Saurabh Kumar
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Indian Railways to float new global tender for 7.5 lakh tonne rails; likely worth Rs 4,000 crore
Indian Railways is all set to float a global tender of 7.5 lakh tonne (likely worth around Rs 4,000 crore). It is faced with a dilemma to whether reduce its targets for commissioning of new lines so as to meet the planned track renewal target
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Niti Aayog halts Oil India’s CGD plans
The Niti Aayog has denied ‘permission’ to state-run Oil India (OIL) to venture into the country’s reinvigorated city gas distribution (CGD) business, arguing that exploration companies must focus on their core activities given the country’s stagnant oil production.
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Fuel taxes: States get a third more than Centre
When you buy petrol at Rs 81/litre, Rs 24 goes to states’ kitty and Centre gets Rs 15
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Ad Valorem Taxes: Skyrocketing fuel prices add crores to states’ revenue
With VAT levied on ad valorem basis, states’ tax revenue from the two fuels rise in tandem with the increase in their prices.
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ONGC stake sale: Government may clarify before the OFS that it won’t reimpose onus on upstream firms
Ahead of its proposed 5% stake sale in ONGC via the offer for sale (OFS) route, the government may clarify to investors that it won’t reimpose the burden of subsidy-sharing on the state-run explorer.
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Railway PSU IRCON’s IPO to hit market by September 18
The initial public offering (IPO) of railway PSU IRCON International will hit the market on September 17 or 18.
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Languishing leases: DGH asks ONGC to show work plans, may get tougher
Concerned over the continuous fall in crude oil production by ONGC, the government has asked the state-run explorer for detailed, time-bound work plans regarding as many as 86 PML areas awarded to it, where production is yet to commence.
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Govt to carve out hydrocarbon blocks for OALP-II
In the first round of the OALP, a critical part of the Hydrocarbon Exploration Licensing Policy (HELP), launched in March 2016, explorers had shown interest in 55 blocks. However, according to sources, only 12 EoIs have been submitted for the second round, likely to be launched in September.
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Raniganj CBM block: ONGC to hire integrated service provider to cut costs
Estimated cost of developing the block is Rs 2,213 crore and the company expects the integrated service provider to bring it down to around Rs 1,400 crore
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Pre-NELP blocks: ONGC seeks royalty, cess repayment
State-run oil explorer ONGC has sought reimbursement of large amounts paid by it as royalty and cess on behalf of its exploration partners for the pre-New Hydrocarbon Licensing Policy blocks.
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Big relief! Government won’t ask ONGC to share subsidy burden even if crude oil price crosses this mark
The government has dropped a plan to ask ONGC to resume sharing its fuel subsidy burden if the Indian basket of crude breaches $70 a barrel.
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Track access charges: Indian Railways set to pay around Rs 10k crore for dedicated freight corridors starting 2020-21
Financially-overburdened Indian Railways (IR) is set to face hefty bills from the Dedicated Freight Corridor Corporation of India (DFCCIL) starting 2020-21 as the transporter has to pay the latter track access charges (TACs).
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Railway stations Revamp: DDA puts a spanner in the works
While the railways has sweetened the package for private developers seeking to grab its station redevelopment projects, the plan has run into a hurdle as the MoHUA has asked a Cabinet note in this regard.
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Eyeing global reach: Government mulls listing of ONGC on overseas stock exchange
With a view to “having better access to foreign capital and have a global reach,” the government is considering listing state-run oil explorer ONGC on an overseas stock exchange.
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Concor ropes in TCS to strengthen mobile app for reverse auction
In a bid to improve the quality of services offered by vendors for containerized movement of cargo at the first and last mile, state-run Container Corporation of India (Concor) has roped in Tata Consultancy Services (TCS) to strengthen its mobile app to facilitate continuous reverse auction for the first time among vendors.
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RIL finds it tough to get share in ATF supply JV
Airports Authority of India and state-run oil firms have refused to allow a private firm to be a part of the JV to supply ATF at AAI-operated airports.
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Trend reversal: Petrol, diesel prices inch up on global cues
Petrol sold in Delhi at Rs 76.31 per litre, diesel at Rs 67.82 per litre on Tuesday.
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Heartburn for ONGC: For HPCL, majority owner is still the President of India with 0% stake
Though oil refiner-retailer HPCL was taken over by ONGC in January this year, the former is yet to recognise the upstream major as its promoter in the mandatory quarterly filings with the stock exchanges.
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OMCs make provisions for PMUY losses
State-run oil marketing companies (OMCs) classified a section of loans provided to beneficiaries of the Pradhan Mantri Ujjwala Yojana (PMUY) in FY18 as ‘doubtful’ as recipients did not ask for LPG refill for a year.
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Indian Railways’ testing borrowing limits, cost to double in 5 years
The Indian Railways’ (IR) debt servicing costs are set to rise at a much faster clip starting FY21 and might more than double in five years from now as repayment obligations concerning Dedicated Freight Corridor Corporation of India (DFCCIL) and the proposed high-speed train network will kick in (see chart).
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Capex Plan: ONGC spared buyback obligation
The government has exempted state-owned explorer ONGC from the twin obligations of buying back its own shares and issuing bonus shares in the current fiscal.
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Diesel home delivery pilots to be scaled up – Check details here
Following the three successful pilots — one each by the state-run oil marketing companies (OMCs) — to deliver diesel at doorsteps, each of these firms will soon have eight such test projects.
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No takers for IRCTC’s e-bedroll
Railway passengers often complain about smelly blankets and dirty bedsheets provided in air-conditioned coaches, but they are not too happy with the alternative either, which is new bedding for which they have to pay.
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LPG subsidy a distortion, provide fuel-agnostic cooking sop: NITI Aayog
The NITI Aayog has suggested to the Ministry of Petroleum and Natural Gas that eligible beneficiaries receiving subsidy on liquefied petroleum gas (LPG) should rather be given a ‘cooking subsidy’ through direct benefit transfer (DBT).
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No service charge on e-tickets: IRCTC to get Rs 120 crore from Finance Ministry to make up for loss
In further relief to Indian Railway Catering and Tourism Corporation (IRCTC), the finance ministry has decided to pay Rs 120 crore to the railways arm to offset the losses due to waiver of service charge on tickets booked online through its portal in 2018-19.
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US’ Iran Sanctions: India OMCs, OVL’s Farzad-B to take hit
Earlier, the US had toughened its stance, saying it expected “zero” import of Iranian oil from all countries including China and India, the two biggest importers of oil from the Islamic country.
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Hydrocarbon E&P: Changes mulled in royalty, cess paid in pre-NELP era
The government is of the view that current PSCs are very rigid in terms of time lines and there are ambiguities in several provisions affecting hydrocarbon exploration and production activities.
