Finance Ministry sources -EGoM on fuel pricing to meet on Friday -To meet post-noon on Friday -PM insisted EGoM meet be held at the earliest
Duty rejig impact -Finance Ministry Re 1 cut in excise will cost the exchequer Rs 7,000 crore -1% import duty cut will cost exchequer Rs 2,500 crore -Import duty collection primarily from PSUs
RS Sharma says -Duties should have been rejigged earlier -Hight time customs duty on crude is abolished -Investor sentiment for ONGC has never been as low as today
EGoM on Food -EGoM nod for 5 lakh tonne sugar exports Food Ministry says -No decision yet on easing stock limits on sugar -EGoM oks 5 mt more food grains for public distribution system
Bharti -Zain deal -Bharti makes final payment of USD 700 million to Zain -Zain says payment completes Zain-Bharti transaction
Environment Ministry cleares 3 coal blocks of 12 blocks -Environment Ministry gives nod to Open Tara, Parsa East, Kante Basan coal blocks -Tara, Parsa East, Kante Basan coal blocks are in Chattisgarh
International Energy -Agency says to release 60 million barrels crude oil from emergency stocks in July -Crude supply to offset disruption from Libya -2 millions barrel/day to be released for over 30 days -Ready to take further action if needed -Spoke to China, OPEC ahead of oil stock release -Oil stock release not directed against OPEC -Oil stock release is not swap for heavier crudes -Stock release not about prices, aimed at real oil shortage -Agency says released oil stocks to hit market at end of next week -Most of 60 million barrels stock release will be crude oil -Oil released to global markets, no regional restrictions -US will only release crude, Europe to also release oil product
Other stocks and sectors that are in news today: -MMRDA penalizes Jet Airways with a levy of 18% pa failing to pay Rs 826 crore for the BKC plot (ET) -CBI to investigate investments made by the UB group & India Cements in Kalaignar TV (Mint) -Andhra HC stays govt order on land for Nagarjuna Construction could deal a blow to the co that proposed a 2640mw power plant costing Rs 12000 crore (ET) -RIL has blasted CAG over D6 capex remarks will challenge views of national auditor in a letter to oil ministry on June 21 (ET) -ICICI Bank to lend Air India Rs 5500 crore via NCD route for restructuring debt (FE) -SpiceJet seeks RBI approval to raise Rs 1212 crore from Canada's export finance agency export development for financing fleet expansion (Mint) -Hero Investments revokes 17.33% stake in Hero Honda without disclosing the value (Mint) -GoM likely to meet on July 2 to decide fate of 8 coal blocks (BS) -F&O Exclusion: Container Corporation of India with effect from July 1 -F&O Ban: GTL , Kingfisher Airlines , Videocon Ind - Honda Motorcycle & Scooter India subsidiary of Honda Motor co to invest Rs 1400 crore to ramp up its manufacturing capacity (BS) -Diesel cars may have to pay more for the insurance to rise by 30% (ET) -Chawla Committee to drop proposal for gas purchase agency (FE)
