State-run oil marketing companies are likely to see action in today's trade after reports that the government is likely to announce a hike in fuel prices today to bail out the bleeding oil marketing companies (OMCs) that are suffering massive financial losses due to skyrocketing international crude prices. However, the government has been in a fix on the issue and has failed to take any decision fearing opposition from the public as well as the Left parties which are offering outside support. The Left parties have warned of a nationwide protest against any move to raise the prices of fuel. They have instead argued in favour of restructuring the tax on petrol and diesel.
Earlier last week, Oil and Natural Gas Minister Murli Deora asked for a hike of Rs 10 a litre of petrol, Rs 5 a litre of diesel and Rs 50 for an LPG cylinder.
The OMCs have so far reported losses of over Rs 2.25-lakh crore due to the high crude prices and in the absence of revision in the domestic retail prices. They have said they will run out of cash to import crude if the government fails to bail them out.
Two shares debut on bourses today. Anus Labs wth issue price Rs 210 and Gokul Refoils with issue price of Rs 195, will list on the stock exhanges today.
Construction and engineering firm Punj Lloyd said on Tuesday it had acquired a 74% stake in UK firm Technodyne International for an undisclosed sum. Technodyne is a specialist engineering, design and consultancy firm with expertise in steel and steel-plus-concrete tanks and test rigs, Punj Lloyd said in a statement. As per Punj Lloyd this acquisition is a strategic fit and further enhances its existing tankage and terminal business.
Spice Communications on Tuesday said it is considering a stake sale in the company and awaiting a proposal from the Malaysian company Telekom Malaysia, which now holds 39.2% in the telecom service provider. Current rule allows a foreign company to raise its stake to 74% in an Indian telecom firm. Spice has also been taking to UAEs Emirates Telecommunications (Etisalat) and some other firms for stake sale.
Apparel maker Bombay Rayon Fashions said on Tuesday, 3 June 2008, it is setting up manufacturing units in integrated textile parks at Islampur and Latur in Maharashtra. The projects are entitled to a subsidy of 40% of the total infrastructure cost to set up the units, the company said in a statement to the BSE.
Engineers India on Tuesday reported 33.3% growth in net profit to Rs 56.68 crore on 37.51% growth in total income to 287.77 crore in Q4 March 2008 over Q4 March 2007. The net profit rose 36% to Rs 194.60 crore on 28.6% growth in total income to Rs 873.32 crore in the year ended March 2008 over the year ended March 2007
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