(M.C) India’s top fuel retailers IOC, BPCL and HPCL have together lost around $2.25 billion (Rs 19,000 crore) in revenue in March by keeping petrol and diesel prices unchanged despite a sharp rise in crude oil prices, Moody’s Investors Service said on Thursday. “Based on current market prices, the oil marketing companies are currently incurring a revenue loss of around $25 (over Rs 1,900) per barrel and $24 per barrel on sale of petrol and diesel, respectively,” Moody’s said in a report. If crude oil prices continue to average around $111 a barrel, the three rated entities – IOC, BPCL and HPCL – will incur…
Author: Amit Bhanot
(M.C) The Securities and Exchange Board of India (SEBI) on March 24 imposed a Rs 5-lakh fine on Axis Bank for violating merchant banking norms, the markets regulator said in an order. SEBI said it conducted an examination of debt market operations of Axis Bank between August 2016 to August 2019 and found the bank to be in violation of provisions of Regulation 27 of SEBI (Merchant Bankers) Regulations, 1992. The market regulator said Axis Bank during the course of a three-year period, while acting as a merchant banker for 22 entities, subscribed to debt papers of nine companies without informing SEBI…
(T.H) The government has convened a multi-Ministerial group to look into how to overcome challenges in trade with Russia, including managing payments for exporters and importers, External Affairs Minister (EAM) S. Jaishankar said in Parliament on Thursday, in comments that indicate a possible revival of “Rupee-Rouble trade” in the wake of economic sanctions against Russian banks and entities by more than 40 U.S. and European allies. Answering a number of queries during Question Hour in the Rajya Sabha on India’s stand on Russia and Ukraine, including some that raised concerns over India’s abstentions at the United Nations and the impact…
(T.E.T) India lost 3.8 million tonnes of crude oil worth Rs 11,276 crore in four years due to less than planned water injection by ONGC in its western offshore fields, the Comptroller and Auditor General of India (CAG) said. Oil and Natural Gas Corporation’s (ONGC) aging Mumbai High, Neelam and Heera fields off the Mumbai coast have been on a decline and water is injected into wells to push out the remaining oil. “There was inadequate water injection,” the CAG said in a report tabled in Parliament on Thursday. “Water injection in the field was affected due to aging of…
(T.E.T) State-run power giant NTPC has made commercially operational an additional 42.5 MW of power generation capacity at Ramagundam floating solar project in Telangana from Thursday. Earlier the company had commissioned 17.5 MW (Part-I) and 20 MW (Part-II) of the Ramagundam floating solar project. With the addition of 42.5MW, the total commercially operational power generation capacity of Ramagundam project has reached 80 MW. The project is of 100 MW capacity. “Consequent upon successful commissioning, third part capacity of 42.5 MW of 100 MW Ramagundam Floating Solar PV Project at Ramagundam, Telangana, is declared on commercial operation with effect from 00:00…
(T.E.T) The government Thursday said Adani Enterprises Limited and L&T are part of two consortia led by State-run enterprises that have evinced interest in building the Polar Satellite Launch Vehicle (PSLV), the ISRO’s warhorse rocket to put satellites in orbit. In a bid to encourage private sector participation in the space sector, New Space India Limited (NSIL), a company under the Department of Space, had invited proposals from the Indian industry to build five PSLVs. Minister of State in the PMO Jitendra Singh said two consortia, one comprising Hindustan Aeronautics Limited and Larsen & Toubro, and another involving Bharat Electronics…
(T.E.T) The government on Thursday proposed to tighten the norms for taxation of cryptocurrencies by disallowing set off of any losses with gains from other virtual digital assets. As per the amendments to the Finance Bill, 2022, circulated among the Lok Sabha members, the ministry proposes to remove the word ‘other’ from section relating to set off of losses from gains in virtual digital assets. This would mean that loss from the transfer of virtual digital assets (VDA) will not be allowed to be set off against the income arising from the transfer of another VDA. According to the Finance…
(T.E.T) Petrol and diesel prices were hiked by 80 paise a litre each today, the third straight increase in four days. The total hike is now of Rs 2.4 a litre. In Delhi, a litre of petrol will cost Rs 97.81 a litre and diesel Rs 89.07 a litre. Mumbai is the priciest for petrol at Rs 112.51 a litre while diesel will set you back by Rs 96.70 a litre (increased by 84 paise & 85 paise respectively). Since November last year, state-owned refining and marketing companies have together lost about $2.25 billion (about Rs 17,000 crore) in revenue…
(A.U) योगी आदित्यनाथ आज दूसरी बार उत्तर प्रदेश के मुख्यमंत्री पद की शपथ लेंगे। इसके साथ ही वह प्रदेश के पहले ऐसे मुख्यमंत्री बन जाएंगे, जो पांच साल का कार्यकाल पूरा करने के बाद दोबारा सत्ता संभालेंगे। गुरुवार को योगी आदित्यनाथ ने सर्वसम्मति से विधायक दल का नेता चुने जाने के बाद राज्यपाल आनंदी बेन पटेल के सामने सरकार बनाने का दावा पेश किया। योगी आदित्यनाथ आज शाम चार बजे अटल बिहारी वाजपेयी क्रिकेट स्टेडियम भव्य समारोह में शपथ लेंगे। शपथ ग्रहण से पहले उन नेताओं की कोरोना जांच चल रही है जो मंच पर मौजूद रहेंगे। जानकारी के अनुसार…
(T.E.T) Days before the US sanctions on Russian banks come into effect on March 26, the Reserve Bank of India (RBI) this week held a meeting with officials of three large Russian financial institutions-VTB, Sberbank and Gazprombank-to explore a possible payment mechanism for trade between the two countries. ne of the options, according to banking sources, is a deeper engagement of the Russian banks which have a presence in India – particularly VTB and Sberbank that run branch operations