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MUMBAI (Reuters) – The BSE Sensex fell on Wednesday after S&P cut the country’s outlook to negative, reinforcing concerns about worsening fundamentals for the economy, while Wipro (WIPR.NS) dropped after issuing a muted revenue outlook. The action from Standard & Poor’s initially sent the Sensex and Nifty down more...
MUMBAI: Faced with radically different pricing proposals submitted by two operators of large coal bed methane (CBM) blocks, the oil ministry is taking a closer look at pricing. The two operators are Essar Oil Ltd, which operates a CBM block in Raniganj in West Bengal, and Reliance Industries Ltd...
NEW DELHI: Life Insurance Corporation’s (LIC’s) purchase of Oil and Natural Gas Corporation (ONGC) shares during the government’s part-divestment of its holding has come under fire from a parliamentary panel. The Standing Committee on Finance has questioned government-owned LIC’s acquisition and asked the Insurance Regulatory and Development Authority (Irda)...
NEW DELHI The Oil Ministry may be on the verge of vetoing oil PSUs’ plan to acquire Asian Development Banks stake in Petronet LNG Ltd ( PLL) and instead may offer the premium stake to some strategic investor. The ADB had on August 23 last year offered to sell...
NEW DELHI: The government on Tuesday said it has agreed in-principle to deregulate diesel prices, but is not considering similar proposal for the cooking gas. “Government has, in principle, agreed to make the prices of diesel market determined,” Minister of State for Finance Namo Narain Meena said in a...
NEW DELHI:India’s national auditor has again cautioned the government it should not rush to validate the entire expenditure of Reliance Industries in the D6 block because part of the money was spent after 2008, the period for which accounts have not been audited. The Comptroller and Auditor General of...
NEW DELHI: Consumers could prepare for shortages in auto and cooking fuel supplies. Oil retailers IOC, HPCL and BPCL have informed the government that if their losses from selling fuel below cost are not adequately compensated, “it may adversely impact the supply-demand balance of petroleum products,” minister of state...
AGARTALA: Oil giant ONGC along with a Vietnamese company will launch joint exploration for oil in the South China Sea despite objections from China, a top company official said on Tuesday. “There is nothing wrong in it. ONGC-Videsh has got this assignment through an international bid and we will...
NEW DELHI: Reliance Industries has decided to relinquish a Krishna-Godavari basin block after it established that the lone natural gas discovery in the area was not viable, the company’s minority partner Hardy Oil & Gas said on Tuesday. RIL, which had won the KG-DWN-2001/1 (D9) block in the third...
LONDON: Royal Dutch Shell has agreed to buy Mozambique-focused explorer Cove Energy for £1.12 billion in cash, raising its earlier offer to secure access to a new gas frontier in East Africa. The oil major said on Tuesday it had increased its initial $1.6 billion approach to match a...
HYDERABAD: Gulf Oil Corporation, a Hinduja Group venture, and L&T Komatsu have signed up to market co-branded range of lubricants. The agreement was signed by Mr Ravi Chawla, President and CEO of Lubricants Division of Gulf Oil, and Mr H.N. Nagaraja, Senior DGM, L&T-Komatsu Ltd. L&T-Komatsu Ltd is a...
NEW DELHI: The promoter-stakeholders of Petronet LNG Ltd seem to be warming up to the idea of getting a strategic partner to buy Asian Development Bank’s (ADB) stake in the company. The bank plans to sell its 5.2 per cent stake in Petronet. Mr A.K. Balyan, Managing Director &...
VADODARA: Gujarat government is hopeful of generating 3650 MW of power through joint synergy of hydroelectric and solar-based projects in future. The six power units of the Sardar Sarovar project are currently generating 1450 MW hydroelectric power whereas the total length of the canal network intrlinked to the project...
NEW DELHI: In a boost to power firms with plans to set up units in Special Economic Zones (SEZ), the Government has exempted them from the positive net foreign exchange (NFE) obligation applicable to regular units in such enclaves. The decision will help power companies such as Torrent Energy,...
KOLKATA: At least four public sector thermal power units have already entered into pact with Coal India Ltd. This is as a result of finalising the draft fuel supply pact on April 20. Another four odd units are expected to complete signing the FSAs by this evening, according to...
JODHPUR: To help boost private investment in renewable energy, multilateral lending agency ADB today announced $103 million loan to Reliance Power for setting up a 100-MW solar plant in Jaisalmer district of Rajasthan. “I would like to to inform you that ADB has just agreed to extend financing for...
NEW DELHI: Alstom Bharat Forge Power Ltd, a joint venture between Alstom and Bharat Forge, has secured an order worth about Rs 1,570 crore from NTPC for supply of two units of 660-mw supercritical turbine generators at a plant in Solapur, Maharashtra. Alstom’s share of the contract amounts to...
NEW DELHI: The National Green Tribunal has refused to interfere with environmental clearance procedure for Shapoorji Pallonji and Company Ltd’s (SPCL) thermal power plant and its greenfield port in Junagadh district of Gujarat, saying any decision by it would be “premature”. Hearing petitions seeking a direction to Ministry of...