Soon, cars will run on cooking oil: Indian Oil, BPL, HPCL working on this program
Posted on 10th August 2019 |
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| In a move that may fulfil Prime Minister Narendra Modi’s dream of reducing India’s dependence on energy imports, state-run fuel retailers — Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp will soon start a collection drive for its ambitious program that aims at converting used cooking oil to biodiesel. These oil corporations are expected to float an Expression of Interest application for procurement of Used Cooking Oil across 100 cities, Ministry of Petroleum and Natural Gas said in a statement on Thursday. The oil will be collected at an assured rate of Rs 51 per litre, which would be then increased to Rs 52.7 in the second year and Rs 54.5 per litre in the third year. However, with the Expression of Interest, the government aims to “encourage the applicants to set up Biodiesel producing plants, processing plants and further utilizing the existing potential of UCO based Biodiesel in India,” the ministry said. In India, 2700 crore litre of cooking oil is used and about 140 crore of used cooking oil can be collected from bulk customers like hotels, restaurants, canteens, etc. This will yield about 110 crore litre of Biodiesel in one year. The government needs 500 crore litres of Biodiesel in a year to achieve blending target for creation of High-Speed Diesel (HSD). “Presently there is no established collection chain for UCO. Thus, there is a huge opportunity in the production of biodiesel from UCO,” Ministry of Oil and Natural Gas said in a statement. Exemplifying dairy major brand Amul, Dharmendra Pradhan, MoS, Ministry of Oil and Natural Gas said that “like Amul, where milk is collected from households and then converted into a commercial product, there will be RUCO (Repurpose Used Cooking Oil) movement”, news agency PTI cited the minister as saying. India is one of the biggest crude oil consumers in the world and about 85% of its oil needs are catered via imports. |
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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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