New Delhi, Nov 18 () State-owned Indian Oil Corp (IOC) and GAIL India will pay Adani Group 5 per cent more in hiring charges for using the private firm's upcoming LNG import facility at Dhamra in Odisha than their own similar terminal, Oil Minister Dharmendra Pradhan said on Monday.
India's largest oil firm IOC, which recently commissioned a 5 million tonne liquefied natural gas (LNG) import terminal at Ennore in Tamil Nadu, as well as gas utility GAIL have "both technical and financial capability to develop their own LNG terminal," he told the Lok Sabha.
The two firms have, however, hired capacity in Adani's under-construction LNG import terminal at Dhamra.
IOC had in 2015 signed to use up to 60 per cent of the terminal's capacity for importing gas for its refineries at Haldia in West Bengal and Paradip in Odisha. GAIL too had signed up for 1.5 million tonne of the terminal's regasification capacity.
"GAIL and IOC have agreed to pay the tolling charge of Rs 60.18 per million British thermal unit for the regasification facility at Dhamra LNG terminal with annual escalations in line with their respective contractual provisions," he said in a written reply to a question.
 This charge compares to Rs 57.38 per mmBtu regasification charges for Ennore LNG terminal, he said.
 GAIL's own Dhabhol LNG terminal in Maharashtra levies Rs 49.28 per mmBtu regasification charge. In addition, there are other charges such as terminal charges, vessel-related charges and port charges for utilization of the Dabhol LNG terminal.
 "The regasification charges for Ennore and Dhamra terminals are inclusive of terminal charges, vessel-related charges, port charges, and any other port-related charges," Pradhan said.
 Originally, IOC and GAIL had on September 21, 2016, signed a 'non-binding' agreement to buy 50 per cent stake in Adani Group's Rs 5,500-crore Dhamra LNG project in Odisha. But that agreement expired on September 20, 2018, without being translated into a firm pact apparently because of differences over valuation.
 "It has been informed that the regasification charge for Dhamra terminal is Rs 60.18 per mmBtu for the first contract year (year of commissioning) which is likely to be in FY 2021-22," Pradhan said.
 "GAIL has executed a Tolling Agreement in line with its procedures to meet the supply commitments of customers located in the eastern parts of the country along JagdishpurHaldia/Bokaro-Dhamra Pipeline (JHBDPL) project. IOC has also booked capacity at Dhamra Terminal after considering its captive requirement of Paradip, Haldia and Barauni refineries."
 He said the booking of regas capacity is being done after "protracted techno-commercial discussions with the promoters of Dhamra LNG Terminal and after considering the location of the terminal, availability of gas evacuation pipelines, affordability of regasification charges and capturable demand in the catchment area."
 The September 21, 2016 "non-binding MoU" followed GAIL dropping plans in March 2015 to set up a floating LNG import terminal at Paradip. IOC too had in 2012 signed an MoU with Dhamra LNG Port Corp Ltd (DPCL) to develop an LNG terminal at the port.
 Also, Petronet LNG - a firm in which GAIL and IOC are promoters, had shelved plans to set up a 5 million tonne a year LNG import facility at Gangavaram in Andhra Pradesh.
 After shelving their respective plans, IOC and GAIL signed a pact with Dhamra LNG Terminal, a firm owned by Adani Group.
 "GAIL and IOC have both technical and financial capability to develop their own LNG terminal," Pradhan said. "GAIL has an equity stake in Konkan LNG Pvt Ltd and is the owner's engineer as well as the operator of this terminal at Dabhol. IOC has recently commissioned a 5 million tonne LNG terminal through a joint venture at Ennore in March 2019."
 The two firms also have an equity stake in Petronet LNG which operates two LNG regas terminals, one at Dahej in Gujarat and the other at Kochi in Kerala, he added. ANZ ANZ ANU
ANU

IOC, GAIL to pay Adani 5% more charge than their own LNG terminal: Pradhan

New Delhi, Apr 21 () Indian Oil Corp and Bharat Petroleum Corp Ltd (BPCL) are among the state-owned oil PSUs which on Tuesday resumed work on select projects after the government allowed partial relaxation in the nationwide lockdown.In separate statements, Indian Oil Corp (IOC) and BPCL said they have resumed stalled activities on projects while maintaining strict cronovirus-related health and safety hygiene.State-owned oil firms have decided to resume as many as 511 projects involving over Rs 42,000 crore of investment with immediate effect. These projects are either in rural areas or have in situ labour for the resumption of work.The government had last week allowed makers of information technology hardware, farmers and industries in rural areas to resume operations as it looked to revive the economy that got stalled because of the outbreak of coronavirus pandemic.IOC said it is fully geared to ramp up operations towards normalcy for the post-lockdown scenario."At the same time, the Corporation is monitoring the situation on a continuous basis to ensure that the supply lines of essential petroleum products are maintained across the country, with all necessary safety protocols in place for its field force," it said.While global cues and the changing market scenario will guide its future strategy, IOC has already built up stocks of finished products, including petrochemicals, at its upcountry locations for future-readiness once the countrywide lockdown is lifted and the demand picks up again with resumption of economic activity.Its refineries continue to operate at optimised capacity utilisation to cater to the needs of households and essential/emergency services, the statement said."IndianOil has taken up resumption of work on 64 select projects with a combined allocation of about Rs 21,375 crore, of which work has commenced on 29 projects on April 20, 2020," it said.Major projects on which work has resumed include the Rs 3,338-crore Paradip-Hyderabad products pipeline, which traverses 1,212-km through Odisha, Andhra Pradesh and Telangana; Rs 3,028 crore augmentation of Paradip-Haldia-Durgapur LPG pipeline and its extension to Patna and Muzaffarpur, which traverses 678-km through Odisha, Jharkhand, West Bengal and Bihar; Rs 6,025 crore Ennore-Tiruvallur-Bangalore-Pondicherry-Nagapattinam-Madurai-Tuticorin R-LNG pipeline, which traverses 1,170-km through Tamil Nadu, Andhra Pradesh, Puducherry and Karnataka.Work has also restarted on other projects like grassroots LPG bottling plants, bulk storage terminals/depots, city gas distribution projects and additional facilities/tankage at existing locations, it added.Separately, BPCL said it has resumed 167 projects with all necessary COVID-19 protocols, involving over Rs 14,000 crore of investment."This effort will help in its own way in reviving the economy, apart from adding to the livelihood of more than 3,000 workers and their families during these difficult times. More than 6,000 workers would be progressively deployed on these projects," it said.Out of these 167 projects, 84 projects are outside the municipal limits, while 83 projects are within municipal limits but have engaged residential workforce. These projects are spread over the entire value chain of the company - refineries, E&amp;P, marketing infrastructure, pipelines, city gas distribution network and new fuel stations.BPCL said it is likely to restart another 88 stalled projects with an estimated investment of Rs 23,210 crores in next few days, mainly in Kochi Refinery in Kerala and their City Gas Distribution network in various geographical areas, which will provide employment to another 3,600-plus. ANZ BALBAL

IOC, BPCL resume work on select projects, gear up to ramp up operations post-lockdown

A cyclonic storm formed over the Bay of Bengal is likely to intensify into a severe cyclonic storm over the next 24 hours and set to move towards <keyword id="6357783" type="LOCATION" weightage="20" keywordseo="West-bengal">West Bengal</keyword> and Bangladesh coasts, skirting Odisha, a senior IMD official said. Cyclone '<keyword id="15276" type="PERSON" weightage="20" keywordseo="bulbul">Bulbul</keyword>', moving at a speed of 7 kmph, was currently centred over east-central Bay of Bengal, about 730 km south-southeast of Paradip in Odisha and 830 km south- southeast of Sagar Islands in West Bengal, according to the director of Bhubaneswar Meteorological Centre, HR Biswas. As a precautionary measure, the Odisha government has asked all district administrations to closely watch the development of the cyclonic system, as it may trigger heavy rainfall in several areas. Around 15 of the state's 30 districts had been asked to remain prepared to deal with any possible waterlogging and flood-like situation, a state government official explained. IMD Director General Mrutyunjay Mohapatra said the cyclonic system was being monitored to ascertain the exact direction the storm and the possible location of its landfall. "The cyclone is likely to intensify into a severe cyclonic storm. It is very likely to move north-northwestwards towards West Bengal and Bangladesh coasts," he said, adding that Odisha might be spared of its rage. The prediction has come as a major relief to the people of the state, who are struggling to return to normalcy post Cyclone Fani in May. According to official reports, more than 64 people lost lives in Cyclone 'Fani' and over five lakh houses were destroyed under its impact. A fortnight ago, six people were killed in Odisha in rain-related incidents. Special Relief Commissioner (SRC) P K Jena said a total of 15 districts, including Ganjam, Gajapati, Nayagarh, Puri, Khurda, Jagatsinghpur, Cuttack and Kendrapara, had been asked to keep their administrative machineries "fully prepared" to tackle any contingency. Officials have been told to ensure that no fisherman ventured into the sea from November 8 till further notice. Farmers have also been advised to take steps to protect crops and harvested paddy. Biswas said light to moderate rainfall was likely to lash several places in the north coastal districts of Odisha from November 9 to 11. Sea condition would be very rough in east-central Bay of Bengal till Thursday evening, and might become "phenomenal" thereafter in the adjoining northwest area, he added.

Cyclone Bulbul might intensify into a very severe storm warns MET department

New Delhi, Jan 19 () Following are the top business stories at 1840 hours:
 
DCM5 BIZ-DUTYFREE-ALCOHOL-SALE
Commerce min for restricting duty-free alcohol purchase to one bottle
New Delhi: The Commerce Ministry has recommended restricting purchase of tax-free alcohol to one bottle at duty-free shops as part of steps to reduce import of non-essential goods, sources said.
 
DCM32 BIZ-TAX-GARG
India may miss tax collection target for 2019-20 by nearly Rs 2.5 lakh cr: Garg
New Delhi: The government's tax collection is likely to fall short of its estimate by Rs 2.5 lakh crore or 1.2 per cent of GDP in 2019-20, former finance secretary Subhash Chandra Garg said on Sunday while calling for scrapping of dividend distribution tax.
 
DCM11 BIZ-COALAUCTION
Govt to stop substitutable coal import; can go for auction of 100 fully explored new blocks: Joshi
New Delhi: Union minister Pralhad Joshi on Sunday said the Centre will stop the "substitutable import" of coal in the next three to four years and can go for auction of 100 fully explored blocks. 
 
DCM26 BIZ-PULSES
Govt plans to extend urad imports till June on likely domestic shortage: Sources
New Delhi: The government plans to extend urad dal imports of up to 4,00,000 tonnes a fiscal for another three months till June this year in view of likely domestic shortages, according to sources.
 
FGN5 WEF-CURTAIN RAISER
Trump, Merkel and Imran to visit WEF@Davos; Over 100 Indian CEOs too present
Davos: As the rich and powerful from across the globe assemble this week in this Swiss ski resort town to discuss a 'cohesive and sustainable world', over 100 CEOs as also some union ministers and chief ministers from India would also be present alongside filmstar Deepika Padukone and Sadhguru.

DCM10 BIZ-TELECOM-AGR
DoT examining if Jan 23 legal deadline for AGR payment applies to non-telecom PSUs
New Delhi: The telecom department is examining the legal applicability of January 23 deadline for payment of over Rs 2.4 lakh crore statutory dues in the case of non-telecom PSUs which were not originally party to AGR matter in the Supreme Court, according to sources.

DCM15 BIZ-BUDGET-ATF
Govt considering specific excise duty on ATF
New Delhi: With no sight of including jet fuel in Goods and Services Tax (GST) in near future, the government is considering levying specific rate of excise duty on aviation turbine fuel (ATF) in place of current ad valorem rates to insulate its prices from cascading effect in times of volatile prices.
 
DCM19 BIZ-ODISHA-JSW-INVESTMENT
Odisha expects work on JSW steel proj to start soon after successful public hearing 
New Delhi: Odisha expects work on the proposed Rs 53,700-crore integrated steel project at Jagatsinghpur in Paradip by Sajjan Jindal-led JSW Group to start soon following successful conclusion of a public hearing, a state official said on Sunday.

DCM12 BIZ-VEHICLE EXPORTS
Passenger vehicle exports rise 6 pc in April-Dec; Hyundai, Ford lead the pack
New Delhi: Passenger vehicle (PV) exports from India increased by 5.89 per cent in the first nine months of the current fiscal, with Hyundai Motor leading the segment with dispatches of around 1.45 lakh units, as per the latest data by SIAM. RVK

Business highlights

New Delhi, Jan 11 () <keyword id="532833" type="POSITION" weightage="20" keywordseo="Union-steel-minister">Union Steel Minister</keyword> <keyword id="197418" type="PERSON" weightage="20" keywordseo="Dharmendra-Pradhan">Dharmendra Pradhan</keyword> on Saturday launched 'Mission Purvodaya' which aims at accelerated development of eastern India through integrated steel hub. The eastern belt has the potential to add more than 75 per cent of the country's incremental steel capacity envisioned by the National Steel Policy, he said adding it is expected that out of the 300 million tonne capacity by 2030-31, over 200 million tonne can come from this region alone. The mission will drive India's march towards USD 5 trillion economy set by the government, the minister said at a launch event in Kolkata, according to an official statement.
 Stating that eastern India is a land of infinite opportunities, Pradhan said, "Despite being endowed with natural resources, this region has lagged behind in socio-economic development as compared to some other parts of the country."
 With the Mission Purvodaya in the steel sector, he said a new chapter will script the rise of eastern India by accelerated development of steel sector through an integrated steel hub.
 Under the mission, the government said it will enhance capacity through easing the setup of greenfield steel plants, develop steel clusters near integrated steel plants as well as demand centres.
 Besides, the government aims to transform logistics and utilities infrastructure which would change the socio-economic landscape in the eastern India The steps under mission also include growth of steel industry along with employment opportunities across the entire value chain.
 Eastern India, Pradhan said is a focus area for the government and about half of aspirational districts are in this region which are becoming hotspots of socio-economic development.
 He also mentioned that eastern states of India (Odisha, Jharkhand, Chhattisgarh, West Bengal) and Northern part of Andhra Pradesh collectively hold 80 per cent of the country's iron ore, 100 per cent of coking coal and significant portion of chromite, bauxite and dolomite reserves.
 Besides, major ports like Paradip, Haldia, Vizag and Kolkata which are present in this region have more than 30 per cent of India's major port capacity.
 Since eastern India holds a special focus, the government has taken several measures including a Rs 102 lakh crore worth of National Infrastructure Pipeline, the statement added. ABI MKJ

Union Steel Minister Dharmendra Pradhan on Saturday launched 'Mission Purvodaya'

<ul><li>At 7:30 am the SGX Nifty was trading 0.11% higher pointing towards a cautious but a positive start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li>Check out the latest news and updates on Business Insider. </li></ul>Indian stock market is likely to open higher amidst positive cues from global peers. At 7:30 am the SGX Nifty was trading 0.11% higher pointing towards a cautious but a positive start for Nifty50. On Tuesday, US stocks ended higher, fuelled by a rally in tech-related names. The Dow Jones Industrial Average jumped 0.76%, to close at 28,645.66 points. The S&amp;P 500 also rose 0.75%. Here’s a list of stocks to watch for in trade on September 2: Infosys The IT major Infosys said it has plans to hire 12,000 workers in America over the next two years. This takes the company’s hiring commitment in the country to 25,000 over the next five years. In 2017, Infosys committed to hiring 10,000 American workers over two years and created 13,000 jobs in the US till date. The shares of Infosys closed 1.15% lower on September 1. Bharti Airtel Watch out for telecom stocks in trade today as well post the AGR verdict. Bharti Airtel has witnessed some brokerage action. Julius Baer has initiated coverage with the ‘Buy’ call and target at ₹ 650. The shares of Airtel closed 7% higher on September 1. Vodafone Idea The board of Vodafone Idea will meet on September 4 to discuss fund raising. The shares of Vodafone Idea cracked 13% in trade yesterday. Indian Oil Corp The state-owned Indian Oil said the board had approved an investment of ₹1,268 crore for setting up a needle coker unit at its Paradip refinery in Odisha. With the production of CNC, Indian oil will enter this niche product segment for the first time. “The proposed unit will have a Calcined Needle Coke (CNC) production capacity of 56-kilo tonnes per annum. The estimated project cost is Rs 1,268 crore,” IOC said in a statement. The shares of Indian Oil Corp closed 0.87% lower on September 1. V-Mart V-Mart informed stock-exchanges that its board is scheduled to meet September 5 to consider and approve the matter related to raising funds. The shares of V-Mart closed 4% lower yesterday. Hero MotoCorp, TVS and other auto stocks The shares of Hero MotoCorp, TVS and other auto stocks might react to the sales number posted by these companies. According to the stock exchange filing, Hero reported nearly 8% growth whereas TVS saw a 1% decline in its overall sales. The shares of Hero and TVS closed 0.30% lower and 2% higher, respectively. Embassy Office Parks REIT Embassy Office Parks REIT approved the issuance of NCDs up to ₹15 billion rupees in one or more tranches. The non-convertible debenture is unsecured bonds that cannot be converted to company equity. The shares of Embassy Office Parks REIT closed 0.16% higher. ONGC The state-owned ONGC reported a net loss of ₹3,098 crore in the first-quarter ended June 30. The company’s overall revenue was down 40%. The shares of ONGC closed 2.87% lower on September 1. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/armed-with-returns-from-the-reliance-netmeds-deal-this-fund-will-now-invest-in-two-three-more-startups-before-the-end-of-the-year/articleshow/77882045.cms" data-type="tilCustomLink">INTERVIEW: Armed with returns from the Reliance-Netmeds deal, this fund will now invest in two-three more startups before the end of the year</a> <a href="https://www.businessinsider.in/science/news/russia-released-secret-footage-of-historys-largest-man-made-explosion-a-nuclear-blast-thousands-of-times-stronger-than-hiroshima/articleshow/77881310.cms" data-type="tilCustomLink">Russia released secret footage of history's largest man-made explosion — a nuclear blast thousands of times stronger than Hiroshima</a>

Top stocks to watch— Infosys, Bharti Airtel, Vodafone Idea, Hero MotoCorp, TVS, ONGC, V-Mart, Embassy Office Parks REIT and more

<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> to Amazon and even Snapdeal said that most of their , real customers are come from Tier 2 and 3 cities of India.</li><li>Snapdeal said that nearly 92% of the orders received so far are from non-metro locations. </li><li>Flipkart, in fact, says 60-70% of its business is from Tier 2 and 3 cities.</li></ul>The festive sale is on and every e-commerce site has major deals on offer. The ones who are buying into it the most, are consumers from India’s Tier 2 and 3 cities. Tier 2 and 3 cities turned out to be the real deal makers for top e-commerce players like - Flipkart, Amazon and even Snapdeal. For Flipkart’s <keyword id="2546729" type="PERSON" weightage="20" keywordseo="Big-Billion-Day-sale">Big Billion Day sale</keyword>, the number of transacting customers from Tier 2 cities and beyond, doubled from last year. Meanwhile, Amazon saw 91% of its new customers coming from these towns. Amazon also registered most of its sales in the first 24 hours, from these cities. Snapdeal which has been running its Snap-Diwali sale said that nearly 92% of the orders received so far are from non-metros. It saw a whopping increase in orders from Bharuch (Gujarat), Pali (Rajasthan), Tezpur (Assam), and Paradip (Odisha). “The trends from the Diwali sale are an unequivocal confirmation that e-commerce is now a strong channel for buyers in smaller cities,” said Kunal Bahl, CEO &amp; co-founder, Snapdeal. Local language app aids e-commerce sales Flipkart says 60-70% of its business from Tier 2 and 3 cities. This made the e-commerce giant turn its focus from English to introduce Hindi language on its app. It plans to expand it to other languages soon. “With Hindi content, the selection and range of offers has been updated and tens and millions of new consumers can access the app a preferred language,” Rajneesh Kumar, Chief Corporate Officer, told Business Insider earlier. However, contrary to popular belief, these are not people lured by discounts only. “Affordability programmes such as no-cost EMI, exchange, instant bank discounts and more continue to enable record number of customers to upgrade to premium products. With more first-time shoppers from small towns than ever before and tens of thousands of small sellers across India already seeing success, we are excited,” said Manish Tiwary, Vice President - Category Management, Amazon India.

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IOC, GAIL to pay Adani 5% more charge than their own LNG terminal: Pradhan

PTI

IOC, BPCL resume work on select projects, gear up to ramp up operations post-lockdown

PTI

Cyclone Bulbul might intensify into a very severe storm warns MET department

PTI

Business highlights

PTI

Union Steel Minister Dharmendra Pradhan on Saturday launched 'Mission Purvodaya'

PTI

Top stocks to watch— Infosys, Bharti Airtel, Vodafone Idea, Hero MotoCorp, TVS, ONGC, V-Mart, Embassy Office Parks REIT and more

Navdeep Yadav

India’s smaller cities are the real dealmakers for all festive e-commerce sales

Sanchita Dash