India News

Coal stocks at power plants down to six days

Coal stocks at power plants across the country have declined to a point where they can meet the requirement for an average of only six days.

Close to 70 plants have enough stocks to see them out for just three days.

Coal stock indicates the slowing down of supply as the plants need to maintain a threshold of more than 20 days of their stipulated coal supply as reserve at their sites.

Good news for country: ONGC finds this major clue in Kutch

In what the company is terming the “first direct evidence” of hydrocarbon reserves in the Kutch offshore basin, state-run ONGC has come across flows while drilling the GK-28-12 well. “Though 700 metres are more to be drilled, we are getting flows and are hopeful to get more. There is possibility of oil and gas reserves or at least there is evidence of them passing through the area,” said an ONGC executive requesting not to be named.

Coal India can deliver higher growth, says JM Financial; here is why

Coal India (CIL) reported 10% production growth and 15% off take growth y-o-y in September 17 due to the low base in FY17 as well as restocking of coal at power plants. With the recovery in off take growth in Aug-Sept’17 the 2Q17 off take growth is 14% which should reflect positively in earnings. Additionally, the YTD FY18 growth till Sept’17 now stands at 0.9% for production and 8 % for off take despite negative growth in 1Q18. Production growth is lower than off take as CIL is depleting its stocks estimated to be around 50mnT.

RIL to raise $126 million from Reliance Marcellus asset sale to BKV Chelsea

Mukesh Ambani-led Reliance Industries seeks to garner $126 Million by selling Reliance Marcellus assets to BKV Chelsea, an associate of Kalnin Ventures. Reliance Marcellus II, LLC, a subsidiary of Reliance Industries announced the signing of agreements to divest all of its interest in upstream assets in north-eastern and central Pennsylvania.

Reliance could receive contingent payments of up to $11.25 million in aggregate based on natural gas prices exceeding certain thresholds over the next three years, according to an ET Now report.

Mercedes Benz retains top slot with 11,869 units from January-September

NEW DELHI: German luxury car maker Mercedes Benz today reported best ever sales in India for the first nine months this year with 11,869 units, up 19.6 per cent from the year-ago period, retaining the top slot in the luxury segment.

The company had sold 9,924 units in the January- September period of 2016.

Govt makes Aadhaar card mandatory for post office deposits, PPF, National Savings Certificate and Kisan Vikas Patra

The government has made Aadhaar card mandatory for all post office deposits, PPF, the National Savings Certificate scheme and Kisan Vikas Patra. Current subscribers can provide their unique Aadhaar id till December 31. Ministry of Finance has issued four separate Gazette notifications making Aadhaar mandatory for opening all post office deposit accounts, Public Provident Fund (PPF), National Savings Certificate scheme and Kisan Vikas Patra deposits.