Public Company
The power ministry and the Central Electricity Authority (CEA) have projected a total investment of Rs 20,120 crore for renovation and modernisation, as well as extending the life span, of various old power plants during 11th and 12th Five-Year Plans.
Vice President Hamid Ansari and Prime Minister Manmohan Singh today visited the CPI (M) headquarters here to pay homage to Marxist veteran Jyoti Basu.
Jeera future prices are likely to firm up in January as there is a possibility for renewed export demand in the market. The demand from overseas market is expected from first week of January 2010 and this may support the price to strengthen.
Senior Samajwadi Party leader Amar Singh today ruled out withdrawal of his resignation from party posts, saying he would "not slog" for the organisation the way he used to.
- Mulayam plays down Amar resignation as "nothing big" - Amar Singh quits as SP general secretary - Mum"s the word for Mulayam on Amar"s resignation - Amar Singh quits SP posts - Aditi Phadnis: Back to the future">Aditi Phadnis: Back to the future - Aditi Phadnis: Testing times for Telangana">Aditi Phadnis: Testing times for Telangana
Samajwadi Party leader Amar Singh today said as his resignation from key posts was not yet accepted by Mulayam Singh Yadav, he would not be able to actively participate in party-related issues.
A K Bhattacharya / New Delhi December 22, 2009, 0:02 IST
After hitting a 13-month high in October, external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) issued by Indian companies dipped slightly to $2.35 billion.
Till last fortnight, that was the universal reaction to this business group that is trying to stitch up what could be this year’s most ambitious business deal involving telecom companies in India, now that the Bharti-MTN deal has collapsed. Over the last fortnight, however, the broadly-built Farid Arifuddin who heads the 10-year old group, has made up for lost time. He’s met Sunil Mittal to see if he could get him to drown his MTN woes by buying into the $6.9 billion Zain Telecom (it has 41 million customers, operates in 24 countries across west Asia and Africa and has a market cap of $19.5 billion). While Mittal says he’s not interested in courting anyone on the rebound, Arifuddin has met Communications Minister A Raja and also various officials in BSNL and MTNL to work on alternate investors for his special purpose vehicle (SPV) which will pick up a 46 per cent stake in Zain.
Danish wind player plans to invest Rs 1,750 crore for the project.
Signs of a deepening recession in the US, Japan and Europe have prompted investors to pull money out of developed-market stocks.
Robots by Indian entrepreneurs are being developed at less than half the cost of imported ones.
Following the Insurance Regulatory Development Authority’s (Irda’s) cap on insurance charges, Life Insurance Corporation (LIC) is looking at measures like increasing the minimum premium and lock-in period, and rejigging other expenses such as fund management charges, for unit-linked insurance plans (Ulips).
Toshiba JSW is planning to commence Phase-I operations of its super-critical power equipment manufacturing plant at Ennore, near Chennai, by the end of 2011. The Rs 1,000 crore is expected to go on stream by 2014.
In a country where data and information flow is like water on the Moon, bankers who are smart often take advantage of a statistical lie. “When I was a general manager in the planning department, I used to say come to me, I will give all the information.
With Indian Railways having developed two automobile wagon rakes (trains), with a holding capacity of almost 550 cars each for transport of vehicles from sites closer to their manufacturing bases to their final destination, auto manufacturers say they look forward to increasingly using this form of transport for their products.
Sunanda K Datta-Ray / New Delhi October 24, 2009, 0:25 IST
Novartis finally ended with a Rs 21 or 3.6% gain at Rs 590. Around 30,063 shares changed hands at the counter today.
The Reserve Bank of India (RBI) today tightened the guidelines for external commercial borrowings (ECBs) by withdrawing relaxations provided to companies to raise money from overseas debt markets, a move that will contain surge of capital flows.
Two human rights activists have been arrested here by the West Bengal Crime Investigation Department for their alleged links with Maoists and PCPA top brass in Lalgarh. Gana Pratirodh Committee secretary Raja Sarkhel and state secretary of the same human rights organisation Prasun Chatterjee were picked up from their residence in Jadavpur in the southern part of the city last night.
In a short-list bereft of Indian writers, this year"s Man Booker prize has gone to British novelist Hilary Mantel for her gripping 16th century tale titled "Wolf Hall".
Government today said it is concerned about development of backward districts and of "BIMARU" (Bihar, Madhya Pradesh, Rajasthan and Uttar Pradesh) states and has allocated Rs 4,670 crore for underdeveloped districts for the 11th Plan period.
Palak Shah / Mumbai November 26, 2009, 1:21 IST
Educomp Solutions surged 5.91 per cent to close at Rs 4,712 on finalising the record date for Stock split. The company at their Annual General Meeting held on September 26, 2009 approved of sub-division of each of the existing equity shares of face value of Rs 10 each fully paid-up into five equity shares of face value of Rs 2 each fully paid-up.
In an attempt to quell the dissidence in the ruling BJP in Karnataka, chief minister B S Yeddyurappa has expanded his ministry by inducting rebel MLA M P Renukacharya into the cabinet. Renukacharya, prominent among the dissidents, who had questioned Yeddyurappa’s leadership, was administered the oath of office and secrecy by Governor H R Bharadwaj at a brief ceremony here today.
The fast moving consumer goods (FMCG) sector has once again emerged as the industry of choice for this year’s management graduates.
Senior Congress leader Pranab Mukherjee today steered clear of questions with which party the Congress would align to form the next government in Jharkhand which is heading towards a hung Assembly.
In the words of our present Chief Justice of India,“….. the citizens’ faith in the judicial system will begin to wane because justice delayed is justice forgotten, excluded and finally discharged “ The quote certainly does not auger well if one were to look at pendency of tax cases in different layers of our judicial hierarchy – 28,000 cases in high courts with disposal rate of roughly 6000 each year. Ironically, the situation is worse in Mumbai, Delhi, Kolkata & Chennai where the wait time ranges between 10-15 years. Not to forget the figure of 2 lac crores often debated in the Parliament as arrears of tax in dispute. These could be more staggering in the future.
The life insurance industry recorded 12.85 per cent growth in new business premium during the first half of the financial year even though private players saw a drop in sales of new policies.
Finding the economy and markets back on the recovery path, more than 60 companies are looking to raise an estimated Rs 50,000 crore through sale of shares and awaiting the regulatory nod for the same.
Riding on the back of rising auto sales last month, the non-life insurance industry has recorded a marginal rise in premium collection.
The stock erased all its gains and slipped into the negative terrain to touch a low of Rs 90. The scrip finally ended at Rs 91, down 2% from its previous close. The counter clocked volumes of 3.71 million shares as compared to the two-week daily average traded volumes of 1.11 million shares on the BSE.
The latest GST move is why the tax holiday notifications are being sought to be ended by March 2010.
Gujarat government has given its green signal to Nirma Ltd"s controversial cement plant in Mahuva. The company has been aiming to foray into cement production by setting up a 2.4 million tonnes cement plant in Bhavnagar district for an estimated investment of Rs 1000 crore, according to industry sources privy to the development.
In a bid to attract more Indian students to the US, ten universities from the US have collaborated with IDP Education, a student placement service provider.
The murder of a 21-year-old Indian national, Nitin Garg, in Melbourne has further tarnished Australia’s reputation for hosting Indian students. For the academic year 2010, overseas education consultants are predicting a 20-50 per cent fall in the number of students applying to Australian universities.
Nobel Laureates / October 11, 2009, 0:06 IST
S M Krishna / October 4, 2009, 0:45 IST
A V Rajwade / New Delhi September 26, 2009, 0:41 IST
The murder of a 21-year-old Indian national, Nitin Garg, in Melbourne has further tarnished Australia’s reputation for hosting Indian students. For the academic year 2010, overseas education consultants are predicting a 20-50 per cent fall in the number of students applying to Australian universities.
Leading Indian rock bands will perform today in New Delhi for spreading awareness about climate change
External Affairs Minister S M Krishna arrived here today to attend the meeting of the seven-nation BIMSTEC that will focus on jointly combating terrorism and promoting free trade. "We have already identified 14 areas of cooperation which include health, energy, technology, human resource development, trade, tourism and culture," Krishna told reporters accompanying him to Myanmar.
The zeitgeist builds itself; being right up close to events, we see at first only the separate bricks. At some particular moment, however, a precipitating event suddenly converts the soup of soluble doubts to a crystal of certainty. Bricks become house.
Rrishi Raote / New Delhi November 14, 2009, 0:36 IST
The zeitgeist builds itself; being right up close to events, we see at first only the separate bricks. At some particular moment, however, a precipitating event suddenly converts the soup of soluble doubts to a crystal of certainty. Bricks become house.
The Organisation of Petroleum Exporting Countries (Opec) has projected that a rise in India’s gross domestic product (GDP) would lead to increased oil consumption next year. India oil demand was not affected by the economic crisis in 2009, and next year’s oil usage is forecast to grow further. All sectors are seeking more energy and new vehicle registrations are expected to continue the fast growth of 2009. These factors would push up oil demand by 15 per cent, making it the fastest growing product in terms percentage rise, Opec said.
Autonomy with more powers for the commodity futures market regulator, Forward Markets Commission (FMC), now seems certain with the Reserve Bank of India saying that futures trading cannot be held responsible for the recent spurt in essential commodity prices. This clearly means that futures trading is getting support from policy-makers — a fact that is likely to prompt the government to introduce the Bill granting more powers to FMC in the next Parliament session.
“Prices of crude palm oil (CPO) are expected to surge 20 per cent to surpass 3,000 ringgit later this year, on falling output in the mainland production centres that are Malaysia, Indonesia, Argentina and Ukraine,” a paper presented by Dorab Mistry, director of Godrej International said in Jakarta on Monday.
French car maker giant Renault today said it will launch two models in India in 2011 that will be rolled out from the company"s upcoming Chennai plant.
Gains in global markets and foreign buying helped Sensex move past 17,000 mark after 15 months. In a truncated week, BSE Sensex rose 440 points or 2.6 per cent to 17,135 and Nifty rose 125 points or 2.5 per cent to 5,083. Broader indices performed better than BSE Midcap and BSE Smallcap indices, each delivering 1.2 per cent and 1.8 per cent, respectively. The market was buoyed by IMF"s statement that India’s GDP would grow at 6.4 per cent for CY09 and that the world economy would contract less than expected.
India"s economy is expected to grow between 5.2 per cent and 5.8 per cent in 2009-10, much lower than last year as the agriculture output is estimated to decline significantly because of drought in 276 districts of the country, an industry paper said.
US jobs: Optimism over the small decline in the US unemployment rate is premature. The stock market enjoyed a mini-rally after the government reported that the jobless rate had fallen to 9.4% from 9.5%. But this was caused by a decline in the labour force, which is not a sign of economic revival. The fiscal and monetary mess could lead to a halting recovery with ongoing job losses.
Life science company NYSE listed Millipore Corporation is understood to have paid out Rs 270 crore to gain full control of its Indian arm. The company during November 2009 struck a deal to buy out the 60 per cent stake held by pharma entrepreneur Subhash Bagaria in the Bangalore-based joint venture of the firm.
Fund flows into emerging equity and riskier bond markets slowed for the week ended December 2 amid Dubai"s multi-billion debt woes, a fund tracking consultancy said.
The German Auto major Volkswagen today rolled out its first made-in-India car "Polo" at its plant at Chakan, near here in the presence of Maharashtra Chief Minister Ashok Chavan.
Cost pressures due to rising input prices may hit profitability.
News reports in business dailies, including this one, tell us almost every day that India and Asia continue to grow at a robust rate. While developed nations are still suffering from the effects of the recession, India and most of Asia are clocking impressive growth rates.
Business Standard / New Delhi December 25, 2009, 0:36 IST
The government may not be able to rescue the inflation-hit plastic industry, but researchers at Pantnagar University have lent a ray of hope to it. The environment ministry had recently asked the plastic manufacturers to express their views as to why should the production of plastic packets smaller than the size of 18’ by 12’ not be banned? The notice has raised uproar in the plastic industry as according to manufacturers, 90 per cent of plastic consumption is done in sizes smaller than the proposed ban.
Reliance Industries Executive Director R Ravimohan is no more. He died Monday night due to a severe cardiac arrest. He was 52. Ravimohan is survived by wife Madhuralakshmi, daughter Hridaya and son Jagad.
The government is committed to financial sector innovations and reforms, a senior government official said.
The government today indicated it will continue sops for Indian exporters who have seen a sharp contraction in orders since October last year.
With the price of domestic cotton rising and a high level of export contracts, the Confederation of Indian Textile Industry (Citi) has renewed its demand for restricting the latter.
Oil prices rose in Asian trade today as traders were heartened by renewed demand for energy in the region, dealers said.
Industry bodies were enthused by the more than anticipated GDP growth of 7.9 per cent in the second quarter (Q2) of the current financial year, 2009-10, along with the increase in consumption and investment. However, they are apprehensive about the sustainability of growth.
Railway Minister and Trinamool Congress chief Mamata Banerjee today hit her predecessor Lalu Prasad where it hurt him most—on the supposed turnaround of Indian Railways during Prasad’s regime.
The union government may soon decide on keeping half of the electricity it is entitled to from public sector power generating units for sale to states.
The People’s Republic of China marked its 60th birthday with a show of manpower. It was as spectacular and heartless as the opening ceremony of the last Olympics. These extravaganzas may be doing the nation a disservice abroad, by reinforcing stereotypes of the Chinese as obedient, mass-produced, and invisible as individuals; collectively, able to achieve feats of engineering and display; separately, merely well trained. What an appalling public relations burden to carry! At least India and Indians are defined in the foreign imagination by chaos, layers and infinite variety, which seems somehow more human and forgivable.
The Supreme Court today hinted that it will ask the Madras High Court to hear together the winding up and the merger proceedings of cash-strapped retail chain Subhiksha Trading Services with Blue Green Construction and Investments (BGCIL).
The economic and financial status of emerging market economies like India would continue to improve in the days to come and the recent downturn would help accelerate the trend, a Deutsche Bank report said.
The swine flu death toll touched 108 today with two more persons succumbing to the disease.
Hyderabad-based Aurobindo Pharma Limited received approval from Swissmedic, an agency of Switzerland government for therapeutic products, for the licence of Cefepime APL for injection 1g and 2g.
Pharma majors Ranbaxy and Aurobindo Pharma today said that they have received final approval from the US Food and Drug Administration(USFDA) to manufacture and market Sumatripan Succinate.
Drug maker Cipla today said it will raise Rs 1,500 crore from international market by issue of securities.
The simmering tiff between the family members of the century-old retail firm Nilgiri’s and its private equity investor, the UK-based Actis, became more complicated on Friday.
As is now well known, the Task Force appointed by the Thirteenth Finance Commission, Government of India, has issued a report on December 15, 2009 detailing the recommendations on various issues relating to the design and implementation of the proposed GST in India.
As crude oil prices touched a fresh one-year high, trading at above $75 a barrel on Thursday, analysts and oil sector executives said underrecoveries could rise and become a cause of concern.
Even before 2009 started, all initial indicators suggested that India Inc’s year in the UK would be that of the Tatas. The close of the year simply confirmed this with plenty of interesting developments leading to that foregone conclusion.
Malaysian conglomerate Ascenteus Holdings is looking to raise $40 million - $50 million (Rs 185 crore - Rs 235 crore) via the private equity route in India to part-fund its $400-million mega residential project coming up in Kuala Lumpur.
What happens when the apex patents organisation brings an economist, sorry, a chief economist, on board? You get a report that links the impact of the economic crisis to patent filings and seeks to explain a complex pattern through a fixed prism. You also get a report with a snappier title even if its conclusions are not entirely convincing.
The Goa government today said it will invoke the Epidemic Act only when chartered flights, carrying foreign tourists begin to arrive in the coastal state, in September end.
Originally, Andhra Pradesh was to be the recipient of the first unique identification (UID) number. However, political unrest in the state has taken its toll. Now, it appears that Nandan Nilekani’s project will be rolled out first in the state most ready for it — Karnataka. Pilot projects have already been done and the majority of Karanataka’s population will have UIDs by the end of 2011. The proactive state government has also set up an empowered committee on UIDs under the chief secretary. The state cabinet will, at its next meeting, decide who will be on the committee. The numbers will begin to be issued by February 2011.
India has slipped behind in this year’s onion export market to its nearest competitor, Pakistan, due to the latter’s low pricing of the politically sensitive commodity.
Police have made elaborate arrangements to prevent any untoward incident in the light of the various students organisations and the Telangana Rashtra Samithi (TRS)’s proposed rally to the state Assembly on Thursday demanding separate statehood for the Telangana region.
Business Standard / New Delhi December 17, 2009, 0:58 IST
Thanks to the Congress party blinking in the face of K Chandrasekhar Rao’s fast and declaring that it would support the creation of a Telangana state, an unprecedented crisis has been created. As many as 130 MLAs in the state assembly have already resigned, and it is possible there will be a similar move among the MPs. Thanks to the Telangana move, there are already protests from Rayalseema supporters.
A day after announcing decision to form separate Telangana state, Government today told Parliament that TRS chief K Chandrasekhar Rao has been invited here for talks to discuss the next step in the process.
Chennai-based Pharma major Orchid Chemicals & Pharmaceuticals today said that it has settled patent litigation with Schering-Plough Corp SGP.N, a US-based drug maker. The issue was related to generic versions of its allergy medication, Clarinex.
The Centre, in an attempt to end the imbroglio over Telangana, today convened a meeting here on January 5 of eight recognised political parties in Andhra Pradesh for a discussion on the issue, a move welcomed by a grouping of all parties spearheading the statehood stir.
Those who seized the opportunity and made a difference.
Steel magnate Lakshmi Mittal has pulled out of a project to develop an oil field in Kazakhstan in partnership with Oil and Natural Gas Corp (ONGC) and is looking for buyers for its stake in another company in the Central Asian nation.
Atul Chaturvedi has taken over as the Secretary in the Ministry of Steel.
Mahindra Satyam today said its financials are not necessarily bad as has been made out, even as investors were roiled by reports that the accounting fraud in the company could be double the initial estimate of Rs 7,800 crore.
CPI(M) Politburo member Sitaram Yechuri was invited to participate in the Hindustan Times Leadership Summit. While giving him the invite, the organisers told him about the other participants, including former US president George Bush. When Yechury was asked the time that would be convenient to him, he made just one request — ensure the maximum possible time gap between his and Bush’s sessions. Bush addressed the summit on Saturday morning while Yechury, along with the Bharatiya Janata Party’s Sushma Swaraj and Shiromani Akali Dal’s Sukhbir Singh Badal, took the stage after a few hours.
With fissures widening between the warring factions in the BJP in Karnataka the party’s top leadership summoned them to New Delhi after rebels remained firm on their demand for change in the leadership of chief minister B S Yeddyurappa.
Eyes 20% growth in cryogenic engineering business in 2010-11
A K Bhattacharya / New Delhi December 30, 2009, 0:02 IST
T N Ninan / New Delhi October 31, 2009, 1:07 IST
Ajai Shukla / New Delhi October 20, 2009, 0:37 IST
Six global vendors have been shortlisted.
The country"s manufacturing sector is likely to witness a rise in hiring activity in the last three months of this year due to an expected increase in demand, says a report by Japanese securities firm Nomura.
RIL Director PMS Prasad addresses the many charges laid at the company’s door
Chairman of the Atomic energy Commission (AEC) Anil Kakodkar has ruled out Foreign Direct Investment (FDI) in nuclear power plants, but said there were no restrictions for the private sector to manufacture nuclear equipment and construction.
Trashing the contention that the Pokhran-II nuclear tests in 1998 were a failure, India’s top scientists today said all objectives had been achieved and the country now has the deterrence capability of up to 200 kilotons.
India today announced it has designed a new version of Advanced Heavy Water atomic reactor which will use lesser low enriched uranium along with thorium as fuel and having next generation safety requirements.
The government today said India is more prepared to deal with a Satyam-like fraud that hit the corporate world with the disclosure of about Rs 10,000 crore fudging of accounts by the founder of the IT firm B Ramalinga Raju a year ago.
People from socially and economically-backward sections had a glimmer of hope in 2009 as the government went ahead with its policy of social inclusiveness.
Luxury car maker Honda Siel Cars India today launched a new version of its sports utility vehicle, Honda CR-V, priced between Rs 21.9 lakh and Rs 24.12 lakh (ex-showroom, Delhi).
The big three US automakers - Ford, Chrysler and General Motors - saw their US sales decline by double digits in 2009 as growing unemployment and a sluggish economy curbed demand for vehicles.
To double annual production capacity at Manesar plant
Three train accidents, 69 flight disruptions and power failure in four states on the first fog of the season
The German luxury carmaker Mercedes-Benz India today showcased two new cars--SLS AMG Desert Gold and the hatchback coupe Concept Fascination--at the ongoing 10th Auto Expo here.
Food inflation, as measured by the Wholesale Price Index (WPI), rose to 19.83 per cent for the week ended December 19 primarily due to rising prices of potatoes, pulses and other vegetables. Food inflation stood at 18.65 per cent for the previous week ended December 12 and at 9.38 per cent during the corresponding period in 2008.
Shobhana Subramanian / Mumbai December 4, 2009, 0:53 IST
The country largest liquor manufacturer, United Spirits Limited (USL) today said it will raise $300 million through various channels to repay part of its debt.
Barack Obama / December 6, 2009, 0:20 IST
Sreelatha Menon / New Delhi November 1, 2009, 1:04 IST
Oil and Natural Gas Corporation (ONGC) has been forced to exit from a gas block in Trinidad and Tobago after its partner Lakshmi N Mittal walked out of the project.
The world"s largest economy US climbed out of recession as it grew by 3.5 per cent in the third quarter ending September 30 -- the first quarterly expansion in a year -- thanks to higher consumer and government spending among others.
Seeks 40% lower funding from Asian Development Bank.
After the near-flat growth in the first two quarters quarters, the third-quarter earnings of the 30 Sensex companies are expected to increase by 20 per cent, indicate analysts from Angel Broking, IDFC-SSKI and Motilal Oswal.
Improved economic conditions globally helped the Tata-owned, British-based, brands Jaguar and Land Rover (JLR) post 30 per cent growth in November, selling 18,825 units compared with the same month last year.
Domestic passenger car sales jumped by 40.27 per cent to 1,15,268 units in December last year.
Ivy League colleges – Yale, Harvard, Princeton and the Massachusetts Institute of Technology – have approached the ministry of human resources development to collaborate in the proposed Innovation Universities across the country, official sources said.
Canon India, leading photographic and digital imaging company, expects to clock a 20 per cent growth this year. It earned a revenue of Rs 665 crore in 2008, registering a 20 per cent growth in the first eight months of 2009.
Subir Roy / New Delhi January 8, 2010, 0:42 IST
JSW Steel is in talks with Japanese firm JJFE Holdings on equity sharing arrangement of JSW Bengal Steel, which is setting up a 10-million tonne steel plant in West Bengal.
Former US President Bill Clinton today made a surprise trip to North Korea amid an international standoff over the country"s nuclear programme and concerns about two US reporters imprisoned in Pyongyang since March.
Analysts, economists plan to raise their IIP forecasts
Pitching for continuance of the stimulus packages, Planning Commission Deputy Chairman Montek Singh Ahluwalia today said the concessions given to the industry to combat global financial meltdown need to remain till the economy achieves 7 per cent growth rate.
The United States today said it is open to bilateral talks with North Korea if Pyongyang takes some concrete steps to fulfill its commitments.
The Ministry of Finance has assured the Planning Commission of at least 15 per cent increase in gross budgetary support (GBS) for 2010-11, over the 2009-10 budget estimates.
Assistance will be used to for infra projects, recapitalsation of PSU banks
Government-owned India Infrastructure Finance Company Limited (IIFCL) expects to disburse close to Rs 11,500 crore this financial year.
The Visakhapatnam zone of Andhra Bank is targeting to end the current financial year with a total business of Rs 3,600 crore.
VA Tech Wabag Ltd to build the Rs 1,033-crore project
State-owned Oil and Natural Gas Corp"s Rs 13,000 crore Dahej complex will be the anchor tenant at the proposed special area for chemical and petrochemicals industry in the Gujarat city that may attract a total of Rs 50,000 crore of investment.
Paving the way for availing concessional finance, the Orissa government and its financing arm, Orissa State Finance Corporation (OSFC) today inked a tripartite agreement with Small Industries Development Bank of India (SIDBI).
Baltic Dry Index touched 4,381 on Tuesday, a 14-month high.
A rise of about 70 per cent over 45 days in the Baltic Dry Index (BDI), the global benchmark for shipping freight rates of dry bulk carriers, has failed to cheer Indian companies, who see it as only a temporary surge.
Car market leader Maruti Suzuki India today reported 50.6 per cent jump in its sales in December last year at 84,804 units.
The Indian Auto Gas company, engaged in distributing LPG for automobiles, plans to set up 1,000 gas filling stations across the country over a three-year period at a cost of Rs 700 crore, a top company official said.
Gold, little changed in New York and London on Tuesday, may gain as a weaker dollar revives demand for the precious metal as an alternative investment.
Indian Oil Corporation Ltd (IOCL), which is setting up a 15 million tonne per annum refinery at Paradeep, has so far invested Rs 2,200 crore in the project. While the cost of the refinery excluding the petro-chemical complex is estimated at Rs 29,777 crore, IOCL has already committed Rs 4,680 crore, said state industry minister Raghunath Mohanty.
ArcelorMittal, the world’s largest steel maker, will benefit from a windfall of £1 billion (Rs 7,000 crore), thanks to the carbon credits issued to it under the European Trading Scheme. The Sunday Times today reported that ArcelorMittal will be the single largest beneficiary under the ETS due to its dominant presence in Europe.