Companies & Sectors
Zero supply of gas by RIL impacts 15,000 MW capacity of power plants

As many as 37 power stations in the country, which have tied up 33 mmscmd (million metric standard cubic metres per day) gas from RIL’s KG basin have nil fuel at their disposal

Non-supply of natural gas from Reliance Industries’ KG basin has impacted over 15,000 MW gas-based capacity of power plants.

 

“The total capacity of gas-based stations in India is 18,830 MW of which 15,529 MW is fed with gas from RIL. That (15,529 MW) is idle as there is no gas available from RIL,” an official said.

 

The gas-based capacity which is lying idle due to want of fuel comprises central, state as well as private power plants.

 

Six of NTPC’s seven gas-based power plants have zero gas available with them. The country’s largest power producer’s total gas-based capacity stands at 3,955 MW of which 3,605 MW is stranded due to lack of fuel, he said.

 

As many as 37 power stations in the country, which have tied up 33 mmscmd (million metric standard cubic metres per day) gas from RIL’s KG basin have nil fuel at their disposal, the official added.

 

The are 55 gas-based stations—14 (Andhra Pradesh), 12 (Gujarat), six (Tamil Nadu), five (Assam), four each in Delhi and Tripura, three each in Rajasthan and Maharashtra, two (Uttar Pradesh) and one each in Haryana and Puducherry.

 

All the four power gas-based power stations in capital Delhi are not receiving gas from RIL. As many as 10 power stations in Gujarat, seven in Andhra Pradesh are also stranded for the same reason, the official said.

 

Private power generation company GMR Energy’s 220 MW plant at Kakinada in Andhra Pradesh has also not received supply from RIL, he said.

 

The beleaguered Ratnagiri project in Maharashtra with a capacity of 2,220 MW did not receive any natural gas from KG Basin, he added.

 

The supplies from the KG-D6 block to power plants were snapped in March this year after output from the eastern offshore fields dropped to an all-time low.

User

COMMENTS

anantha ramdas

4 years ago

Is this situation truly because of non production of gas due to technical difficulties or the wells have gone dry?

Would someone responsible from Reliance answer this call?

I am a shareholder and feel terribly ashamed that my company has failed to supply the goods.

We need their response immediately followed by supplies. Technical jargon and commercial excuses won't do!

Or you guys playing the fool because the revised and enhanced gas prices won't become due till April 14?

shame on you

Sensex, Nifty continue to remain under pressure: Tuesday Closing Report

Most likely for the next few days the rally will be met by selling unless the indices manage to close above any previous day’s high
 

The market settled lower for the second day in a row on selling in auto and banking stocks. Most likely for the next few days the rally will be met by selling unless the indices manage to close above any previous day’s high. The National Stock Exchange (NSE) registered a turnover of 55.74 crore shares and advance-decline of 498:909.

 

The Indian market started the day on a flat note in the absence of any global or domestic triggers. Markets in Asia were mixed in morning trade as investors waited for an announcement from the US Federal Reserve on the duration of its bond-buying programme. US markets settled marginally lower on Monday on profit taking which led to paring of early gains.

 

The Nifty opened five points lower at 6,152 and the Sensex started the day at 20,227, up three points over its previous close. Buying in IT, oil & gas, PSU and consumer durables stocks led the benchmarks higher in early trade. But the indices could not sustain the early gains and trended lower after about an hour of trade.

 

Meanwhile, Phaneesh Murthy, the once upon a time blue-eyed boy of the IT industry has been sacked by iGate Corp, after having to quit Infosys over a sexual harassment scandal. A statement by iGate innocuously says that Murthy was sacked for not disclosing his relationship with a subordinate. This follows investigation for sexual harassment against Murthy, one of the country's best IT marketers. Murthy's second sacking over the sexual harassment issue has stunned the industry. Ironically, when Phaneesh Murthy was thrown out of Infosys, he left with enormous anger and claimed that he was wrongfully targeted.

 

The market was range-bound in the negative terrain till the noon session weighed down by realty, auto, power, healthcare and capital goods stocks. But buying in select stocks enabled the market to emerge into the green in post-noon trade. The gains helped the market hit its intraday high around 2.00pm. The Nifty went up to 6,180 and the Sensex rose to 20,308.

 

However, intense volatility resulted in the market slipping into the red once again. Weak European markets and selling pressure in auto and banking stocks weighed down on the market.

 

The benchmarks touched their lows towards the end of the trading session with the Nifty going back to 6,102 and the Sensex falling to 20,073. The market closed near the lows and down for the second day in a row.

 

Among the broader indices, the BSE Mid-cap index declined 0.62% and the BSE Small-cap index fell 0.43%.

 

BSE IT (up 0.80%); BSE TECk (up 0.44%) and BSE Consumer Durables (up 0.01%) were the sectoral gainers today. The main losers were BSE Realty (down 2.59%); BSE Auto (down 1.75%); BSE Power (down 1.06%); BSE PSU (down 1%) and BSE Bankex (down 0.88%).

 

Out of the 30 stocks on the Sensex, nine settled higher. The key gainers were Coal India (up 2.11%); BHEL (up 1.83%); TCS (up 1.03%); Infosys (up 0.92%) and Sun Pharmaceutical Industries (up 0.78%). The key losers were NTPC (down 4.21%); Tata Motors (down 3.06%); Maruti Suzuki (down 2.49%); State Bank of India (down 2.16%) and Tata Steel (down 2.11%).

 

The top two A Group gainers on the BSE were—Adani Power (up 12.21%) and Emami (up 5.08%).

The top two A Group losers on the BSE were—Divi’s Laboratories (down 7.29%) and Bajaj Finance (down 5.58%).

 

The top two B Group gainers on the BSE were—Uniply Industries (up 20%) and Sita Shree Food Products (up 18.75%).

The top two B Group losers on the BSE were—Cords Cable Industries (down 19.44%) and Emmsons International (down 19.35%).

 

Of the 50 stocks on the Nifty, 14 ended in the in the green. The main gainers were Coal India (up 2.36%); BHEL (up 1.61%); TCS (up 1.40%); HCL Technologies (up 1.345) and Infosys (up 1.06%). The major losers were UltraTech Cement Company (down 4.87%); NTPC (down 4.42%); Jaiprakash Associates (down 3.94%); Grasim Industries (down 3.17%) and DLF (down 3.04%).

 

The Nifty settled 43 points (0.70%) lower at 6,114 and the Sensex declined 112 points (0.56%) to end the session at 20,112.

 

Markets across Asia closed mixed. The Hang Seng settled lower as the Goldman Sachs Group sold its $1.1 billion stake in Hong Kong listed ICBC. Investors await announcements from the Bank of Japan and US Fed at the end of their two-day meeting on Wednesday.

 

The Shanghai Composite rose 0.22%; the KLSE Composite gained 0.58%; the Nikkei 225 added 0.13% and the Taiwan Weighted settled 0.07% higher. Among the losers, the Hang Seng fell 0.54%; the Jakarta Composite declined 0.50%; the Straits Times shed 0.30% and the Seoul Composite lost 0.07%.

 

At the time of writing, the CAC 40 of France was down 0.385; the DAX of Germany fell 0.18% and UK’s FTSE 100 rose 0.17%. At the same time, the US stock futures were mixed with a negative bias.

 

Back home, inflows from foreign institutional investors were offset by withdrawals by domestic institutional investors on Monday. While FIIs pooled in Rs753.37 crore in the equities segment, DIIs took away Rs764.32 crore.

 

Amid reports of Reliance Infrastructure exiting big projects due to delay in regulatory clearances, the company said it is awaiting nod from government agencies to commence work on some stalled projects worth Rs20,000 crore. The stock declined 2.26% to close at Rs415 on the NSE.

 

The Directorate-General of Central Excise Intelligence has filed a case against Bhushan Steel for evasion of central excise duty of about Rs 24 crore.
 

Bhushan Steel is a manufacturer of hot and cold rolled galvanised products. Officials have been booked for fraudulent procurement of Cenvat credit on zinc ingots purchased from Hindustan Zinc, Haridwar. Bhushan Steel rose 0.05% to close at Rs464.55 on the NSE.

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Vinod Rai demits office: A CAG that India will miss

Vinod Rai, the CAG of India is the man behind all the major headlines we have read over the past few years—the 2G scam, coal block allocations called Coalgate, the Commonwealth Games scam and so on. He is demitting the CAG office on Wednesday reminding us that “tomorrow belongs to the people who prepare for it today”
 


Vinod Rai, the man behind all the major headlines of the last five years steps down on Wednesday allowing the United Progressive Alliance (UPA) government to heave a sigh of relief. But to most ordinary Indians, Mr Rai was the new national hero—someone who used his official post to do the job that the Constitution of India envisaged for him and in the process demonstrated how politicians were ganging up to strip the national exchequer. In the process, many ordinary people who had no clue what the Comptroller and Auditor General (CAG) does, suddenly became aware about the powers of this office. The respect that Mr Rai commands was evident from the two-time standing ovation that he received at Moneylife Foundation’s third anniversary function on 15th February when the delivered the keynote address.

 

Interestingly, Mr Rai is also the first CAG to attempt to reach out to people by publishing the gist of audit reports in the form of colourful, easy-to-read and understand “Noddy Books” (character made famous by the favourite children’s book writer Enid Blyton). These are available on the CAG website for all to access.

 

In sharp contrast to this public adulation was the response of India’s political class. Congress leader Digvijay Singh called his appointment “…one of UPA government’s biggest mistakes”. Agriculture minister Sharad Pawar was equally critical about Rai’s “public utterances” and even the prime minister talked about the CAG going beyond its mandate. Fortunately, many former bureaucrats came out strongly in support of Mr Rai having “reclaimed the pre-eminence” of the CAG office.

 

No wonder, Mr Rai is the first of 30 Indian CAGs, who will be remembered for showing us that the government and politicians can be made accountable, if statutory bodies simply do their job.

 

CAG Vinod Rai’s relentless audit and fearless disclosures have told the story of the massive real and potential losses in the sale of 2G telecom spectrum, the Commonwealth Games, allocation of captive coal blocks and irrigation projects.

 

Never before has the CAG had such a powerful impact on public assessment of the government. It underlines one thing. Very often, we say: What can one man do? That is really an excuse for not doing anything. More interestingly, Mr Rai managed to face up to relentless political pressure with unflappable élan.

 

Speaking at Moneylife Foundation’s 3rd anniversary event on 15th February, Mr Rai had said that the government has been too used to paid audiences at political rallies and is now starting to be terrified of the silent majority. In a powerful speech, Mr Rai reminded the citizens the responsibility of ensuring good governance, saying that too much is at stake for this duty to be ignored.

 

While private institutions as well as individuals also need to be accountable, Mr Rai had said that more is required of the government. He said, “Accountability becomes more important when public funds are involved. This is because public funds come from taxes, which we have to pay. Because there is compulsion to pay, we need to know how the money is spent. This is why governments have higher accountability to its citizens.”

 

“Democracy without accountability is a body without a soul”

After years of slumber, Mr Rai believes, that citizens are finally waking up to find that they need to demand good governance themselves, rather than expect it. “Value-for-money in provision of public services,” he said, “is the basic tenet of democracy. Democracy without accountability is a body without a soul. But the public perception indicates that elements of ethics and integrity are lacking. The public has come to realise that governance is too important to be left only to the government. Each stakeholder is now vociferous, discerning and demanding.”

 

Mr Rai particularly noted the waking up of the urban middle-class last year. He said, “In 2012, the citizens took centre-stage, debunking the myth of the silent majority. This shows the maturing of Indian democratic forces. Citizens now seek a dialogue and this is the old order changing. Perhaps the urban middle-class united because of corruption at every government office. They have grown united and strong. This has taken the administration by surprise. They were never prepared. The government was too used to paid crowds at political rallies. This is the very reason for the insensitive and misguided response you saw in December and January.”

 

“If the government doesn’t perform, we have none other than ourselves to blame”

Mr Rai said what we need to do to ensure that the government does not forget what its job is. “The judiciary ensures horizontal accountability. What we need is vertical accountability, from the citizens, mass media and society in general. We need to remember that we ourselves give the government. If the government does not perform, we have none other than ourselves to blame. But it now looks as if the people are waking up again, as is evidenced by, for example, the reopening of Jessica Lal case. India demonstrated its ability to rise up at the time of independence, then again when democracy was snuffed out in 1975, when the economy was liberalised, and now again. We need to keep this up. There is too much at stake to give up,” he said.

 

Mr Rai took over as the Comptroller & Auditor General of India on 7 January 2008. He has a Master’s Degree in Economics from Delhi University and Masters in Public Administration from Harvard. A 1972 batch IAS from the Kerala cadre, he was the Additional Secretary, Banking and later, Secretary, Department of Financial Services, in his previous assignments.

 

According to media reports, defence secretary Shashi Kant Sharma, an IAS officer of the 1976 batch from Bihar cadre, would replace Mr Rai as the next CAG of India.

 

The Aam Aadmi Party (AAP) in a statement has alleged that in the absence of a formal selection process for the job, the appointment is entirely arbitrary, non-transparent, and based on the decision of the finance ministry. It has also said that as CAG, the new appointee will be in charge of auditing defence contracts that he was involved in deciding. This compromises his “institutional integrity” as laid-down by the Supreme Court and his appointment is liable to be challenged.

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COMMENTS

ANIL KUMAR JALOTA

4 years ago

He will always be remembered as a game changer in India. He showed to bureaucrats that , in case they decide, they can attempt to change the destiny of the nation. NO CAG SHALL BE A RUBBER STAMP IN FUTURE.

shailesh gandhi

4 years ago

Some Congress spokesmen are saying Vinod Rai was not loyal to the Government! Someone says loyalty should be to the Supreme Court! The loyalty of every right-thinking Public servant should be to the Constitution and the people of India only. India salutes Mr. Vinod Rai.

REPLY

hasmukh

In Reply to shailesh gandhi 4 years ago

I join you all in giving Salute to this Big bureaucrat. Some Central ministers, who ought to mind their own business, find mistakes in the work done by our favourite CAG. Wish, our future CAG s also follow the principles and courage of Shri Vinod Rai.

gcmbinty

4 years ago

Replacement of Mr. Vinod Rai is difficult to come but the stock is not insufficient as not to point one from the rot. In fact Mr. Rai has laid the foundation for the future CAGs to act effectively as most of the Chief Election Commissioners have been after Mr. T. N.Seshan. PILs have already been filed against the appointment of Def Secretary as CAG. Presently, the issue is out of the hands of the political leadership.

hasmukh

4 years ago

Salute to Shri Vinod Rai and wish all the Best for future.

Wish, all the Ministers and the bureaucrats in our Governments had the similar qualities like Shri Vinod Rai. But, that appears to be too much to expect.

nagesh kini

4 years ago

In Mr. Vinod Rai, TN Seshan and Chaturvedi we had for a change real game changers who made it known what good governance means.
The Office of the CAG are no mean bean counters who churn out big fat reports that are more often than not just filed away by those are expected to act.
His Noddy Book reports have brought the working of his office to the aam janata.
Long time back in a Doordarshan TV interview he said he was contactable on the internet by making available his personal ID. On a simple mail, his office provided me with an Environment Audit Report.
Before demitting office he deftly avoided any responses to TV Anchors queries on his reaction to Manish Tiwari and Kapil Sibal.

REPLY

Amritha Srinath

In Reply to nagesh kini 4 months ago

Hi, can you please share the contact details of Mr Vinod Rai?

nagesh kini

4 years ago

In Mr. Vinod Rai, TN Seshan and Chaturvedi we had for a change real game changers who made it known what good governance means.
The Office of the CAG are no mean bean counters who churn out big fat reports that are more often than not just filed away by those are expected to act.
His Noddy Book reports have brought the working of his office to the aam janata.
Long time back in a Doordarshan TV interview he said he was contactable on the internet by making available his personal ID. On a simple mail, his office provided me with an Environment Audit Report.
Before demitting office he deftly avoided any responses to TV Anchors queries on his reaction to Manish Tiwari and Kapil Sibal.

Suiketu Shah

4 years ago

Wonderful leader Mr Rai was.The fact that he was so so so much disliked by some leaders itself is an indication how honest he was under loads of political pressure.Diamonds among pebbles,Mr Rai.All the best in yr future career.

Dayananda Kamath k

4 years ago

sri vinod rai has shown what cag can do what are his powers. but unfortunately since 1968 cag reports were not discussed in parliament and most of the time they were gilotinned. some time in 1984 one mr. chaturvedi a former cag(if i am correct wrote an article in indian express regarding cag reports) i rmember at that time itself the double payments, fraudulent payments and unauthorized payments are far more than our fiscal deficit.the members of parliament have failed miserably the people of india by not discussing and insisting action on these reports. this is one of the primary duties of a member of parliament to see that the funds are used properly and adequately for the public good. hope the incumbent will rise to the occasion.already there is news of conflict of interest he being secretary defense (westland helicopter deal) i do not understand why the govt does such appointments like vijayan to irda u.k sinha to sebi. it shows the vested interest in these appointment's. this is the reason for all scams and corruption. it is protected promoted by the authority which is devised in democracy to prevent.

REPLY

ashwin bahl

In Reply to Dayananda Kamath k 4 years ago

Bro, it is obvious most important appointments have one thing in common, you have to be YES MEN of the rulers, that is the main qualification and criteria !

Sethi

4 years ago

Thank you Mr Rai for leaving a legacy behind for others to follow . The corrupt politicians are shouting from the roof tops because you hurt them , where it hurts most , their pockets . Hoping you would continue to serve the country in your post retirement life . Best of luck .

suresh hegde

4 years ago

As has been apty told by others, India in general and common people in particular will really be missing Mr. Vinod Rai. People have seen him as role model. Can we hope that the incumbant will also try to follow the footfrint of Mr.Rai and thrive to contnue the great work done by Mr. Rai. Mr.Rai wishing you a very happy and safe retired life.

Ratna Magotra

4 years ago

Vinod Rai's robust management at the helm made institution of CAG known to common man. It was Sheshan who brought power of Election Commission home some years back. Institutions need but one man at the top to discharge the responsibilities given to them by our Constitution. Rai has proved to be the most influential person in the recent times to restore confidence of public. Wish him the best and may he continue to serve people in a role of his choice.

ashwin bahl

4 years ago

One of its kind, a brave man who took on the establishment fearlessly, wish him all the best in the future.

M G WARRIER

4 years ago

Sandwiched between a hostile community of beneficiaries of largesse from government via different routes and a government benevolent in showering praises on CAG only when it has to defend itself from opposition attack, Vinod Rai had to assert his stance defending public interest in public on an ongoing basis, which is a tough task for any civil servant in India. If the institution of CAG and the individual have been able to carry on unperturbed, proactive support from media and organisations like Moneylife Foundation did help the process.
The efforts taken by Vinod Rai and his predecessors to sharpen the available tools by infusing expertise into the organisation and by training and educating cadres down below have brought professionalism in the performance of audit function and improved the confidence level of staff. If similar initiatives had come from his counterparts heading several government departments and public sector or statutory organizations, the agony the UPA II government is now subject to would have been much less.
The critiques who are saying that accountant and auditor should bother only about the accuracy of figures are, for reasons best known to them, pleading ignorance of the changes that have happened in the law and practice of accounting and audit and the reforms in the CAG’s office brought about in recent years.
Let us wish Vinod Rai an active, healthy and ‘busy’ post-retirement life pursuing the causes he keeps close to his heart.

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