Government headhunters Public Enterprise Selection Board selected Srinivasan after interviewing 11 candidates at its office in New Delhi on Tuesday.
If cleared, the ONGC arm will become the first subsidiary company of an existing Maharatna to get into this superior league among government-owned entities.
The two western states, already battling a raging pandemic, which has put their health infrastructure under severe strain, opened new fronts to tackle the fallout of the storm which is expected to make a landfall close to Mumbai on Wednesday. They are likely to be impacted most by the cyclone.
Following up on Finance Minister Arun Jaitley's Budget announcement of creating an integrated oil company, India's biggest oil and gas producer ONGC may buy all of the government's 51.11 per cent stake in Hindustan Petroleum Corporation Ltd.
Lowering excise duty on petrol, diesel, and other fuels, branded fuels.
Though the developments are positive, analysts say the benefits will accrue only in the long run
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
This would be fourth straight quarter decline in sales.
PNGRB, the oil regulator, which as per its enacting legislation has powers to levy fee, has levied a minimum tax of Rs 2 crore per annum on turnover that companies like GAIL and Reliance Industries earn from selling CNG to automobiles and piped natural gas to households and industries.
BG Exploration and Production India, a part of UK-based BG group and Reliance Industries, hold 30 per cent stake each in the field, while ONGC has a participating interest of 40 per cent.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
State-owned Oil and Natural Gas Corp has shut some wells on two onland gas fields in East Godavari district of Andhra Pradesh following the fire in a pipeline that carried the gas to consumers.
Reliance Industries Ltd has decided not to use its allocation of gas from the Krishna-Godavari basin's D6 field for petrochemical production; it will, instead, swap it with gas available from other sources. It will use D6 gas only for power generation.
The 30-share Sensex provisionally ended up 46 points to end at 28,122 and the 50-share Nifty gained 20 points to close at 8,514.
Fuel retailers sell diesel, domestic LPG and kerosene at government controlled rates which are below market price. The loss they thus incur is made good through cash subsidy from the government and dole from upstream firms like Oil and Natural Gas Corporation.
The quantities and price of $4.2 per mmBtu for gas under the GSPAs signed for five years are as approved by the government.
Government-owned companies are more generous in rewarding their shareholders with dividends.
Oil sector officers, who brought the country to a grinding halt, by going on strike for nearly three days, will appeal to their respective management to reinstate the employees sacked by the companies.
State-run gas utility GAIL India Ltd buys 0.9 million standard cubic meters per day of output from Ravva Satellite fields at $4.30 per mmBtu. The new price sought by the Ravva consortium is 60 per cent more than the maximum price of $4.20 per mmBtu approved for RIL's KG-D6 fields for five years to March 2014.
The deployment of the special forces, however, will come at a cost for the industrial houses and tea companies. They will have to pay to utilise the services of the special government security forces that will operate under the state director general of civil defence and home guards.
Oil Minister M Veerappa Moily reviewed the progress on the ambitious 1,680-km project with Turkmenistan Minister for Oil and Gas Mukhammetnur Khalylov, who is in New Delhi to attend the eighth Asia Gas Partnership Summit.
Income earned by foreign technical consultants for providing monitoring services to Indian entities will be taxed at higher rate as business profits, the Authority for Advance Ruling has said. Referring to the contract between the Australian company and GAIL, the AAR said that monitoring activities undertaken by the foreign company was not within the scope of the DTAA between Australia and India. The Australian firm was acting as a project monitoring consultant.
In the last fiscal, the government had originally budgeted a dividend income of Rs 27,178 crore (Rs 271.78 billion) from PSUs.
The Oil and Natural Gas Corporation will pay Rs 852 crore (Rs 8.52 billion) for subsidising petrol and diesel during January-March quarter but state gas utility GAIL India has been spared from the subsidy burden.
Nearly 55,000 officers of 14 public sector oil companies have decided to strike work indefinitely from January 7 to seek higher wages, Association of Scientific & Technical Officer's vice president P K Sharma said in New Delhi on Tuesday
A team of researchers has revealed that the old adage "what goes up must come down" is ringing true for an immense cloud of hydrogen gas that is heading towards our galaxy at nearly 7 lakh miles per hour.
The length of the main trunk pipeline is 1,385 km from Kakinada to Bharuch and 75 km is the length of the spur lines.
The newly set up Petroleum and Natural Gas Regulatory Board has received over 100 applications from domestic and foreign companies interested in supplying gas to domestic households and vehicles in cities.
The companies that have signed these pacts with the India chapter of the Berlin-based Transparency International include PSU majors such as GAIL (India), Coal India, Oil and Natural Gas Corporation, Steel, Hindustan Petroleum Corporation, Steel Authority of India, National Mineral Development Corporation and Rashtriya Ispat Nigam. In fact, 12 of the 14 companies that signed the pact, did so in the last six months.
Experts tell Ujjval Jauhari that investors need to be careful in picking stocks given high valuations and with markets possibly ignoring potential risks
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Sunitha Rao quelled the challenge of American Gail Brodsky in straights sets to storm into the quarter-finals of the US $50,000 ITF women's hardcourt tennis tournament in Boston. The fifth seeded Indian won the second round match 6-3, 7-5.
The Cabinet Committee on Economic Affairs on Friday cleared award of four Coal Bed Methane (CBM) blocks to an Anil Dhirubhai Ambani Group-led consortium and three blocks to a consortium led by Australia's Arrow Energy.
The Sensex ended higher by 245 points at 27,372 mark and the Nifty gained 66 points at 8,225.
A day after the Anil Dhirubhai Ambani Group declared it will be interested in buying out the Dabhol project whenever it is up for sale, Petroleum Minister Murli Deora categorically denied the Central government was considering any such proposal.
In perhaps what can be called as her last interview, slain former Pakistani premier Benazir Bhutto wept, talked about her father's parting advice and expressed fears that terrorists were trying to kill her.
The total requirement of regassified-LNG for operation of Block number 2 and 3 at base load is 5.7 million standard cubic meters per day. However from December 14, suppliers of RLNG -- GAIL, Indian Oil, Bharat Petroleum -- are supplying only 4.506 mmscmd.
Meanwhile, the country's apex body Finance Sector Union demanded the federal government to review all bank licensing arrangements to ensure back office jobs stay in Australia. The union's call follows a report that Westpac -- which on Thursday announced a 34.2 per cent jump profit for the six months to March 31 to $2.202 billion -- is expected to shift the work of up to 3,000 of its back-room staff to overseas locations such as India during the next three years.
Metal stocks also had a good session, with JSW Steel zooming by 7%, and Tata Steel and Nalco gaining about 3% each.
An equal joint venture between British Gas (BG) and GAIL, Mahanagar Gas (MGL) provides piped natural gas (PNG) in and around Mumbai. The company says it is now planning to extend its reach by entering more cities in Maharashtra.
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