Indian Oil hopes to raise funds under new working capital norms in 20 days
Posted on 16th October 2018 |
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An executive of state-owned Indian Oil Corporation on Tuesday said the company was hoping to raise at least $300 million under the new working capital norms within 20 days from now.
IOC had last week said it would invest Rs 54.63 billion in setting up a city gas distribution network for retailing CNG to automobiles and piped cooking gas to households in seven districts. The company had The company had in the recently concluded 9th bidding round for city gas licences won permits for seven cities on its own and nine more as part of a joint venture with Adani Gas.
Amid a continued rise in global crude oil prices, thanks to a drop in Iranian exports with sanctions imposed by the US, the IOC executive told news agency Reuters that there was a likelihood of demand destruction for fuel products in the next few months.
India's oil demand is expected to rise by 5.8 million barrels per day (bpd) by 2040, accounting for about 40 per cent of the overall increase in global demand during the period, according to the Organization of the Petroleum Exporting Countries (OPEC). Global oil demand is expected to increase by 14.5 million bpd from 2017 to 111.7 million bpd in 2040, OPEC said in its latest report, issued in September.
In the latest sign that shipments are taking a major hit from looming US sanctions on Iran, Turkey and Italy are the last buyers of crude outside China India and West Asia from that country, according to tanker data.
The expected loss of a sizeable amount of Iranian supply has helped drive a rally in oil prices, which on October 3 hit their highest since late 2014 at $86.74 a barrel. Crude oil has since eased to $81, though analysts say the Iranian export drop remains supportive. |
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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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