Airfares likely to go up as jet fuel prices hiked sharply

Agencies
October 2, 2017

New Delhi, Oct 2: New Delhi: Jet fuel or aviation turbine fuel (ATF) price was on Sunday hiked by a steep 6 per cent on firming international rates, which could force airlines to increase airfares. This is the third straight increase in rates since August. Aviation fuel accounts for the bulk of the operating cost of airlines in India.

Aviation turbine fuel (ATF) will now cost Rs. 53,045 per kilolitre (kl) in Delhi, Rs. 3,025 per kl more than Rs. 50,020 previously, according to a price hike notification by Indian Oil Corp, the nation's biggest fuel retailer. This the third consecutive monthly hike in ATF price, the last being by 4 per cent (Rs. 1,910 per kl) on September 1. Also, cooking gas (LPG) price was hiked by Rs. 1.50 per cylinder in line with the government decision to raise rates every month to eliminate subsidies by March.

A subsidised 14.2-kg LPG cylinder will from Sunday cost Rs. 488.68 in Delhi as against Rs. 487.18 previously, IOC said.

The hike comes on back of over Rs. 7 per cylinder increase effected from September 1.

Oil Minister Dharmendra Pradhan had on July 31 told the Lok Sabha that the government had asked state-run oil firms to raise subsidised cooking gas (LPG) prices by up to Rs. 4 per cylinder every month to eliminate all the subsidies by March next year.

Rates were, however, raised by Rs. 2.31 per cylinder on August 1 and the oil companies effected a large hike on September 1 to equalise that, sources said.

Since the implementation of the policy of monthly increases from July last year, subsidised LPG rates have gone up by over Rs. 69.50 per cylinder. A 14.2-kg LPG cylinder was
priced at Rs. 419.18 in June 2016.

The government had previously asked IOC, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) to raise rates of subsidised domestic LPG (liquefied petroleum
gas) by Rs. 2 per 14.2-kg cylinder per month (excluding VAT).
The quantum has now been doubled so as to bring down the subsidy to nil.

Every household is entitled to 12 cylinders of 14.2-kg each at subsidised rates in a year. Any requirement beyond that is to be purchased at market price.

The price of non-subsidised LPG or market priced cooking gas has also been hiked by Rs. 1.50 to Rs. 599 per bottle.

Rates at the last revision on September 1 were hiked by Rs. 73.5 to Rs. 597.50 per bottle.

State-owned oil firms revise rates of LPG and ATF on 1st of every month based on average oil price and foreign exchange rate in the previous month.

Sunday's hike in the LPG price is fifth since the May 30 order of the oil ministry to raise rates by Rs. 4 per cylinder every month.

There are as many as 18.11 crore customers of subsidised LPG in the country. These include over 3 crore poor women who were given free connections during the last one year under the Pradhan Mantri Ujjwala Yojna.

There are another 2.66 crore users of non-subsidised cooking gas.

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News Network
February 28,2020

Patna, Feb 28: Social and cultural activists from far and wide converged here on Thursday to lend their support to a massive rally that marked the conclusion of Kanhaiya Kumar's 'Jan Gan Man Yatra' across Bihar to galvanise public opinion against CAA-NPR-NRC.

Medha Patkar of the Narmada Bachao Andolan fame, Mahatma Gandhi's grandson Tushar Gandhi and former IAS officer Kannan Gopinathan, who gave up his career at a young age in protest against abrogation of Article 370, shared the stage with the former JNU students' leader.

Shabnam Hashmi -- founder of socio-cultural organisation ANHAD and sister of slain Marxist playwright and director Safdar Hashmi -- also joined them.

Congress MLA Shakil Ahmed Khan, a former president of JNU students' union himself who accompanied Kanhaiya during his tour that commenced at Champaran on January 30, Mahatma Gandhi's death anniversary, and leaders of state units of CPI and CPI(M) also addressed the rally held at Gandhi Maidan.

Kanhaiya began his speech with a one-minute silence held in the memory of those who lost their lives in Delhi violence.

Defending his frequent use of the term "azadi" (freedom) which supporters of the Sangh Parivar hold to be tantamount to supporting secession, Kanhaiya said, "We must talk about the virtues of azadi here since today happens to be the day when legendary revolutionary Chandrashekhar Azad had given up his life fighting the British."

Charging the ruling BJP with pitting Hindus against Muslims, he said, "Let us resolve to defeat their agenda by emulating the fabled friendship of Ram Prasad Bismil and Ashfaqullah Khan."

The young CPI leader, who made an unsuccessful debut from his native Begusarai Lok Sabha constituency last year, seemed unimpressed with the resolution passed by the Bihar Assembly earlier this week against NRC and inclusion of contentious clauses in NPR forms.

"Both the government and the opposition are busy congratulating themselves. I extend my congratulations as well. But to all those who are present here, I would say it is a half-victory. We must not allow our movement to fizzle out and draw inspiration from Gandhi's model of civil disobedience when the NPR exercise gets underway," he said.

"Villagers should ask their respective panchayat heads to ensure that no NPR official is allowed to come knocking in their areas of jurisdiction when NPR is scheduled to be undertaken in May," the CPI leader said.

"We have to brace for a long and tough fight. We are living under a regime which sends conscientious professionals like Dr Kafeel Ahmed behind the bars and declares anybody questioning its actions as an anti-national," said Kanhaiya, who has himself been slapped with a sedition case.

Earlier, in his address, Tushar Gandhi likened CAA, NPR and NRC to the "three bullets that killed the Mahatma" and asserted that these measures would "harm the poor, belonging to all religious communities and not just the Muslims".

"If the government does not care about the poor, we must tell those in power -- 'chale jaao' (go away) just as we had done to the British colonisers... it is going to be a long fight. Independence was achieved five years after the call for Quit India Movement," he said.

"We need to keep repeating the importance of non-violence over and over again while those with other value systems simply have to utter inciting statements," he said, in an oblique reference to the controversial poll campaign of Union minister and BJP leader Anurag Thakur during the recently-held Delhi Assembly elections, which the party lost.

Kannan Gopinathan said, "The claim that CAA is all about granting citizenship and not taking it away is bunkum. Any law which seeks to favour one section of the society on the basis of religion can be tweaked to harm another social segment... people say this government is Fascist. I am not sure of that but it is certainly stupid."

"This government brought in demonetisation and wrecked the economy but failed to achieve its promise of eradicating black money. It abrogated Article 370 and now it is clueless as to what to do with the situation in Kashmir," he said.

"Union minister Amit Shah had declared in Parliament that NRC will be implemented. Faced with public resistance, Prime Minister Narendra Modi had to say he does not know what NRC is. Keep up the stir for a little longer, he will start saying he does not know Amit Shah," said Kannan, evoking peals of laughter.

In the course of his speech, Kanhaiya also made the crowds sing after him the National Anthem but skipped a few words towards the end. Participants at the rally were viciously trolled on social media for the slip-up.

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News Network
June 19,2020

Jun 19: Billionaire Mukesh Ambani on Friday announced that his oil-to-telecom conglomerate Reliance Industries is now net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in under two months.

Reliance raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm's digital arm, Jio Platforms Ltd, and another Rs 53,124.20 crore through a rights issue in the past 58 days.

Taken together with last year's sale of 49 per cent stake in fuel retailing venture to BP Plc of UK for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said in a statement.

Reliance had a net debt of Rs 1,61,035 crore as on March 31, 2020. "With these investments, RIL has become net debt-free," it said.

"I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021," Ambani said.

Jio Platforms - which houses the country's youngest but largest telecom firm Reliance Jio, raised Rs 1,15,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF since April 22, 2020.

Saudi Arabian sovereign wealth fund PIF buying 2.32 per cent stake in the unit for Rs 11,367 crore on June 18 "marks the end of Jio Platforms' current phase of induction of financial partners," the statement said.

Alongside, Reliance launched India's biggest right issue, which was subscribed to 1.59 times.

Though the rights issue size was Rs 53,124 crore, the company has got only 25 per cent of the money as the remaining is to be paid only next fiscal.

Ambani had at the company's annual general meeting on August 12, 2019, announced a roadmap for Reliance to become a net debt-free company before March 31, 2021.

"We have a very clear roadmap to becoming a zero net-debt company within the next 18 months that is by March 31, 202," he had said last year highlighting strong interest from strategic and financial investors in consumer businesses, Jio and Reliance Retail.

In the statement on Friday, he said he was both delighted and humbled to announce the fulfillment of the promise.

"Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance," he said.

"Therefore, on the proud occasion of becoming a net debt-free company, I wish to assure them that Reliance in its Golden Decade will set even more ambitious growth goals, and achieve them," he added.

He said over the past few weeks, phenomenal interest was received from the global financial investor community in partnering with Jio.

"As our fundraising milestone from financial investors is achieved, we sincerely thank the marquee group of financial partners and warmly welcome them into Jio Platforms," he said.

"I also express my heartfelt gratitude to all the retail and institutional investors, both domestic and foreign, for their overwhelming participation in our record-setting Rights Issue," he added.

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News Network
January 22,2020

New Delhi, Jan 22: The BJP on Wednesday cited statements of several opposition leaders to accuse them of "abusing" Hindus for their appeasement politics and referred to the Congress as "Muslim League Congress".

Seeking apologies from Congress president Sonia Gandhi and NCP chief Sharad Pawar, BJP spokesperson Sambit Patra said leaders of these parties have used the ongoing protests against the amended citizenship law to "abuse" Hindus.

Chavan has said in a public meeting that the Congress decided to join hands with the Shiv Sena to form government in Maharashtra as Muslims wanted the party to stop the BJP, Patra stated, claiming that it shows the opposition party has nothing to do with people belonging to other religions, including Hindus.

Patra also referred to a statement from an NCP leader to attack the opposition.

Asked about Congress leader Mallikarjun Kharge's reported jibe at the RSS for its "non-participation" in the freedom movement, the BJP leader shot back, asking if parents of Sonia Gandhi, who is of Italian origin, had fought in India's independence struggle.

The Indian National Congress, he said referring to the opposition party's full name, should be called "Muslim League Congress".

Comments

Keshu
 - 
Thursday, 23 Jan 2020

LOL...this is a waste body

This guy cannot even debate with Kanaiah kumar.

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