Private Oil Refiners To Work With – Latest news headlines


India is forming a group bringing together state and private refiners to seek better crude import deals

Private oil refiners are willing to work with state-run peers to bargain collectively for better oil import deals, oil minister Hardeep Singh Puri said on Friday, as the nation looks to cut its import bill.

India is forming a group bringing together state and private refiners to seek better crude import deals, Reuters reported on Monday.

“The outcome of the meeting between private and state-run (refiners on a joint oil procurement plan) was very encouraging,” Puri said in a news conference at the India Energy Forum industry event.

He said the private companies are “enthused” by the plan.

India is the world’s third-largest oil importer and consumer, reliant on imports for about 85 per cent of its crude and buying most of that from Middle East producers.

Private companies including Reliance Industries, operator of the world’s biggest refining complex, and Nayara Energy, partly owned by Russian oil major Rosneft, control about 40 per cent of India’s 5 million barrel per day (bpd) refining capacity.

With local gasoline and gasoil prices rising to record highs in India’s worst power crisis for years, the nation wants to redouble efforts to buy wisely.

The country’s trade deficit last month surged to a record $22.6 billion, its highest in at least 14 years, driven by expensive imports.

India has repeatedly asked the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, to boost output to bring down global oil prices.

“Cost of energy should not be allowed to outstrip paying capacity of consumers and this imperative needs to be configured by the consuming countries in planning their production profile for the future,” Puri said.



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Latest News Today – Government Gets 27 Proposals From Private Sector For


Private entities have showed interest in Indian space sector

Amid growing interest of big ticket private entities in space industry what with billionaires Richard Branson and Jeff Bezos having completed space odysseys in their personal spacecrafts, Government of India has received 27 proposals from the private sector for undertaking various space activities.

Sources in the Ministry of Space said that 27 proposals from private entities were received so far for undertaking various space activities in India. The proposals include building and launching of launch vehicles, as well as building, owning and operating satellites, providing satellites based services, establishing ground segments, research partnerships and providing mission services.

With the space sector reforms, Indian private space industry is slated to contribute to the core elements of global space economy – space-based services, launch services, manufacturing of launch vehicles and satellites, establishment of ground segment and launch infrastructure – to a considerable extent, official sources said.

Participation of private sector including academic institutions, start-ups and industries in end-to-end space activities is expected to expand the national space economy, which will translate in greater employment opportunities and enhanced scope for manufacturing in the country, they added further.



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Latest News Today – Baring Private Equity Asia (BPEA) Shortlists Bidders For


BPEA bought a controlling stake in IT services firm Hexaware in 2013 for about $420 million

Baring Private Equity Asia (BPEA) has shortlisted bidders including Bain Capital and French company Teleperformance SE for its India portfolio firm Hexaware Technologies in a deal that could fetch nearly $3 billion, sources said.

Also in the race are private equity firms KKR & Co and Carlyle Group, said the four people with knowledge of the deal, who declined to be named as the information is confidential.

BPEA has shortlisted a handful from around 10 initial bids to proceed to the next round, which is due in about a month, said the sources. Bids made for Hexaware ranged from $2.5 billion to close to $3 billion, they said.

Hong Kong-based BPEA, Bain, KKR and Carlyle declined to comment. Hexaware and Paris-based Teleperformance, which provides business services, did not immediately respond to requests for comment.

BPEA bought a controlling stake in IT services firm Hexaware in 2013 for about $420 million and took the company private from the local stock exchanges late last year.

Mumbai-headquartered Hexaware provides automation, cloud and customer services-related technology to a wide range of industries including finance, education, hospitality and manufacturing.

With 37 offices in over 30 countries, the company’s revenue grew 6.5% year-on-year in 2020 to $845 million in U.S. dollar terms, according to its annual report.

Its earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 24.4 per cent to 11 billion rupees in 2020.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)



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Latest News Today – Private Lenders Likely To Outperform State-Run Banks in


State bank bad-loan ratios remain elevated compared to their private peers

The widening gap between India’s private banks and their state-backed peers is expected to be laid bare this earnings season, with investors looking for further signs that players such as HDFC Bank are better placed to step up lending when the country’s second coronavirus wave subsides.

Many shareholders will be on the lookout for indications that private lenders have enhanced already stronger buffers to give them more wiggle room to step up lending in an eventual recovery. One metric is key — private sector banks’ market share in terms of loans surged about 36 per cent in 2020 from about 21 per cent five years ago.

Although the relaxing of regulations on asset quality and low interest rates will likely help prop up profit, it may only be a short reprieve. Stressed loans remain elevated and credit growth is hovering near a six-decade low — all of which could deteriorate even more once lenders are able to classify those loans as non performing from 2023.

“We expect banks with a strong franchise, robust balance sheet and governance to outpace peers in an environment impacted by the pandemic,” said Bloomberg Intelligence analyst Rena Kwok.

With all eyes on quarterly results that began with HDFC Bank on Saturday, here are some key metrics to monitor showing how state lenders are lagging behind:

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When the coronavirus returned in April with a second wave, businesses and jobs were slammed with ensuing lockdowns just as the economy began to recover from the initial onset of the pandemic last year. That prompted the Reserve Bank of India to extend a debt restructuring package as the restrictions on activity curbed lending and exacerbated a cash crunch for businesses.

Most recent data shows India’s top three private banks lent nearly three times the average industry rate in the quarter of March, while maintaining better asset quality than their state peers. Kwok says she is looking for any further deterioration in asset quality in upcoming results that may be masked beneath improved earnings.

Bad Loans

State bank bad-loan ratios remain elevated compared to their private peers despite declines in recent years. Apart from the largest lender State Bank of India, the other four top state banks’ bad-loan ratios were in a 9 per cent to 14 per cent range, compared to 1.3 per cent at the end of March for top private lender HDFC Bank, the lowest among banks. That metric for SBI stood at 4.98 per cent, better than state peers. HDFC Bank, the first major lender to kick off earnings season, registered a bad loan ratio of 1.47 per cent at the end of June, it said Saturday.

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“There’s considerable stress on the ground,” said Saswata Guha, senior director of financial institutions at Fitch Ratings Ltd. in India. “The numbers don’t reflect the true picture. Asset quality risks are suppressed under the regulatory relaxations which are likely to manifest over a protracted time-frame well after March 2023.”

Valuation Gap

Private banks’ price-to-book ratios, a gauge of a firm’s value to investors, were more than twice that of state lenders reflecting the confidence they enjoy on the back of strong capital buffers. The relatively higher quality of those loan books also helped them to eat into the market share of most state banks, barring State Bank of India.

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The outlier is State Bank of India. Shares of the Mumbai-based lender surged 56 per cent this year, outperforming peers after the lender controlled its loan slippages, stepped up bad loan buffers even as credit growth slowed down sharply. Investors will be looking for guidance on fresh bad loans and provisioning for the quarter just ended.

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“The severe second wave will hurt banks’ asset quality in the retail and small and medium enterprises loan segment,” said Alka Anbarasu, senior credit officer of financial institutions at Moody’s Investors Service Inc. This will “delay improvements to the asset quality that has been underway in the past two-three years.”



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Latest News Today – Public Sector Banks Have Edge Over Private Lenders In


Private banks’ participation has been nominal in terms of lending under Street Vendors scheme

The Prime Minister Street Vendors AtmaNirbhar Nidhi Scheme or PM SVANidhi was launched in June 2020 to provide collateral free working capital loans of up to Rs 10,000, to help street vendors left without income post the imposition of lockdown.

The loans are given to street vendors to restart their business and after the scheme was launched on June 1, 2020, the disbursal of loans had started on July 1, 2020.

However, compared to public sector banks, participation of private banks is quite nominal in terms of disbursing loans to street vendors.

Poor private sector institutions participation

The Ministry of Housing and Urban Affairs in collaboration with Finance Ministry had envisaged the scheme to enhance the role of micro finance institutions (MFIs), non banking finance companies (NBFCs) and private banks in ensuring financial inclusion at the grass root level.

This was mainly because street vendors, though spread across cities in urban India, are also present in large numbers in rural areas.

Till December 2021, six months after loan disbursal had started under SVANidhi scheme, out of 32 lakh applications received by banks seeking loans from applicants, private sector banks had received only 1.5 lakh applications, according to official sources.

Prior to this, during the first three months of the scheme, i.e. between July and September 2020, only around four to five per cent applications had been received by private banks from applicants seeking loans.

Why street vendors prefer public sector banks?

Stakeholders involved in implementation of the scheme have said that majority of street vendors have accounts in public sector banks, whose interest rates are lower than those of private sector banks, that is why they prefer state-owned banks over private financial institutions.

Also public sector banks have branches spread out in various parts of the country, especially in rural areas, therefore vendors prefer dealing with them, sources added further.



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Latest News Today – Six Die In Private Plane Crash In Haiti: Officials


“The plane crashed en route with six people on board,” an NCAO incident report said. (Representational)

Port-au-Prince, Haiti:

Six people including two American missionaries were killed when a private airplane crashed southwest of Haiti’s capital Port-au-Prince, local authorities said Saturday.

The aircraft had taken off from the city’s airport at 6:57 pm (2257 GMT) on Friday and should have arrived at Jacmel, on Haiti’s southern coast, around an hour later, according to the National Civil Aviation Office (NCAO).

“The plane crashed en route with six people on board,” an NCAO incident report said.

Gutenberg Destin, the coordinator of civil protection for Haiti’s Ouest Department, confirmed to AFP that all six people on board had perished.

The cause of the crash wasn’t immediately clear.

The US-based missionary organization Gospel to Haiti said on its Facebook page that Americans Trent Hostelter, 35, and John Miller, 43, were among the victims.

They were part of a larger group making the trip in two planes, with Hostelter’s wife and children on the first flight.

“When the second plane didn’t show up, they were very concerned and soon heard that the plane had gone down somewhere near Leogane,” Gospel to Haiti said.

“A search team was formed and sent out and they located the plane early this morning and confirmed that all six people were killed, including Trent and John.”

Hostetler and his wife worked for the missionary organization, while Miller was volunteering for a short period, according to GoFundMe pages opened to support of their families.

With heavily armed gangs controlling the main land route from Port-au-Prince to the southern half of Haiti, charter flights to Jacmel have become increasingly popular — among the tiny number of Haitians able to afford them.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)



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Latest News Today – India’s June Jobless Rate Falls To 9.17%, Says Private


India’s June unemployment rate fell to 9.17 per cent from the May figure of 11.90 per cent, data from the Centre for Monitoring Indian Economy (CMIE) showed on Thursday.

Most economic activities have resumed in the country after state governments eased pandemic curbs following a fall in coronavirus infections, which peaked in May.



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Latest News Today – Government To Frame Policy To Fast Track Public Private


Government will form a policy to fast track clearance to public private partnership projects

Keen to fast track its ambitious asset monetisation programme and streamlining approval for public private partnership (PPP) projects, the Government today announced that it will come up with a new policy to address the issues plaguing the system.

Finance Minister Nirmala Sitharaman on Monday while announcing various fiscal measures to boost employment and shore up the health sector affected by Coronavirus pandemic, said that the current process for approval of PPP projects is long and involves multiple levels of approvals.

“A new policy will be formulated for appraisal and approval of PPP proposals and monetisation of core infrastructure assets, including through InvITs or infrastructure investment trust,” she said.

The aim behind the move will be to ensure speedy clearance of projects and to facilitate private sector’s efficiencies in financing construction and management of infrastructure.



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Latest News Today – Private Hospitals Got 1.29 Crore Vaccine Doses In May,


The government has been criticised for slow pace of vaccination.

New Delhi:

At a time when vaccine shortage is being reported across the country, government data has shown that only 17 per cent of doses were utilised in private hospitals last month, leaving them with massive unused stock.

According to a press release by the Health Ministry on June 4, a total of 7.4 crore doses were made available across the country in May, of which 1.85 crore doses were earmarked for private hospitals.

Private hospitals across India procured 1.29 crore vaccine doses of the available 1.85 crore shots, however, the government’s own data shows only 22 lakh doses were used.

Experts believe high prices at private hospitals in comparison to government-run hospitals and vaccine hesitancy could be the likely reason for people staying away. 

Ironically, the admission of the under-utilisation is mentioned in a government press release to rebut media reports that only 7.5 per cent of the jabs were being used. 

“Few media reports have mentioned that ’25 per cent doses allocated to private hospitals, but they account for only 7.5 per cent of total jabs’. These reports are not accurate and do not match with the available data,” the government release says. 

Earlier this month, the government fixed the maximum price that private hospitals can charge for Covid vaccines amid opposition allegations of profiteering. 

The price of Covishield has been fixed at Rs 780 a dose, Russian vaccine Sputnik V at Rs 1,145 a dose and indigenously made Covaxin, at a steep Rs 1,410 a dose. This includes taxes as well as a 150-rupee service charge for the hospitals.

Under the new vaccine policy announced by Prime Minister Narendra Modi — which will be implemented from June 21, the International Yoga Day — the Centre said it will procure 75 per cent of the vaccines produced by companies, including the 25 per cent currently assigned to states. Private hospitals will continue to buy the remaining 25 per cent and vaccinate those who are willing to pay.

In government-run institutions, vaccines will be provided for free to all eligible persons.

The earlier vaccine policy announced in May has been much criticised because of the differential pricing. Critics pointed out that many countries are inoculating all sections of their population for free, with the government bearing all costs.

India has so far administered over 24 crore vaccine doses and aims to vaccinate over 108 crore people by the end of this year.



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Latest News Today – Maximum Price For Private Hospitals


The maximum rates of Covid vaccines for private hospitals has been fixed. (FILE)

New Delhi:

The Centre today fixed the maximum price that private hospitals can charge for Covid vaccines amid sharp allegations of profiteering.

Under it, the price of Covishield has been fixed at Rs 780, Covaxin at Rs 1,410, and Russian vaccine Sputnik V at Rs 1,145. This includes taxes as well as a 150 rupee service charge for the hospitals.

The Center has asked the states not to allow private hospitals to levy more than Rs 150 as service charge. The state governments have been asked to monitor the private hospitals regularly and strict action will be taken against any private vaccination center for charging more.

In government-run institutions, the vaccine will be provided for free to all eligible persons, Prime Minister Modi said yesterday while announcing the revised vaccine policy in an address to the nation.



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