|
|
|
|
|
Fertilizer units urge govt to maintain LNG supply
Basmati exporters wary of shipments to Iran
OIL clears 3:2 bonus
DLF net slumps 45% in Q3
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Aviation Notes
|
|
Fertilizer units urge govt to maintain LNG supply
Chandigarh, February 11 In a letter written to Mukherjee, who also heads the empowered group of ministers (EGoM) for the new exploration and licencing policy on gas, Markfed chairman Jarnail Singh Wahid has urged the government not to restrict or withdraw natural gas supply to fertilizer producers. “The move can push up the cost of fertilizers as producers will have to import these. Since phosphatic fertilizers including complex fertilizer has a crucial role in plant growth and enhancement of crop yields, these fertilizers, including potassic ones are well received by farmers in the region,” he said. Farmers and agricultural policy makers have expressed apprehension over the fact that with fertilizer producers, which are using natural gas as feedstock, becoming dependent on LNG imports, the cost of fertilizers will rise drastically and add to inflationary pressure on food items. It may be mentioned while domestically produved natural gas is available at about US $5 per mBTU (million British thermal units), the imported gas would cost close to $20 per mBTU. It is learnt the petroleum & natural gas ministry had proposed to withdraw natural gas supplies to fertilizer companies in order to prioritize allocation of natural gas for power utilities. However, at the same time, the ministry intends to continue support to nitrogenous fertilizer units that produce the heavily subsidized, overused, and soil acidifying basic fertilizers. The letter has been sent to Mukherjee for his consideration before the next EGoM meeting, scheduled for later this week. In his letter, Wahid has also mentioned even if the fertilizer producing companies consider using other options for natural gas, the increase in fertilizer prices would be passed on to farmers — which he said was neither advisable nor desirable.
|
||
|
Basmati exporters wary of shipments to Iran
Karnal, February 11 The government’s move will give a boost to basmati exports as exporters will now be able to compete with Pakistan that has witnessed basmati prices crashing from $1100 a tonne to about $650/ tonne during the past one year. “The exporters have been demanding a cut in MEP and the government decision to reduce the export price from $900 to $700 per tonne is welcome, as it has come at a time when conditions are very conducive for rice exports in the world market”, said Vijay Setia, president of the All India Rice Exporters Association. Prior to the MEP cut, basmati exports were expected to remain around 2 million tonnes but now they are likely to cross the 3 million tonne mark with non-basmati rice exports expected to rise to 4 million tonnes. According to Crisil, India’s rice exports are set to register a threefold jump to 7 million tonnes in fiscal 2011-12. As of Feb 10, 2012 Indian traders have contracted to ship about 3.5 million tonnes of basmati rice since April 1, 2011, according to the association. However, payment defaults by Iranian importers have hit basmati exports and Indian exporters have been cautioned against shipping consignments on credit. The crisis has been caused by US sanctions against Iran, which has weakened the latter’s currency, and buyers have defaulted on payments for about 200,000 tonnes of rice.
|
||
|
New Delhi, February 11 In a regulatory filing, OIL said the board of directors at its meeting today approved enhancing the company’s authorized share capital from Rs 500 crore (i.e., 50 crore equity shares of Rs 10 each) to Rs 2,000 crore (i.e., 200 crore equity shares of Rs 10 each). It also agreed to "issue of bonus shares in the ratio of 3:2 (three equity shares of Rs 10 each fully paidup for every two existing equity shares of Rs 10 each)." OIL said its board also declared second interim dividend of Rs 10 per share (100 per cent) for fiscal 2011-12. It has in December declared an interim dividend of Rs 25 per equity share (250 per cent). The company’s net profit rose 11.7% to Rs 1,013.98 crore in the October-December quarter of the current fiscal as compared to Rs 907.98 crore in the same period a year ago. Total income rose to Rs 2,589.79 crore in Q3 (Rs 2,473.41 crore). — PTI
|
||
|
DLF net slumps 45% in Q3
New Delhi, February 11 Consolidated net profit fell to Rs 2.58 billion for the third quarter ended December, from Rs 4.66 billion a year earlier. Revenue for the quarter fell 7.6% to Rs 23.96 bn. Analysts expected a net profit of Rs 4.23 billion on Rs 24.63 bn revenues. — Reuters |
||
|
Civil Aviation Authority a better bet than DGCA
by KR Wadhwaney Aviation, particularly flying operations on national and international routes, are as complex and complicated as medical science. Any minor lapse or negligence causes havoc and loss lives and valuable machinery. The world over intense care is exercised in appointing highly technically qualified, competent and dedicated pilots and engineers to make a success of the operations and the organization. Sadly, the Indian government is obsessed with an unnecessary dependence on bureaucrats of one-cadre, the IAS. Recent history shows even the Directorate-General of Civil Aviation (DGCA), an apex body, is headed by an IAS official resulting in an uncalled for chaos and confusion in the functioning and administration of the institution. Driven by this rot obtaining in the DGCA, the government is reported to have drawn up a proposal to replace the DGCA set up the Civil Aviation Authority (CAA) that, according to analysts, has outlived its usefulness. The proposal is timely. The CAA will be more autonomous than the DGCA with no role to be played by the UPSC in matters pertaining to appointments and promotions. It will have sufficient financial cushion and also wide ranging powers to scrutinize financial documents, balance-sheets and other papers of the airlines, including private ones. However, the manner in which the 20-page document has been prepared by vested interests in the civil aviation ministry has spread widespread gloom in matters pertaining to air and flight safety functions, licence and training of pilots and operations of air-traffic controllers. What has caused immense dissatisfaction in the ministry’s corridors is that it seems to have been tailor made for one particular IAS cadre official who, after reaching superannuation in mid-July, will shift to the new office for another five-year term. According to the draft eligibility guidelines, "the chairperson will be an official who holds or has held the secretary level position and his tenure will ends when he attains the age of 65". The CAA will have a board comprising 10-12 members of whom six will be full-time. They will have independent charge of portfolios like aviation safety and flight operations. According to aviation sources, the proposal has been placed on the "priority list" and it has already been sent to the prime minister's office for clearance. However, the proposal has yet to be tabled before Parliament.
|
||
|
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Letters | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | E-mail | |
