Rising demand for sponge iron may put upward pressure on the price of the steel-making raw material, reports indicate. Demand for sponge iron has increased after steel companies started using this in a greater quantity in place of steel scrap
Author: admin (Infratructure Today)
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OVL net profit up by 72% on higher oil, gas output
On the back of higher output of crude oil and natural gas the overseas arm of State-owned Oil and Natural Gas Corp (ONGC) ONGC Videsh (OVL) has reported a 72 per cent jump in its net profit in the June quarter. In the April-June quarter its net profit rose by 71.9 per cent to Rs 837 crore from Rs 487 crore a year ago.
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RIL urges govt to hasten oil, gas project clearances
Over the Union government's excessive delays in giving regulatory clearances to its five key oil and gas projects worth $7.5 billion Reliance Industries has flagged the attention of special cell of the Prime Minister-led Cabinet Committee on Investment (CCI). If approved, these projects have the potential to produce about 30-40 million standard cubic metre per day (mmscmd) of gas, increasing the country's output by about 25 per cent in the next 4-5 years, industry executives said.
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Luggage scanner to function soon at Beypore port
In Kozhikode's Beypore Port security would further be strengthened with the operation of the luggage scanner by mid-September. The Department of Ports had bought the scanner, along with several other surveillance instruments.
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Global slowdown hits ports sector as well
The global economic slowdown has also hit the country's port sector. officials in the port industry say the same. Things are not likely to be rosy in the immediate future given the continuing global economic slowdown. It may not be the right time to start a container terminal as there is no visibility of cargo, says an official at Kattupalli Port, near Chennai, from where the first regular container service (from Kattupalli Port) will commence from September 19 to Singapore and Port Klang.
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RBI working paper moots new banking structure
The Reserve Bank of India (RBI) released a discussion paper on the proposed structure of banking system in India. The paper calls for abandoning the present two-tier banking structure in favour of a four-tier banking structure, which would usher in more competition, and resilience in the
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Nabard sanctions Rs 176 cr to Gujarat for agri-infra
Under its Rural Infrastructure Development Fund-XIX (RIDF-XIX) the National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs 175.74 crore to Gujarat. The funds would be used for construction of lift irrigation facility consisting of a 32.90-km pipeline for transmission of 200 cusecs of water in Mehsana district.
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SAIL plans to sell 1 mn t steel through dealerships
Through its dealers, state-run Steel Authority of India (SAIL) plans to sell 1 mn t of steel, SS Mohanty, Director (technical) of the firm said. He said this while addressing the Annual Dealer's Award ceremony. The event was conducted to award the company's outstanding dealers in the Eastern Region
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Essar secures Rs 700 cr BPCL contract in Kochi refinery
Essar Projects (EPL) has bagged a contract worth Rs 700 crore from Bharat Petroleum Corporation (BPCL). The scope of work includes project management, residual process design, detailed engineering, procurement, fabrication, construction, commissioning, and performance testing of the Coke Drum Structure Package (CDSP) of the Delayed Coker Unit (DCU) at the BPCL Kochi Refinery for the Integrated Refinery Expansion Project.
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Panel clears $4 bn investment plan of RIL, partners
At a recent meeting, a block management committee approved the proposed investment of $4 billion by Reliance Industries and its partners to produce natural gas from the D34 blocks in KG-D6 basin. The partners of RIL in this venture are BP Plc and Niko Resources. D34, which is part of the R-Series gas-field in the block, was declared commercially viable. R-serie