Oil at 3-month low
Crude oil hovered near a 3-month low in US markets. Traders speculate on further build up in U.S stockpiles. The US oil futures were weak after slipping for the fourth straight day. Oil futures fell 0.6 per cent to $ 97.94, the lowest level since 6 February 2012. Brent Crude dipped marginally at $ 113.16 a barrel.
Power distribution companies losses at Rs 2,00,000 crore: Crisil
The losses of power distribution companies crossed Rs 2,00,000 crore at the end of March 2011-12, as lower consumer tariffs and higher fuel costs continued to hurt their bottom lines, according to Crisil. Analytical firm Crisil also said that there should be about 6.5 per cent hike in electricity tariff per annum in the next five years, which would help in improving the health of distribution companies (discoms).
Regulator refuses to recognize two RIL natural gas discoveries
Upstream oil regulator Directorate General of Hydrocarbons (DGH) has refused to recognise two natural gas discoveries that Reliance Industries had made in a Mahanadi basin block because the company failed to conduct its prescribed test to ascertain the find. RIL says the two finds, on which it had conducted other tests, may hold 663 billion cubic feet of gas reserves and can produce 170 million standard cubic feet per day from six wells. It had proposed an investment of $1.17 billion in developing the finds and another $23.5 million annual operative expenditure in producing 476 billion cubic feet of gas over the life of the field.
Foreign banks with local units may not have to pay tax: Pranab
India said on Monday that it would exempt foreign banks from paying tax for setting up local units as it looks to ring-fence such units against external economic shocks. Finance minister Pranab Mukherjee made the announcement while initiating a debate on his tax proposals for the 2012-13 fiscal year that began on April 1.
SBI revises NRI deposit rates
State Bank of India raised interest rates on fixed deposits in foreign currency by up to 1.75 per cent on Monday. The revision has been done following the changes in the ceiling rates announced by the Reserve Bank last week. For FCNR (B) dollar-denominated deposit, interest rate has been increased by 0.75 per cent to 3.05 per cent from 2.30 per cent for a maturity of 1-2 years, SBI said in a statement.