(ET) India will lease a quarter of its strategic petroleum reserve in Padur to Saudi Aramco to store about 4.6 million barrels of oil, a government official said on Wednesday, as New Delhi seeks global investment in its expanding energy infrastructure. Global oil producers are eager to gain a foothold in India, where fuel demand is expected to keep rising as the country’s economy grows. Indian Strategic Petroleum Reserves Ltd, a government company charged with building oil storage, signed a memorandum of understanding with the Saudi state firm for its participation in the 2.5-million-tonne facility in Karnataka state. “Aramco has signed an MoU for only one compartment,” said HPS…
Author: Amit Bhanot
(LiveMint) Reliance Industries Ltd (RIL) has surpassed its strategic partner British oil major BP Plc in terms of market capitalization. The rise in market value of the Indian company was, however, driven by its retail and telecom businesses. RIL hit a market cap of $132.24 billion on Wednesday compared with BP’s $130.51 billion. At closing, shares of RIL traded at Rs.1,478.70 on BSE, up 0.8% from its previous close. So far this year, it has gained 31.9%. The story has used a dollar-rupee conversion rate of Rs.70.89 per dollar. At 10.30 am (GMT), BP was trading $6.42 in London trade, up…
(Tribune) With little revenue generation from its resources, the cash-strapped Himachal Government has once again decided to raise Rs 200-crore short term and Rs 200-crore long-term loan to meet its development needs. As per the notification issued by the Finance Department, the Rs 200-crore long-term loan has tenure of 10 years time. The consent of the Central Government has already been obtained for the floatation of this loan as required under Article 293 (3) of the Constitution of India. The payment to the Himachal Government by way of this Rs 200 crore loan will be made on October 30. The…
(Tribune) Chief Secretary Dr Shrikant Baldi and Additional Chief Secretary Manoj Kumar today apprised Prime Minister Narendra Modi about the preparations for the Global Investors Meet to be held at Dharamsala on November 7-8. The officers met the Prime Minister in New Delhi today. During the meeting, Baldi briefed the Prime Minister in detail about the efforts being made during the last one year by the state government for the event and about the number of countries participating in the event as well as investment likely to be attracted. The Prime Minister appreciated the efforts of the state government and assured…
(ET) The Samajwadi Party aced the first electoral test since the general election to establish itself as the main opposition in Uttar Pradesh, even as the BJP and allies cemented its commanding position in the country’s most populous state by winning eight out of the 11 assembly seats for which by-elections were held. The SP not only retained its Rampur seat but also snatched one seat each from the BJP and the Bahujan Samaj Party in the first set of electoral battles since BSP leader Mayawati snapped the alliance with it complaining that the SP’s votes did not get transferred to…
(ET) Home minister and BJP president Amit Shah has stepped in to resolve issues holding back the formation of a BJP-Shiv Sena government in Maharashtra. Moves are also afoot to have Shah visit Mumbai on Wednesday with a view to close the negotiations with the Sena brass. If the visit materialises, Shah would also be present for the BJP legislature party meeting, where Devendra Fadnavis is expected to be formally elected the party’s chief ministerial candidate. Most of the 15 Independents — two-thirds of whom are BJP rebels — have also pledged support to BJP. The prevailing lull was broken…
(BS) The Reserve Bank of India (RBI) has told its subsidiary Deposit Insurance and Credit Guarantee Corporation (DICGC) to create a risk-based system for collecting premiums from banks to cover the deposit insurance of customers. The RBI feels that a move to charge banks, depending upon how risky they are, is a prerequisite for hiking the bank deposit insurance limit of customers from Rs 1 lakh at present, a central bank executive said. According to sources, the central board of the RBI, which met in Chandigarh on October 11, had a detailed deliberation on the proposal to hike the deposit
(DJ) रक्षा मंत्री राजनाथ सिंह ने मंगलवार को कहा कि 26/11 जैसा हमला दोबारा नहीं होने पाए इसके लिए नौसेना ने खास सतर्कता बरतने का काम किया है। नई दिल्ली में नौसेना के कमांडरों की कॉन्फ्रेंस को संबोधित करते हुए रक्षा मंत्री ने कहा कि भारत कभी हमलावर नहीं रहा है लेकिन उसकी सेनाएं बुरी नजर डालने वाले लोगों को करारा जवाब देने में सक्षम हैं। रक्षा मंत्री का यह बयान ऐसे वक्त में सामने आया है जब भारत और पाकिस्तान के बीच तनाव चरम पर पहुंचने की ओर है। रक्षा मंत्री ने पाकिस्तान के रेल मंत्री शेख राशिद के…
(ET) Petrol and diesel pumps will keep their operations shut for a day (from 6am on October 23 to 6am on October 24) across the state in protest against increased VAT. They claimed that the sale of diesel had taken a dip in Rajasthan due to increased VAT. Terming it a as corrective measure, the Congress government in July had reversed previous Raje government’s decision to reduce the VAT on petrol and diesel by 4%. At that time, VAT on petrol was 30%, which was brought down to 26% and VAT on diesel was reduced from 22% to 18%. “The sale of…
(DJ) अमेरिका और रूस के साथ भारत अपने ऊर्जा संबंधों को मजबूत करने में जुटा है। पीएम नरेंद्र मोदी ने पिछले महीने की शुरुआत में अपनी रूस की यात्रा के दौरान स्पष्ट कर दिया था कि आने वाले दिनों में दोनो देशों के द्विपक्षीय संबंधों के लिए एनर्जी सेक्टर बहुत महत्वपूर्ण होगा। भारत ने रूस के सुदूर पूर्व क्षेत्र के हाइड्रोकार्बन सेक्टर में निवेश करने की पेशकश की थी। अब इस बारे में बातचीत को आगे बढ़ाने पेट्रोलियम व प्राकृतिक गैस मंत्री धर्मेद्र प्रधान मंगलवार को रूस की यात्रा पर जा रहे हैं। रूस के बाद प्रधान जापान की भी यात्रा…