IGL, IOC-Adani, HPCL-Oil India set to win gas distribution licences
Posted on 6th September 2017 |
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| NEW DELHI: Indraprastha Gas (IGL), Indian Oil-Adani Gas combine and Hindustan Petroleum-Oil India joint venture are set to win licences to distribute gas in one city each in the latest round of auction, according to people with direct knowledge of the matter. In the much delayed 8th round city gas bidding, licences for gas distribution in Karnal, Haryana is set to go to IGL. The licenses for Ambala-Kurukshetra, also in Haryana, would go to HPCL-Oil India, and South Goa to the joint venture between Indian Oil and Adani Gas, according to sources. Actual award of licences will take place probably a month later by when new members are likely to be appointed to the Petroleum & Natural Gas Regulatory Board (PNGRB), the downstream regulator that conducts these auctions. PNGRB has just one member on the board at present that delays decision-making, especially with regard to awarding licences. In the latest auction, every bidder submitted a bid of 1 paisa as network tariff, as has become the norm for years, allowing the winner to be decided by the quantum of performance guarantees submitted. IGL submitted highest performance bond of Rs 306 crore for Karnal, higher than HPCL-OIL’s Rs 203 crore. Indian Oil-Adani Gas offered Rs 403 crore performance bond for South Goa. HPCL-OIL was again in the second spot with a bid bond of Rs 324 crore. It, however, furnished the highest performance bond of Rs 303 crore for Ambala-Kurukshetra licence, just ahead of IOC-Adani’s Rs 302.35 crore bond. The bids for three other cities — Yanam in Puducherry, Bulandshahr and Baghpat in Uttar Pradesh — have not been opened as yet. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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