LIVE MARKET TRACKER :   BSE SENSEX   28423.03      |    NSE NIFTY 8484.25    
GLOBAL MARKETS :  NASDAQ 4787.317   +0.61%    |    FSI London 6729.17   -0.03%    |    NIKKEI Japan 17266.189   -0.68%
  USD GBP EUR CAD AUD INR
USD - 0.6334 0.7995 1.1262 1.1649 61.86
GBP 1.5789 - 1.2624 1.7782 1.8393 97.672
EUR 1.2508 0.7923 - 1.4088 1.4572 77.3776
CAD 0.888 0.5624 0.71 - 1.0344 54.9295
AUD 0.8586 0.5438 0.6864 0.967 - 53.1111
INR 0.0162 0.0102 0.0129 0.0182 0.0188 -
Indian-Commodity  :  Top News  :  Govt to pay additional cash subsidy of Rs 25,000 crore to OMCs

Govt to pay additional cash subsidy of Rs 25,000 crore to OMCs (12-Feb-2013)

In a move to provide some relief to the state-owned oil marketing companies, the government will pay Rs 25,000 crore additional cash subsidy to state-owned fuel retailers for part of the revenue they lost on selling diesel, domestic LPG and kerosene below cost this fiscal. In the October-December quarter, Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) lost Rs 39,268 crore in revenue for selling fuel at government controlled rate.

The finance ministry in this regard has issued a 'comfort letter' to IOC, BPCL and HPCL sanctioning Rs 25,000 crore. Of this, IOC would get Rs 13,474.56 crore, BPCL Rs 5,987.25 crore and HPCL Rs 5,538.19 crore. The oil companies will account this 'comfort letter' as receivables to post decent third quarter earnings, whereas actual cash will flow only after Parliament approves supplementary demands for grants or additional spending. 

Earlier, the government has released Rs 30,000 crore subsidy. With the latest sanction the government has met about 44% of the Rs 124,854 crore revenue the three firms together lost on selling auto and cooking fuel below cost during the April-December period this fiscal. Currently, oil companies lose Rs 9.22 a litre on diesel, Rs 31.60 per litre on kerosene and Rs 481 on every 14.2-kg LPG cylinder, thereby losing Rs 443 crore per day of sale of the three fuels.

Normally, the finance ministry pays cash subsidies to state oil retailers while state-run upstream companies - ONGC, OIL and GAIL India - sell crude oil and products like LPG products at a discount. Upstream companies have till now paid Rs 45,000 crore in fuel subsidy.


Top News Today
RBI Governor emphasizes on better banking practices
(26-Nov-2014)

RBI Governor emphasizes on better banking practicesAmid the rising clamour from industry for rate cuts and signs of slow economic growth in September quarter that may compel Finance Ministry Arun Jaitley too, to argue Reserve Bank of India (RBI) Governor......click on news to read complete article.

GMR Infrastructure , FTIL and SAIL to see some action today
(26-Nov-2014)

GMR Infrastructure , FTIL and SAIL to see some action todayGMR Infrastructure (GIL) has emerged as lowest bidder in international competitive bidding for two packages of Eastern Dedicated Freight Corridor project involving construction of 417 km long double track......click on news to read complete article.

Telecom, IT and broadcast soon to see a new super-regulator
(25-Nov-2014)

Telecom, IT and broadcast soon to see a new super-regulatorA new super-regulator governing telecom, information technology and broadcast is on the anvil, as the Centre has finalised the broad outline for appointing a new super-regulator governing these sectors.......click on news to read complete article.

International Stock News
US markets end mostly in red on mixed economic data
(26-Nov-2014)

US markets end mostly in red on mixed economic dataThe US markets ended mostly in red on Tuesday on getting a mixed set of economic data, while the US third quarter GDP showed an unexpected growth, the consumer confidence declined in the month of November.......click on news to read complete article.

US markets move higher in a range bound trade
(25-Nov-2014)

US markets move higher in a range bound tradeThe US markets extending their gains ended modestly higher on Monday, though the trade remained tight ranged and some traders on the sidelines, lacking any major economic data. But the mood was jubilant......click on news to read complete article.

US markets closed higher as Europe, China fuel optimism
(22-Nov-2014)

US markets closed higher as Europe, China fuel optimismThe US markets closed higher on Thursday, as optimism in the global economy grew after central banks in China and Europe signaled additional stimulus measures. The initial strength on Wall Street came......click on news to read complete article.

 

     
  
Recent Top News News
 
EquityInvestmentCompany ReportsIPO
Disclaimer
By clicking on this page you accept all the terms and conditions framed by us. News made available here are for informational purpose only. While utmost care has been taken in providing the same. We claim no responsibility for its accuracy. Readers of this blog who make their decision based on the information posted here are solely responsible for their actions.