Public Sector

Pranab Will Take Final Decision On RIL’s Gas Pricing - eGoM

Defence Minister Pranab Mukherjee
New Delhi: The Empowered Group of Ministers (eGoM), which had its third meeting today morning, left the RIL's gas pricing decision on External Affairs Minister Pranab Mukherjee.

All disputations by fertilizer, power and petroleum departments have been finished before the eGoM, headed by the External Affairs Minister.

Mukherjee is expected to give his judgment after returning from South East Asian journey on September 19.

BHEL Signs MoU With NTPC

Bharat Heavy Electricals Ltd
New Delhi: BHEL, public sector equipment maker and NTPC, power generation company, have signed up a memorandum of understanding (MoU) to set up a joint venture in order to accompolish executing engineering, procurement and construction (EPC) activities in the power segment.

The cooperation between the two PSUs occurs at a time when the administration is thinking over establishing a second BHEL, promoted by NTPC.

Oil Firms Losing Rs 150 Crore Each Day, Says Behuria

IOC chairman Sarthak Behuria
Public sector oil companies were missing a huge Rs 150 crore daily on the sale of petroleum products.

Sarthak Behuria, the IOC chairman, said Indian Oil Corporation alone lost Rs 80 crore each day.

Rejecting to mention the amount of hike hinted by the oil companies to counterbalance the loss, Mr. Behuria said it was for the Centre to resolve.

PowerGrid not Sure of Open Access System

Power Grid Corp of India Ltd.
Kolkata: The open access system on a priority basis is not likely to be facilitated by Power Grid Corp of India Ltd., even if the national grid, which is supposed to supplement the Open Access System, comes up by 2012. The government-owned transmission giant, PowerGrid is not sure whether it can facilitate such schemes at the power situation prevailing then.

BSNL Gives Nod To GSM Tender; Plans Rs 22,880 Cr Investment In 2007-08

Bharat Sanchar Nigam Ltd.
New Delhi: State-run telecom company, Bharat Sanchar Nigam Limited (BSNL) has finalized the tender for adding up 22.75 million GSM lines, awarded letter of intent (LoI) to Ericsson, and also plans to add two million connections each month by 2008.

While Ericsson has accepted the LoI for laying 13.125 million lines, a proposal would shortly be offered to Nokia for appending a capacitance of 9.675 million GSM lines.

BHEL, MMTC Sign MoU To Export Power Plant Equipment

Bharat Heavy Electricals Limited
New Delhi: Bharat Heavy Electricals Ltd has signed a memorandum of understanding (MoU) with Minerals and Metals Trading Corporation (MMTC) to collectively encourage and work towards improvement of exports of power plant equipment.

The MoU was signed by BHEL Chairman and Managing Director, Ashok K Puri, and his MMC counterpart, Sanjiv Batra.

BHEL Appoints Anil Sachdev as Director

Bharat Heavy Electricals LimitedNew Delhi: Bharat Heavy Electricals Limited (BHEL) has announced the appointment of Anil Sachdev as the Director of Personnel and B Prasada Rao as industrial Systems & Products Director.

The company said in a statement, before these selections, Mr. Sachdev was watching out the Navratna engineering and manufacturing enterprise’s HR function as Executive Director, and Mr. Rao was directing the company’s Industry Business area as Executive Director.

Call ISD for just Re 1 from India

MTNLNew Delhi: Through their fixed line phones, now MTNL broadband’s Delhi and Mumbai based customers will be capable of making an ISD call to any part of the world for as low as Re 1 a minute.

ONGC up by 3.35% in early trades

The Oil and Natural Oil and Natural Gas Corporation LimitedGas Corporation Limited, ONGC has gained in the stock markets on back of high volumes and renewed buying interest at lower levels in the stock. At 11:49 am, its share quoted at Rs 808.90, with an increase Rs 26.20 or 3.35% over close of Friday.

ONGC reached an intraday high of Rs 819.80 and low of Rs 802.

State-owned Oil Companies Seek Hike In Oil Prices in order to Cover Losses

Government-owned oil companies that are dropping off more than Rs 1.85 billion each day on sale of four fuel products, (petrol, diesel, domestic cooking gas (LPG) and kerosene) are seeking an immediate hike in fuel prices, report agency sources.

In a written reply in Lok Sabha, Dinsha Patel, State Minister for petroleum and natural gas alleged that the state-owned oil marketing companies have wanted correction in the costs of receptive petroleum products because of enhancement in worldwide oil costs.

SAIL In Strategic Alliance With Korean Steel Maker POSCO

Steel Authority of IndiaNew Delhi: The state-owned Steel Authority of India Ltd (SAIL) signed up a contract with Korean steel manufacturer POSCO to set up a strategic alliance for aligning and collaborating with one another in a broad range of strategic business and profitable arenas.

Prime Minister To Focus On Agriculture Sector

Prime Minister Manmohan SinghNew Delhi: Prime Minister Manmohan Singh today announced measures including an investment of Rs 25,000 crore in agriculture sector. In his address to nation from Red Fort on occasion of 60th anniversary of country’s independence, he said key initiatives of his government would include large increase in public spending on education, health care, agriculture and rural development.

He said, “Over the last three years, we have significantly increased public expenditure in the social sectors. This is in line with our commitment to the welfare of the common man.”

IFC To Lend $150 Million To Petronet LNG Ltd

International Finance CorporationNew Delhi: International Finance Corporation (IFC) will provide $150 million as loan to publicly owned Petronet LNG Ltd (PLL) to construct a liquefied natural gas (LNG) import and regassification workstation in South India.

Power Sector Needs Rs 10.31 Lakh Cr - Shinde

New Delhi: The power sector will require Rs 10,31,600 crore investment in 2007-12 to add up generation capacity, in addition to producing and advancing transmission and distribution networks.

In a written note, Sushilkumar Shinde, Power Minister said, “The Working on Power for the 11th plan has estimated a total fund requirement Rs 10,31,600 crore for power sector as a whole. For creation of projected capacity addition, fund requirement has been assessed at Rs 4,10,900 crore.”

Out of the planned capacity accession of 78,500 MW in the 11th plan, 1,870 MW has already been commissioned and an additional 50,975 MW is under construction, he said.

Indian Govt. Plans To Dilute Stake In Oil India Along With Oil India IPO

Oil India LimitedThe government is making plans to offload its stake from Oil India (OIL).

Government that hold up 98% stake in the company, plans to sell 10% stake of the company to state refiners together with the company`s IPO in February 2008.

The offloading route could facilitate the government to accumulate Rs 10 to 15 billion. Automatically, government’s property in the company will jump down to about 78% after the stake sale.

Petro Price Increase Looks Imminent

PetrolNew Delhi: Yesterday, the government generally suggested about a rise in petrol and diesel costs, even though it has kept retail prices unaltered.

Petroleum Minister, Murli Deora told, “We are trying very hard to see that prices are not increased, (but) I cannot say if they will never be raised.”

SAIL Q1 Net Up by 10%

Steel AuthoritySteel Authority of India Ltd of India Ltd (SAIL) has declared the results for the quarter ended June 30, 2007. The company has posted 10 percent growth in its net earnings.

SAIL’s profit after deducting tax (PAT) stood at Rs 1525.12 crore for the quarter ended June 30, 2007 as against Rs 1386.41 crore for the quarter ended June 30, 2006.

Total Income (net of excise) has also augmented from Rs 7713.53 crore for the quarter ended June 30, 2006 to Rs 8346.40 crore for the quarter ended June 30, 2007.

Thrilling Q1 Figures Turn On PFC

Power Finance CorporationPower Finance Corporation made 14.07% to Rs 199.85 after its quarterly net earnings soared 103.18%. The company announced its quarterly results during the market hours today, 16 July 2007.

Today, the intraday peak of the scrip was Rs 199.90, and an intrady low of Rs 177. It has has its 52-week low of Rs 101 on 3 April 2007.

Refined Q1 Results Fuel CPCL Share Outlook

Chennai Petroleum Corporation Ltd.After reporting an increase of 26.93% in net profit in Q1 June 2007,  Chennai Petroleum Corporation came up 4.32% to Rs 296.95 in afternoon trading. The company declared the quarterly results during the market hours.

At the same time, the BSE 30-share Sensex was up 190.68 points, or 1.27%, to 15,099.

GAIL, Apollo Tyres Enters Pact To Use Eco-Friendly Technology

Apollo TyresNew Delhi: State-run gas utility GAIL (India) and Apollo Tyres has signed up a contract for making power from steam.

According to the company release, GAIL will supply steam from its Vaghodia Compressor Station (near Vadodara) to Apollo Tyres that would produce power for it.

Syndicate content