The petroleum ministry has told ONGC to give away 60%stake plus operating control in India's largest oil and gas producing fields of Mumbai High and Bassein to foreign companies, according to an October 28 letter to the state-owned company. Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, wrote a 3-page letter to ONGC chairman and managing director Subhash Kumar, saying productivity of the Mumbai High and Bassein & Satellite (B&S) offshore assets under state-owned firm was low and international partners should be invited and given 60 per cent participating interest (PI) and operatorship. This is the second time since April that Nath, who is part of the ONGC management as the longest-serving government nominee director on its board and often considered a potential candidate to replace Kumar next year, has written an official letter, painting a poor picture of the company's performance.
With the insistence on data centres to be onshore, entities in real estate believe there is going to be a rise in demand for specialised Grade-A commercial spaces to set these up.
India is the third largest consumer of petroleum products, after the US and China.
Petroleum Minister Dharmendra Pradhan on Tuesday put state-owned ONGC and OIL on notice saying oil and gas reserves they hold need to be monetised through joint ventures with domain experts or the government will take them away and auction them. Speaking at BNEF Summit, he said state-owned firms cannot indefinitely sit on resources when the nation is a net importer of oil and gas. Despite India bidding out acreages to private and other companies since the 1990s, Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) hold a "sizeable number of acreage for years," he said.
At times of slow growth, India has seen number of graduates doubling since 2008 to almost 25 million in 2016
Despite a massive underperformance at the bourses since the last six months, analysts are turning optimistic on Reliance Industries (RIL). Those at Jefferies, for instance, say that the company is a proxy play for India's consumption growth story. The key catalysts for the stock, according to a Jeffries note, include faster-than-expected market share gain in retail, oil-to-chemicals (O2C) stake sale, recovery in gross refining margins (GRM), potential public listing of Jio and even a possible banking licence going ahead. That apart, analysts feel any tariff hike in Reliance Jio (RJio) - its telecom venture - will also aid performance. With balance sheet adequately de-levered, proceeds from a strategic stake sale in the O2C business will create a sizeable war chest for the company, analysts say.
The government recently announced a new formula for determining the price of natural gas, lowering it from $8.4 suggested by the C Rangarajan committee.
According to industry experts, the consumption of petroleum products in the month of April was only 30-40 per cent of what it had been prior to the lockdown. Due to this, refineries were forced to bring down their capacity too.
Infosys was the only company among the large software services firms, which had not hiked salaries so far.
Nomura has come a long way since launching its first India-dedicated fund six years ago.
Companies stand to benefit in longer term from comparative pricing landscape
Ruia's-owned Essar Group is among four consortia in race to buy Royal Dutch Shell Plc's stake in four Nigerian oil fields.
Indian start-ups and software product companies are trying to attract engineers and programmers who are either stranded in India because of the lockdown or H-1B visa holders who have been laid off.
The Cabinet Committee on Economic Affairs last month allowed ONGC and Oil India Limited to tap shale resources in blocks allotted to them on a nomination basis.
Private banking refers to customised service, including wealth management, provided to high networth individuals.
The probe agency found irregularities in loans amounting Rs 3,642 crore sanctioned by Yes Bank to the travel firm.
A strong aftershock of magnitude 7.1 jolted Japan's northeast on Monday on the one-month anniversary of the devastating quake and tsunami that had left thousands of people dead, prompting authorities to evacuate workers from the crippled Fukushima nuclear plant. The epicentre of the latest quake, which occurred at 17:16 hours local time, was in an area in Fukushima prefecture, about 164 km northeast of Tokyo, and it struck at a depth of just 10 km.
Cairn India, whose success in Rajasthan may have propelled Reliance to bid for two blocks in the state, has submitted offers for only two blocks -- one onland and one offshore.
"Reliance continues to accrue oil and gas properties overseas. These overseas oil and gas initiatives would reinforce the domestic effort. It will also bring a better balance between domestic and international operations as well as between onshore and offshore properties," RIL's chairman and managing director, Mukesh Ambani, told shareholders at the company's 35th annual general meeting in Mumbai.
However, the company has not revealed the financial details of the deal.
Economists praise Das for his pragmatism and willingness to face challenges head on. And in doing so with the finesse of an able administrator.
In all, 61 companies have been pre-qualified to bid for 11 shallow water and 19 deepwater blocks in an international tender, according to Myanmar's Energy Ministry.
As Cairn India began to pump crude oil on Monday from its Mangala oilfield here.
INX will trade initially in equity derivatives, currency derivatives, commodity derivatives including index and stocks
Given how Participatory Notes are essentially an OTC market for Indian equity derivatives, moving them onshore should be an important objective.
After going through a series of mergers and acquisitions, Mindteck, a Bangalore-headquartered IT services company, is looking to consolidate its various businesses which will see more work being moved offshore, to locations in India.
The Sebi board, which met in Chennai, approved introduction of these new derivative products based on the interim recommendations made by a committee on derivatives headed by M Rammohan Rao. The new products will relate to mini-contracts on equity indices, options with longer life/tenures, volatility index and F&O (futures & options) contracts, options on futures, bond indices and F&O contracts.
The curbs on participatory notes (P-notes), announced by the Securities and Exchange Board of India (Sebi) on Thursday, have virtually ended a flourishing business of many leading foreign institutional investors (FIIs). Observers said the brokerage fees for offshore P-note transactions were nearly four times higher than those prevailing in the onshore market in India.
This would permit the company to provide a wide range of onshore securities underwriting and corporate finance services in the country, Credit Suisse said in a statement.
In last few years, a number of global players have exited the Indian mutual fund business.
The naval chief told his top commanders that efforts should be to make the navy an operationally focused force capable of dealing with changing environment of the 21st century.
The Sebi think-tank is of the view that more and more sophisticated products should be available onshore to ensure that Indian capital markets attract different categories of investors, even while it wants to discourage all kinds of offshore products based on Indian stocks and derivatives, according to sources. Proposals for allowing short-selling in cash markets and stock lending and borrowing for institutional investors have been pending for some time.
Hinduja TMT and Fox Mandal Little - an Indian firm providing legal outsourcing services to multinational companies and international law firms
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.
All the evacuees will undergo a 14-day quarantine at a medical facility.
Launching a major global initiative for attracting foreign investment in the hydrocarbon sector, India on Monday held a roadshow in London for auctioning 55 oil and gas exploration blocks.
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