FM discusses economic woes with top advisors
- FM lays down road map for next three months
- FM takes stock of eco situation as rupee slips below 62 mark
- Private power cos oppose mandatory domestic equipment sourcing
- Banks must oblige govt's policy: FM
- Chidambaram calls upon SHGs, farmers to avail loan facilities
Reliance Industries, ONGC, Cairn, Oil India earnings to get a boost as rupee tumbles
NEW DELHI: The rupee's sharp fall will boost earnings from oil and gas sales for ONGC, Cairn IndiaBSE 3.66 %, Reliance IndustriesBSE 0.42 % and Oil IndiaBSE -3.00 % as the dollar-linked price has risen about 17% in four months, but this is bad news for households as they will have to pay more for piped gas in their kitchen as well as petrol and diesel.
State-run ONGC, the biggest producer of natural gas in India, may gain more than 400 crore in a quarter from natural gas alone, oil ministry officials said requesting anonymity. The gain for the other state explorer Oil India would be smaller, in line with its size.
No comments:
Post a Comment