "The only viable strategy is to pass on the subsidy (oil) burden to the consumers, while providing targeted subsidy to the needy. And if we do not do it, investments in social sectors will be affected," he said.
Crisil Research expects retail inflation to rise 60 basis points to 4 per cent this fiscal from 3.4 per cent in 2018-19.
The government has no plans to increase petrol and diesel prices even though international crude rates have touched $100 per barrel, Oil Minister S Jaipal Reddy said in Panipat on Tuesday.
The CPI, based on retail prices, stood at 108.8 points in June.
Despite the increase, at Rs 64.32 per litre ATF costs less than petrol and diesel.
In April, RBI had projected retail inflation to be around 5 per cent.
The inflation in the food basket spiked to 7.89 per cent in October 2019 as against 5.11 per cent the preceding month.
State-owned Indian Oil Corp wants diesel prices to be freed from government control before its twin follow-on public offersto raise maximum funds, company Chairman B M Bansal said on Monday.
According to sources, Russian energy giant Rosneft or its affiliates, Saudi Aramco and Reliance Industries are in race for BPCL's three refineries - Mumbai, Kochi in Kerala and Bina in Madhya Pradesh - 16,309 petrol pumps, 6,113 LPG distributor agencies and more than a fifth of 256 aviation fuel stations in the country.
The state-run oil firms will raise jet fuel price by Rs 1,338 per kl effective midnight tonight, an Indian Oil official said on Thursday.
Thanks to a $5.7 billion deal with Facebook, a Rs 53,125 crore rights issue and more stake sale to companies such as Saudi Aramco, the target is likely to be achieved by December.
The wholesale price-based inflation declined to a 21-month low of 5.85 per cent in November on easing prices of food, fuel and manufactured items. After remaining in double digits for 19 months, the wholesale price index (WPI) based inflation declined to 8.39 per cent in October. The inflation was 14.87 per cent in November 2021. "Decline in the rate of inflation in November 2022, is primarily contributed by fall in prices of food articles, basic metals, textiles, chemicals & chemical products and paper & paper products as compared to the corresponding month of the previous year," the commerce and industry ministry said on Wednesday.
The rate of price rise in vegetables stood at 15.15 per cent in August as against 16.88 per cent in the previous month.
Two-wheeler sales, however, declined 21.4 per cent to 14,13,378 units last month, as compared to 17,98,201 units in November 2019. Commercial vehicle sales also slipped 31.22 per cent to 50,113 units, as against 72,863 units a year ago. Similarly, three-wheeler sales fell 64.98 per cent to 24,185 units last month, from 69,056 units in the year-ago period. Tractor sales, however, grew by 8.47 per cent to 49,313 units last month, against 45,462 units in the same month last year.
Global oil majors may be teaming up with investment funds that are already in the race to acquire Bharat Petroleum Corporation Ltd (BPCL), a document detailing steps needed to complete India's biggest privatisation showed. Billionaire Anil Agarwal's Vedanta group as well as two US funds -- Apollo Global and I Squared Capital - had last year submitted initial bids to buyout the government's entire 52.98 per cent stake in India's third-biggest oil refiner and second-largest fuel retailer. Detailing the 'Next Step', the 'Brief Note on BPCL Disinvestment' said Transaction Advisor and Asset Valuer are to submit an inception report, bidders have to complete due diligence of the company and sale purchase agreement has to be finalised.
This is the second straight increase in jet fuel rates in as many months.
Reliance announced energy asset sales worth around $ 16 billion; end of the investment cycle in telecom; bringing net-debt to zero in 18 months; value-unlocking options for real estate and financial assets; listing of telecom and retail in five years; and focus on dividends.
State-owned Oil and Natural Gas Corporation, the latest entrant in auto fuel retailing, plans to set up 15 petrol stations in Karnataka and Gujarat in the current year.
The rate of price rise in the protein rich items like eggs, milk and other products too moderated in March as against the previous month.
Currently, oil companies sell kerosene at a loss of about Rs 18 per litre.
The decline in retail inflation has been mainly on account of falling prices of vegetables and pulses
Petrol price on Thursday was cut by Rs 6.07 per litre and diesel price by Rs 11.75 in Delhi as oil companies passed on a record reduction in excise duty rates to consumers. Buckling under pressure, the government had on Wednesday cut excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre to give reprieve to consumers battered by record high retail fuel prices. Since states charge local sales tax or VAT not just on the base price but also on the excise duty levied by the centre, the total incidence of price reduction is higher.
Reserve Bank Governor Shaktikanta Das on Friday stressed that the monetary policy must remain actively disinflationary to ensure that the decline in inflation from its peak of 7.44 per cent in July continues smoothly. Addressing the Kautilya Economic Conclave 2023, he also said price stability and financial stability complement each other and it has been an endeavour at RBI to manage both efficiently. Retail inflation declined to a three-month low of 5.02 per cent annually in September on account of moderation in vegetables and fuel prices, and was back within the Reserve Bank's comfort level.
The wholesale price-based inflation declined to over two-year low of 3.85 per cent in January on easing prices of manufactured items, fuel and power, even though food articles remained expensive. This is the ninth straight month of decline in the rate of wholesale price-index (WPI) based inflation. The WPI inflation was 4.73 per cent in January and 13.43 per cent in February, last year.
In a memorable year for the equity market, Dalal Street investors added a whopping Rs 81.90 lakh crore to their wealth in 2023 as a raft of positive factors powered a stellar rally in stocks. Experts said India's strong macroeconomic fundamentals, political stability owing to the BJP's success in recent elections in three significant states, optimistic corporate earnings outlook, signals from the US Federal Reserve about three prospective rate cuts next year and heavy retail investors participation played a major role in fuelling the stock market rally in 2023. In the year 2023, the 30-share BSE Sensex jumped 11,399.52 points or 18.73 per cent.
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