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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,...
Opec nations are plowing cash into US treasuries at a more than 50% faster rate than all other foreign investors, an unintended benefit of oil prices above $100 a barrel. Organisation of Petroleum Exporting Country members increased their net purchases of government debt by $43.3 billion, or 20%, in...
BEIJING: China may raise gasoline and diesel retail prices from Tuesday, consultancy C1 Energy said in a report on its website. The Pricing Department under the National Development and Reform Commission will hold a meeting on Monday afternoon, which by convention might herald a fuel price change, according to...
SINGAPORE: Brent crude oil traded above $125 on Monday as tension over Iran’s nuclear programme supported prices, offsetting an increase in oil exports from Libya and a rise in production by Saudi Arabia. The threat of military action against Iran, the world’s fifth largest oil exporter, has unnerved energy...
NEW DELHI: The Power Ministry is likely to move its proposal to levy 19% duty on imported electricity equipment for large projects to the Cabinet. Earlier, the ministry had withdrawn a proposal in this regard. “We may not make any changes in the proposal and send it to the...
As many as 18 power plants in the country are faced with critical level of coal shortage, Minister of State for Power K C Venugopal informed the Rajya Sabha today. Of the 89 thermal power projects being monitored, 34 had fuel (coal) stock less than seven days and 25...
MUMBAI: Tata Power on Monday synchronised the second unit of its Maithon power project in Jharkhand. With this 525 megawatt (Mw) unit, the company has a total power generation capacity of 5,297 Mw, making it the country’s largest private sector power generating firm. The Maithon project’s first unit was...
State Cabinet Also Clears Rs 500-Crore Package For Development Around Site Housing 2,000-MW Unit CHENNAI: The Tamil Nadu cabinet on Monday gave the nod for the 2,000-Mw Kudankulam Nuclear Power Plant by giving site clearance, which will allow in continuation of construction at the site. The Cabinet headed by...
MUMBAI: Nuclear Power Corporation (NPC) would soon approach Atomic Energy Regulatory Board to load fuel in the first unit, and start sourcing additional investment. The chairman and managing director, S K Jain, of the state-run entity said: “NPC will in the next two months approach Atomic Energy Regulatory Board...
CHENNAI: The Kudankulam Nuclear Power Project’s (KNPP) first 1,000 MW unit will be ready for the atomic energy regulator’s clearance for fuel loading in two months’ time and the Nuclear Power Corporation of India Ltd (NPCIL) is gearing up for it, said a top official. NPCIL chairman and managing...
KOLKATA: Under pressure to step up production, Coal India Ltd (CIL) has sweetened its offers for land acquisition. The new rehabilitation and resettlement (RnR) policy was recently approved by the CIL board. According Mr R. Mohan Das, Director (personnel and IR), in addition to price of land, the Indian...
MUMBAI: In its bid to deepen the equity and debt markets by attracting overseas funds, the Reserve Bank on Monday allowed foreign venture capital investors to invest in securities through private arrangements or purchase from a third party. “It has now been decided to allow foreign venture capital investors...
NEW DELHI: The government, which has extended help to the crisis-ridden power sector by removing duty on imported fuel and opening access to cheap overseas funds, is likely to whittle down the benefit with an impost on imported equipment for mega power projects. A duty of 20.94% will be...
MUMBAI: The optimum utilisation of the enhanced Rs 60,000-crore limit for issuing tax-free infrastructure bonds by companies seems unlikely. This is despite the government trying hard to boost infra development in the country by doubling the issuance limit for such bonds, which received a euphoric response in 2011-12. Firms...
MUMBAI: The government has opened the doors for qualified foreign investors (QFIs) to the developing corporate bond market in India. However, the country would need more than just higher yields to attract fund inflows from this segment. On Friday, Finance Minister Pranab Mukherjee had made the announcement when he...
MUMBAI: The unbridled freedom and powers given to tax authorities in this year’s Budget could spark a furious face-off in the coming months between companies determined to protect their profits in a slowing economy and an equally resolute tax department eager to wrest every last bit of revenue, experts...
NEW DELHI: A little-known Kolkata-based businessman is close to buying a majority stake in Rajasthan Royals for around $200 million, making it the first time an IPL team could change hands in the format’s brief yet eventful fiveyear history. Mannoj Kumar Jain, who heads the obscure Jain Group of...