According to Edelweiss, data from the commerce ministry shows that oil imports are higher by about $20 billion when compared with figures from the petroleum ministry! There is usually a difference of $4-$5 bn. So, what is the correct oil import figure?
While the Bombay HC has given its approval for Vedanta's plan to merge Sterlite with other group companies, it needs to take permission from Madras HC as well for the merger
Vedanta group company Sterlite Industries (India) on Wednesday said the Bombay High Court has approved merger plan between the company and its sister concerns Madras Aluminium Company, Sterlite Energy, Vedanta Aluminium and Sesa Goa.
Sterlite, in a regulatory filing said, "The High Court of Bombay…approved the scheme of amalgamation and arrangement amongst Sterlite Industries (India), Madras Aluminium Company, Sterlite Energy, Vedanta Aluminium and Sesa Goa and their respective shareholders and creditors to create Sesa Sterlite.”
However, the merger is subject to approval of Madras High Court, it said.
The Anil Agarwal controlled Vedanta group had been planning to bring all its businesses except Konkola Copper Mines in Zambia, under the fold of Sesa Sterlite.
Sterlite Industries produces aluminium, copper, zinc, lead, silver and commercial energy and has operations in countries like Australia, Namibia, South Africa and Ireland.
After registering a 12-month high in January, India’s services sector has reported weak output in the last two months. However, service providers remain optimistic about the future
The headline HSBC Services Business Activity Index stood at 51.4 in March, down from 54.2 in February. Though the services output has grown in March, the growth has eased to its lowest level since October 2011.
“Growth in service sector activity slowed notably due to a deceleration in new business flows,” HSBC chief economist for India & ASEAN Leif Eskesen said adding that the backlogs of work and hiring rose at a slower pace.
Earlier data showed that India’s manufacturing sector also witnessed the slowest rate of expansion in 16 months in March as power outages hampered production activity along with a decline in new business orders.
Service sector firms as well as manufacturers added to their staff numbers during March, but the rate of job creation was ‘moderate’.
After registering a 12-month high in January, India’s services sector has reported weak output in the last two months. However, service providers remain optimistic about the future.
The degree of confidence among service providers was the strongest registered since December 2012 and service sector firms linked positive sentiment to expectations of stronger demand and planned investment in marketing, HSBC said.
On inflation, the report said input prices in the Indian service sector rose but moderately during March and subsequently, services companies increased their selling prices.
“Encouragingly, input prices and prices charged inflated less fast. Despite this the scope for further rate cuts is limited, and the next cut may well be the last,” Eskesen said.