Land deal for Patna airport expansion likely today
The Airports Authority of India (AAI) and Bihar government will sign the land transfer agreement on Tuesday for expansion of the terminal building of Jayaprakash Narayan International Airport. Union civil aviation secretary R N Choubey and Bihar chief secretary Anjani Kumar Singh would hold a meeting for transfer of around 13 acres of land near the airport. Apart from Patna airport, discussions will also be held for development of terminal buildings at the Indian Air Force airbase at Purnia and Darbhanga as well. Besides, the AAI is also seeking 200 acres of additional land at Gaya International Airport for development of its apron and a new terminal building. “The AAI board is keen on commencing the works on expansion of terminal building at Patna airport at the earliest and complete it in two years time,” a senior AAI official said. The AAI board gave its consent last month for transfer of around 11 acres of its land at Anisabad to Bihar government in return of 13 acres of land of the state hangar, depot of Indian Oil Corporation (IOC) and 6.5 acres of land owned by the Special Task Force (STF) adjacent to the airport. Henri Jokiharju Authentic Jersey
New norms hit airlines’ ancillary revenue
The government’s passenger-centric initiatives such as limiting cancellation charges and reducing passenger baggage fees have hit airlines’ revenue from ancillary sources. IndiGo, which announced its September quarter results last week, saw its ancillary revenue record a sequential decline of 3.8 per cent, compared with the double-digit growth in previous quarters. For the September quarter, revenue from ancillary sources stood at Rs 558.4 crore compared to Rs 581 crore in the April-June period. The same had grown 9.2 per cent and 3.1 per cent, sequentially, in the previous two quarters. “The ancillary revenue figures were impacted due to the Director General of Civil Aviation (DGCA)’s new rules, limiting charges on excess baggage and booking of tickets closer to the date of departure due to low-ticket prices,” the management said during a conference call with analysts. The decline is likely to be similar for other airlines as well. Charlie McAvoy Jersey
Purti Group co develops bio-CNG for vehicles
Manas Agro Industries and Infrastructure Limited (MAIIL) of the city, an extension of Purti Group of Industries, has developed a process of producing bio-CNG (compressed natural gas) that can be used as fuel for vehicles. MAIIL is planning to set up fuel stations or bio-CNG dispensing units in the city in about 8-9 months. The fuel will be produced from molasses and will be carried in cascades to the fuel stations unlike other CNG which is transported through pipeline. Manish Umale, general manager of MAIIL, told TOI that the bio-CNG would cost Rs40-45 /kg and a scooter can run 65km in one kg. “This is very cheap compared to the conventional petrol or diesel which cause pollution to different extents. Bio-CNG is environment-friendly and the Petroleum and Explosives Safety Organization (PESO) has given nod to use biogas as fuel,” said Umale. The idea for bio-CNG came from Spectrum Renewable Energy Pvt Ltd of Hyderabad which is testing the use of this new fuel in commercial vehicles. Bio-CNG is being produced at Warna Nagar near Kolhapur. Detailing the process of bio-CNG production, Umale said molasses generated while manufacturing sugar is mixed with rectified spirit and ethanol which forms a sludge. This sludge is used to produce methane which is then purified and filled in cascades at high pressure. In the process, some sludge remains which can be used as fertilizer. “We would be transporting the sludge from our Bela plant to city in cascades which will be installed in our fuel stations. Users can fill bio-CNG in vehicles from these outlets which are expected to be ready in less than a year,” said Umale. Considering the benefits, government needs to make changes in rules and infrastructure so as to allow use of bio-CNG as fuel. The government should allow converting existing vehicles like scooters or three wheelers into CNG-friendly vehicles by attaching a conversion kit in it. Old vehicles too can be permitted to be converted into bio-CNG vehicles. An Israeli company I Tuk is learnt to have developed a kit that is already being used in Gujarat. Kawann Short Jersey
HPCL to take 25 per cent stake in proposed 60 million tonnes refinery
Hindustan Petroleum Corp (HPCL) will take 25% equity stake in the proposed 60 million tonnes refinery on the west coast that the state oil companies plan to build, its chairman has said. The proposed refinery–cum-petrochemicals complex will cost about Rs 1500 billion, M K Surana, chairman and managing director of HPCL, said. Indian Oil Corp, the largest of the three oil companies partnering for the project, will take 50% stake in the proposed refinery, Surana said. Bharat Petroleum will take another 25%. Marshall Faulk Authentic Jersey
OMCs report strong gross refining margin for September quarter
The country’s oil marketing companies (OMCs) have so far reported healthy gross refining margins (GRMs) for the September quarter. Analysts expect the trend to continue but pressure on marketing volumes for the state-run OMCs in the bulk fuel business would be a key item to look for. So far, Reliance Industries (RIL) and two of the three state OMCs, Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOCL) have reported their numbers for the quarter. RIL reported GRM at $10.1 a barrel, lower from $10.6 a year before. “Singapore GRMs have again improved in the October month touching $6 a barrel against the last quarter average of $5.1. The next quarter might also see the same healthy trend,” said an analyst from a domestic brokerage firm, who did not wish to be identified. In the September quarter, average GRM for BPCL was $3.08 a barrel against $3.87 a year before. IOCL reported $7.19 a barrel in the April-September period, against $5.76 a barrel a year before. Hindustan Petroleum Corporation will report its financial performance on Tuesday and analysts expect the company to report a similar trend. “We expect the GRM trend to continue for the state-run OMCs to be in the same range as seen so far and for Reliance Industries in double digits,” said a second analyst from a domestic brokerage firm, who did not wish to be identified. The state OMCs might come under stress over marketing volumes and as private competition rises. Both BPCL and IOCL have reported a sequential decline in their marketing volumes for the September quarter. BPCL’s sales were lower at 8.93 million tonnes, from 9.73 mt in the sequential quarter. “Private players are capturing markets and in the bulk deal market, they have seen a significant rise,” said the first analyst quoted earlier. According to an IDBI Capital report on RIL, the company’s market share in bulk diesel sale improved from 3.8% in the June quarter to 4.5% in the September one. According to an October 28 report of Elara Capital on IOCL, there was a sequential decline in their marketing volumes, excluding exports, to 19.7 mt in the September quarter from 21.38 mt in the June one. “This happened only because of some losses in the tenders for the bulk consumer business; it has not been the trend,” said A K Sharma, director-finance at IOCL, in an investor call after its earnings announcement. The state OMCs might face further heat as stronger entities such as BP and Rosneft enter the retailing business. “With the increased competition, we need to see if marketing volumes or the margins come under pressure. Either of one will see an impact,” said the second analyst cited earlier. Armani Watts Authentic Jersey
Look who’s asking for currency: Petroleum ministry knocks at FinMin doors
Needs cash for retail outlets; if the finance ministry agrees, banks will have to give about Rs 2.65 billion of smaller denomination notes daily to fuel outlets. India’s ongoing currency crisis has taken a fresh turn, with the petroleum ministry now knocking at the doors of the finance ministry for Rs 50,000 worth of smaller denomination notes to each of the nearly 53,000 fuel retail outlets in the country on a daily basis. This is meant to tide over the currency shortage. If the finance ministry agrees to this, banks will have to give about Rs 2.65 billion of smaller denomination notes to fuel outlets of public sector oil marketing companies in the country every day. After the announcement by Prime Minister Narendra Modi that Rs 1,000 and Rs 500 currency notes would be demonetised, sales at fuel retail outlets have increased by 15-40 per cent, as the government had allowed these outlets to accept the old currency notes. The move by the petroleum ministry comes after the railways ministry, too, approached the Reserve Bank of India to supply lower denomination notes to the national carrier with immediate effect. According to multiple sources close to the development, the Dharmendra Pradhan-led ministry has taken this proposal by retailers to the finance ministry. “We have forwarded the proposal by retailers to the finance ministry to provide them with smaller notes or else set up currency exchange centres at every petrol pumps in the country,” said a ministry official, who does not want to be named. The government today extended the date for accepting old denomination notes at petrol pumps and railway stations till November 24 considering the currency crunch faced by common people. Following a shortage of smaller notes, petrol pumps in the country are accepting refilling of Rs 500 and Rs 1,000 and not giving any change. “Our sales have increased by about 40 per cent on a daily basis since the government’s decision. We have asked the government to disburse Rs 50,000 to every petrol pump or set up currency exchange counters on outlets,” said Ajay Bansal, president of All India Petroleum Dealers’ Association. India has about 56,190 fuel retail outlets, out of which state-run Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd have about 52,604 outlets. On a monthly basis, each of these outlets sell 170 kilolitre of fuel. “While the customers are demanding changes for higher denomination notes, banks are not giving us small notes. At the same time, our sales have increased from 11 kilo litre to about 20 kl per day after the announcement,” said Rajiv Chadha, owner of a Hindustan Petroleum Corporation outlet at Bahadur Shah Zafar Marg in Delhi. According to All India Petroleum Dealers’ Association, in many places across the country petrol pump staff is being assaulted and man-handled for smaller denomination notes. In 2015-16, the overall fuel demand zoomed to 183.5 million metric tonne from 165.5 million tonne, compared to the previous financial year. While diesel consumption increased by 7.5 per cent to 74.6 million tonne, gasoline usage rose 14.5 per cent to 21.8 million tonne. Shaq Thompson Jersey
Petrol price cut by Rs 1.46 a litre, diesel by Rs 1.53
Petrol price was cut down by Rs 1.46 a litre and diesel price by Rs 1.53 per litre on Tuesday. The new prices will be effective from Tuesday midnight. On November 5, petrol price was raised by 89 paise per litre, the sixth increase in rates since September. Diesel price was raised by 86 paise a litre, the third increase in a month. This move is in response to global prices and currency fluctuations. “The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” IOC said in a statement. “The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” it said. The new prices of non-branded petrol in metros like New Delhi would come to Rs 65.93 per litre, Kolkata Rs 68.67, Mumbai Rs 72.29 and Chennai Rs 65.41. The revised prices of non-branded diesel in New Delhi would come to Rs 54.71 per litre, Kolkata Rs 56.95, Mumbai Rs 60.32 and Chennai Rs 56.24. Union Budget to be presented on February 1 The Union Budget 2017-18 will be presented on February 1. “We are on track to meet the date. The inter-ministerial discussions for finalising the Revised Budget Estimates have been completed,” said a government source, adding that it will not be impacted by the government decision to scrap Rs 500 and Rs 1,000 notes and replace them with a new Rs 500 and Rs 2,000 notes. “These are two independent exercises being handled by separate teams of officers,” said the source. The government has decided to advance the Budget process by a month to ensure that it is completed before the start of the new financial year on April 1. Danny Etling Authentic Jersey
NHAI may compensate concessionaires for loss in toll money
With government’s decision to stop toll collection till November 18 hitting concessionaires, NHAI has proposed to compensate up to 75 per cent of the losses due to the move resulting from demonetisation. After Prime Minister Narendra Modi announced the scrapping of Rs 500/1000 notes last week, Union Minister for Roads and Highways Nitin Gadkari asked all the toll operators to stop collection at all toll plazas to enable smooth movement of traffic. “On an average daily toll collection is around Rs 60-75 crore across the country so the loss they are facing is to that extent. We have proposed that we will make interim relief to these concessionaires by paying nearly 75 per cent of the losses to ease their cash flow,” NHAI Chairman Raghav Chandra told reporters on the sidelines of an Infrastructure Finance summit organised by industry body Assocham. He said some of the tolls are publicly funded while others are private tolls. “There are around 100 tolls which are publicly funded and around 265 private tolls. But these 100 have also been given on contract to private operators. So to ensure that these also don’t face cash flow problem because of the decision, we have decided to provide the relief even to these tolls,” he said. Chandra further said NHAI has put forward the proposal to the government for its approval. “We have insisted that this move is necessary for the concessionaires so that they don’t face huge licenses and they will be able to support the government’s demonetisation plans,” he added. The government has set a target of awarding nearly one lakh crore worth of projects this fiscal. Yesterday the government had decided that no toll would be charged on National Highways till the midnight of November 18. CM Punk Authentic Jersey
80% of transporters go off-roads following demonetization of Rs 500 and 1000
Demonetization of 500 and 1000 rupee notes has adversely hit the transporters of the city as around 80% of them have not been able to travel outside Delhi-NCR region due to lack of fresh currency. Transporters said that most of them owning trucks, canters and other medium commercial vehicles are sitting at home as they don’t have enough cash to use during a long-route journey. While the central government has already suspended toll collections on the National Highways a day after the ban on Rs. 500 and 1000, problems are being faced by transporters at the state highways and expressways. “We are getting complaints from some transporters who are already out of state, that old notes are not being accepted at petrol pumps in states like Maharashtra, Madhya Pradesh, etc. A transporter needs between Rs. 30,000-40,000 for a long-route trip. It has become extremely difficult for our people to plan long-route journey. Almost 80% of our transporters are sitting at home,” Chaudhary Vedpal Singh, president of Noida Transporters Association, told TOI. Videos of toll tax being collected from vehicles at the Yamuna Expressway have been doing the rounds, showing arguments between toll company officials and the commuters. It suggests how people are confused if the order to stop toll collection is meant only for National Highways or also includes state highways or expressways. However, according to the district administration, the order is only for the National Highways and not state highways or expressways. “The order stands only for the National Highways and expressways like the Yamuna Expressway don’t come under the purview of the central government. However, I have written to the Yamuna Expressway Industrial Development Authority (YEIDA) asking them to consider putting off toll collection for some time on the lines of the central government,” DM NP Singh, told TOI. A day after Prime Minister announced ban on Rs 500 and Rs 1,000 notes to tackle corruption and black money, the central government had on November 9 said that no toll fee would be collected on National Highways till November 11 midnight. The deadline was again extended till November 14 midnight. Carter Rowney Authentic Jersey
India may have ‘electric highway’ with Swedish help: Gadkari
India may also have an ‘electric highway’ stretch, similar to the one inaugurated in Sweden recently, with help from the Scandinavian country, Road Transport and Highways Minister Nitin Gadkari said. “We have sought a proposal from Sweden to build electric highway here, where we can run trucks and such vehicles in open traffic,” Gadkari told PTI. The world´s first two-kilometre strip on road has been built near Gavle in Sweden for fossil-free transportation in which electrified trucks with pantographs connect to overhead electrified lines and are driven in open traffic, using technology developed by Siemens. Gadkari said he had held talks in this connection with a Swedish delegation, led by Minister for Enterprise & Innovation, Mikael Damberg, which called on him after participating in the first meeting of the India-Sweden Business Leaders’ Roundtable. Sweden has developed the new electric highway technology, a result of several years of cooperation between the Swedish Government and the private sector, which permits the trucks to operate as electric vehicles when on the electrified road and as regular hybrid vehicles at other times. The Minister was apprised that all the trucks running on electric stretch have been produced by Scania and are hybrid and Euro 6-certified, running on biofuel. The Swedish delegation explained that the trucks on such electric stretch receives electrical power from a pantograph power collector, mounted on the frame behind its cab and in turn connected to overhead power lines. On going outside the electric stretch, the pantograph is disconnected and the truck is powered by the combustion engine or the battery-operated electric motor. Gadkari said the present government’s emphasis is to promote bio-fuel and electric cars to prevent pollution as well as develop cheaper mode of transportation. The Minister also said that he has sought Sweden’s cooperation in forming joint ventures for Indian companies for testing of vehicles which is being given high priority. The Minister said that the BJP government was emphasising on generation of bio-fuel and reducing oil imports as this would minimise pollution and make the country self-reliant. He also said that the vehicle scrapping policy would contribute significantly in curbing pollution as heavy commercial vehicles more than 15 years old, contributed to 65 per cent of the pollution. Ryan Ramczyk Womens Jersey