Hitting out at Prime Minister Narendra Modi over the issue of tax cuts on petroleum products, Tamil Nadu Chief Minister M K Stalin on Thursday said people were aware of the fact behind the issue and pointed out at his government effecting a Rs 3 a litre cut on petrol earlier.
In case of disruption, US and India will jointly convene a group of friendly supplier countries to include nations like Russia, France and the UK to pursue such measures to restore fuel supply.
The sector may be overcrowded with a fair number of large players and the entry of the Adani Group through its two key acquisitions, followed by the takeover of majority stake in Sanghi Industries via Ambuja Cements. Since every major player is in expansion mode, there could be a capacity surplus and hence, price wars.
'Chinese are going bang, bang, bang building 30-35 reactors.' 'We should announce a programme of 50 new reactors and show that we mean business on the ground and not just announcements.'
The latest numbers showed 34 of India's 90 power stations were running on critical coal stocks.
Trade unions on Tuesday began a five-day coal industry strike, terming it as the biggest industrial action for any sector since 1977.
The recent price correction in broader markets has hit cement companies hard. So far in the current month, smallcap firms like Visaka Industries, Andhra Cements NCL Industries, Sahyadri Industries, and KCP have lost 19.7 per cent, 14.3 per cent, 13.8 per cent, 13.5 per cent, and 11.5 per cent, respectively. On the contrary, largecap companies, while registering losses for the month, have seen a softer blow.
Among the Sensex firms, HDFC Bank emerged as the biggest loser, falling 4 per cent. JSW Steel, Reliance Industries, UltraTech Cement, Maruti, Tata Steel, Wipro, Tech Mahindra, Bharti Airtel and Larsen & Toubro were the other major laggards. Power Grid, Asian Paints, Sun Pharma, Axis Bank, NTPC, ITC and Infosys were among the gainers.
Institutional shareholders of Reliance Industries Limited (RIL) are expecting big-ticket announcements from the company, including timeline for listing of its telecom and retail subsidiaries. They expect this to unlock value in the company, which has seen a sharp fall in market valuation on Friday. This is due to windfall tax imposed by the Centre on refiners and oil producers.
Coal shortage at thermal power plants is lingering on, with 59 non-pit head projects having the dry fuel stocks for less than four days as on Wednesday, according to official data. The number of such projects having less than four days of coal (supercritical stock) stood at 61 on October 19, the latest data from the Central Electricity Authority (CEA) showed. The count of the plants having supercritical stocks was at 64 on October 13.
To ensure safe passage of its supply convoys throughout Afghanistan, warlords in the country are getting tens of millions of dollars of American money, some of which may be reaching the Taliban as well, a new report has said.
Ratnagiri Gas and Power, firm that now runs the Dabhol plant, was allocated 7.6 mmscmd of KG-D6 gas.
Petrol and diesel prices are unlikely to be increased despite firming raw material costs because of upcoming general elections next year, Moody's Investors Service said. Three state-owned fuel retailers -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 18 months in a row. This is despite the raw material (crude oil) cost surging last year, leading to heavy losses in first half of 2022-23 fiscal year before easing oil prices propelled them to profitability.
A driver who accidentally hits a person and subsequently informs the police or takes the victim to the nearest hospital will not be prosecuted under the stringent provisions of the recently enacted Bharatiya Nyaya Sanhita (BNS), a senior government functionary said on Tuesday.
Shares of Mukesh Ambani-owned Reliance Industries Limited (RIL) rose nearly 1 per cent on Tuesday, hitting an intraday high of Rs 2,986.05 per share, after most brokerages reacted positively to the company's March quarter (Q4FY24) results. The bullish outlook stems from Reliance Jio's potential tariff hikes, given the competitive landscape, along with slow but steady improvement in the oil-to-chemical (O2C) vertical.
'There are occasions when the prices of individual items like food raise inflation; then supply-side measures must be taken.' 'But if there is continued inflation, it means liquidity is aggravating the situation.'
Jet fuel (ATF) rates were on slashed by a steep 12.5 per cent, the sixth straight reduction in prices since August, as international oil prices slumped to five-year low levels.
Moody's in its report said power generators were unlikely to benefit meaningfully.
Wholesale price-based inflation rose to an eight-month high of 0.26 per cent in November, driven by a sharp jump in food prices, especially onion and vegetables. The WPI inflation was in the negative or deflationary zone for the past seven months since April and was at (-)0.52 per cent in October. The last positive WPI inflation was recorded in March at 1.41 per cent.
'India is the sixth-largest market for the Kia Corporation, and contributes 8 to 9 per cent to our global sales.' 'We are eyeing 10 per cent market share over the next few years depending on customer demand and new product innovations.'
Prime Minister Narendra Modi on Thursday thanked Qatari Emir Sheikh Tamim bin Hamad Al-Thani for the release of eight Indian nationals, who were sentenced to death after being arrested in Doha in August 2022.
Besides, it owes an interest of Rs 423.43 crore (Rs 4.23 billion) to IOC, Rs 92.73 crore (Rs 927.3 million) to BPCL and Rs 66.17 crore (Rs 661.7 million) to HPCL.
Asia's richest man Gautam Adani's group on Tuesday said it will deploy hydrogen fuel cell operated trucks for mining logistics and transportation as part of its decarbonisation plan. "Adani Enterprises Ltd (AEL), part of the diversified Adani portfolio of companies, signed an agreement to launch a pilot project to develop a hydrogen fuel cell electric truck (FCET) for mining logistics and transportation with Ashok Leyland, India, and Ballard Power, Canada," it said in a statement. This collaboration marks Asia's first planned hydrogen powered mining truck.
'Our objective is to reach a localisation rate of 50% in the span of five years.'
The Reserve Bank on Friday retained the inflation forecast for 2023-24 at 5.4 per cent, and vowed to take timely measures to prevent any spillovers of global food and fuel price shocks. Stressing that the Reserve Bank has identified high inflation as a major risk to macroeconomic stability and sustainable growth, Governor Shaktikanta Das said the September retail inflation number may be lower than August and July prints. The headline inflation based on Consumer Price Index (CPI) moderated to 4.6 per cent in first quarter of 2023-24 as compared to 7.3 per cent in the same period a year ago.
Vegetable rates may ease from September, led by tomato prices, which have started showing signs of correction on the back of increased supply, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Wednesday. "Looking ahead, the spike in vegetable prices in July is starting to see a correction, led by tomato prices. "New arrivals of tomatoes in mandis are already softening the prices, coupled with proactive supply management in the case of onions.
During his recent visit to India, Australian Prime Minister John Howard had hinted at a softening of Canberra's stand as the two countries decided to set up a group of officials to study the Indo-US Civil nuclear deal.
Private power producers wanted the sub-market domestic coal prices to be averaged out with international price of imported coal so as to have a uniform fuel price and remove the disadvantage new projects faced as compared to older ones.
In the next quarter, the country will also start gearing up for various Assembly elections could put the government as well as the OMCs under pressure
Fuel rationing was on Friday imposed in Karwadi and Bayana by the district authorities in a bid to check the movement of Gujjar protesters as their agitation entered the eighth day.
Commerce Minister Kamal Nath on Friday announced that jet fuel supplies to long-distance flights of international carriers would be treated as exports.
Sounds a little far-fetched -- but it's true. You see the EU is in desperate need of a substitute for common gasoline for its cars and diesel for the huge trucks. Given the shaky security of oil supply, it's no surprise that engineers are taking some unusual approaches in trying to find a replacement for fossil-based fuels.
Petroleum retailers in Delhi, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad and Ahmedabad, among other cities, will start supplying Euro-IV compliant auto fuel from April 1.
The Saudi and Iraq offer to replace Iranian crude supplies comes with a catch: Higher prices for the same quality of crude. The new government will face a tough decision over fuel price hike, says Aveek Sen.
Despite an increase in generation capacity, the country has been grappling with power shortage in the peak summers as the availability has not risen at the same pace as generation capacity, owing to fuel unavailability and other supply constraints.
India's inability to address infrastructure is legendary, barring historical exceptions. It shows in electricity shortages, inadequate sanitation, broadband, railway services, airlines and roads. This explores the common strands of such failures, and a possible alternative drawing on China's approach to development.
This is a good opportunity for long-term investors to pick quality small and midcap stocks at reasonable valuations.
The kingdom, the world's leading oil producer, also offered to coordinate with the Organisation of Petroleum Exporting Countries and other major producers to ensure adequate fuel supply in order to curb prices. Pressure is being mounted on OPEC, the supplier of more than a third of the world's oil, to boost output in order to ease the effect of high prices on economies across the world.
The Russian government-owned company will be setting up eight to ten plants at Kudankulam in Tamil Nadu and Haripur in West Bengal over the next two decades under the Indo-Russian civil nuclear agreement, and the proposed fabrication plant will be supplying fuel to these plants, TVEL executive director for communications and public affairs Ivan Dybov said in Mumbai.
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