MENU 
NEW DELHI: India will soon enter the elite club of nations having the Inter-Continental Ballistic Missile ( ICBM) capability with the Agni-5 getting ready for its first test launch next month. “The first flight of the Agni-V missile is likely to take place next month,” DRDO Chief V K...
NEW DELHI: Come 2016 and India will start inducting the first of the 126 combat jets it is purchasing for nearly $20 billion, parliament was informed Monday. The first squadron of the medium multi-role combat aircraft (MMRCA) will comprise 18 Rafale aircraft that will be purchased in a fly-away...
India’s defence budget for 2012-13 at Rs 1.93 lakh crore (about $40 billion), although high in monetary terms, is in keeping with plans to modernise the country’s armed forces. A major portion (Rs 1.08 lakh crore), however, is for revenue expenditure. The critical component of the defence budget is...
A Rs 30,000 crore surface-to-air missile unit is going to be built by Bharat Dynamics Ltd (BDL) in Andhra Pradesh’s Rangareddy district. Chief minister N Kiran Kumar Reddy on Sunday laid the foundation stone for the project on Sunday, media reports said. The project is expected to be up...
NEW DELHI: India will induct the six Scorpene submarines that it is building at the Mumbai-based Mazagon Docks Limited (MDL) only beginning 2015, a full three years behind the original schedule despite a hike in the project’s cost, parliament was informed on Monday. All the six submarines will be...
NEW DELHI: The Indian Air Force has lost 33 fighter aircraft, including three Sukhoi-30MKI, in mishaps since 2008 and 26 defence personnel were killed in these crashes, the Lok Sabha was informed today. “During last three years-2008-2011, and current year up to March, 33 fighter aircraft including one Jaguar,...
MUMBAI: State-run Oil and Natural Gas Corporation (ONGC) will be among the biggest losers from the budget proposals as the company, already hit by forced discounts it has to offer refiners, will take a hit of up to Rs 5,000 crore from the finance minister’s proposal to raise the...
MUMBAI: The Karnataka government is in talks with Indian and international energy companies to arrange gas for three power plants for which it is planning to seek bids. Currently, it is in talks with GAIL India and Hindustan Petroleum Corporation Ltd (HPCL) to procure about 26 mmscmd for a...
Lower Subsidy Share Of Upstream Companies May Offset The Negative MUMBAI: A good Budget’s rating typically depends on how uniformly it makes people unhappy. Finance Minister Pranab Mukherjee has achieved this feat. Just weeks before the FM presented the Budget, shares of Cairn, ONGC and Oil India Limited (OIL)...
NEW DELHI: Gujarat plans to set up its fourth liquefied natural gas (LNG) terminal at the Pipavav port soon besides commissioning the 5-MT capacity greenfield LNG terminal at Mundra by 2015-16, the state’s principal secretary for energy, DJ Pandian, said. “We want one more LNG terminal at Pipavav port,...
NEW DELHI: Finance Minister Pranab Mukherjee on Monday hinted at a hike in diesel and cooking gas (LPG) prices after the budget session of Parliament, saying political consensus for this will be built after the session. “… After the Budget session of Parliament is over, I shall discuss with...
MUMBAI: That the Government is determined to “bite the bullet” on fuel subsidies will be music to the ears of oil companies, except that this is going to be easier said than done. The Congress’ allies will be in no mood to agree to a fuel-price hike, especially when...
NEW DELHI: State-owned Oil and Natural Gas Corp (ONGC) will invest about Rs 2,600 crore in the third phase of development of C-series natural gas fields off the west coast. The company board, in its meeting on March 15, approved advancement of development of C-26 Cluster (consisting of C-23,...
NEW DELHI: State-run Oil India aims to produce 3.95 million tonnes of crude oil in 2012/13, a senior company official said on Monday. B.N. Talukdar, director of exploration, also said the company would produce around 3.9 million tonnes in the current financial year that ends on March 31, compared...
MUMBAI/NEWDELHI: Gujarat State Petroleum Corporation (GSPC) plans to commission liquefied natural gas terminal with a capacity of 5 million tonne per annum at Mundra by 2015-16, a top state government official said on Monday. “Some preliminary work for the project has started, site has been identified. It is planned...
The cess on crude oil has been raised from R2,575 per tonne ($6.9/bbl) to R4,635 per tonne ($12.4/bbl) in the Budget. It means a cut in ONGC’s FY13-14 EPS by 11%. We have also cut ONGC’s purchasing order (PO) by 17% to R298 a share from R358 a share...
Oil marketing companies will get additional subsidy of Rs 15,000 crore for 2011-12 while the fertiliser sector will receive an additional subsidy of over Rs 7,200 crore. These amounts have been provided in the third set of supplementary demands for grants tabled in Parliament on Monday. The Government has...
MUMBAI: Gas production from Reliance Industries’ Krishna-Godavari D6 exploration blocks off the Andhra Pradesh coast hit an all-time low of about 28 million standard cubic metres a day during the week ended March 4 as it shut six wells due to water and sand ingress. India’s most valuable company,...