The ONGC announced a cash bonanza for players who will win medals at the London Olympics with gold medal winners to get Rs 25 lakh while silver and bronze medallist will get Rs 15 and Rs 10 lakh respectively.
In a move that may spook Oil and Natural Gas Corp's (ONGC) planned public offering, the government has hiked the contribution of upstream oil companies toward fuel subsidies to 38.8 per cent for 2010-11 fiscal.
Chairman and managing director R S Sharma said, "Our oil production, after a ten-year flat growth, is projected to increase by about three million tonnes (annually) in the next two-three years and gas production from 62 million cubic metres per day is expected to cross 100 million cubic metres per day in the next five-six years."
Among PSBs, the top gainers have been Union Bank of India and Corporation Bank, whose shares have rallied more than 15% each. Indian Bank and Bank of Baroda, too, registered double-digit rise
OSOA, which comprises 15,000 officers from ONGC, OIL, IOCL, HPCL and BPCL amongst others, has called for an indefinite strike from Tuesday demanding salary revision and release of ad hoc payment.
ONGC is likely to pay Rs 17,000 cr to subsidise products by the end of this fiscal.
Oil and Natural Gas Corp will pay Rs 1025 crore (Rs 10.25 billion) to the state-run oil retailing firms for the losses they suffered during the second quarter for selling LPG and kerosene below the cost.
Prices of natural gas, which is used to produce fertiliser and generate electricity and is also converted into CNG for use in automobiles as fuel and cooking gas for households, are set every six months -- on April 1 and October 1 each year.
Ministry to propose a new subsidy mechanism to cap upstream firms' share.
22 companies won bids for the 31 contracts on offer; 15 were new entrants to the oil and gas business. Three years on, none of them have started production.
Raamdeo Agrawal, joint managing director at Motilal Oswal Financial Services, tells Sheetal Agarwal key trends in this earnings season and investment themes in Indian markets.
The US Government Accountability Office, in a recently released report, moved ONGC Videsh Ltd, the overseas arm of state explorer Oil and Natural Gas Corporation, and three others, including Petronet LNG Ltd, out of the list.
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 bank guarantee, which will be equivalent to the incremental revenue that RIL will get from the new gas price, will be encashed if it is proved that the company hoarded gas or deliberately suppressed production at the main D1&D3 fields in the eastern offshore KG-D6 block since 2010-11.
The S&P BSE Sensex gained 57 points to end at 26,064 and the Nifty50 climbed 17 points.
Chinese stock markets suffered their biggest single-day drop since the global financial crisis.
Making sense of the international crude market is incredibly hard.
Ajit Mishra, vice president, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
The government allocated Rs 650 billion for petroleum subsidies in FY14, of which Rs 450 billion was used to pay oil marketing companies for the subsidy gap incurred in the previous financial year.
Oil India is set to usher in a new era with a road map drawn to ramp up production and diversification plans to foray into liquefied natural gas
Kotak Mahindra Bank and Vedanta were the top Nifty gainers.
Low fuel prices to help oil marketing and refining sectors but upstream players will stay under pressure.
While lower gas output led to earnings cuts, price rises with regular ramp-ups in output will lead to earnings upgrades
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Q1 results indicate more pain ahead, as slowdown has spread to more sectors, pricing power has come down and rising interest cost is eating into profits.
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