Companies & Sectors
Centre preparing vision document for NE hydrocarbon sector

Pradhan, who arrived in Assam on Tuesday on an official tour, visited oilfields and refineries in Assam, including the oilfields in Digboi, Duliajan, Nazira, the Numaligarh refinery and the Guwahati Refinery

 

Union Minister of State for Petroleum and Natural Gas Dharmendra Pradhan on Friday said the government is preparing a vision document for the hydrocarbon sector in India's northeast region.
 
The initiative has already been taken to boost investment in the sector in the region, he added.
 
Pradhan, who arrived in Assam on Tuesday on an official tour, visited oilfields and refineries in Assam, including the oilfields in Digboi, Duliajan, Nazira, the Numaligarh refinery and the Guwahati Refinery.
 
"Assam has, in fact, laid the foundation of hydrocarbon in the country and till today the 10 percent of the country's total gas and oil production is from Assam," the minister told reporters. 
 
"I have come here to review the overall scenario here so that the government can take up steps to boost the production in hydrocarbon sector in the region," he said.
 
Stating that Prime Minister Narendra Modi has fixed some target for the hydrocarbon sector in the region, Pradhan said: "At present our total import is 77 percent and he wants us to take up steps to reduce this outside dependency to 67 percent by 2022, when the country will celebrate its 75th Independence Day." 
 
"Considering the necessity of the hydrocarbon sector, the government has decided to set up a world class skill development centre to develop the skills relating to hydrocarbon sector," he said.
 
He also said the ministry had also instituted a high-level panel to prepare the vision document of hydrocarbon sector in the region within next three years.
 
This is for the first time that a petroleum minister has spent so many days in Assam in last several years, inspecting oil installations. 
 
Pradhan also met various heads of the oil companies, refineries and the state government, including Assam Chief Minister Tarun Gogoi.
 
He said that the much-hyped Brahmaputra Crackers and Polymer Limited (BCPL) is likely to be dedicated to the nation this year. "I am going to request the prime minister to come to Assam and dedicate the project to the people of the country."
 
On the issue of oil royalty, the minister justified Assam's demand for increase in the oil royalties, at par with the royalty given to Gujarat. 
 
"There were problems with the previous government in handling the issues. The Gujarat government had moved the Supreme Court over the issue of royalty and the court asked the oil companies to increase the royalty," he said. 
 
"We are working out on a solution that will benefit Assam," the minister added.

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COMMENTS

Gautam Hazarika

11 months ago

Center has already prepared the Vision Document it is available on web here is the link http://www.megplanning.gov.in/circular/H...

Gautam Hazarika

11 months ago

Center has already prepared the Vision Document it is available on web here is the link http://www.megplanning.gov.in/circular/H...

Nifty, Sensex, Bank Nifty still under pressure – Weekly closing report
Nifty will have to close above 8,700, as a first step for the downtrend to reverse
 
The S&P BSE Sensex closed the week that ended on 17th April at 28,442 (down 437 points or 1.51%), while the NSE’s CNX Nifty closed at 8,606 (down 174 points or 1.99%). In the previous week, we had mentioned that the upmove on the Nifty may continue. However a weekly close below 8,600 maybe a signal temporary reversal.
 
On Monday, Nifty closed higher for the seventh consecutive session. Nifty closed at 8,834 (up 54 points or 0.61%). Prime minister, who inaugurated the Hannover Fair in which India is a partner country, said that India aims at a stable and transparent tax regime and that development is "not a mere political agenda" but an "article of faith" and sought international support to achieve the objectives crucial for growth.
 
Government has shortlisted about a dozen state-run units including IOC, National Fertilisers, MMTC, Hindustan Copper and ITDC for stake sale to achieve the current fiscal's disinvestment target of Rs41,000 crore.
 
The stock market was closed Tuesday for Dr Babasaheb Ambedkar Jayanti. On Wednesday, Nifty upmove was arrested and it closed at 8,750 (down 84 points or 0.95%).  All-India general CPI inflation slowed down to three-month low of 5.2% in March 2015 (new base 2012=100) from 5.4% in February 2015.
 
The World Bank and the International Monetary Fund (IMF) said that there is a need for India to push forward the reforms agenda. IMF said in its bi-annual World Economic Outlook, released in Washington DC that India's growth at 7.5% in 2015-16 will surpass China's decelerating growth of 6.8% in the same year.
 
The loss on the Nifty continued on Thursday as well. Nifty closed at 8,707 (down 44 points or 0.50%). India has the potential to make 9%-10% growth rate "a new normal", Finance Minister Arun Jaitley said, while asserting that high growth was essential to meet the challenges posed by the country's burgeoning young population.
 
The market remained weak on Friday too. The loss of past three sessions (including Friday) wiped off almost the entire gain earned in the period of 6 April 2015 to 13 April 2015 (six days). Nifty closed at 8,606 (down 101 points or 1.16%). Indian economy is expected to grow marginally higher at 7.3% during the year compared with 7.2% in 2014 and interest rate cuts will support private sector spending, said a group company of global rating agency Moody's.
 
Among the top two losers, in the Sensex 30 pack, was TCS which fell for the fifth consecutive session today. On Thursday after market hours it posted it March 2015 quarter results, which showed its operating profit falling by 37%, mainly attributed to the charge of one-time bonus of Rs2,627.91 crore given to eligible employees.
 
We broke the news on Thursday that three of its directors of Helios and Matheson were arrested by Economic Offences Wing in Chennai, as it failed to repay deposit and interest to several depositors. On Friday, the stock fell 5.54% to close at Rs58.85 on the BSE. 
 
Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:
 

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COMMENTS

Mohd.Tahir Sayed

2 years ago

sir
unable to find in weekly closing report which companys three directors were arrested on thursday.

CRISIL posts lower net profit in first quarter

The company board declared an interim dividend of Rs4 per share for the financial year ending on December 31, 2015, the company said

 

Credit-rating company CRISIL Ltd. closed the first quarter ended on March 31 with a lower top and bottomline, the company said on Friday.
 
The company board declared an interim dividend of Rs4 per share for the financial year ending on December 31, 2015, the company said.
 
In a regulatory filing in BSE, the company said its consolidated income from operations was Rs307.62 crore for the quarter ended March 31, as against Rs309.23 crore logged during the corresponding period of the previous year.
 
According to CRISIL, the consolidated after-tax-profit for the first quarter this year was Rs56.32 crore -- down from Rs68.71 crore posted during the corresponding period of the previous year.
 
The company said rating revenues were mainly impacted by reduced budgetary support from the government for the NSIC-Performance and Credit Rating Scheme for small and medium enterprises.
 

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