Stock in Bharat Heavy Electricals (BHEL) slipped to its lowest level since December 2005 in morning trade on Monday after it reported nearly 50 per cent decline in quarterly earnings.
BHEL, India's leading power equipment manufacturer, announced on Saturday that its net profit slipped to Rs 470 crore in the April-June quarter, from Rs 920 crore in the corresponding quarter of last fiscal.
Sales slipped 24 per cent, from Rs 8,439 crore in the first quarter of FY2012-13 to Rs 6,458 crore in the same quarter of the current fiscal year.
To pass on the impact of declining value of rupee, government-run fuel retailers on Friday hiked the prices of petrol for the third time in June.
Starting Friday midnight, petrol became costlier by Rs 1.82 per litre (excluding state taxes). The actual rise in the price of the fuel will be higher at petrol pumps because of incremental rise in state levies.
The BJP-led Opposition has criticized Oil Minister M Veerappa Moily for his statement that every petroleum minister is "threatened" by powerful import lobbies.
Talking to reporters on Wednesday, Moily said import lobbies didn’t want the government to revise gas pricing policy as it would hurt their profits. He even said that import lobbies often threaten the oil minister to prevent such moves.
The Congress-led UPA government befooled people by reducing the rates of petrol and suspending revision in prices of diesel before the Karnataka Assembly elections, Tamil Nadu Chief Minister J Jayalalithaa said.
Jayalalithaa said the centre avoided any increase of the prices of the fuels before the recently concluded Karnataka Assembly elections, but increased the prices of fuels after the polls.
The Finance Ministry has agreed to pay a record Rs 100,000 crore to state-run oil marketing companies towards diesel and cooking fuel subsidy in 2012-13 to help them avoid the impact of the proposed implementation of Export Parity Price (EPP) pricing formula.
The Finance Ministry wants the pricing model to be changed to EPP, but Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are opposing the proposed change as the new model would bring their profitability down to nearly zero.
Households which have multiple LPG (cooking gas) connections and where the obligatory Know Your Customer (KYC) norm has not been completed will not get cylinders (including non-subsidised) from June 1, Indian Oil Corporation (IOC) warned in a press release.
Public Sector Undertaking IOC said, “No transactions, including delivery of non-subsidised cylinders, will be permitted in such cases once such connections have been blocked.”
Oil marketing companies, viz. IOC, BPCL and HPCL, have shared their customer data in order to identify households that have multiple LPG connections.
REpower Systems SE, a unit of wind turbine maker Suzlon Energy, informed BSE on Wednesday that it has crossed a historic 1 GW milestone in the U. K.
REpower Systems is a leading manufacturer of onshore and offshore wind turbines and now it has set a benchmark for its competitors by becoming only the third manufacturer in the U. K. to achieve the 1 GW watershed.
The company only took two years to add further 500 MW to its portfolio after it announced 500-MW of installed capacity in the summer of 2010.
It has been recently revealed that Cairn India has proposed six changes in the approvals of its oil fields that are in Rajasthan. It has been said that the change if gets approved then they can prove beneficial for domestic exploration industry.
The changes are such that they will reduce the total time taken from discovery to delivery. Experts said that the changes will benefit the entire the acreage. The changes are such that if they gets approved then there will be no need to take a number of approvals, which are needed now to take before a discovery is done.
As far as the allocation of scarce natural gas is concerned, in the present scenario, in comparison to the gas-based fertilizer plants and LPG-extraction units; the gas-based power plants are placed last in the priority list.
In this regard, Power Minister Jyotiraditya Scindia is looking forward to meet the high level inter-ministerial panel. He told reporters: "I am seeking a date with Defence Minister A K Antony for discussing the change in priority of gas allocation. We will seek that the power sector be considered as priority".
On Tuesday, the 26th oil discovery has successfully been made by Cairn India in its prolific Rajasthan block.
It is, reportedly, after the company was allowed to explore on block for oil, following the exploration phase expiry. It has been found that the exploration work programme was approved by the Management Committee, block oversight panel, on February 14 for the RJ-ON-90/1 block.