LIVE MARKET TRACKER :   BSE SENSEX   26429.85      |    NSE NIFTY 7879.40    
GLOBAL MARKETS :  NASDAQ 4258.438   +0.97%    |    FSI London 6257.95   -0.83%    |    NIKKEI Japan 15111.23   +3.98%
  USD GBP EUR CAD AUD INR
USD - 0.6196 0.7833 1.1265 1.1397 61.30
GBP 1.6141 - 1.2643 1.8182 1.8396 98.9431
EUR 1.2768 0.7911 - 1.4383 1.4553 78.2697
CAD 0.8878 0.5501 0.6954 - 1.0118 54.4212
AUD 0.8777 0.5438 0.6875 0.9887 - 53.8024
INR 0.0163 0.0101 0.0128 0.0184 0.0186 -
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 hopes the economy to grow by 5.5% this year
(17-Oct-2014)

RBI governor hopes the economy to grow by 5.5% this yearReserve Bank of India (RBI) governor Raghuram Rajan has expressed hopes on the Indian growth story and has said that the country is seeing a pick-up in economic growth and more can be done to support it......click on news to read complete article.

Tata Steel, UltraTech and NTPC to see some action today
(16-Oct-2014)

Tata Steel, UltraTech and NTPC to see some action todayTata Steel has signed a memorandum of understanding with the Geneva-based Klesch group for the potential sale of its long products business in Europe and associated distribution activities. The division......click on news to read complete article.

September CPI eases to an all time low level of 6.46%
(14-Oct-2014)

September CPI eases to an all time low level of 6.46%In an extremely encouraging development, India's consumer price inflation eased at an all time low level since the launch of the new series of Consumer Price Index in 2012, at 6.46% in September as compared......click on news to read complete article.

International Stock News
US markets closed higher; Dow snaps 6-day losing streak
(18-Oct-2014)

US markets closed higher; Dow snaps 6-day losing streakThe US markets closed higher on Friday, with Dow snapping 6-day losing streak, as earnings beat estimates, consumer confidence reached a seven-year high and investors speculated that central banks will......click on news to read complete article.

US markets closed mostly higher; Dow ends in red
(17-Oct-2014)

US markets closed mostly higher; Dow ends in redThe US markets closed mostly higher on Thursday, recovering from early losses though Dow ended in red. The gains were induced with Bullard statement that the Federal Reserve should consider extending its......click on news to read complete article.

US markets closed lower on weak economic data
(16-Oct-2014)

US markets closed lower on weak economic dataThe US markets closed lower on Wednesday, on account of weak economic data, stocks however recovered from their lowest level of the day before the close. On the economy front, sales at US retailers fell......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.