1 vote
The government s decision to sell shares of state-owned Indian Oil (IOC) in early CY11 should speed up the process of providing more clarity to the subsidy system that takes a big bite out of the company s profits. Price controls mean IOC sells diesel, kerosene and cooking gas below cost to help the government curb inflation and these losses are only partially reimbursed by the government (known as under-recovery). While this cost IOC up to 75% of its net profit in previous years, it still has
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1 vote
India s domestic edible oil industry is slowly moving towards a phase of growing import dependency amid stagnant domestic oilseed production and rising consumption. In a interview with FE s Sanjeeb Mukherjee, Pranav Adani, managing director of Adani Wilmar, India s biggest seller of packaged edible oils by volume, throws light on issues related to the industry and his expansion plans. Excerpts: India s edible oil industry is going through a critical phase with imports rising. However, domestic
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1 vote
In order to meet the requirement of electricity consumers in the state during summer, paddy and rabi seasons, the Uttar Haryana Bijli Vitran Nigam (UHBVN) and the Dakshin Haryana Bijli Vitran Nigam (DHBVN) purchased 204348.43 lakh units of electricity from different sources during the months of April to October this year at cheaper rates as compared to the corresponding months of last year. The distribution companies spent about Rs 5,934.20 crore for the purpose. The electricity had been purcha
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1 vote
In what amounts to an investment commitment of over Rs 7,000 crore under the Jawahar Lal Nehru National Solar Mission (JNNSM), NTPC Vidyut Vyapar Nigam (NVVN) has selected a total of seven bidders, including RPower, to build 479 mw power generation capacity, based on concentrated solar power (CSP) in the first phase of the scheme. NVVN is the nodal agency for implementing the first phase of the programme. Of this, RPower, Lanco and KVK Energy will develop 1,00 mw capacity each while Megha Engin
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1 vote
Disinvestment in Indian Oil Corporation (IOC), scheduled for the fourth quarter, is a golden opportunity for the government to act on its promise to deregulate the retail pricing of diesel. If the government squanders the chance, deregulation would become more difficult post-issue. Freeing diesel pricing would help the government get optimum valuation for its shares in IOC. Deregulation of diesel will be a huge positive, which would result in the re-rating of the sector, benefitting IOC in the
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1 vote
The discounts offered to PSU employees in public offers are not attractive enough to ensure their mass participation, according to the Standing Committee of Public Sector Enterprises (Scope), a representative body of public sector companies. The government is in the process of divesting a part of its stake in key PSUs like Steel Authority of India, ONGC and IOC in a bid to meet the Budget target of raising Rs 40,000 crore from disinvestment in the current fiscal. The government has already dive
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1 vote
India s public sector undertakings turned in improved results for the second quarter, primarily aided by oil PSUs, which have started to benefit from the petrol price decontrol and hikes in the prices of LPG and kerosene. Seven non-oil PSUs managed to improve their bottom line substantially because of lower expenditure and higher other income. Fifty-four PSUs (central & state) for which second quarterly results were available posted a 24.7% rise in their aggregate sales to Rs 2.74 lakh crore du
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1 vote
Does the pizza or the burger at your favourite restaurant make you fret about its calorie count? Worry not, for the government will soon step in and take care of your nutrition. The health ministry has proposed to make nutritional labelling mandatory for fast food served at restaurants. All home-delivered food may also carry information about calorie, protein and fat content. According to the proposal, food served at fast food outlets will have to carry details about protein, fat, carbohydrate
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1 vote
India is confronted with the triple challenges of climate change, energy security and economic development with political will and technological prowess. But will that be enough to bring in the capital it needs to ensure a transition to green growth? India already has a head start in the race for renewables, ranking fifth in the world for installed clean energy capacity. Much of that capacity is wind power, but given India s climate, solar power could prove an even better opportunity. In 2009,
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1 vote
The country is almost well through the mid-cycle of an economic upturn that started in 2002-03, says Kenneth Andrade, head-investments at IDFC Mutual Fund. Throughout the cycle, India continued to grow at 7-8%; but now as leverage increases and cash flows turn negative for India Inc, he says, the markets are heading towards an end of the very large economic rally that started in 2002. In an interview with FE s Chirag Madia, Andrade says he expects rate tightening in developed economies to be a
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1 vote
NEW YORK (Reuters Legal) - BP Plc won't object to a court order legally binding the company to waive a $75 million statutory cap on damages for the largest oil spill in U.S. history, the company said on Friday.
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1 vote
Lakshmi Energy and Foods (LEAF) has decided to enter domestic basmati rice market by introducing its own brand of premium aromatic rice. The Punjab-based company, which had started basmati exports two years back, has been essentially into rice procurement business since early 1990s. LEAF executive director IS Gumber told FE, The domestic consumer for the premium basmati rice has been growing with the increase purchasing power during the last few years. Lakshmi brand of basmati rice would be ini
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1 vote
BANGALORE (Reuters) - U.S.-based Walter Energy Inc's $3.24 billion bid for Canadian peer Western Coal Corp is seen as a mark of confidence in the undeveloped coal assets that the country is sitting on.
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1 vote
NEW YORK/LONDON (Reuters) - World stocks and commodity prices fell on Friday after China moved to slow its economy but anxious investors held out hope for an Irish bailout that would bolster the appeal of risky assets.
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1 vote
NEW YORK (Reuters) - U.S. oil prices fell on Friday, logging their biggest weekly decline in two months after China increased bank reserve requirements a second time in two weeks as the No. 2 oil consumer tries to curb inflation.
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