11844 stories by IPA Staff
Oil Retreats On Profit-Taking, Weak Euro Zone Data
SINGAPORE: Oil retreated in Asian trade today as investors took profits from overnight gains, while weak euro zone manufacturing data also pressured prices, analysts said. New York’s main contract, West Texas Intermediate crude for delivery in May, shed 28 cents to $104.95 per barrel while Brent North Sea crude...
Government Rolls Back Tax Incentive For Wind Farms
MUMBAI: The government has ended the tax break given to wind energy projects much against the wishes of industry players who argued that without the popular incentive, capacity addition in the sector could fall to less than 1,000 MW as against the proposed 3,000 MW. The income-tax department has...
PowerMin Wants Rider On Coal Allocation
NEW DELHI: At a time when the government is under pressure to explain its position on allocation of captive coal blocks, the power ministry has recommended cancellation of allocations to power companies not selling electricity through rate-based bidding. In a letter to the coal ministry, it has made a...
Power Profiteers Told To Follow Rate Regime
NEW DELHI: Private power companies, which have long had the luxury of selling cheap power from captive coal blocks with windfall profits by striking exclusive deals with discoms, will soon have to change tack. The power ministry has decided to make it mandatory for these firms to take part...
Thermax Shifts Focus To Exports As Profits Dip
PUNE: With the domestic order pipeline virtually drying up and the Union Budget bringing little cheer to domestic power equipment companies either, energy and environment solutions company Thermax is readying itself for difficult times. Thermax derives about 84% of its revenues from the domestic market and close to 80%...
Reliance Power's First Thermal Power At Rosa Project Becomes Fully Operational
LUCKNOW: Reliance Power has successfully commissioned its fourth unit of 300 MW at Rosa Thermal Power plant making the 1,200 MW project fully operational. The fourth and last phase of 300 MW was scheduled to be completed by July 2012 but the company was able to speedily execute the...
US Nudges India To Press Iran On Nuclear Issue
NEW DELHI: A US official on Monday indicated that her country understood India’s complex relationship with Iran but said the ties would be important in persuading the West Asian nation to fulfil international obligations. This was conveyed by Wendy Sherman, US undersecretary of state for political affairs, in a...
Presidential Directive To Coal India Today
NEW DELHI: The government is likely to issue a presidential directive to Coal India (CIL) on fuel supply pacts tomorrow. This would force the state-owned miner to sign fuel supply agreements (FSAs) with power companies at 80 per cent commitment levels. The move would upset shareholders of the world’s...
Jaiswal Rejects TCI’s Coal Pricing Demand
NEW DELHI: Asserting that India is a socialist country with a large number of poor people, coal minister Sriprakash Jaiswal has claimed that pricing decisions of government-run companies cannot be set to secure only profits. Speaking at the Idea Exchange organised by the Express Group on Monday, the minister...
Hapless Investors In Coal India Rally Behind TCI
MUMBAI: Shareholders, both small and big, of state-owned coal producer Coal India Ltd (CIL) have rallied behind The Children’s Investment Fund (TCI), the British hedge fund, in its recent actions against Coal India. Individuals, as well as institutions, have written to the fund, encouraging it to continue the campaign...
TCI Considering Legal Options Against CIL
NEW DELHI: The Children’s Investment Fund Management (UK) Llp (TCI) is considering its options for pursuing legal action against Coal India Ltd (CIL), including a petition before the Company Law Board’s regional bench at Kolkata, for taking decisions that hurt small investors, according to a person familiar with the...
ONGC Says No To RGTIL Stake Buy
MUMBAI: Oil and Natural Gas Corp has declined to participate in the stake sale of the pipelines company owned by Mukesh Ambani and other promoters of Reliance Industries Ltd but other state firms such as Oil India and Gail India are evaluating the prospect. The company, Reliance Gas Transportation...
Reinsurance rates up, GIC reduces exposure
MUMBAI: Indian companies will have to pay more for renewing their insurance policies as reinsurance companies have raised premium rates by up to 15% after burning their fingers in record number of natural catastrophes last year. General Insurance Corporation of India, which is the designated national reinsurer, has decided...
Nice Men Finish Last
By Amulya Ganguli Just as the plethora of scams showed that the presence of a decent individual at the head of the government does not guarantee its probity, the latest uproar over the army chief’s allegations is yet another proof that the defence minister’s personal integrity does not ensure...
BJP’s Shrinking Base, Wilting Leadership
By Praful Bidwai So disastrous has been the recent performance of the United Progressive Alliance that some political observers have begun to write off the coalition altogether, in particular the Congress which leads it. Scandals continue to pour out of the government week after week—the latest being the insidious...
Oil firms warn of disruptions in fuel supply
New Delhi: State-owned oil companies today warned of disruptions in fuel supplies if they are not allowed to raise petrol price or compensated for the Rs 48 crore per day loss they incur on selling fuel below cost. ”The situation is very critical. We are losing Rs 7.67 per...
Buddhadeb Bhattacharjee likely to quit politburo
Kolkata: Former Chief Minister Buddhadeb Bhattacharjee is likely to step down from the CPM politburo, according to sources on Sunday. The veteran Marxist has purportedly written a letter to party general secretary Prakash Karat conveying his wish to abdicate from the CPM’s highest decision-making body. Bhattacharjee has cited illness...
Jayalalithaa writes to PM, wants NCTC put on hold
Chennai: Tamil Nadu Chief Minister J Jayalalithaa has raked up the National Counter Terrorism Centre (NCTC) issue once again in a letter written to Prime Minister Manmohan Singh. Jayalalithaa, one of the vociferous opponents of the NCTC, has demanded a separate meeting of all the chief ministers to discuss...
