Tag: wind

In signs of protests against the 9-month-old windfall tax, mining mogul Anil Agarwal's Vedanta Ltd has withheld about USD 91 million from the share of profit due to the government from its oil and gas fields, to make up for the additional tax outgo, according to sources and correspondence on the issue. India first imposed windfall profit tax on July 1, 2022, joining a growing number of nations that tax super normal profits of energy companies. But the levy of Special Additional Excise Duty (SAED) on locally produced crude oil was seen by producers as a violation of the contract which provides fiscal stability. The SAED initially was Rs 23,250 per tonne ($40 per barrel) and in fortnightly revisions brought down to Rs 3,500 per tonne. This is in addition to the 10-20 percent royalty on price of oil and gas realized and an oil cess of 20 %. On top, the government is also entitled to a pre-decided share of profit after expenses are deducted from revenue earned from sale of oil and gas. Read more

The government's quicker-than-expected cut in windfall tax on fuel exports should "normalize equity multiples" of Reliance Industries and state-owned ONGC (Oil and Natural Gas Corporation), said market experts today(20 July 2022). Besides, they see ONGC earning a profit per barrel worth $25, which is 20 percent higher than last year's profit. Technically, Reliance Industries shares opened a gap-up over the 200-day moving average (DMA) set at the Rs 2,507 mark. If the stock manages to hold ground above the same, a positive upside can be expected as the stock has held support near the Rs 2,350 level earlier.

Soon, in India, anyone buy can sell or trade electricity – both conventional (coal, gas hydro) and renewable energy (solar, wind). The over-the-counter (OTC) market allows buyers and sellers to directly transact electricity, and negotiate the price and contract. To facilitate this trade Indian electricity market will have a new platform. Apex regulator Central Electricity Regulatory Commission (CERC) last week issued the guidelines for setting up an OTC platform in India, which the sector executives said would be the world’s first regulated OTC platform. The CERC in a 2017 order identified the need for a regulatory framework in India to help electricity consumers buy directly. Read more

Shares of small finance banks (SFBs) like Equitas SFB, Ujjivan SFB, AU SFB, and Suryoday SFB, on Wednesday, rose up to 6 percent from their respective intra-day day lows on the BSE after the Reserve Bank of India (RBI) announced a special long-term repo operation window for SFBs, whereby the banks can borrow funds up to Rs 10,000 crore at repo rate for deploying for fresh loans SFBs, to be deployed for fresh lending of up to Rs 10 lakh per borrower.

The Supreme Court today(3rd December 2020) asked Franklin Templeton Mutual Fund to initiate steps within one week for calling a meeting of unitholders to seek their consent for the closure of six mutual fund schemes and said there will be no redemption of units by investors till further orders. The top court also agreed to hear an appeal filed by Franklin Templeton against the Karnataka High Court order which stopped the fund house from winding up its debt fund schemes without the prior consent of the investors. A bench of Justices S Abdul Nazeer and Sanjiv Khanna observed that the issue is big and people wanted a refund. It said that without prejudice to the rights of any party, trustees are allowed to call a meeting of unitholders to seek their consent for approval, and in this regard, steps are taken within a period of one week. Read more

GOI is planning to develop a single online compliance framework for India Inc to enable companies to comply with different regulatory requirements at one go, according to sources. This will reduce compliance burden,” as per the source.The corporate affairs ministry has initiated discussions with various regulators including the RBI, Sebi, and the Department for Promotion of Industry and Internal Trade, on the possibility of creating a single platform or compliance forms with common data sources, the official said. Coming after other key initiatives such as one nation one tax, and faceless assessment under income tax, the move is expected to significantly boost ease of doing business in the country. Read more