Sunday 20 May 2012
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In a hurried move to implement the Presidential decree issued by the government to ensure adequate long-term coal supply to power firms, Coal India Limited (CIL) today approved the revised Fuel Supply Agreement (FSA) to be executed with at least 48 companies for generating 18,522 Megawatt of electricity. “The CIL Board which met this...
Domestic and foreign airlines may lose their right to retain peak slots allotted to them at the country’s busiest airports — Delhi and Mumbai — if they fail to utilise them for a month. Slots refer to arrival and departure time periods allotted to them at a given airport. Mumbai airport has nearly 700...
Planning Commission Deputy Chairman Montek Singh Ahluwalia has asked Coal Minister Sriprakash Jaiswal to enlist private mine developers expeditiously to explore Coal India Limited’s (CIL) mines through the Public Private Partnership (PPP) route. Pitching for devising a transparent mechanism for fair selection of the private companies, Ahluwalia has offered the Plan panel’s expertise since...
The TV Today Network scrip soared 15.23% on Monday on unconfirmed reports that the $35-billion Aditya Birla Group may buy around 25% stake in Living Media, which promotes TV Today among others. The scrip almost touched its 52-week high of R71 on a day when the benchmark BSE Sensex lost 264 points. The TV...
Banks have a total exposure of about Rs 28,000 crore to telecom companies for activities relating to licence fee and roll out of 2G services, the government said today. “The banks’ total outstanding exposure to companies for 2G related activities (including licence fees, roll out of 2G services, erection of towers, capital expenditure and...
India must push on with economic reforms as back tracking on such initiatives will impact growth as well as foreign investments, a senior banking official said here today. “It is disappointing that India back tracks on reforms,” said David Carbon, Managing Director, Economic and Currency Research at the DBS Bank. Two years ago, India...
The Central Government’s huge borrowing plan in fiscal 2012-13 has started pushing up bond yields in a jittery money market, a factor that’s likely to come in the way of the Reserve Bank of India’s plan to bring down interest rates in the April policy review. The yield on the benchmark 8.79 per cent...
Days after corporate affairs minister Veerappa Moily said bad governance was the key reason for Kingfisher’s ailing health, his ministry has set the ball rolling for standardising corporate governance practice across sectors. The ministry has set up a committee under the leadership of Adi Godrej, chairman Godrej Group, with members from industry chambers and...
The BSE benchmark Sensex dipped below the 17,000 level by losing over 169 points in early trade today on sustained selling by funds amid a weak trend on other Asian bourses. The 30-share barometer lost 169.35 points, or 0.94 per cent down to trade at 16,952.27 points with capital goods, realty and IT stocks...
The ICICI Bank has been ordered by a consumer forum here to pay over Rs 2.14 lakh to one of its account holders for causing him financial loss by selling his shares pledged with it at lower price without his consent. The District Consumer Disputes Redressal Forum gave the order on the plea by...
The combined market capitalisation (m-cap) of top-five Sensex companies declined by Rs 24,015 crore last week amid a sluggish broader market, with energy majors RIL and ONGC taking the biggest hit. The market value of Reliance Industries Ltd (RIL) slipped by Rs 9,152 crore to Rs 2,43,626 crore in the week gone by, while...
The annual pay of a PSU employee on an average increased by 13.7 per cent to Rs 6.6 lakh in 2010-11, the Public Enterprises Survey for 2010-11 has revealed. According to the survey tabled in Parliament today, the per capita emoluments of state-owned units’ employees increased to Rs 6.6 lakh in 2010-11 from Rs...
The 14th Finance Commission is expected to be set up by September this year. The finance ministry has already started laying the groundwork for the Commission that would decide on the devolution of taxes between the Centre and state governments. “The Finance Commission requires at least two to three years time to finalise its...
Global and domestic woes cast a big shadow over Dalal Street again on Thursday. The benchmark Sensex plunged by 405.24 points as the sentiment took a blow after allegations of massive losses to the government in coal blocks allocation hit the markets. On top of this, weak Chinese and euro zone manufacturing data hit...
Red flags had been raised earlier on the process followed by the government on handing over coal blocks to private sector power developers, especially those with plans to sell generated electricity at market rates instead of regulated tariffs. To address these apprehensions, the Cabinet had in April 2008, approved the introduction of the Mines...