India still hopes oil majors will join race for biggest sale
The planned $6.5 billion sale of the government’s 53% stake in the refiner will be India’s first big-ticket transaction in over a decade.
Bloomberg
PUBLISHED ON JAN 21, 2021 02:47 PM IST
India expects global oil majors to team up with investment funds that are already in the race for the nation’s biggest asset sale -- state-owned refiner Bharat Petroleum Corp.
“When the price bidding comes up, I am hopeful some of the major players will come through this fund route,” Oil Minister Dharmendra Pradhan said in an interview with Bloomberg Television on Thursday. Billionaire Anil Agarwal’s Vedanta group has confirmed it submitted an initial bid for Bharat Petroleum, while newspaper reports have said two US funds -- Apollo Global and I Squared Capital -- have also shown interest.
An official said in February Last year that several top oil producers from the Middle East and Russia’s Rosneft PJSC had shown interest in buying India’s third-biggest refiner and second-largest fuel retailer, lured by the South Asian nation’s oil consumption growth. But they stayed away from submitting initial bids that closed on Nov. 16 after several months of delay.
The planned $6.5 billion sale of the government’s 53% stake in the refiner will be India’s first big-ticket transaction in over a decade. It is crucial for Prime Minister Narendra Modi’s government as it seeks to boost spending to help Asia’s third-biggest economy shake-off the pandemic-fueled downturn.
India out of recession as GDP expands 0.4% in Q3
By Roshan Kishore, New Delhi
PUBLISHED ON FEB 27, 2021 02:43 AM IST
India’s gross domestic product (GDP) grew at 0.4% on a year-on-year basis in the quarter ending December 2020, according to data released by the National Statistical Office (NSO) on February 26.
'Hit by double whammy of low growth, high inflation': Cong on economy's state
Edited by Prashasti Singh, Hindustan Times, New Delhi
PUBLISHED ON FEB 26, 2021 10:21 PM IST
The Congress responded to the data and said the government spent a lot less than what was needed to revive the Indian economy.
India's NSE defends reopening market after exchange's shutdown
Posted by Kunal Gaurav | Reuters, Mumbai
PUBLISHED ON FEB 26, 2021 09:08 PM IST
Brokers had criticised the NSE over the lack of information after the four-hour shutdown on Wednesday.
Oil slumps with wider markets, denting record start to 2021
Bloomberg
UPDATED ON FEB 26, 2021 06:52 PM IST
The demand outlook has improved, with traders and investment banks this week making a series of bullish calls and upward price revisions.
Reliance Jio launches new unlimited plans to usher in '2G-mukt Bharat'
ANI, Mumbai
PUBLISHED ON FEB 26, 2021 06:47 PM IST
- According to the plan, new users will get a JioPhone device, unlimited voice calls and data (2GB high-speed data every month) for two years at ₹1,999.
Fiscal deficit rises to ₹12.34 lakh crore at end of January
PTI
PUBLISHED ON FEB 26, 2021 06:41 PM IST
The fiscal deficit at the end of January in the previous financial year was 128.5% of the Revised Estimates (RE).
London could lose out to New York under draft EU finance deal
Reuters, London
PUBLISHED ON FEB 26, 2021 06:12 PM IST
- Britain's financial services industry has been largely cut off from the EU, its biggest customer, since a Brexit transition period ended on Dec. 31 as the sector is not covered by the UK-EU trade deal.
Support both public, private projects: FM to infra ministries
By Rajeev Jayaswal
PUBLISHED ON FEB 26, 2021 06:00 PM IST
The National Infrastructure Pipeline (NIP) will play a critical role in revitalising the economy that is recovering from the devastating impact of Covid-19 pandemic, said finance minister on Friday
Indian economy grows by 0.4% in October-December 2020: Govt data
By hindustantimes.com, New Delhi
UPDATED ON FEB 26, 2021 06:20 PM IST
Indian economy grows by 0.4 pc in October-December 2020: Govt data
Bitcoin slumps 6%, heads for worst week since March
Reuters, London
PUBLISHED ON FEB 26, 2021 04:14 PM IST
The world's biggest cryptocurrency slumped as low as $44,451 before recovering most of its losses.
Sensex crashes over 1,900 points; Nifty tanks 568 points
Posted by Prashasti Singh | PTI
UPDATED ON FEB 26, 2021 06:17 PM IST
The 30-share BSE index ended with a loss of 1,939.32 points or 3.80 per cent at 49,099.99.
Govt extends anti-dumping duty on Chinese tiles by three months
By Rajeev Jayaswal
UPDATED ON FEB 26, 2021 03:09 PM IST
In order to save the domestic tiles industry from cheaper imports from China, the government had imposed up to $1.87 per square meter anti-dumping duty during in 2016 for five years, which would have expired on March 28
RBI favors retaining inflation target regime
Posted by Prashasti Singh | Bloomberg
PUBLISHED ON FEB 26, 2021 02:46 PM IST
The existing mandate requires the RBI to keep headline inflation at the 4% midpoint of its target range of 2%-6%.
India's inflation target band appropriate for next 5 years: RBI report
Posted by Prashasti Singh | Reuters
PUBLISHED ON FEB 26, 2021 02:25 PM IST
"Trend inflation to which actual inflation converges after a shock provides an appropriate benchmark for the inflation target; trend inflation has fallen from above 9% before FIT to a range of 3.8%-4.3% during FIT," the RBI said in its release.
'Fuel prices will come down after winters: Petroleum minister Dharmendra Pradhan
By hindustantimes.com | Written by Kanishka Sarkar, Hindustan Times, New Delhi
UPDATED ON FEB 26, 2021 02:56 PM IST
Dharmendra Pradhan said prices will come down a little as winter goes away. "It's an international matter, price is high due to increase in demand," he added.
