New Delhi

Petrol price slashed: City wise rates

Petrol priceNew Delhi: Petrol price will be cut by Rs 1.89-2.38 per litre from August 15, the second reduction in rates in a month and the steepest in 11 months.

Petrol price, which were last cut by 90 paise (Rs 1.09 a litre after including local sales tax) on August 1, will be further reduced by Rs 1.81 per litre.

After including local sales tax or VAT, the reduction in Delhi comes to Rs 2.18 per litre. Petrol from August 15 here will cost Rs 70.33 a litre as compared to Rs 72.51 currently.

Following are the revised prices of petrol in four metros after oil firms cut rates with effect from midnight of August 14/15:

Bhopal-bound Jet flight aborted after fire alarm

Jet FireNew Delhi: A fire alarm in a Jet Airways flight from here to Bhopal caused a scare as it was about to take off early Thursday.

No one among over the 70 people on board were injured in the incident that took place around 0545 hrs, airport sources said.

ATR 72 turbo prop aircraft, operating flight 9W 2654, abandoned take
off after the pilots saw the alarm on the cockpit flight panel.

aircraft returned to the bay where the passengers were de-planed. They
were later taken to their destination by another aircraft, the sources

Lenders may tighten screws on Bhushan Steel, decision on Aug 18

Bhushan SteelNew Delhi : With Rs 40,000 crore exposure to cash-strapped Bhushan Steel, PNB-led bank consortium will meet on August 18 to decide future course of action including setting up a team for day-to-day monitoring of financial affairs of the firm whose MD is embroiled in a bribery case.

"Banks, which together have exposure of about Rs 40,000 crore, will appoint a consultant to conduct forensic audit to ascertain if there was siphoning of bank loans," sources said.

Besides, a decision to station a team of bank nominees to monitor financial affairs at the company would be taken in the consortium meeting on August 18, sources said.

FMC allows MCX to discontinue potato futures

FMC allows MCX to discontinue potato futuresNew Delhi - Leading commodity bourse MCX has been allowed to discontinue potato futures contracts expiring in the current and next month with immediate effect, according to the regulator Forward Markets Commission (FMC).

Earlier this month, MCX had sought the regulator's permission to discontinue potato futures on its platform.

In its letter dated August 6, FMC gave approval to the MCX to discontinue the potato futures contracts expiring in August and September 2014 with immediate effect.

FTIL Q1 net profit up 58% at Rs 128 cr

FTIL Q1 net profit up 58% at Rs 128 crNew Delhi - Financial Technologies (India) Ltd on Wednesday posted 58 percent jump in standalone net profit at Rs 128.24 crore for the first quarter ended June 30, 2014-15, on account of higher income.

The Jignesh Shah-led company had reported net profit of Rs 81.2 crore in the year-ago.

In a filing to the BSE, the FTIL said that total income increased to Rs 216 crore Q1, 2014-15 from Rs 169.54 crore in the same quarter of last fiscal, 2013-14.

The company has also declared first interim dividend of Rs 2 per share to be paid on September 5, the filing added.

MCX seeks exemption from divesting stake in MCX-SX

MCXNew Delhi : Commodity bourse MCX on Wednesday said it has written to Sebi seeking exemption from divesting its entire stake in stock exchange MCX-SX saying the company is no longer acting in concert with erstwhile promoter Financial Technologies.

In the wake of Rs 5,600 crore payment crisis at National Spot Exchange Ltd (NSEL), promoted by Jignesh Shah-led Financial Technologies (India) Ltd, Sebi had directed MCX to divest its stake in MCX-SX as well as MCX-SX Clearing Corporation Ltd.

ONGC net profit up 19% at over Rs 4,000 crore

ONGCNew Delhi: State-owned Oil and Natural Gas Corp on Wednesday reported 19 percent rise in net profit for the April-June quarter on realising higher crude oil prices.

Net profit of Rs 4,782 crore was 19.07 percent higher in the first quarter of 2014-15 than Rs 4,016 crore logged in the year-ago period, ONGC said in a statement here.

ONGC, which had almost flat crude oil production in Q1, had a net realisation of USD 47.51 per barrel as compared to USD 40.33 a barrel in Q1, 2013-14.

This was despite the subsidy outgo rising 4 percent to Rs 13,200 crore.

Petrol prices to be slashed

PetrolNew Delhi, Aug 13 : Petrol prices will be slashed in the country from Rs 1.89 to Rs 2.38 per litre, as per the state.

Petroleum Minister Dharmendra Pradhan has confirmed that for the second time in August, petrol prices will be reduced in the country. The change will take effect on 14 August midnight.

Petrol prices will reduce in Delhi by Rs 2.18 to stand at Rs 70.33 per litre. (ANI)

Tata Power to double generation capacity 18,000 MW by 2022

Tata-PowerNew Delhi: Electricity producer Tata Power aims to double its generation capacity to 18,000 MW from all sources of energy by 2022.

The company generates power from different fuel sources -- thermal (coal, gas and oil), hydroelectric power, renewable energy (wind and solar Photo-Voltaic).

Its current generation capacity is 8,613 MW.

Tata Power generated 11,866 million units from its thermal stations during the quarter ended June 30, 2014.

Its two projects -- Coastal Gujarat Power Ltd (CGPL) and Maithon Power Ltd (MPL)-- were the top contributors to increased generation.

Tata Steel's consolidated profit plunges 70% to Rs 337 cr in Q1

Tata-SteelNew Delhi: Global steel giant Tata Steel's consolidated net profit plunged by 70.38 percent to Rs 337.33 crore in the April-June quarter, mainly due to Rs 1,577 crore write-down in a project.

Tata Steel group had reported a net profit of Rs 1,139.01 crore during the corresponding quarter in 2013-14 .

Net profit for the quarter came in at Rs 337 crores, affected by exceptional charges despite improved operating performances across all geographies, the company said in a statement.

Case against Google for collecting classified data: Govt

Case-against-GoogleNew Delhi: A case has been registered against search giant Google for collecting classified data in violation of the National Map Policy 2005, the government said Wednesday.

"M/s Google India Pvt Ltd, without any approval of Ministry of Defence or any other agency of Government, conducted the Mapathon 2013 competition during February 12, 2013 to March 25, 2013 and collected data, including classified data, in violation of the National Map Policy-2005.

Shashi Tharoor supports Modi's "proxy war" statement

Shashi-TharoorNew Delhi, Aug 13  : Former Minister of State for External Affairs Shashi Tharoor, supporting Prime Minister Narendra Modi's "proxy war" statement, said that India always believes in working towards peace.

He said that if Pakistan shows any signs of working against terrorism then the two countries would like to walk in the same path.

Top 5 richest Indians have half of nation's billionaire wealth

Mukesh-AmbaniNew Delhi: The top five Indian billionaires led by Reliance Industries Chairman Mukesh Ambani collectively control USD 85.5 billion (about Rs 5,23,897 crore) in personal wealth, accounting for nearly half of the country's total billionaire wealth, a new study said Wednesday.

According to the analysis by wealth research firm Wealth-X of India's richest individuals, Mukesh Ambani remains the richest man in the country with an estimated net worth of USD 24.4 billion (about Rs 1,49,474 crore).

New natural gas pricing formula by Sept 30: Govt

Gas pipde lineNew Delhi: Government on Wednesday said it will come out with a new natural gas pricing formula by September 30 keeping in mind the interest of investors and public.

Replying to questions in Rajya Sabha, Oil Minister Dharmendra Pradhan said the NDA government decided to review the pricing formula keeping in mind public interest and recommendations of the Parliamentary Standing Committee.

The Minister did not share details, but said the decision will be taken keeping in mind interest of investors and public and the formula will be announced by September 30.

Gold futures down on weak global cues

goldNew Delhi: Gold prices fell 0.11 percent to Rs 28,699 per 10 gram in futures trade on Wednesday as participants reduced their positions largely with a weak trend overseas amidst subdued demand at domestic spot markets.

At the Multi Commodity Exchange, gold for delivery in October contracts eased by Rs 50, or 0.11 percent, to Rs 28,699 per 10 gram in business turnover of 549 lots.

Likewise, the metal for delivery in far-month December shed Rs 28 or 0.10 percent, to Rs 28,721 per 10 gram in 54 lots.

Industrial output growth slows to 3.4% in June; inflation worrisome

Industrial output growth slows to 3.4% in June; inflation worrisomeNew Delhi - Industrial output slowed down in June to 3.4 percent though it remained in the positive territory for third month in a row, while retail inflation inched up marginally in July on account of costly vegetables.

Not worried over the moderation of IIP, India Inc expects that the steps taken by the government to revive growth will yield results.

Insurance Bill likely to be soon referred to Select Committee

Insurance Bill likely to be soon referred to Select CommitteeNew Delhi : The controversial Insurance Bill is likely to be referred to the Select Committee of Parliament in a day or two amid receding hopes in the government over convincing the Opposition on supporting its first major economic reform initiative.

The bill, which proposes hike in FDI in insurance sector to 49 per cent, has been caught in a logjam with Congress-led Opposition insisting on referring it to a Select Committee.

Sun Pharma posts profit of Rs 1,390 cr in Q1

Sun PharmaceuticalNew Delhi : Sun Pharma Tuesday posted a consolidated net profit of Rs 1,390.51 crore for the first quarter ended June 30.

The company had posted a net loss of Rs 1,276.10 crore for the same period of previous fiscal.

Net sales of the company rose to Rs 3,926.85 crore for the first quarter, as compared to Rs 3,482.18 crore in the same period of previous fiscal, Sun Pharmaceutical Industries Ltd said in statement.

Industrial output growth slows to 3.4% in June

Industrial-outputNew Delhi: Showing signs of sluggishness in the economy, growth rate of industrial production slowed to 3.4 percent in June, as against 5 percent in May, mainly due to lower output of consumer goods.

However, the factory output number has remained in the positive territory for the third month in a row mainly due to a better show by manufacturing, mining and power sectors and higher output of capital goods.

The output, as measured by the Index of Industrial Production, had contracted by 1.8 percent in June, 2013.

Lavazza exits coffee shop biz in India; sells Barista brand

LavazzaNew Delhi: Italian coffee brand Lavazza Tuesday announced exit from coffee shop business in India by selling its Barista brand to Carnation Hospitality.

The company, however, will continue to supply coffee to Barista through a long-term supply agreement.

Lavazza in a statement said it has decided to lay greater focus on its core business, which is coffee.

Commenting on the announcement, Lavazza CEO Antonio Baravalle said: "The decision to move out of Barista has been taken accordingly with the global business guidelines of the group to no longer manage directly the coffee shop business."


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