(ET) The district administration has allowed BHEL to work with 50 per cent percent staff strength. BHEL management had requested the district administration to allow it to start operations in its shop floors with half the strength. Till now, BHEL was working with 33 per cent strength, which according to the BHEL executives was inadequate to meet the unit’s shop floor requirements. Private offices in the township however would be allowed to operate with 33 per cent staff and adhering to social distancing norms. BHEL executives said the factory was operation with barely 4000 personnel against the 12,000 staff (both regular and contract) before the…
Author: Aruna Sharma
(ET) Central Gujarat Petrol and Diesel Dealers’ Association (CGPDDA) has shot off a letter to oil marketing companies seeking help for fuel retailers. The association has said that petrol pump owners are facing losses and they need support from the companies or the government for their survival. The letter written by CGPDDA president Mehul Patel states that the oil companies have recovered their inventory losses and the central as well as the state governments too have increased their taxes and duties to cope up with the loss of revenue. “But no one thought of petrol pumps that are the most important channel partners. Sale…
(ET) Natural gas demand has risen by a third from its recent lows as factory activity expands and more gas-driven vehicles fill the roads following the easing of lockdown curbs, according to an executive at GAIL, the country’s largest marketer and transporter of gas. Natural gas sales by GAIL has risen to 74 million metric standard cubic meters a day (mmscmd) from 56 mmscmd in the last week of March when the nationwide lockdown started, severely restricting mobility and shutting most industries. The volumes are still much lower than the 86 mmscmd GAIL supplied before the lockdown began. Besides its own gas, GAIL also transmits…
(ET) State-run monopoly Coal India is in severe stress due to Rs 17,000 crore dues mounted on account of non-payment by power plants and might go for its firstever bond issue to raise working capital, coal secretary Anil Jain said, ruling out the possibility of giving suppliers credit to consumers or lowering coal prices. Private power plants have been asking CIL to waive advance payment obligation, while all other consumers seek reduction in coal prices as its stocks have touched record 75 million tonnes. Non-Power sector has been demanding relief from CIL in the form of equal pricing similar to the power sector.
(PTI) Public sector lender UCO Bank said the Reserve Bank has imposed a penalty of Rs 5 lakh for violating norms on government bond holding. The Reserve Bank of India has imposed a penalty of Rs 5 lakh on UCO Bank for bouncing of SGL forms, the bank said in a regulatory filing. A subsidiary general ledger (SGL) account is maintained with the RBI for holding government securities and treasury bills in paperless form. The account is used for facilitating delivery and payment trades.
(ET) India’s demand for steel contracted by 91% y-o-y in April 2020 with end user industries’ like auto real estate and infrastructure that constitute 80% of demand, coming to a virtual standstill. Domestic steel production fell by a record 69.5% y-o-y in April 2020 as per provisional figures. The country produced a mere 2.8 million tonne of crude steel during the month, according to data released by Joint Plan Committee (JPC). Steel has been classified as an essential essential commodity and permitted to operate during the lockdown period. However production was impacted due to a sharp fall in demand from user…
(PTI) Manoj Jain, the chairman and managing director of national gas major GAIL, has been appointed as the head of the city gas distributor Mahanagar Gas as well. Jain took over as the chairman and managing director of Mahanagar Gas on May 6, the company, which supplies piped natural gas to households and auto and industrial gas in Mumbai and its suburbs, said in a statement on Thursday. Jain, a mechanical engineer and MBA, has vast experience of over 34 years with GAIL in various fields such as business development, projects, O&M, petrochemicals, pipeline integrity management and marketing. As the…
(ET) The government is close to finalising a Rs 3.5 lakh crore financial assistance package that would mandate state power distribution companies with high losses to either privatise operations or appoint distribution franchisees and invest in infrastructure upgradation, power minister R K Singh told. The scheme will come with a gross budgetary support of Rs 1.2 lakh crore over five years will be result-oriented where the distribution companies will invest first and get money later, he said. Singh also said a group of ministers headed by home minister Amit Shah has cleared the National Tariff Policy that would soon be sent to the Union cabinet for…
(PTI) Over 80,000 passengers have booked tickets worth over Rs 16 crore on the special trains so far, the Indian Railways said on Tuesday, hours before the first such train is scheduled to depart from the New Delhi station for Bilaspur in Madhya Pradesh. The bookings for these special trains began at 6 pm on Monday. So far, 45,533 bookings (PNRs) worth Rs 16.15 crore have been recorded for the special trains for the next seven days, the railways said, adding that around 82,317 passengers will travel against these bookings. The railways issued guidelines on Monday for 15 special trains,…
(FE) The Saudi sovereign wealth fund and General Atlantic are among firms exploring investments in billionaire Mukesh Ambani’s digital business, as Asia’s richest man seeks to expand his operations outside oil and petrochemicals, people with knowledge of the matter said. Saudi Arabia’s $320 billion Public Investment Fund is considering buying a minority stake in Reliance Industries Ltd.’s Jio Platforms unit, according to the people, who asked not to be identified as the information is private. General Atlantic, the U.S. investment firm that helped fund Airbnb Inc. and Uber Technologies Inc., is discussing a potential investment of about $850 million to $950 million in Jio Platforms, the…