Describing the decision as harmful, agriculture minister Sharad Pawar said the cotton growers in Gujarat, Andhra Pradesh and Madhya Pradesh are in great distress as traders have stopped buying cotton from them after the decision
New Delhi: Seeking prime minister Manmohan Singh’s intervention, agriculture minister Sharad Pawar on Tuesday said he was not consulted on the commerce ministry’s decision to ban cotton exports, reports PTI.
“I was kept in dark on the issue. I came to know about this only after a notification was issued by DGFT (Directorate General of Foreign Trade) on Monday,” Mr Pawar told reporters here on the sidelines of ICAR conference.
Mr Pawar said he has written a letter to the prime minister seeking revocation of the ban on cotton exports.
He said that such a decision, which would impact lakhs of farmers, should have been taken after proper consultations either in the Cabinet Committee on Economic Affairs or Cabinet Committee on Prices, like it is done in the case of wheat and sugar.
Describing the decision as harmful, Mr Pawar said the cotton growers in Gujarat, Andhra Pradesh and Madhya Pradesh are in great distress as traders have stopped buying cotton from them after the decision.
“Export of cotton has been prohibited till further orders,” the DGFT said in a notification on Monday.
The exports against registration certificates already issued would also be prohibited, it added.
The move is aimed at boosting domestic supply.
Mr Pawar as well as the textile industry was surprised by the decision. The move has also come in for a sharp criticism from Gujarat chief minister Narendra Modi, who said in a letter to prime minister that he was ‘shocked’ over the decision that would prove ‘disastrous’ for farmers.
With the acquisition of 4.41%, LIC’s stake in ONGC has gone up to 9.48%. As per the Insurance Regulatory and Development Authority’s (guidelines, an insurance firm’s holding should not exceed 10% in any company
New Delhi: Exploration and refining major Oil and Natural Gas Corporation (ONGC) today said the government’s holding in the company has come down by 4.91% to 69.23% following stake sale last week, reports PTI.
Prior to the Offer for Sale, the government had 74.14% stake in ONGC.
The government sold 42.04 crore shares in ONGC and garnered Rs12,766 crore, ONGC said in a filing on the BSE.
Of the 42.04 crore shares auctioned last week, state-owned insurance giant Life Insurance Corporation of India (LIC) picked up 37.71 crore shares in the company and its total holding has gone up to 9.48%.
Taking into account the average price of Rs303.67 a share, the country’s largest insurer would have invested around Rs 11,450 crore during the first ever auction of PSU shares on 1st March.
LIC has bought 37.71 crore shares representing 4.41% stake in ONGC through open market purchase.
The government auctioned 5% of its stake, or 44.77 crore shares, in ONGC on 1st March.
While the ONGC auction was subscribed 98.3%, LIC had picked up over 84% of the shares on offer. The remaining was bought by institutional and retail investors.
With the acquisition of 4.41%, LIC’s stake in ONGC has gone up to 9.48%, the filing added. As per the Insurance Regulatory and Development Authority’s (IRDA) guidelines, an insurance firm’s holding should not exceed 10% in any company.
Patel Engg has won a Rs195.21 crore order for rehabilitation of sewerage lines spread across different stretches across the suburban areas in Mumbai
Construction company Patel Engineering has won two urban infrastructure projects amounting to Rs377.04 crore from the Municipal Corporation of Greater Mumbai.
"The company has won a Rs195.21 crore order for rehabilitation of sewerage lines spread across different stretches across the suburban areas in Mumbai," the company said in a statement.
It added that the other Rs181.83 crore project pertains to construction of tunnels from Powai to Veravali and Powai to Ghatkopar high-level reservoir and from Ghatkopar high-level reservoir to Ghatkopar low-level reservoir. The project also involves construction of shafts and allied works.
Currently, Patel Engineering is also executing a Rs363.05 crore road project for the Pune Municipal Corporation (PMC). This project stretches from Shivane to Mhatrae Bridge (Phase-1) and Sangamwadi to Kharadi (Phase-3) in Pune, it added.
In the late afternoon, Patel Engg was trading at around Rs105 per share on the Bombay Stock Exchange, 4.09% down from the previous close.