Owing to the sharp depreciation of rupee against the dollar, Oil marketing companies (OMCs) may hike the price of petrol Rs 1.5-2 per litre, industry sources informed. In recent trading sessions, the Indian currency declined to a record low of 58.96 against the dollar because of global financial market developments. The weakening of rupee in the last four weeks caused Rs 20,000 crore of under-recoveries for state-run OMCs, medi
Tag: loss
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Under-recovery on diesel sales rises
According to union oil ministry, the under-recovery incurred by oil marketing companies (OMCs) on sale of diesel at subsidised price for the second fortnight effective June 1 rose to Rs 4.87 per litre from Rs 3.73 per litre on May 16. However, under-recoveries towards PDS kerosene and domestic LPG declined to Rs 27.75 per litre (from Rs 27.93 per litre) and Rs 335.14 per cylinder (from Rs 378.38 per cylinder), respectively, the ministry said in a state
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Govt may take back navaratna tag from SCI
With the Shipping Corporation of India (SCI) announcing loss for two consecutive years, it may lose the coveted navaratna status, which is given to only profit-making state-run companies. It may be noted that the loss of the firm stood at Rs 428.2 and Rs 114.3 crore in 2011-12 and 2012-13 respectively
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Minister hopes to control fuel subsidy at Rs 800 bn
Finance Minister P Chidambaram expressed confidence that the overall fuel subsidy burden during 2013-12 may not exceed Rs 80,000 crore. The finance ministry is relying on the partial de-regulation of diesel pricing, the cap on subsidised cooking gas (LPG) and export parity pricing to reduce its oil subsidy burden by at least 80 per cent. He said of the Rs 80,000 crore, government has Rs 2
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Ministry to pay Rs 450 bn compensation to OMCs
Union finance ministry agreed to pay Rs 45,000 crore to state-run oil marketing companies (OMCs) for incurring losses on sale of diesel, kerosene and cooking gas at below market price. The Rs 45,000 crore is in addition to the Rs 55,000 crore already paid to the OMCs as compensation for under-recoveries. Thus, for the financial year 2012-13 as a whole, the government will pay Rs 100,000 crore to stat
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GVK Power has Rs 160 bn debt
GVK Power and Infrastructure sits on a total consolidated debt of Rs 16,000 crore, according to the earnings results released by the company. Although this is lower than the debt level of some other companies in the infrastructure sector, interest cost on the debt is a huge drag on the firm's balance sheet. GMR Infrastructure, which is a peer company of GVK,
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Under-recoveries of PSU OMCs may decline
Under-recoveries of state-run oil marketing companies (OMCs) may decline owing to the fall in the price of crude oil in the international market, ratings agency Crisil said. Under-recovery refers to the difference between the purchase price of crude oil and the retail price at which
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Fall in gas output at KG D6 hits RGPPL’s operation
Falling output at the Reliance Industries' (RIL) KG D6 basin affected natural gas supply to Ratnagiri Gas & Power's (RGPPL) 1,967 mw Dabhol power plant in Maharashtra. Consequently, power generation has been stopped at the plant since February 21. Following this, MahaVitaran, which procures 95 percent power, stopp
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Minister rules out recast of loss-making units
Union Minister of Steel, Beni Prasad Verma ruled out any question of revival or restructuring of loss making plants or units of Steel Authority of India (SAIL). He argued that although some plants or units of SAIL have reported losses, SAIL on the whole is making net profit and hence there is no case for revival or restr
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Lloyds Steel seeks shareholder nod for name change
On March 4, Lloyds Steel has called an Extraordinary General Meeting of its shareholders to clear the change in the name of Lloyds Steel Industries to Uttam Value Steels after Uttam Galva group acquired 58.35 per cent stake in Lloyds. It may be noted that the board of directors of the firm cleared the change in name of the company recently