Friday, August 7, 2009

NHPC IPO fully subscribed and the NELP Saga as Govt Set to Curb Pricing Freedom.Mukesh Ambani-led RIL advises Anil to exercise restraint. Govt auctions exploration blocks amid gas row Troubled galaxy Destroyed Dreams, chapter 320 Palash Biswas Pl Vis

 

NHPC IPO fully subscribed and the NELP Saga as Govt Set to Curb Pricing Freedom.Mukesh Ambani-led RIL advises Anil to exercise restraint.


Govt auctions exploration blocks amid gas row


 

Troubled galaxy Destroyed Dreams, chapter 320

 

Palash Biswas

 

Pl Visit:

 

http://nandigramunited-banga.blogspot.com/

 

NELP: Bidding date extended to October 12

NEW DELHI: The Government has extended by two months the last date of bidding for the nation's largest ever auction of oil and gas blocks to October 12, an official said.

A revised timetable has been drawn after the Finance Minister, Mr Pranab Mukherjee extended the 7-year income tax holiday to natural gas production.

The first of the promotional road-shows for 70 blocks offered under the eighth edition of New Exploration Licensing Policy (NELP) and 10 coal bed methane (CBM) areas will be held in Mumbai on August 8, a petroleum ministry official said.

India had on April 9 launched the eighth round of auction of blocks for exploration under NELP with August 10 being the last date for bidding. But it was deferred over ambiguity on the availability of tax holidays for natural gas.

"The last date of bidding will be October 12," he said.

After Mumbai, road-shows will be held in Houston (August 20-21), Calgary (August 24-25), London (September 8-9), Perth (September 22) and Brisbane (September 24-25).

Data centres have been set up at oil regulator DGH's office in Noida, on the outskirts of the national capital, London, Calgary, Houston and Perth, he said.

The round is being re-launched after Mr Mukherjee in his Budget for 2009-10 said that seven years holiday from payment of income tax on profits earned from production and sale of natural gas would be available for blocks to be awarded in NELP-VIII. - PTI

 
 
 
 
Resources
Government
Human Resources

Salary bill is high, we need to tighten spending: Sikkim CM (July 31, 2009)
Mandatory to have one woman in selection panel: Govt (July 10, 2009)
AIR, DD programme officers protest career stagnation (July 03, 2009)
IIM-C course for armed forces (July 01, 2009)
AP Civic staff to be paid on 1st of every month (July 01, 2009)
TN implements Sixth Pay Commission recommendations (June 01, 2009)
Sikkim 4th Pay Commission report to be submitted by June (May 23, 2009)
Govt to create 1,380 patent examiners posts (April 27, 2009)
Govt staff can get higher medical reimbursement (April 02, 2009)
No plan to raise retirement age: Kerala CM (February 27, 2009)
Pranab suggests housing facilities for revenue dept officers (February 24, 2009)
Pay panel award to cost Rlys Rs 13,600 cr (February 14, 2009)
Novel protest (February 09, 2009)
Novel protest (February 09, 2009)
Centralised processing centre for I-T returns in Bangalore okayed (February 06, 2009)
Govt employee status for AIR, Doordarshan staff (January 31, 2009)
 
GOVERNMENT

POLICY: Metro Rlys (Amendment) Bill passed
The Lok Sabha on Thursday passed a Bill to facilitate extension of the Delhi Metro rail to the National Capital Region, including the satellite towns of Noida and Gurgaon. Moving the Metro Railways (Amendment) Bill that was unanimously passed ...

POLITICS: Mining lease issue rocks AP House
Hyderabad, Aug. 6 The issue of continuation of mining operations by Obulapuram Mining Company and four others despite the Centre's objections rocked the Andhra Pradesh Legislative Assembly on ...
 

Govt may change terms of oil, gas pricing: report


India Infoline News Service / Mumbai Aug 07, 2009 10:35



The Government is reportedly planning to change the terms of pricing and sale of crude oil and natural gas for new exploration blocks that are being offered to bidders. The proposal is said to give the Government equal rights along with the winning bidder to set gas prices. This will also put the government in a position to decide the customers and amount of gas they can buy, report stated. The Government will also decide who gets to buy the gas and how much, says a business daily.

Existing production sharing contracts (PSC) allow the operators of oil and gas fields the freedom to set the price, subject to approval by the Government. They are also allowed freedom to market the output.

The proposed new rules are being planned in the backdrop of the raging dispute between the estranged Ambani brothers and the Government over the sharing and pricing of natural gas being produced from the Krishna-Godavari basin.

Although the PSC with Reliance Industries for the KG-D6 basin gas gave the company pricing freedom, the Government intervened later saying that the provisions of the contract were not being fully complied with. An Empowered Group of Ministers (EGoM) set the price at which the KG-D6 gas can be sold and also decided which sectors to supply it to.

The KG-D6 block was awarded to RIL as part of the first round of bidding under the New Exploration and Licensing Policy (NELP). The eighth round of NELP will kick off on Saturday with the first road show being scheduled in Mumbai.

 

 
Friday, August 07, 2009

Mukesh Ambani rebuffs Anil; RIL to respond to charges in court

Mukesh Ambani rebuffs Anil; RIL to respond to charges in court

Mumbai: Breaking its silence on the ongoing dispute with the Anil Ambani group over gas from Krishna-Godavari basin, Mukesh Ambani-led Reliance Industries Friday said it will comment on the matter only in the court.

"Our legal advisors have counselled us to refrain from commenting on the issue," said Atul Chandra, president of the petroleum business with Reliance Industries, while reading out a written statement before reporters here.

"We emphatically refute and outrightly reject the baseless and motivated allegations and insinuations made by Anil Ambani and his associates against Reliance Industries and its chairman Mukesh Ambani," Chandra said.

The comments came after a series of charges levelled by the Anil Ambani group, ranging from the manner in which the capital expenditure for the Krishna-Godavari basin was approved and how a valid contract was flouted.

 

Ambanis@war: Anil camp keeps up attack

Anil Ambani's RNRL continued its attack on the government for allegedly favouring brother Mukesh Ambani's RIL on the sale price of gas from the Krishna Godavari D6 basin.

advertisement

Newspaper office attacked in Imphal

Weather

Delhi    35°c    Fair
  • Friday
    AM Rain
    36° / 31°
  • Saturday
    Fair
    37° / 31°
  • Sunday
    Fair
    38° / 31°
  • Monday
    Fair
    37° / 31°
  • Tuesday
    Thunderstorms
    36° / 31°

Get forecast by town or city.

Legend

Lable

Possible matches are listed below. Please select a location or enter a new location in the text box above.

Follow MSN On Twitter

Follow MSN India on Twitter & Mobile
MSN Headlines on Twitter

MSN India brings you latest Headlines, Breaking News and Mobile updates- all in a single click. Now, check out minute by minute update on national, global & business news on Twitter.

Subscribe to News Feeds

Subscribe to News Feeds
How do I use RSS?

Syndicated content, otherwise known as Really Simple Syndication (RSS), is a popular way to distribute information from websites. Using RSS, a…

 
Lot of hot air over gas

Lot of hot air over gas

The point of dispute in the RIL-NTPC case is whether the global tender was concluded in a contract.

Regional responses to financial crisis 

In the aftermath of the deep recession, the Asian policymakers are beginning to recognise the importance of regional cooperation in responding to it.

Crisis won't upset US dominance 

For all talk of the dollar losing its primacy, no alternative is in sight. Present crisis underscored the attractiveness of $. Is it right time to take plunge? I Will mkts rally?

 
Market
NSE|BSE
Graph
 
 
Top stories

New act would fix independent directors' role: Khurshid
7 Aug 2009, 1905 hrs IST

The government said on Friday the role and responsibilities of independent directors on the boards of companies would be fixed as also the number of firms they could represent once the Companies Bill, 2009, became a law.

Govt may raise $3.2 bn via steel cos stake sale 
7 Aug 2009, 1334 hrs IST

The government may raise 150 billion rupees ($3.2 billion) by selling up to 20 percent stake in state-run firms, Steel Minister Virbhadra Singh said on Friday.

Govt to ensure borrowing does not crowd out pvt sector 
7 Aug 2009, 1328 hrs IST

The government and the Reserve Bank of India (RBI) will balance a heavy borrowing plan and ensure adequate funds for the private sector, Finance Minister Pranab Mukherjee told parliament on Friday.

Govt identifies steel firms for stake sale 
7 Aug 2009, 1211 hrs IST

The government has identified two state-run steel firms for stake sale, Steel Minister Virbhadra Singh said on Friday without naming the companies.

Closer watch on ownership transfer in cos 
7 Aug 2009, 0128 hrs IST, Deepshikha Sikarwar

Non-disclosure of transfer of beneficial ownership by promoters has caught the eye of policymakers.

Govt slashes drug prices 
7 Aug 2009, 0019 hrs IST

The drug price regulator National Pharmaceutical Pricing Authority has revised prices of 887 medicines, including steroids, insulin, vitamins and painkillers such as aspirin and new prices are to come into effect in 15 days.

Bill to protect independent directors 
7 Aug 2009, 0016 hrs IST, M Padmakshan

A bill has been moved in Parliament for exempting independent directors of companies from criminal and civil liabilities, if they are not involved in the day-to-day functions of the company.

CII to make 12-point recommendation to govt on infra 
6 Aug 2009, 2048 hrs IST

If the Confederation of Indian Industry is able to have its way, India could see the presentation of an infrastructure budget next fiscal year, instead of the regular railway budget.

Govt to introduce new legislation on foreign investment 
6 Aug 2009, 1625 hrs IST

Few people get 100-day employment under NREGA 
6 Aug 2009, 1125 hrs IST

Even as the Centre is mulling to raise the number of job days under the NREGA scheme, none of the states have provided the guaranteed 100-days wage employment to all the registered rural households in over three years of the landmark legislation.

1 | 2 | 3 | 4 | 5 10 >
Interviews
Kapil Sibal, Minister for human resource development

Kapil Sibal, Minister for human resource development


Anil Arjun, CEO, Adlabs Films

Anil Arjun, CEO, Adlabs Films


Francisco D'Souza, President and CEO, Cognizant

Francisco D'Souza, President and CEO, Cognizant


Praful Patel, Union Minister for civil aviation

Praful Patel, Union Minister for civil aviation


Raamdeo Agarwal, Director and co-founder, Motilal Oswal Financial Services


MV Nair, Chairman, Indian Banks' Association (IBA)

MV Nair, Chairman, Indian Banks' Association (IBA)


More >>

  • My Watchlist
  • My Portfolio
Listed below are top 10 NSE Gainers. Create your watchlist if you don't have one. Sign in if you have one.
Scrip CMP(Rs.) Chg%  
Prism Cement 53.5 + 14.9 NewsChart
Asian Granit 36.6 + 10.1 NewsChart
WinsomeYarns 15.9 + 9.3 NewsChart
LML 10.7 + 9.2 NewsChart
Patel Integr 25.2 + 8.2 NewsChart
SimbholiSugr 57.1 + 8.0 NewsChart
Barak Valley 36.5 + 7.0 NewsChart
Nitin Fire 328.1 + 6.9 NewsChart
BhansaliEngg 12.5 + 6.8 NewsChart
Amit SpgInds 2.4 + 6.8 NewsChart

Advertisement


Interviews
Kapil Sibal, Minister for human resource development

Kapil Sibal, Minister for human resource development


More >>


Jobs/careers

More >>


ET Slide Shows

More >>


Environment

Ways of wildlife smuggling

More >>



 
Weekend Special


Pics: Presidential holiday Vanity Fair's Best-Dressed List
France's first lady Carla Bruni-Sarkozy is one of the famous faces to make it to Vanity Fair's 2009 International Best-Dressed List.

More >>

 
 
The government has nominated Indian Oil Corp (IOC), Hindustan Petroleum Corp (HPCL) and Mangalore Refinery and Petrochemicals (MRPL) for

purchasing crude oil from Cairn India's Rajasthan fields.

Minister of State for Petroleum and Natural Gas Jitin Prasada in a written reply to a question in the Lok Sabha said that IOC and MRPL have been allocated 0.20 million tonnes each in 2009-10, while HPCL would offtake 0.30 million tonnes of Rajasthan crude.

In 2010-11, IOC would buy 1.5 million tonnes of the crude oil from the nation's most prolific oil discovery in more than two decades, while MRPL would double its offtake to 0.40 million tonnes.

HPCL would take 0.50 million tonnes next fiscal, he said. "The allocation of crude beyond the quantities of crude indicated above will be made after ascertaining the capacity of other public sector refineries to absorb the quality of crude produced from this oil field," he said.

Last month, Cairn India said that it will be ready to start crude oil production from the Rajasthan fields in August and has concluded price negotiations with the government appointed offtakers.

Rajasthan is the largest onland oilfield discovered in more than two decades and will have a peak output of 8.75 million tonnes, contributing one-fifth of the nation's current oil production.
Hitting back at Anil Ambani for his personal and "orchestrated" comments against it and its Chairman Mukesh Ambani, Reliance Industries on
 
Friday asked the younger Ambani to exercise restraint and let a gas dispute between them be decided by the Supreme Court.

 

On the other hand, Spelling out the Government's position on the allocation of gas from the Krishna-Godavari Basin's D6 gas field, the Petroleum Minister, Mr Murli Deora, told Parliament on Monday that the Government has "nothing to do with the private dispute of two industries or industrialists."

 

"However, we have everything to do with protecting the interests of the Government and public interest; this is our constitutional and legal obligation. We will make all endeavour to protect Government's legal rights to regulate the utilisation of gas and its allocation," he said.

 

There is a tussle between the two Ambani brothers — Mukesh and Anil — over pricing of gas supply, and allegations are being made on the role of the Petroleum Ministry in the dispute. Besides, the Samajwadi Party had raised questions on the supply of gas to the Dadri plant and discrimination against Uttar Pradesh on gas allocation.

 

Mr Deora said the Bombay High Court order in the RIL-RNRL case has implications for the Government's right to formulate and implement the gas utilisation policy under the production sharing contract (PSC). "Notwithstanding Government policies and the provisions of the PSC, the order observes that the provisions of the MoU are binding on the parties," he said.


 

But  Reuter reports:
 
India kicks off marketing on Saturday for its largest ever sale of oil and gas exploration rights, hoping signs of economic

recovery and a rebound in oil prices
can help it fetch at least $3 billion in commitments and improve on last year's sluggish auction.

Bidders may, however, be put off by the possibility that New Delhi could look to take a bigger role in pricing and marketing after it stepped into a high-profile dispute between the billionaire Ambani brothers over terms of a gas supply agreement.

Asia's third largest oil consumer, eager to develop domestic sources to power a fast-growing economy, last month extended tax breaks for gas discoveries -- in line with concessions on oil finds -- in an effort to interest bidders.

Last year's auction saw limited bidding by foreign firms when tax breaks were put in place for discoveries of oil but not gas, which has been the bigger success story in recent exploration.

"Now that the ambiguity over taxation of natural gas is resolved, and the economy is moving up, we should see far greater response than what we saw at the last round," said Vijay Iyer, partner for oil and gas at Ernst and Young.

India, which imports two-thirds of its crude oil, is offering 70 exploration blocks including 24 deepwater blocks, 28 shallow water blocks and 18 on-land blocks, covering an area of 163,535 square kilometres in its latest round.

The promotional roadshow starts in Mumbai on Saturday before traveling to Houston, Calgary, London, Perth and Brisbane over the next two months ahead of a bid closing date set for Oct. 12.

"On a conservative estimate we are expecting about $3-$3.5 billion dollars in the latest round for minimum work commitment," an official at the Directorate General of Hydrocarbons said.

Previous licensing rounds have been dominated by local firms.

This time, India hopes more bidders are enticed by the start of gas output in April from the huge discovery by Reliance Industries as well as the upcoming start of oil production from Cairn India's Rajasthan fields.

Foreign firms including Anadarko Petroleum, South Korea's Samsung group and Noble Energy had indicated interest in the latest round of auctions, Director General (Hydrocarbons) V.K. Sibal told Reuters in June.

Last year, BP and BHP Billiton made successful bids but several other players with Indian interests kept to the sidelines, including BG Group, Total, Royal Dutch Shell, and Italy's Eni.

"During the course of his media campaign, Anil Ambani has made several personal comments about his elder brother and RIL Chairman Mukesh Ambani. While Mukesh Ambani is profoundly saddened by his brother's remarks, he requests the media to respect his decision not to respond," RIL said in a statement.

Fighting inside and outside the courts for getting gas at a committed price of USD 2.34 per mmBtu from RIL, Anil has levelled several serious charges, including that Petroleum Ministry was conniving with RIL to help it earn a profit of Rs 50,000 crore and that Mukesh had ruled out any role for mother Kokilaben for settling their dispute.

Emphatically refuting and outrightly rejecting "the baseless, tendentious and motivated allegations and insinuations" made by Anil and his associates, RIL said the public statements were attempts to convert "legal issues into public issues."






The public spat between the two brothers and their group companies comes ahead of the September one hearing at the Supreme Court on their cross appeals on the decision by the Bombay High Court that RIL should supply 28 mmscmd gas to RNRL for 17 years and the two sides should sign an appropriate agreement for it.

Anil's statements "are a part of an orchestrated campaign to bring into public debate and prejudge the issues that are pending before the Supreme Court," RIL said, emphasising that its legal advisers had asked it to refrain from commenting on issues being adjudicated by the Supreme Court.

"As such, we shall continue to exercise restraint in the face of Anil Ambani's provocative public statements. We hope that Anil and his associates will also exercise similar restraint and leave the matter to be decided by the Supreme Court," the RIL statement said.

"We would like to assure the people of India, the Government of India, Members of Parliament and all our shareholders that our objective, is to act at all times in a manner that is fully in consonance with our respect for the law of the land and is protective of the nation's interests.

"We have consistently maintained that in the KG Basin RIL is only a contractor engaged by the Government of India to harness the Basin's hydrocarbon assets in the best interest of the nation," the RIL statement said.
 
Hindu Busineeline reports:
 The Government is studying the feasibility of a uniform price regime for gas. It is learnt that GAIL (India) Ltd has been asked to conduct the study.

The public sector gas transmission and marketing company has already been given the terms of reference.

"A study to consider the feasibility of having a uniform cost price regime is being undertaken," the Minister for Petroleum and Natural Gas, Mr Murli Deora, said on Thursday in a statement in the Rajya Sabha to a calling-attention motion on 'the availability of natural gas for power generation and other national priorities at affordable price throughout the country'.

The report is expected to be made available within three months, he said.

Currently, there are three gas pricing regimes – gas sold at administered price; under production sharing contracts (PSC), such as those from joint venture fields; and under the New Exploration Licensing Policy (NELP).

"It is felt that there was some confusion on this. Certain quarters have said there should be more transparency in pricing," sources said.

To have such a regime for the gas sector will not be easy, sources told Business Line.

"There are lot of legal and technical issues which need to be addressed. Such issues as the pricing regime should not violate the contract; whose network should be utilised for the purpose; and who will be nominated to buy the gas," they added.

The administered price for the gas produced from government-nominated fields has been set at about $2/mBtu, except in the North-East, where it is $1 to $1.2/mBtu.

The price of gas from pre-NELP fields was approved in accordance with the PSC and range from $3.5 to $5.73/mBtu.

The price of gas from imported re-gassified liquefied natural gas (R-LNG) in respect of term contracts is over $5/mBtu. The spot price of LNG varies from time to time.

Under the NELP PSC, it was the requirement that a price formula based on an arm's length basis be approved before the sale of gas.

 

 

The formula submitted by contractor of Krishna-Godavari Basin D6 block was considered by an empowered group of ministers (EGoM). The formula is linked to crude price and is based on arms length principles.

The gas from Reliance Industries Ltd (RIL) operated D6 block is $4.2/mbtu (landfall point) at a crude price of $60 a barrel or above. If crude falls to $25 a barrel, the D6 gas will cost $2.5/mBtu. The price formula is fixed for five years.

In his statement, the Minister said that the price of gas from D6 block being made available to the priority sectors is substantially lower than the prevailing prices of alternative liquid fuels like naphtha.

From April 1, 2009 production from KG D6 block has started. At present, 35 mscmd gas is being produced. "The intention of the Government is to operationalise all gas based assets which are lying idle/untilised due to non-availability of gas," he said.

 

http://www.thehindubusinessline.com/2009/08/07/stories/2009080751470100.htm

 
 
Meanwhile, the initial public offering of NHPC has been fully subscribed. ( Watch )


According to the data available on the National Stock Exchange website, the IPO has been subscribed 1.05 times. Till 11 am, the issue of 167.73 crore shares received 175.81 crore bids with 5.67 lakh bids made at cut-off price.

According to sources, local banks, insurance companies and foreign institutional investors have subscribed to the issue. Most bids were received at the upper end of the price band and the company may fix the issue price at Rs 36 per share.

Most brokerages have recommended 'Subscribe' to the IPO.

The company shares of face value Rs 10 each in the price range of Rs 30 to Rs. 36 per share. At the lower end of the price band the company will raise Rs 5,032 and at upper band it will raise Rs 6,039 crore. The minimum order quantity is 175 shares and maximum subscription amount for retail investor Rs.100,000. The 100% book build issue closes on August 12.

The company proposes to utilise the issue proceeds to part finance construction and development of hydro projects that are currently under construction.

Rating agency ICRA has given an IPO Grade 3 to the issue.

Enam Securities, Kotak Mahindra Capital Co and SBI
Capital Markets are the managers to the NHPC IPO.
 
 Oil slips below $72 ahead of US unemployment data
 
Oil prices traded below $72 a barrel Friday in Asia as investors looked to U.S. monthly employment figures later in the day for signs the

economy may be recovering.

Benchmark crude for September delivery was down 46 cents to $71.48 a barrel by midday in Singapore in electronic trading on the New York Mercantile Exchange. On Thursday, the contract lost 3 cents to settle at $71.94.

Investors will be eyeing the jobless rate, which rose to 9.5 percent in June, for a sense of the health of the U.S. economy. Traders have bid up crude from below $62 a barrel last week on expectations the economy could grow by the end of the year.

Oil prices have held above $71 for the last few days despite an Energy Department report this week that showed crude supplies continue to rise, a sign demand remains weak.

"A much tougher test of the oil market's resiliency as an asset class will be the release of the monthly employment data," said Jim Ritterbusch of Ritterbusch and Associates in Gelana, Illinois.

In other Nymex trading, gasoline for September delivery fell 0.82 cents to $2.05 a gallon and
heating oil was steady at $1.93. Natural gas for September delivery gained 2.8 cents to $3.77 per 1,000 cubic feet.

In London, Brent prices rose 4 cents to $74.87 a barrel on the ICE Futures exchange.

 

Government deficit relevant for stabilisation: RBI paper
At a time when fiscal deficit was burgeoning at 6.8 per cent of GDP, a RBI's occasional paper has made it clear that the government deficit

is relevant for stabilisation as expansion of money supply leads to inflation.

The paper which studied impact of government deficit on money in India from 1951-2007, felt that targeting fiscal deficit as tool for stabilisation continues to remain valid.

The study found that there was strong evidence of government deficit leading to reserve money creation with consequent increase in money supply.

The Reserve Bank occasional paper has been authored by economic analysis and policy department directors Jeevan K Khundrakpam and Rajan Goyal. The views expressed are personal and not that of the Central Bank.

The paper also revisited casual relationships between government deficit and money, and money with real output and prices in the country.

It argued that the government deficit will now cause reserve money expansion through the incomplete sterilisation of Net Foreign Assets (NFA) accumulation intended to enable adequate market subscription to government borrowings, replacing the erstwhile channel of net RBI credit to the Government.
 
 
Govt set to curb pricing freedom of Nelp-VIII cos
7 Aug 2009, 0200 hrs IST, Soma Banerjee & Rajeev Jayaswal, ET Bureau

NEW DELHI: The government plans to set stiff new terms for the pricing and marketing of oil and gas from exploration blocks that are due for
auction, triggering concerns that it may frighten away potential bidders and mark a return to 'licence and control raj.'

The new rules will give the government equal right along with the winning bidders to set the price at which gas will be sold, a petroleum ministry official crafting them said on condition of anonymity. The government will also decide who gets to buy the gas and how much.

Existing production sharing contracts allow the operators of oil and gas fields the freedom to set the price which has to be approved by the government. They are also allowed freedom to market the output.

The new rules are being planned in the backdrop of a blazing row involving the feuding Ambani brothers and the government over the sharing and pricing of gas from the Krishna-Godavari basin.

Although the PSC with Dhirubhai Ambani-run Reliance Industries for the KG gas gave the company pricing freedom, the government intervened saying provisions of the contract were not being fully followed. A panel of minister set the price at which the gas can be sold and also decided which sectors should get it first.

The D-6 block in the KG basin was awarded to RIL as part of the first round of bidding under India's New Exploration and Licensing Policy (NELP). The eighth bidding round will commence on Saturday with the first road show in Mumbai.

"The price set and the supplies will have to be reviewed from time to time keeping in mind the demand- supply condition and volatility in the prices," the official said, adding that the restrictive rules will be in place until the country has enough gas to meet needs for infrastructure.

There will be a single price for commercial sales and calculating the government's profit petroleum, a share of the earnings that the exploration company gives to the government from its sales revenue.


Also Read
 → Govt studying uniform domestic gas price: Deora
 → Govt says no to demand for nationalising RIL's gas fields
 → Govt can save more on subsidy if gas is priced lower: ADAG
 → Govt prescribed price for RIL gas lower than others


The official argued that the government's move to play a bigger role which will limit the freedom of oil companies is to ensure fair pricing and proper use of a scarce national resource. But a top executive of a leading private oil company that has acquired exploration blocks in previous NELP rounds was scathing in his criticism.

"This is like going back to a controlled pricing regime. Call it APM (administered pricing mechanism) gas. Its a retrograde step going back to licence and control raj."

Most oil companies, both domestic ones such as ONGC and Cairn as well as overseas multinationals like British Petroleum and British Gas, are sceptical about how well NELP-VIII will fare with regard to attracting investments, particularly in the background of the public spat of KG gas.

"The NELP-VIII round is doomed. Most oil companies would not want to touch India's exploration and production sector with a barge-pole at this point," observed a member of the board of one of India's leading oil companies.
Officials from none of these companies were willing to be identified.
http://economictimes.indiatimes.com/News/News-By-Industry/Energy/Oil-Gas/Govt-set-to-curb-pricing-freedom-of-Nelp-VIII-cos/articleshow/4865423.cms
 
Age of nationalisation over: Deora on KG gas
7 Aug 2009, 0700 hrs IST, ET Bureau

 NEW DELHI: As the Ambani brothers carry on with their public spat over gas from the Kaveri-Ganga basin, the government rejected a demand from the

Left parties to take over the Reliance Industries' gas fields. Responding to a demand for nationalising natural resources and assets, petroleum minister Murli Deora said: "The age of nationalisation is gone." However, the minister had no satisfactory answer to queries about the pricing policy for gas, particularly about the gas from Mukesh Ambani-controlled RIL gas fields or for addressing regional imbalance of distribution of gas.

Moving a calling-attention motion in the Rajya Sabha, CPM member Tapan Kumar Sen asked if the government would consider nationalising distribution and marketing of natural gas so that it can be used for national priorities. Mr Sen also questioned the pricing policy of the government, especially in the case of gas from KG basin D-6 field. "Price discovered through NTPC's tender for international competitive bidding for gas was at $2.32 per mmBtu. On what grounds was that price ditched? How did the empowered group enhance that price to $4.20 per unit? Fixing price is a techno-economic decision. How does a group of minister take a decision that allows for windfall profit to a private concern?" Mr Sen asked.

Broadly, members across political spectrum raised five issues : The government's plans to nationalise the gas fields; the propriety of a private squabble over national assets; the pricing policy of gas, particularly that of the gas from KG basin D-6 fields; the regional disparity in distribution of gas and plans to make a special allocation for Andhra Pradesh where the KG basin is located.

The demand for government intervention to save national assets from being appropriated through a family settlement came from across the political divide—Tapan Kumar Sen, Moinul Hassan, Ram Gopal Yadav (SP), NK Singh of the JD(U), Bharatkumar Raut (Shiv Sena), D Raja, RC Singh (CPI), Alka Balram Kshatriya, Dharam Pal Sabharwal (Congress).

Having written off the demand for nationalising gas fields, the minister stressed that the government had nothing to do with the private dispute between the Ambani brothers. "We have nothing to do with the private dispute of the two industrialists or industries. However, we have everything to do with protecting the interests of the government and also of the public. This is our constitutional and legal obligation to protect the people of India and we will, honestly, honour it. We will make all endeavours to protect the government's legal rights to regulate the utilisation of gas and its allocation," Mr Deora told the House.

Defending the pricing of gas from the RIL fields, the minister said price of $4.20 per mmBtu fixed by the EGoM was lower than the rates charged by others like UK's BG Group and Cairn India.

In his opening remarks, Mr Deora said that the government was considering the possibility of a uniform domestic price for natural gas, which is now sold at rates ranging from $1 to $5.73 per mmBtu depending on source. "A study to consider the feasibility of having a uniform cost price regime is being undertaken, the report of which is expected to be made available within three months," the minister informed the Rajya Sabha in a written statement.

Addressing the concerns of members from Andhra Pradesh, Mr Deora said that the government will "do justice" while allocating gas from Krishna Godavari basin. MPs, cutting across party lines, representing the state said that in the thick of the war for allocation and pricing of the natural gas produced in KG basin, the interest of Andhra Pradesh was being overlooked. The issue was raised by P Madhu (CPM), Venkaiah Naidu (BJP), Janardhan Reddy, Gireesh Kumar Sanghi (Congress).
 
RIL's bid price for NTPC not valid: Deora
NEW DELHI: State-owned NTPC may not get natural gas at the price committed by Mukesh Ambani-led RIL, with Petroleum Minister Murli Deora today

saying in Parliament the rate has no approval from the Government.

Replying to a Calling Attention motion on availability of gas to power sector in the Rajya Sabha, Deora said the RIL had not sought approval for the USD 2.34 per million British thermal unit price quoted by RIL in NTPC's 2004 tender.

Since, no approval had been sought by RIL as required under the Production Sharing Contract, the USD 4.20 per mmBtu price approved in 2007 will be applicable, he said.

NTPC had in 2006 dragged RIL to the Bombay High Court seeking delivery of 12 million cubic meters per day of gas at the 2004 tender price which RIL says cannot be performed as the Gas Sales and Purchase Agreement was not signed.

Anil Ambani, fighting a bitter battle with elder brother Mukesh for gas, is seeking the price of USD 2.34 on the basis of RIL's commitment to NTPC.

RIL recently amended its plea in the Bombay High Court saying the its price would be frustrated due to the Government stand that the price has to be first approved by it.

"It must also be noted that the contractor (RIL) made no proposal on price formula for deriving the pricing of gas for supply of gas to NTPC, which is required under PSC," Deora said. "This process not being undertaken, so, EGoM approved price (of USD 4.2 per mmBtu) is applicable."
 
Govt can save more on subsidy if gas is priced lower: ADAG
6 Aug 2009, 2041 hrs IST, PTI
NEW DELHI: Anil Ambani Group said on Thursday that the government can save over Rs 5,000 crore in fertilizer subsidy if natural gas from Reliance

Industries operated fields are priced at $2.34 per mmBtu.

Referring to the statement by Petroleum Minister Murli Deora in Parliament today on RIL gas price
of $4.2 helping save Rs 3,000 crore in fertilizer subsidy, a top executive of the group said the savings could have been substantially higher if the gas rates were lower.

The $2.34 per mmBtu is the price RIL quoted in an international competitive bid called by NTPC, J P Chalsani said in a conference call.

"Under this scenario, while government achieves lower subsidy in fertilizer sector, it can also completely protect its profit share by maintaining the valuation price at $4.20 per mmBtu," he said.

Chalsani claimed that even through the international crude oil prices have come down by over 55 per cent and gas prices by over 75 per cent, the price of RIL gas has gone up by over 20 per cent in rupee terms as the price was denominated in US dollars.

He again accused RIL of "hoarding the gas" by producing less and quoted from the reports of the Cabinet Secretary and Prime Minister's Economic Advisory Council's of August 2007 to say that RIL gas price formula suffered from infirmities.



 

 

THE NEW EXPLORATION LICENSING POLICY (NELP)

    The New Exploration Licensing Policy (NELP) was launched by the Government for accelerating the pace of hydrocarbon exploration in the country. So far two rounds of NELP have been announced. In order to operationalise the NELP-I, consultations were held with the State Governments on NELP terms and their concurrence was sought before offering any block in their respective States. Based on the concurrence received from the State Governments, the Centre invited bids under NELP-I in January 1999 and a total of 48 blocks (10 onshore + 26 shallow water offshore + 12 deepwater offshore blocks) were put on offer. The 45 bids received on August 18, 1999 for 27 blocks were evaluated, production-sharing contracts (PSCs) concluded and signed for 22 blocks in about 7 ½ months time on February 14, 2000. In India, for the first time the PSCs have been signed in such a short time after the bid closing date. Production sharing contracts for two more blocks were subsequently signed on October 3, 2000 and February 8, 2001. The total sedimentary area covering these 24 NELP-I blocks is about 0.232 million sq.km. This is the first instance in the country's hydrocarbon exploration history that deep-water acreages were offered for competitive bidding. The NELP – I demonstrated the positive response by NOC sand medium to small private companies, both Indian and foreign.

    Implementation of works in the NELP-I blocks has begun in right earnest immediately after issuance of the petroleum exploration license. The tempo of works in some of these blocks has already set a unique record in the exploration activity in the country as 7 seismic ships were working at a time in the offshore blocks awarded by the government of India. Never before more than two seismic ships had operated in the country simultaneously. In addition to the seismic campaigns undertaken in the NELP blocks, exploratory drilling activities, which usually takes upto 2 years after completion of seismic surveys, have also been carried out in one of the offshore blocks. Encouragingly enough, results of these initial exploratory efforts have already led to the discovery of a "gas strike" in offshore deepwater areas of the Krishna-Godavari (KG) basin. While this discovery in the KG deepwater area, Annapurna, is yet to be fully assessed, efforts would be continued in future to properly develop and make the discovery productive. All these efforts reflects the great boost received so far in the exploration activities of the country through the NELP route.

    With the favourable "industry-response" in NELP-I, the Government of India announced NELP-II in December 2000 offering 25 exploration blocks spreading over 11 basins and covering 9 onland blocks, 8 shallow water offshore blocks (upto 400 metre bathymetry) and 8 deepwater blocks (beyond 400 metre bathymetry). The Government has since improved upon NELP-I and introduced certain new aspects in NELP-II like making the information or data package available in CD ROMs, bringing in more transparency in bidding process by making public the broad parameters for bid evaluation, introducing few modifications in the model production sharing contract and creating a special interactive web site for promotion the Nelp-II Blocks. The promotional programme of the NELP blocks organized through road shows in Delhi and different international venues was also aimed. They achieved the objective of sensitizing the investors and the technology providers about the availability of the potentials of the blocks and the market. The NELP-II offer has received encouraging response as bids for 23 of the 25 blocks offered were received on March 31,2001. Production Sharing Contracts of these 23 blocks were signed in a record time of about three and a half months on July 17, 2001.

    Two more rounds of NELP may possibly be announced by the Government with each round consisting of 20 to 30 blocks. Of these two expected rounds, the first would in all probability be floated before March 2002. The work programme of both these rounds for Phase-I & II is likely to be implemented during the X Plan period. Thereafter, the available acreages would be considered for offer under a new open acreage system in which the exploration blocks would be on offer for bidding on a round-the-year basis.

 

 

Gas tussle: Is the govt compromising on fair pricing?

Published on Thu, Aug 06, 2009 at 10:55 , Updated at Thu, Aug 06, 2009 at 15:04
Source : CNBC-TV18

Email    Print    Watch Video   


1 | 2 |
Next page »

The gas fight continues to gather steam, first Anil Ambani was accused of calling the Petroleum Minister's alleging bias towards Reliance Industries and this week he has accused the DGH (Director General of Hydrocarbons) of allowing Reliance to inflate its capital expenditure bill. What was a family dispute has now reached Parliament raising questions about the government's role in gas pricing and the Ambani-Ambani fight. As always, words have obfuscated the real issue that is competitive market-based pricing of gas. Shouldn't Reliance selling gas to Anil Ambani or to another power or fertilizer company be market determined? By intervening, has the government not compromised its ability in demanding a fair pricing? Former Disinvestment Secretary Pradeep Baijal and Former Petroleum Secretary SC Tripathi discuss the issue.

Here is a verbatim transcript of the exclusive interview with Pradeep Baijal and SC Tripathi on CNBC-TV18. Also watch the accompanying video.

Q: In a piece that you wrote earlier in the newspaper last month, you said that the market price of the KG Basin gas could have been far higher but was kept lower by the developer and the government in the nations interest. In the same piece you talk of how recent rounds of NELP, that's the new exploration, licensing and policy got no response so are you in favor of government intervention in gas pricing or do you agree that that intervention is hurting our ability not just to find the right kind of market for gas in this country but also future investments in NELP rounds.

Baijal: If you look at these documents, the government said quite a few years back that once the petroleum regulator is appointed, this function would be transferred to the regulator. The advantage in transferring the function to the regulator is that when the regulator functions he is subject to a judicial intervention, he is subject to a judicial appeal, a consultation process etc. Had the government appointed the present gas regulator, life would have been much simpler. So you have to go to a regulator when you get to commercial functions. The second thing which I had stated is that once this bidding was done the market price was different for different kind of consumers. So they could have discovered a different market price also and that market price would have been higher, you are fully aware that the market price of gas is higher than the present price but it could have been much higher and that is all that I had stated.

 Q: Would you agree with that because I know currently the market price is higher than the USD 4.5 that the government seems to have fixed, by fixing this price, what you are also doing is you are making sure that none of these industries are able to access gas at lower prices so you are skewing the market dynamics in a sense, also in that sense, what moral authority do you have to come out and say that one Reliance company cannot give another Reliance company at a certain price which is by the way a market determined price because it was the price at which Reliance bid the NTPC tender because that's not fair, we determine price and we determine allocation.

Tripathi: As I said earlier, I would not be commenting on the individual disputes between the parties but let me elaborate on the entire scheme of things. The economic reforms which started in 1991 reached the petroleum and natural gas sector rather late and it is only from 1997 that some winds of fresh air started blowing and on the refining side and marketing side administered price regime gradually got dismantled and now it has been again brought back in some sensitive products, but on exploration side, the government made an announcement that earlier the entire area used to be reserved for ONGC and Oil India which were government companies but then they said that we would now throw open for international competitive bidding in what is called a new exploration  licensing policy and even before this, they gave to parties which are called pre-NELP blocks and there the government gave this assurance that it would be on basis of international competitive bidding and there would be a production sharing contract which means that the operator makes the investment, he brings technology and all these areas would require high technology and investment and there the government said that the operator for his share of the production would have freedom to market and freedom to keep the price, the government would have its own shares, so it is free to control and would control its own share in marketing and pricing but I am not sure why and how government is trying to control marketing and pricing in the operator's share. 

Continued on next page ...

http://www.moneycontrol.com/india/news/business/gas-tussle-isgovt-compromisingfair-pricing/410009
 
What next for RIL-RNRL gas war?
Raj Kumar Sahu
Friday, August 07, 2009 (New Delhi)
|
|
|
Comments:
Read (0)
|
The ongoing saga between Reliance Industries (RIL) and Reliance Natural Resources (RNRL) over gas pricing has got the government fully wrought.

RNRL wants the gas at a privately agreed 44 per cent discount to the government set price and has previously suggested that the government is siding with Mukesh Ambani's firm in the dispute, by claiming ownership to the gas and shooting down any private price-deal.

In another salvo, the Oil Minister on Thursday said that the price of natural gas marketed by Reliance is way cheaper than the prevailing price of gas produced by other private companies.

Oil Minister Murli Deora may seem to be in a tight spot, thanks to Anil Ambani's accusations of him favouring Mukesh Ambani's RIL, but he has definitely not lost any ground. Deora on Thursday reiterated government's resolve over the ownership of natural gas, whether it is produced before or after implementation of India's new oil and gas auction policy, NELP.

"The pre NELP prices are hovering around $3-5 per mmbtu and it's implemented as per provisions of PSC," he said.

Deora's statement in the Rajya Sabha was definitely not music for the younger Ambani's ears.

After all, the government has already decided to allocate the rest of the 40 million cubic metres of gas to the steel makers and to captive power projects and none to the Anil Ambani group.

"The EGoM has already decided that for production beyond 40 mmscmd, the allocation has been made for steel sector and captive power plant, along with other waiting power plants," he Deora said.

Well, NDTV learnt from sources that the government will soon file an interlocutory application in the Supreme Court, seeking a direction from the apex court to make its policy on natural gas as supreme and binding over any existing contracts.

Now, if the Supreme Court accepts the interlocutory application, it will bring an interim relief not only to the government but also to the power and fertiliser companies who are already receiving gas from the KG Basin, signalling that government policy is supreme and overrides any public or private contracts.
 
Gas row: Statement by Anil Ambani on Petroleum Minister's statement in Parliament
3 Aug 2009, 1806 hrs IST,

 

 

Without Prejudice

Statement Issued by Shri Anil D Ambani, Chairman, Reliance ADA Group

I am making this statement in the interests of over 8 million shareholders of Reliance Natural Resources, Reliance Power and Reliance Infrastructure.

I welcome the Hon'ble Petroleum Minister's statement in Parliament today re-affirming the availability of gas for Reliance Power's proposed project to be built at the Dhirubhai Ambani Energy City (DAEC) at Dadri, UP.

He said, and I quote: "The intention of the Government is very clear. We will allocate gas to Dadri....."

I am also grateful to him for reiterating the decision of the EGOM, a Cabinet sub-group, on 8.1.2009, confirming that the Government's decisions "will be without prejudice to the decision of the Court cases" in the RIL-RNRL matter.

The Dadri project will have a capacity of up to 8,000 MW, with an investment outlay of over Rs. 30,000 crore, and will greatly contribute to eliminating power deficits in Delhi and most parts of Northern India.

Since the Hon'ble Minister has mentioned that the Dadri plant is not yet operational or functional, I would like to clarify that this situation has been caused solely by RIL's mala fide conduct in consistently refusing to provide a bankable gas supply agreement to RNRL and NTPC, which has prevented both these companies from taking further steps for implementing their proposed new power projects.

The Hon'ble Bombay High Court by its judgment of 15.6.2009 has in fact directed RIL to enter into a bankable gas supply contract with RNRL within 30 days from that date, but RIL has refused to even comply with the Court's judgment, despite the fact that no stay has been granted by the Hon'ble Supreme Court on that judgment.

With respect, I would like to take this opportunity to make some further comments, as the Hon'ble Minister's statement has led to some more questions.

The Hon'ble Minister has stated that 'gas is a scarce commodity'.

This was undoubtedly true in the past, but substantial discoveries have now been made under the NELP, and the fact is that the gas shortages of the past are going to be the surpluses of the future.

The Hon'ble Minister has confirmed today that the production from the KG-D6 fields is presently just 31 million cubic meters of gas per day, against even the initially rated capacity of 40 million cubic meters of gas per day, and that this is expected to go up to 80 million cubic meters of gas per day within a year.

According to reports in June 2009, the Petroleum Ministry based on certification by Director General of Hydrocarbons has conveyed to the Government that the maximum production potential from KG-D6 by June/July 2009 is 80 million cubic meters of gas per day.

It is therefore surprising that, as per the Hon'ble Minister's statement today, it should take yet another year for this production level of 80 million cubic meters of gas per day to be achieved. This is truly surprising!

1|2|3|Next >

 
 

Country has sufficient food grains to meet demand: Govt

 
NEW DELHI: As concerns over food shortage due to deficient rain mounts, the government on Friday said it has enough stocks to meet the demand.



"Against the existing annual requirement of 520 lakh tonne of food grains for the targeted public distribution system (TPDS)and other welfare schemes like calamity relief, the stock in the Central pool as on July 1 was 329.22 lakh tonnes of wheat and 196.16 lakh tonnes of rice," minister of state for agriculture, consumer affairs, food and public distribution K V Thomas said in a written reply in the Rajya Sabha.

He said stocks in the Central pool are formed by rice, wheat and coarse grains purchased during the Kharif and Rabi procurement years.

The inflow and outflow of food grains from the Central pool is a continuous process all through the year, the minister added.

To increase the production of rice, wheat and pulses the government implemented the ongoing National Food Security Mission (NFSM) in November 2007, Thomas said replying to a separate question.

The NFSM aims at increasing rice production by 10 million tonnes, wheat by 8 million tonnes and pulses by 2 million tonnes by the end of the Eleventh Plan (2011-12), mainly by increasing productivity and the area under cultivation, he said.

More Stories from this section
In This Section
|
Entire Website

More »

 
 

Food security plan may turn out to be a failure

7 Aug 2009, 0000 hrs IST, AGENCIES
 
 
NEW DELHI: However noble the provisions of the National Food Security Programme, it will wind up as a failure like many others before it if there is

no clear mechanism to identify the beneficiaries, feel development economists.

The food security programme proposes to provide people living in poverty with 25 kg of rice or wheat a month at Rs 3 per kg — a poll promise of the Congress.

The government already has the targeted public distribution system (TPDS) scheme for the poor who are eligible to get foodgrains at cheap rates.

According to the National Council of Applied Economic Research data, there are two crore BPL cards issued all over the country under the TPDS but there another 1.5 crore people who have not been able to enrol themselves under the scheme.

Development economist and former Union minister YA Alagh said the National Security Act's motive is to remove hunger and malnourishment.

"It is necessary that only the poor are benefited out of this programme. In villages, we have Kalawati — Congress general secretary Rahul Gandhi's mascot for the common man. We need to include such women and people in our programme."

Economist professor Kamal Nath Kabra said the government executive orders or programmes or rules are of no consequence when only the haves derive the gains. "We need to recognise the poor and they must not be left deprived."

Finance minister Pranab Mukherjee in the 2009-10 budget speech had unveiled the proposal for the National Food Security Act — the flagship programme of the UPA-II.

Mr Alagh said if the poor, the malnourished and the needy are not enumerated accurately then even this law will turn out to be a failure like other programmes.

Mr Kabra said: "The government must ensure before making laws that the poor do have adequate money
to buy grains. For this, we need to increase the horizon of the rural job guarantee scheme — NREGA."

He also said proper consultation between the centre and the states was very important for the success of these programmes.

"Only then can we ensure its right implementation," he added.
India FY10 GDP growth may drop to 4.8 pct on rains- Kotak
7 Aug 2009, 1546 hrs IST,
 
NEW DELHI: However noble the provisions of the National Food Security Programme, it will wind up as a failure like many others before it if there is

no clear mechanism to identify the beneficiaries, feel development economists.

The food security programme proposes to provide people living in poverty with 25 kg of rice or wheat a month at Rs 3 per kg — a poll promise of the Congress.

The government already has the targeted public distribution system (TPDS) scheme for the poor who are eligible to get foodgrains at cheap rates.

According to the National Council of Applied Economic Research data, there are two crore BPL cards issued all over the country under the TPDS but there another 1.5 crore people who have not been able to enrol themselves under the scheme.

Development economist and former Union minister YA Alagh said the National Security Act's motive is to remove hunger and malnourishment.

"It is necessary that only the poor are benefited out of this programme. In villages, we have Kalawati — Congress general secretary Rahul Gandhi's mascot for the common man. We need to include such women and people in our programme."

Economist professor Kamal Nath Kabra said the government executive orders or programmes or rules are of no consequence when only the haves derive the gains. "We need to recognise the poor and they must not be left deprived."

Finance minister Pranab Mukherjee in the 2009-10 budget speech had unveiled the proposal for the National Food Security Act — the flagship programme of the UPA-II.

Mr Alagh said if the poor, the malnourished and the needy are not enumerated accurately then even this law will turn out to be a failure like other programmes.

Mr Kabra said: "The government must ensure before making laws that the poor do have adequate money
to buy grains. For this, we need to increase the horizon of the rural job guarantee scheme — NREGA."

He also said proper consultation between the centre and the states was very important for the success of these programmes.

"Only then can we ensure its right implementation," he added.
 
 
NEW DELHI: Indian economic growth could drop to 4.8 percent in 2009/10 as rain deficiency in parts of the country may bring down agricultural

production by up to 8 percent, Kotak Securites said on Friday.

Rainfall was 64 percent deficient in the past week and forecasts of weak rains in the coming days have raised fears of a wider economic fall out.

"It may pare India's real GDP growth by 1.7 percent from 6.5 percent under normal monsoon assumptions. We now expect India's real GDP to grow by only 4.8 percent in FY10." said Mridul Saggar, Chief Economist, Kotak Securities Ltd. He, however, said that monsoon season was not yet over and crop data could be revised by the Agriculture Ministry for the current and previous year.

Growth in industrial production may be pared by 0.7 percent in 2009/10 mainly on account of rise in raw material costs and fall in rural demand, while the service sector output could drop by 0.5 percent especially mainly because of adverse impact on construction and transport. The deficient rainfall could result in fall in sown area by 3-4 percent and foodgrain production dropping by 18 percent to about 96 million tonnes during the khariff season, Sagar added.
 
Inflation still in negative zone, but food stays on hot plate
7 Aug 2009, 0139 hrs IST, ET Bureau
 
NEW DELHI: Government data showed on Thursday that the annual rate of inflation for all commodities stayed negative for the eighth straight week,

but prices of food items continued to surge, signaling political concern for the Centre and three states preparing for assembly elections in a few months.

Maharashtra is facing polls in October-November, while Haryana, which is supposed to go to polls next year is likely to advance it to this year-end. Jharkhand, now under President's rule, is also likely to go to polls later this year.

As per the latest official data, annual inflation based on the wholesale price index (WPI) stood at -1.58% for the week ended July 25, against 12.53% a year ago. The negative inflation is, however, no consolation for consumers as inflation in food articles is almost in double digits—9.7% for the week ended July 25. The sharp run-up in prices of food articles, which were up 0.8% in the week under consideration, does not adequately reflect in the WPI due to its low weight in the index.

A negative rate of annual inflation offers the government little comfort when prices, particularly of food, go up week after week, as was evident from finance minister Pranab Mukherjee's statement in Parliament on Thursday.

"The government is responsible... the government is responsive. We are sensitive to it (price rise) ...as and when appropriate policy measures are needed, they will be taken," Mr Mukherjee said. The minister said vegetable and milk prices have increased due to erratic monsoon.

He said when inflation had reached a very high level last year, the government took a number of steps to insulate the common man. While the overall inflation has come down and the tight monetary policy of last year has been reversed, there are signs of global pressures building up on commodity prices.

Mr Mukherjee said this was related to appreciation and demand for dollars and it would be difficult to predict the global behaviour of prices of commodities, including fuel.

India's chief statistician and the top bureaucrat in the ministry of statistics, Pronab Sen, told ET that rising food prices have more to do with speculation at this stage than a crop failure.

"Before the harvest, a lot of speculation activity takes place, driving up prices. We cannot say as yet that crops are failing...There is no real threat to economic growth this fiscal (on account of any disappointing harvest)," said Mr Sen.
 
Investments in India to grow despite slump: Crisil
7 Aug 2009, 0132 hrs IST, ET Bureau
 
MUMBAI: Capital expenditure will continue to rise in India despite slowing economic growth thanks to pent-up demand and banks picking up the slack

from reduced foreign investment, according to a survey of 500 industrial projects.

In the next three years, Indian companies will pour Rs 10.5 trillion ($215.25 billion) into industrial expansion, research and ratings agency Crisil said in the report covering 11 sectors of the economy released Thursday.

That's down about 25% from announced capital spending plans, but still represents an average compound annual growth rate of 7% through the fiscal year ending March 2012, said Crisil research head Manoj Mohta.

Though investment in textiles and autos will be weak, investment in power is expected to rise 30 to 40% over the next three years, and investment in gas transmission and distribution is expected to double, he said. "This is a healthy sign for our economy."

During past economic slowdowns in India, notably 1997-1998 and 2002-2003, private sector investment contracted by 1 to 2% a year due to cautious bank lending and weak demand, he said.

During the last four-year boom, however, Indian companies built up cash and today banks remain willing to lend to high-demand sectors like power and telecommunications, both of which are rapidly expanding, Mohta said.
 

'Govt spending should stimulate local demand'

7 Aug 2009, 0130 hrs IST, ET Bureau
NEW DELHI: Rajya Sabha member and former Reserve Bank of India (RBI) governor C Rangarajan told Parliamentarians on Thursday that it was not just

enough to spend more to stimulate the economy, but the government should also ensure that the extra spending was on sectors capable of replacing the declining global demand for Indian goods.

While addressing law makers on the impact of the global financial crisis at a talk organised by the Lok Sabha Secretariat here, the former central bank governor said the priority now is to stimulate sectors such as textiles and auto components that would improve local demand.

"We cannot replace international demand for diamonds with domestic demand," said Mr Rangarajan. Jems and jewellery was one of the sectors affected by the decline in global demand.

He further said that the government should attempt to reduce the swelling fiscal deficit in line with the economic cycle. "During a recession, fiscal deficit can be high to stimulate the economy, but it should be brought down when the economy recovers from the growth slowdown," said Mr Rangarajan.

He also forecast a 6.5%-6.7% economic growth this fiscal, which would go up to 7%-8% growth next fiscal. But returning to the 9% growth of yesteryears would require the global economy to recover from the grip of recession. "Until then, by stimulating domestic demand, we can grow at 7%-8%," said Mr Rangarajan.

He also said that while the country needed financial innovation to deliver the products that customers need, the country cannot afford to have runaway financial innovation, which can only do more harm than good. Mr Rangarajan also said that derivatives which do not reveal where the risk lies, is a threat to financial stability.

To a question on the continued rise in the prices of essential commodities, Mr Rangarajan said that the higher procurement price posed a conflict of interest for the government in this context. "If the procurement price is increased year after year to protect the producer, it is not surprising that prices rise," he said.

Protecting the interests of the producers of commodities and protecting the interests of the consumers at the same time involves a conflict of interest. One way of addressing the price rise is to increase the supply of commodities, by way of imports and to make public distribution more efficient, he said.
 

India's crops, shares at risk from monsoon woes

7 Aug 2009, 1509 hrs IST, REUTERS
NEW DELHI: Forecasts of weak rains in the next five days and inadequate water in reservoirs have raised the risk to the country's cane and soybean

crops, and fears of a wider economic fall out could spook the stock market.

India's weather office said on Friday rainfall would be meagre in the main soybean region in central India, which has been unusually dry for more than 15 days and needs rains in the next few days to prevent crop damage.

Government data also showed the seasonal rise in water level in reservoirs was slower than normal, raising the prospect of more power cuts with a drop in hydropower output.

The water level at India's 81 main reservoirs, also important for irrigating winter crops such as wheat and rapeseed, had risen rapidly in the previous week.

The country experienced its driest June in 83 years but rainfall was almost normal in July in most regions, except for the northern sugarcane-producing state of Uttar Pradesh, where most districts are in the grip of a drought.

Monsoon woes mounted on Thursday after the weather office said rainfall in the past week was a third of the average, almost as bad as the worst week in June.

Weak monsoon rains have hurt the cane crop and prospects of large imports by the world's top consumer of sugar have helped drive raw sugar futures to a 28-year high.

The main stock index was trading down 2 percent by 0735 GMT on Friday after having fallen 2.5 percent the previous day, with last week's low rainfall damping sentiment, traders said.

"Stocks in some sectors had gone ahead of the market, and investors are thinking it is a good time to take profits. The monsoon is also not progressing the way it should," said A.N. Sridhar, a fund manager at Sahara Mutual Fund.

Annual monsoon rains are vital for India's 1.1 billion people although the share of agriculture in the gross domestic product has halved to 17.5 percent in the past three decades as manufacturing and services sectors expanded while farm output stagnated.

But analysts say the monsoon is still crucial for India.

"This is because nearly 55 percent of the labour force is employed in agriculture and only 42 percent of the area under major crops is irrigated," said Rajeev Malik at Maquarie Securities.

Sectors such as tractors, motorcycles, mobile phones and fast-moving consumer goods could be adversely affected, he added.

"India has been lucky with the July showers, but the current month remains uncertain," he said.

 
Secondary mkt best option when dealing with delisting
7 Aug 2009, 1348 hrs IST, ET Bureau
MUMBAI: Call it the green shoots effect or the first signs of economic recovery, a new opportunity is presenting itself before investors of a few
companies in the form of open offers.

Whether it is a part of merger and acquisition activity, or a move to de-list, there are today a host of open offers from companies. These include the bidding war for Great Offshore and the delisting offers from Avery India and Matrix Labs. Long-term shareholders are being offered golden handshakes. But there is an opportunity for traders as well to cash in on the swift moves in stocks.

On the face of it, an open offer might present a clear arbitrage opportunity, but making the best of such an opportunity separates the stock market pundits from greenhorns. Experts reckon making an exit from bourses as a better method to exit one's positions in stocks.

If one comes across a tender offer, it makes sense to offload the shares in the market as shareholder nears the deadline. Typically, the market price hovers around either 'the offer price' or the 'adjusted price', taking into account the acceptance ratio.

As observed in the past, the prices fall, post the prescribed date, if the stock does not have an alternate market — 'derivatives market' — where traders can take a contrary position in the stock. Those who are aware of the phenomenon of 'Prisoners' dilemma' choose to offload in the secondary market and lock onto immediate gains rather than experience remorse later as price corrects.

Offloading in the market also helps, when it comes to simplicity of the transaction. The investors have to collect the cheque of the payout amount from the broker and nothing more than that. On the other hand, those who indulge in the tender, have to undergo the process of tendering and receive money from the entity coming out with the offer.

Also, the secondary market shows the colour of money in flat two days, thanks to the efficient systems of the Indian stock markets. But the tendering process takes more time, in most cases at least a couple of weeks pass before the money reaches the investor.

The taxman also favours those who operate through the secondary-market window. The short-term capital gains tax for transactions carried out on the stock exchange stands at 15% whereas for the off-market transactions, it stands at 30%.


Also Read
 → Stock traders cracking fast against pre-written software codes
 → PMS providers face cap on service fees
 → Fund managers are no more in a 'charmed circle'
 → Young investors wary of jumping into market lows


For transactions carried out on the stock exchange, there is no long-term capital gains tax but otherwise long-term capital gains are taxed at the rate of 20%, post indexation, or at 10%.

Do not worry, if you forget to tender shares in the offer, you can still offer the shares to the company before lapse of one year from the date of closure of delisting offer. After that, generally there is no market available for shares where one can liquidate his holdings at a fair price. Small investors, hence, are advised to sell off in delisting offers.
 

Sensex plunges to close around 350 points lower

7 Aug 2009, 1538 hrs IST, ET Bureau
MUMBAI: Indian markets closed sharply lower for second consecutive day as investors booked profits after a sharp rise in the benchmarks. Poor
monsoon and weak global markets played the spoilsport. ( Watch )

Bombay Stock Exchange's Sensex closed at 15152.69, down 361.34 points or 2.33 per cent. The index touched an intra-day low of 15104 and high of 15501.94.

National Stock Exchange's Nifty ended at 4474.35, down 111.15 points or 2.42 per cent. The broader index hit a low of 4463.95 and high of 4591.90.

BSE Midcap Index was down 2.36 per cent and BSE Smallcap Index declined 2.01 per cent.

Amongst the sectoral indices, BSE Auto Index fell 4.03 per cent, BSE Realty Index slipped 3.31 per cent and BSE Bankex declined 2.88 per cent.

Reliance Communications (-6.12%), Maruti Suzuki (-5.87%), Mahindra & Mahindra (-5.56%), Jaiprakash Associates (-5.53%) and Tata Power (-5.06%) were amongst the Sensex losers.

NTPC (0.38%) was the only Sensex gainer.

Market breadth was negative on the BSE with 1919 declines and 748 declines.


First woman photojournalist to cancel 'Nano' booking

Photojournalist Homi Vyarawalla, who was offered a 'Nano' on priority basis, has decided to cancel her booking after it was not delivered on time.

Tata Motors delivers 2,475 Nanos in 15 days

Tata Motors has delivered 2,475 units of its small car Nano, billed as the world's cheapest four-wheels, within 15 days of its commercial roll-out.

Fiat, Tata to sell Nano in Latin America: Tata

Italian carmaker Fiat SpA and Tata Motors Ltd intend to sell Tata's ultra-low-cost Nano model jointly in Latin America, Ratan Tata said in an interview to a newspaper on Thursday.

Nano likely to worsen the traffic problem: HC

Tata Nano could worsen road traffic by adding to the growth of private vehicles in the coming days, a Delhi High Court Judge on Monday said.

Finally, Nano hits the streets

After overcoming various obstacles, Ratan Tata will finally hand over the keys of Nano, his dream project to its first owner.

Tata Motors to drive in Nano to Africa in 2010

Tata Motors will introduce its small car Nano--considered the world's cheapest--in Nigeria within next 18 months.

Nano to rule cities as green norms push M800 off road

The world's cheapest car, Nano, is likely to wrest the leadership position in the small car segment within a year.

First 100,000 Nano buyers selected through lucky draw

Tata Motor said it has completed random selection of the first 100,000 applicants who would buy the vehicle in the first phase.

Nano customers to get allotment letters soon

A lakh Tata Nano customers, most of them from small towns, will begin getting their allotment letters this week. Over 70% of the 2.03-lakh bookings have come from these towns.

Tatas may use Nano platform to build electric, hybrid cars

Tata Motors also has plans to use the Nano platform to build electric and hybrid cars.

Tata Motors hopes to sell Nano in United States

Tata Motors hopes to offer the Nano, dubbed the world's cheapest car, in the US within two years, its chairman said. Electric car to hit roads in Sept: Ratan Tata

Tata Motors to refund dealers over unsold Nano forms

Caught up in the Nano excitement, each dealer picked up 2,000- 10,000 application forms, but managed to sell only 30-35% of it.

Nano dealers in a fix as forms remain unsold

Dealers, who had bought between 2,000 and 10,000 application forms, are now stuck as a large chunk has remained unsold. Price list of Nano variants | Flip side of Nano

Cos book Nano in bulk to offer as staff rewards

Leading the pack is Shree Cement, which booked a record 1,000 Nanos on Wednesday. Price list of Nano variants | Flip side of Nano

Techies, entrepreneurs & auto drivers all book Nano

Tata Motors dealers say the response was good and that they were receiving hundreds of queries every day about the booking.


There's very little that the govt can do: Praful Patel
4 Aug 2009, 0119 hrs IST, Rohini Singh & Faizan Khan, ET Now
Civil aviation minister Praful Patel is clear that the government can do very little at this point in time to bail out the loss-laden airline
Praful Patel
industry. In an exclusive interview to ET NOW on his return to the Capital, Mr Patel emphasised that the decision of some airlines to suspend operations for a day was not correct and officials of the civil aviation ministry would meet representatives of the industry to discuss contentious issues. Excerpts from the exclusive interview:

Does the government have a plan to help the airline industry reduce costs?

I do understand that the industry in India is going through a bad phase and I do sympathise on certain counts. But it's not an issue to do with the government alone. First and foremost, the government levies no taxes at all. And, therefore, it takes nothing from the airline industry. ATF is a sales tax issue with state governments. And I have been talking for years and years with states. I had even held a conference of state finance ministers to discuss the ATF issue. Unfortunately, except Andhra Pradesh, not many states have seen reason. And the issue was also flagged before Prime Minister Manmohan Singh. We spoke to him.

Last year, I took the entire aviation industry with me to meet him and apprised him of the problems. And the ATF issue was further compounded by the rise in oil prices in 2008-09. Therefore, we do understand that this is a problem for the whole sector. But on the other side, if one's talking about what the government can do, there's very little I can do, because, as I said, we don't take taxes from the air sector. So, where is the question of giving back?

The issue of sales tax rationalisation is certainly an issue. It merits for the whole sector. But at the same time, private airlines will also have to understand that there's only so much the government can do.

You said that sales tax is a state issue, but are you then going to push the finance ministry to have ATF given declared goods status?

Well, we've tried it. We tried it last year, when oil prices had reached $140 a barrel. And there was a sympathetic consideration. But at the end of the day, it was decided that you can't take away states' revenues without their concurrence. That isn't happening. I've spoken to the state empowered committee which is of state finance ministers. They have also given time to the aviation industry, the ministry to present their views, but at the end of the day, they haven't taken a call. I can't set a deadline and I can't give an answer on what states collectively would like to do on this call.

The other issue is about airport charges. I don't think, these charges are phenomenally high. What are you comparing with? Which country are you comparing with? If you look at the overall world statistics. In some places, the charges are higher than us, and in other places, the charges are lower than us. If you draw a mean, it is quite okay. If you look at India, we have 70 plus airports, which do not make a single rupee. But yet, the government has a responsibility to keep them functioning.

1|2|Next


A lot of PE funds will flow into core sector
7 Aug 2009, 0940 hrs IST, ET Now
When Rahul Bhasin and Subbu Subramaniam came together to partner Baring Private Equity Partners, private equity (PE) investments
were quite unheard

of in India. But that did not stop the duo from doing the first management buyout by taking over ailing BFL Software owned by Keshav Bangur in the very first year itself. BFL was later merged with Jerry Rao's MphasiS and sold to EDS. Though Baring made a neat profit from the stake sale in MphasiS, the fund's recent investments have paled in comparison with older ones. The bonhomie, that existed between the partners, also came under severe strain, bringing the curtains down on the 11-year-old relationship. While both are now readying to start life afresh, an ongoing arbitration process will decide how quickly they can get out of the imbroglio. ET NOW spoke to Subbu Subramaniam after ET broke the story on Tuesday. Excerpts:

You and Rahul Bhasin worked together for almost 11 years. Why are you leaving Baring Private Equity Partners India at this point. We understand there were some differences. Could you share with us a little bit — whether they were professional or personal?

I can tell you that the reason for my departure is the fact that I have enjoyed every bit of the past 13 years, learning on the job everyday. The rate at which I am learning is now dropped. And I also find that we no longer share the same vision and values, on the basis of which we founded the firm way back in 1998. The differences, between us, were significantly professional.

The PE industry is going through a rough patch. Wonder, if that contributed to your rift with Mr Bhasin. Yes, the PE industry is going through a very rough time, and so is the investments made by PE guys because of the slowdown in the economy and stuff like that. The problems at Baring have been compounded by the fact that we have chosen an even tougher business model of taking larger equity stakes, and sometimes controlling stakes, in companies where the buck stops with the investor who is a majority shareholder.

We also understand that your separation settlement is under arbitration. When do you expect a decision on that front?

I, actually, expect a decision very soon, and a very fair one, too.

What are your plans now? Are you going to launch a new fund or perhaps do something else?

Actually, this has come in a little too fast. And I am still absorbing it as we go towards separation. I would probably like to take a deep breath and evaluate all options, because I have not checked out the job market in the past 11 years, for example. And as they say in management, if you don't have alternatives, you don't have a problem. But now, I have the problem of a lot of alternatives, because I am at a free-and-lose end right now. I haven't decided about launching a fund or taking a job or being located at one place or the other at this point in time.

Is there any sense of regret or loss at leaving the company that you have been with for over a decade?

There is no sense of regret. I have a sense of joy that the company has grown to make me dispensable , which private equity guys are always supposed to do — build world-class companies and sell their stakes and make money for their investors, while companies last and go on forever. This is one of the things that I had opportunity to contribute and do.

When do you think is a good time to raise a fund? Which sectors interest you and you would want to invest in?

It's premature to hazard a guess on those things. But I guess, a lot of PE funds will flow in to sectors like infrastructure including rail, road, ports and possibly, to a large extent, in power. These are the sectors that will attract investments. I also believe that there is a huge appetite to feed off the local demand growth, which is coming from telecom or retail , wherein you work to find opportunities like selling pick-axes and shovels to the gold rush, rather than mining the gold itself. So, if we can find sectors that feed off the telecom and retail growth, there will be great stories to be backed by PE.

When do you think investor appetite for PEs will start to pick up again? What kind of investments do you foresee in the coming fiscal?

If you look at the flow of capital, I think, we have gone from a flood to a tide. India, as a destination with its 5% plus growth which used to be snubbed as 'The Hindu' rate of growth, is still an attractive destination. And usually , investors allocate capital in the first quarter of the year. Most of them follow the calendar year. Some of them, like IFC, follow either an April-March fiscal or a July-June fiscal too. So, I guess, the first half of any year is possibly the best time.

INDUSTRY & ECONOMY

EXPORTS & IMPORTS: Exports continue to head south, plummet 27% in June
Imports decline 29% at $18.9 billion. New Delhi, Aug. 3 India's merchandise export growth continued to decline for the ninth consecutive month in June, plummeting by 27.7 per cent, and amounted to $12.82 billion, compared with $17.73 ...

CEMENT: Cement cos' concrete performance in Q1
Players in the North post higher growth in volumes, profits. BL Research Bureau The cement sector has been one of the outstanding performers of India Inc in the June quarter, with the sales of 11 listed companies expanding nearly 23 per cent ...

READYMADE GARMENTS: Testing times ahead for Indian apparel exports to EU
Tough law on chemicals and their safe use from December 2011. New Delhi, Aug. 3 Indian textile and apparel manufacturers could face hurdles while exporting to the European Union (EU) in the coming years when a tough law on chemicals and their ...

ECONOMY: 'Five major revolutions happening all at once'
Chennai, Aug. 3 India is undergoing a profound churning with five major revolutions happening simultaneously. These are industrial, urban, national, democratic and social, according to historian Mr Ramachandra ...

PHARMACEUTICALS: Combating spurious drugs
The Union Health Minister Mr Ghulam Nabi Azad's proposal of a whistle-blower scheme to punish fake-drug makers is another attempt to get at the root of a pernicious issue. Despite the severity of the problem, the issue, first raised by ...

SSI: Canara Bank, Crisil in pact for rating MSMEs
Bangalore, Aug. 3 Canara Bank has entered into a memorandum of understanding (MoU) with Crisil ...

INDUSTRY ASSOCIATIONS: India Inc interface
...

WATER: Rock bottom?
...

COURTS/LEGAL ISSUES: Bill to raise upper age limit of SAT members
A Bill to increase the upper age limit of the members of the Securities Appellate Tribunal (SAT) to 65 years from 62 now was introduced in the Lok Sabha ...

AUTOMOBILES: Hyundai sales up, Bajaj Auto's flat in July
Mumbai, Aug. 3 Hyundai Motor India has posted sales of 45,543 units in July, up from 36,152 units in the same month last year, a growth of 26 per cent. Of these, domestic sales accounted for 23,193 units (15,066) with the balance taken up ...

TOURISM: PATA award for Kerala Tourism
Kerala Tourism has bagged the coveted 2009 Pacific Asia Travel Association (PATA) Gold Award in the Marketing (State/City destination) category, while CGH Earth won the PATA Grand Award for Environment for its entry 'Spice Village and ...

ECONOMY: Mizoram annual Plan fixed at Rs 1,250 cr
New Delhi, Aug 3 Mizoram's annual plan for 2009-10 was finalised at Rs 1,250 crore on Monday at a meeting between Chief Minister Mr Lalthanhawla and the Deputy Chairman, Planning Commission, Mr Montek Singh ...
Industry & Economy
PSU

Kerala to open festival bazaars (August 07, 2009)
AAI to be made corporate entity by next year (August 05, 2009)
Canara Bank declares Rs 170-cr exposure to Spices Trading as NPA (July 23, 2009)
'Disinvestment roadmap in 3-4 weeks' (July 16, 2009)
Merchant bankers expect only two PSU public issues (July 16, 2009)
Banks may not be able to recover dues from STCL, says ICRA (July 15, 2009)
Complete capital erosion in 72 PSUs: CAG (July 10, 2009)
PSU refiners may post Rs 5,000-cr loss on fuel sales (July 09, 2009)
Disinvestment blues (July 07, 2009)
PSU oil retailers hopeful of better times post-Budget (July 06, 2009)
Anti-tank missile Nag to be produced by Bharat Dynamics (July 06, 2009)
PSU stake sale could raise Rs 45,000 cr (June 29, 2009)
RINL ready to go public (June 28, 2009)
AI offers leave without pay to cut wage bill (June 27, 2009)
Govt set to bail out Air India (June 25, 2009)
HAL forms unified helicopter complex to cater to growing business (June 24, 2009)
Govt to go ahead with tie-ups of Central and State PSUs (June 24, 2009)
AI targets Rs 500-cr wage cost reduction (June 23, 2009)
Govt may decide on Maharatna status of PSEs in three months (June 23, 2009)
Govt help could come with strings attached: AI chief (June 21, 2009)
NHPC public float in 2-3 months (June 18, 2009)
Air India losing Rs 14-15 cr a day (June 17, 2009)
NMDC to acquire majority stake in KIOCL (June 11, 2009)
Air India hopes to cut costs by Rs 900 cr in a year (June 05, 2009)
Oil India IPO likely in September (June 03, 2009)
Govt to consider initial public offer for Air India (June 02, 2009)
Rehabilitation scheme likely for PSUs in the red (June 02, 2009)
CMPDIL gets Mini Ratna status (June 02, 2009)
Rs 240-cr net profit projected for Kerala PSUs this fiscal (May 30, 2009)
Delhi HC dismisses Nokia Siemens' appeal (May 23, 2009)
No Huawei, ZTE products in sensitive zones, DoT tells BSNL (May 20, 2009)
Nokia Siemens knocks on competition panel's door (May 19, 2009)
BSNL opens GSM bids for 3 zones (May 16, 2009)
Doordarshan plans to offer Mobile TV services (May 15, 2009)
'CPSEs must ensure transparency' (May 15, 2009)
Air India losses pile up to Rs 4,000 cr in 2008-09 (May 13, 2009)
NHAI cancels single bid projects; to reinvite tenders (May 12, 2009)
Ericsson, Huawei shortlisted for BSNL's $6-b GSM contract (May 11, 2009)
Strategy to strengthen SCOPE (May 07, 2009)
Midhani logs record turnover at Rs 306 cr (April 07, 2009)
Mangalore airport posts Rs 7.5-cr profit (April 06, 2009)
APMDC nets Rs 45 cr profit in 2008-09 (April 06, 2009)
Ordnance Factory Board turnover rises 13% (April 03, 2009)
Three major Vizag PSUs suffer neglect (April 02, 2009)
Kerala PSUs fare better (April 01, 2009)
Unkept promises (March 31, 2009)
Shipping Ministry to seek over Rs 1,000 cr from Defence (March 21, 2009)
'Public sector helped cushion effect of recession in India' (March 06, 2009)
OMCs' share in total turnover of CPSEs: Is the UPA model right? (March 03, 2009)
IDPL's revival plan looks to improve capacity utilisation and develop assets (March 03, 2009)
Kerala PSUs post Rs 65.34 cr net (February 23, 2009)
Kerala working on package for PSUs (February 20, 2009)
Will investing in PSU stocks for dividends pay off? (February 16, 2009)
HAL gets back 450 of its former employees (February 13, 2009)
Paswan hails SAIL as exemplary PSU (February 05, 2009)
'Give more freedom to navratna PSUs to form jt ventures' (February 04, 2009)
Govt seeks higher dividends from PSBs, insurers (February 03, 2009)
Books of Educomp, six PSUs come under Govt lens (February 03, 2009)
Central PSEs to get Rs 72-cr budget support (January 30, 2009)
Kerala CM urges Centre to speed up takeover of ITI unit (January 23, 2009)
MMTC logs 90% growth in turnover in April-Dec (January 18, 2009)
Mini Ratna status for Midhani (January 17, 2009)
Stimulus assistance to State transport bodies welcomed (January 06, 2009)
Cabinet reshuffle triggers top-level changes in MIDC (January 05, 2009)
Managing in the public sector (January 05, 2009)
Government
Agricultural Policy

Centre plans to regulate jaggery production (June 02, 2009)
Zero duty on pulses to continue for another year (March 19, 2009)
Sugar drops Rs 1,000/t in a week on panic sales (March 18, 2009)
Approval for stock limit on sugar for 4 months (February 24, 2009)
 

No comments: