India's planned transition to electric vehicles will drastically affect the commodities market, says Aditya Gandhi
Carrying their baggage, thousands of people are leaving the port town of Paradip to escape the wrath of the severe cyclonic storm 'Phailin' which is expected to make landfall in Odisha in less than 24 hours.
Stocks of Indian companies with exposure to Europe fell on Tuesday amid concerns about the impact on their sales in case the Russia-Ukraine crisis worsens and the US and its allies impose economic sanctions on Russia. While top conglomerates, including Reliance Industries, the Tata group, and Aditya Birla Group, said they did not have any significant exposure to Russia, executives of some of the oil and gas, pharmaceutical, and tea companies said they were monitoring the situation closely as they earned substantial income from the region. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions of eastern Ukraine after announcing that Russia would recognise their independence.
Slow growth in key sectors would also have implications on the Index of Industrial Production (IIP) number as these segments account for about 41 per cent to the total factory output.
However, production of coal, crude oil and natural gas declined in April this year.
Natural gas output rose by 6.4 per cent in June.
After getting Indian Oil Corporation, the nation's largest oil firm, to drop four independent directors and Engineers India Ltd to boot out two, it is now seeking to sack former Power Secretary P Uma Shankar, chartered accountant S Ravi and former BPCL Chairman R K Singh from the board of ONGC.
The petroleum ministry has recommended a hike in the foreign direct investment cap in government-owned refineries to 49 per cent from the current 26 per cent.
State governments in Punjab, Gujarat, Maharashtra and Jammu & Kashmir are on high alert and have come up with contingency plans to ensure the security of residents in case of a war.
Slow growth in key sectors would also have implications on the Index of Industrial Production number
After a month-long buildup, the last urban stronghold of Islamic State in Iraq has for several days been almost completely surrounded by a 30,000-strong force.
Over a third of Ambani's speech was focussed on RIL's plans.
Shiv Sena has so far expressed concerns over car shed for the city's planned metro network, the bullet train and the West Coast refinery projects.
Older workers are headed for the VRS exit in larger-than-expected numbers even as unrest stirs over unrevised wage settlements.
Going by the current market cap of Rs 83,451.15 crore, 7.33 per cent stake in BPCL is expected to be valued around Rs 6,117 crore.
Nandigram, 126 km south of Kolkata, is Suvendu Adhikari's bastion, where he has vowed to defeat Mamata Banerjee by 50,000 votes or quit politics.
Talha Asmal was one of four suicide bombers who attacked security forces near an oil refinery south of Baiji.
Billionaire Mukesh Ambani's Reliance Industries Ltd (RIL) has seen pre-tax profit recover to pre-pandemic levels on the back of continued growth in consumer businesses, Moody's Investors Service said on Monday. The oil-to-retail-to-telecom behemoth on Friday reported a 0.7 per cent Ebitda (earnings before interest, tax and depreciation and amortisation) growth for the quarter ended December 31, 2020, compared with the corresponding quarter in the previous year. "A strong performance in digital services and retail segments underpinned the improvement in consolidated earnings, a credit positive," Moody's said commenting on the earnings. Continued growth in earnings combined with the company's strong balance sheet with zero net debt on a reported basis will keep Reliance's credit metrics strong for its Baa2 rating over the next 12-18 months, it said.
The growth rate in September too was 3.2%.
Traditionally, Singapore and the UAE have been India's biggest sources of petrol and diesel.
The expansion in September is highest since April, when the core sectors' growth stood at 2.6 per cent.
The eight sectors, which also include fertilisers, steel, natural gas, electricity and crude oil, had expanded by 1 per cent in June last year.
Indian companies place orders worth $600 million for US crude, which is likely to increase by nearly $2 billion in the near future.
Cement production contracted by 2.7 per cent as against an expansion of 6.2 per cent in October 2016.
The last week of March saw a series of new refining capacity going on stream. HPCL-Mittal Energy, Essar Oil and Mangalore Refinery & Petrochemicals (MRPL) were able to announce completion of capacity additions a couple of days before the seven-year tax holiday in this regard came to an end, on March 31.
The output of eight core infrastructure sectors grew marginally by 0.1 per cent in January, mainly due to growth in the production of fertiliser, steel and electricity. The core sectors had expanded by 2.2 per cent in January 2020, according to the provisional data released by the commerce and industry ministry on Friday. Coal, crude oil, natural gas, refinery products, and cement recorded negative growth in January.
A shortfall in LPG supply from Aramco has led to huge booking backlog across states. To meet the backlog, India has asked Abu Dhabi National Oil Company for two additional cargos of LPG, but that may take another 10 days to reach.
Senior bureaucrats Avinash Joshi and Niraj Verma are among the 10 candidates who are in the race to become chairman and managing director of India's largest oil and gas producer, ONGC. Mangalore Refinery and Petrochemicals Ltd (MRPL) director-finance Pomila Jaspal and ONGC director for technology and field services Om Prakash Singh are the other prominent names in fray for the top job, according to a candidate shortlist by the Public Enterprise Selection Board (PESB). PESB - the government headhunter - will hold interviews to select the new head of Oil and Natural Gas Corporation (ONGC) this week. Both the bureaucrats are from the 1994 batch of IAS officers belonging to the Assam-Meghalaya cadre.
Sena also said that laying a brick for the $44 billion (Rs 3 lakh crore) mega refinery project at Nanar in Ratnagiri district of Maharashtra would be akin to laying the foundation stone for a cancer hospital there.
The Petroleum Ministry in an order on Wednesday said it has revised guidelines for allocation/supply of domestic natural gas to city gas distribution entities for CNG and piped cooking gas sector.
The committee said the move 'clearly undervalued the company and its long-term growth prospects'.
Petroleum Minister Dharmendra Pradhan was to give away the awards but he could not attend because he was travelling.
Boosted by handsome royalty from oil facilities at Barmer, the Rajasthan government has spent nearly Rs 30,000 crore on various social welfare schemes in the last four-and-a-half years. Chief Minister Ashok Gehlot tells Business Standard's Mayank Mishra that the state's better performance on various socio-economic indices is a result of that. The excerpts:
Coal, natural gas, refinery products and cement grew by 16 per cent, 7 .4 per cent, 2.7 per cent, and 16 .6 per cent in April this year, respectively.
While seven companies bagged orders worth Rs 42,000 crore, industry experts said most of this new order activity was a spillover, and fresh project finalisation remains weak.
"The Corporation has decided to offer a voluntary retirement scheme, with a view to enable employees who are not in a position to continue in service of the Corporation due to various personal reasons, to request for grant of voluntary retirement from the services of the Corporation," Bharat Petroleum Corp Ltd (BPCL) said in an internal notice to its employees.
Reliance had shut its 1,432 filling stations in March 2008 after sales dropped to almost nil as it could not match the subsidised price.
The GDP slumped to a three-year low lagging China for the second straight quarter -- as manufacturing slowed ahead of the GST launch amid demonetisation effect.
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