JSW Steel is likely to increase prices of its products next month as rising prices in the international markets are hitting its margins, a top company official said today.
The Union Railways Minister Pawan Bansal has presented the Railways Budget for the year 2013 to the Parliament today.
The Railway Budget marked a departure from recent past as it was shrewd balance between populism and pragmatism, though overall it lacked an insight to improve railways‘ revenues as there was no clear roadmap to augment its capacity and overall rail infrastructure.
Indian Railways today increased freight charges for transporting diesel, cooking gas and kerosene by 5.8 percent, but oil firms may not immediately pass on the hike to consumers.
Raising hopes of smooth and much faster online bookings of rail tickets, Railways Minister P K Bansal today said a new e-ticketing system will be deployed by December-end which will allow 7,200 bookings per minute against the present 2,000.
Cement may get costlier by Rs seven per bag of 50 kg because of the hike in freight rate by 5.79 per cent in Railway Budget today, but manufacturers of the building material said a final call will be taken after the Union Budget.
The Railway Budget was a mixed bag for India Inc with industry bodies cautioning that the hike in freight charges will fuel inflation, while other chambers said some proposals if implemented could set the growth multiplier in motion.
An over five per cent increase in freight tariff due to imposition of fuel adjustment component (FAC) from April and a hike in supplementary charges on super fast trains will fetch the Railways an additional revenue of Rs 4,683 crores in the next fiscal.
The suburban railway commuters' bodies today said they were disappointed by the budget as it has overlooked the hardships faced by about 75 lakh daily commuters even as the railway minister announced the much awaited introduction of AC local from the next fiscal.
In a major initiative to address concerns of the power sector, Railways is planning to invest about Rs 4,000 crore to enhance rail connectivity to coal mines to boost fuel supplies to projects.
As many as 67 express trains and 26 passenger trains are being introduced this year, Railway Minister Pawan Kumar Bansal announced on Tuesday.
SK Nevatia, CMD, Hind Rectifiers is not sure as to how increase in freight cost will help the company because freight things mostly run on diesel. However, Nevatia feels the Budget this year is better than the previous year.
Share prices of companies that cater to the railway sector were under pressure and tanked as much as 8 percent on the bourses as Railway Minister Pawan Kumar Bansal delivered his maiden Rail Budget in the Lok Sabha.
India will raise a fuel surcharge of just under 5 percent on railway freight traffic but will not introduce another passenger fare hike, the railway minister said on Tuesday as he presented his ministry's budget to parliament.
Here is a look at provisions introduced by the Rail Minister PK Bansal in his Budget.
Ahead of his maiden rail budget on Tuesday, Railway Minister Pawan Kumar Bansal has promised a 24X7 helpline for women that will be tracked real time, with top priority accorded to safety of passengers, especially women.
Railway Minister Pawan Kumar Bansal is set to present his maiden Rail Budget on Tuesday. While a hike in rail fare seems to be imminent, the Rail Minister is also likely to announce many new trains and safety and modernisation measures.
In an interview to CNBC-TV18 AP Verma, director of finance, Kalindee Rail Nirman said, we expect the government to announce Delhi-Lucknow-Patna, Delhi-Jaipur-Jodhpur or Pune-Mumbai-Ahmadabad, Chennai-Bangalore corridors this year.
Moratorium on new trains will be counter-productive, and railways should look at reduction of freight charges.