(Zee News) India`s Bharat Petroleum Corporation Ltd (BPCL) plans to build a $3 billion petrochemical unit to serve the Mumbai region, a company official said, to profit from the country`s expected surge in demand for petrochemicals as its economy expands. BPCL`s expansion is part of a national plan to spend $35 billion on petrochemical production in order to meet the expected increase in consumption of the chemicals for products including plastics, paints and adhesives. India currently only produces about 20 million tonnes a year of petrochemicals, less than the 40 million tonnes of demand expected for the 2017/18 financial year.…
Author: Aruna Sharma
(LiveMint) The Securities and Exchange Board of India (Sebi) announced norms to make algorithmic trading more accessible for investors. It asked stock exchanges to introduce shared co-location services to cut costs. Algorithmic trading refers to orders generated using automated execution logic. Co-location allows members to place their servers in the exchange premises for faster access to trading. Sebi proposed a penalty framework for high order to rate ratio. A high order to trade ratio means that there are many orders that are not converted into trades. The regulator also told bourses to provide tick-by-tick data feed (TBT Feed) to all trading…
(BS) The Reserve Bank of India (RBI) had agreed in principle to a request by Punjab National Bank (PNB) to spread its losses related to the Nirav Modi-Mehul Choksi fraud over four quarters, sources said.“However, we are still awaiting a written communication from the regulator,” a source at the Delhi-based public sector bank said.PNB is staring at losses on account of fraud worth Rs 145 billion in 2017-18 after letters of undertaking worth Rs 129 billion were issued by its employees to the companies owned by Nirav Modi and Mehul Choksi.PNB had declared both accounts fraudulent after reporting the matter to investigating agencies. According to RBI guidelines, banks have to make a provision for…
(TOI) Hundreds of farmers along with leaders of various political parties resorted to a protest on Tuesday against the fresh extraction project by ONGC at Ammapettai in Thanjavur district. The farmers are opposing the 39 oil wells proposed to be explored by the ONGC to extract natural oil and gas from fertile land. A large number of villagers took out a rally as part of their protest. VCK leader Thirumavalavan, CPM state secretary K Balakrishnan, Tamilaga Valvurimai Katchi leader T Velmurugan, Manitha Neya Makkal Katchi leader MH Jawahirullah and Tamil Desiya Periyakkam leader P Maniarasan took part in the protest. The villagers claimed…
(DC) Union Minister for Petroleum and Natural Gas Dharmendra Pradhan along with Union Minister of State (IC) Power R.K. Singh attended launch of Skill Development programme in six states in collaboration with ‘Saubhagya’ on Tuesday. A training programme has been launched in six states to skill manpower in the power sector to support the Rs 16,320 crore ‘Saubhagya’ scheme to provide electricity connections to more than 4 crore families across the country by 2018 end. The vocational training programme was launched today in Assam, Bihar, Madhya Pradesh, Jharkhand, Odisha and Uttar Pradesh. An agreement was signed between the Power Ministry…
(Tribune) Uttarakhand Legislative Assembly was adjourned sine die on Monday by the Speaker Prem Chand Aggarwal. During the six-day session the state’s annual budget (2018-2019) totalling Rs 45,585 crore was passed.In all 17 bills were passed, including the Uttarakhand Appropriation Bill (2018), Freedom to Religion Bill (2018) that stipulates punishment up to five years (max) for forced conversions and Cow Progeny improvement of stock Bill (2018).During the session that began on March 20 at Bhararisain (Gairsain), a total of 1081 questions were received and the ministers replied to a 361 questions. Out of a total of 1,081 questions 56 were…
(LiveMint) Prima facie, telecom sector incumbents Bharti Airtel Ltd, Vodafone India Ltd and Idea Cellular Ltd have done well to protect market share despite Reliance Jio Infocomm Ltd’s relentless aggression. Subscription numbers released by the Telecom Regulatory Authority of India (Trai) show that the Vodafone-Idea combine improved their share of active subscribers from 39% in March 2017 to 40.2% in January 2018. Airtel did even better, increasing its share by 470 basis points to 30.9%. Reliance Jio increased its share by 580 basis points, which, of course, represents a much faster growth, given its low base. Its share in March…
(PTI) India’s oil import bill is likely to jump by a quarter to USD 87.7 billion in the current fiscal year which ends this weekend as international oil prices have surged. India had imported 213.93 million tonnes (MT) of crude oil 2016-17 for USD 70.196 billion or Rs 4.7 lakh crore. For 2017-18, the imports are pegged at 219.15 MT for USD 87.725 billion (Rs 5.65 lakh crore), according to the latest data available from oil ministry’s Petroleum Planning and Analysis Cell (PPAC). India relies more than 80 per cent on imports to meet its oil needs. During first 11 months of current…
(DJ) सरकार ने कहा है कि अनुच्छेद 370 खत्म करने के लिए कोई प्रस्ताव नहीं है। इस अनुच्छेद के तहत जम्मू एवं कश्मीर को विशेष राज्य का दर्जा हासिल है। केंद्रीय गृह राज्यमंत्री हंसराज अहीर ने मंगलवार को लोकसभा में यह जानकारी दी।अहीर भाजपा सांसद अश्विनी कुमार के एक सवाल का जवाब दे रहे थे। कुमार ने पूछा था कि क्या सरकार संविधान के अनुच्छेद 370 को खत्म करना चाहती है? अहीर ने इसी सवाल के लिखित जवाब में कहा कि सरकार के पास ऐसा कोई प्रस्ताव नहीं है। हरियाणा के करनाल से सांसद कुमार ने यह भी पूछा था…
(PTI) The Lok Sabha today failed to take up again notices for no-confidence motion against the government after Speaker Sumitra Mahajan said the House was not in order and adjourned proceedings amid noisy protests over various issues. In a novel way to convey they have enough numbers to seek the no-confidence motion, members from the Congress, the Left and some other parties displayed blue-coloured placards, each with a circled number along with the words ‘For no- confidence’. The numbers ranged from 1 to at least 80. At least 50 members need to support a no-confidence notice for the House to accept it…