Bharat Petroleum Corporation Limited (BPCL) has appointed SBI Capital Markets to secure Rs 31,000 crore loan for its ambitious expansion project at the Bina refinery complex in Madhya Pradesh, according to a report by The Economic Times. This capital will be used for planned capital expenditures aimed at significantly enhancing the refinery’s capacity and capabilities. The expansion project is a strategic move to address global refining capacity shortages that have emerged due to the shutdown of unviable refineries post Covid-19. In addition to increasing crude processing capacity, the capital expenditure plan includes the establishment of an ethane cracker unit. This unit will break down…
Author: Aruna Sharma
(BS) Technology solutions company CIPL on Wednesday said it has secured a Rs 114-crore project from Indian Oil Corporation Limited (IOCL) for the comprehensive maintenance of IT infrastructure of the public sector petroleum major. The contract will be carried out over a period of three years, starting from June 2024 and ending in May 2027. “Corporate Infotech Pvt. Ltd. (CIPL) has secured a landmark contract from Indian Oil Corporation Limited (IOCL) for the comprehensive annual maintenance of IT infrastructure across all divisions of the state-owned company,” CIPL said in a statement. As part of the contract, CIPL will deploy more than 400…
(NDTV) India’s Monetary Policy Committee, led by RBI Governor Shaktikanta Das, kept the benchmark repo rate unchanged for the eight straight meet. Following the review, the MPC decided the following on lending rates: To keep the repo rate unchanged at 6.5% with a 4:2 majority. The standing deposit facility rate, pegged 25 basis points below the repo rate, is at 6.25%. The marginal standing facility rate rate, which is 25 basis points above the repo rate, is at 6.75%. The committee had raised the benchmark repo rate by 250 basis points in the last cycle before opting for a pause in…
NBCC, a leader in sustainable development, is proud to announce its extensive participation on World Environment Day 2024 with a plantation drive across its projects in India and abroad. As part of its commitment to environmental stewardship, NBCC and its subsidiaries have undertaken a monumental effort to plant over 3000 saplings in various parts of India, Maldives and Mauritius. On the occasion Shri K.P. Mahadevaswamy, CMD, NBCC said, “We believe that together, we can make our planet a better place to live by adopting sustainable practices at our homes and work places. NBCC is committed to adopting practices which would…
(BS) Senior BJP leaders, including Union ministers Amit Shah and Rajnath Singh, held deliberations on Thursday as the ruling National Democratic Alliance set in motion its government formation efforts under the leadership of Prime Minister Narendra Modi. They met at BJP president JP Nadda’s residence in what is seen as part of the party’s exercise to reach out to allies over issues like their share of ministerial berths and pick the probables from within their party for the coalition government. The NDA MPs are expected to meet on Friday to formally elect Modi as their leader, with the new government likely…
(BS) The government has invited applications for the new chairman of Indian Oil Corporation (IOC), ending the uncertainty over continuance of incumbent Shrikant Madhav Vaidya. In an advertisement posted on its website, the Ministry of Petroleum and Natural Gas sought applications from engineers, chartered accountants and cost accountants with post graduate management degrees from leading institutions and having at least 5 years experience in leadership roles, by July 3. The age eligibility cut off has been set at not more than 58 years for internal candidates and 57 years for outsiders with 60 years as retirement age, it said. Vaidya, who took…
(TNIE) Sebi is planning to raise the limit of the value of securities held in basic service demat account (BSDA) by five times to R 10 lakh. Currently, an individual can hold debt securities worth up to R 2 lakh and other than debt securities worth up to R2 lakh in a single demat account The Securities and Exchange Board had introduced the BSDA facilities in 2012 to promote financial inclusion. In a consultation paper issued on Wednesday, the regulator has proposed to increase these limits to R10 lakh. The Sebi has also asked if the R10-lakh limit should be…
(NDTV) Bharat Heavy Electricals Ltd. has received an order of Rs 3,500 crore from Adani Power Ltd. for setting up a thermal power project at Raipur in Chhattisgarh. The contract entails supply of equipment including boiler, turbine, generator, and supervision of erection and commissioning of two 800-megawatt power projects, based on supercritical technology at Raipur, according to an exchange filing. The boiler and turbine generator will be manufactured at BHEL’s Trichy and Haridwar plants, respectively. The supply of Unit-1 of the project will be done in 35 months, while Unit-2 will take 41 months. Shares of BHEL closed 3.7% higher at…
(BS) Uttar Pradesh Chief Minister Yogi Adityanath on Saturday said people have seen a “changing India” under the leadership of Prime Minister Narendra Modi, and added that there is a “huge difference” between the India before 2014 and the India of 2024. CM Adityanath said that before 2014, there was “mistrust and identity crisis” but now the world looks at India with respect. Wherever Prime Minister Modi goes in the world, the entire country comes out to welcome him, he said. Addressing a rally in support of BJP candidate from Ghazipur Parasnath Rai, in which Prime Minister Modi was also present,…
(FE) The income tax department has notified the cost inflation index (CII) for FY25, relevant to assessment year 2025-26, at 363, which is higher than 348 for FY24, and 331 for FY23. The CII is a tool used to measure inflation for computing long-term capital gains on the sale of assets, including immovable property, securities and jewellery. The CII adjusts the purchase price of assets to reflect current inflation, ensuring that taxpayers are taxed on real gains rather than nominal gains inflated by general price increases. This adjustment is essential for maintaining a fair and reflective tax system. Without it, taxpayers could…