Govt mulling diesel price cut

NEW DELHI: As crude oil prices hover around four-year lows, the government may look at slashing diesel prices further that will help cool inflation by lowering goods transportation charges.

When contacted, Petroleum Minister Murli Deora said: "There is no plan as of now to cut fuel prices." But, sources in the know said the Oil Ministry was pushing for the matter to be taken up by the Cabinet at the earliest.

According to a source, "There is a scope for reduction in diesel rates only." Going by the calculations, diesel prices can be cut by Rs 2 a litre on top of the Rs 4 a litre reduction effected in two installments since December.

State-owned fuel retailers Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum are selling petrol at almost break-even point while they make Rs 3.26 a litre profit on diesel sales.

New York's main contract, light sweet crude for April delivery, was trading at $40.07 a barrel as demand was still weak.

Soruce:http://timesofindia.indiatimes.com/Business/Govt-orders-special-audit-of-DLF/articleshow/4189734.cms

Chargesheet filed in Mumbai terror attacks

MUMBAI: Three months after the unprecedented terror attack in Mumbai, a voluminous chargesheet was filed on Wednesday against about 20 people including the lone arrested gunman Mohammad Ajmal Amir Kasab for crimes ranging from murder to waging war against the country.

The nearly 5,000 page chargesheet in the Mumbai siege which brought the country's financial capital down to its knees for 72 hours killing 183 people also included the reports and forensic examination conducted by the FBI, which had been working along with the Central Security agencies in the case.

Special public prosecutor Ujwal Nikam filed the chargesheet before the metropolitan magistrate M J Mirza.

Nikam told reporters, “We want the trial to end in six months. We will give the copy of chargesheet to Kasab.”

There are 35 names in all figuring in the chargesheet, according to TV reports. Nikam refused to reveal how many of them are Pakistanis.

Kasab, the lone terrorist caught alive in the Mumbai terror attacks, was not produced in the court.

Kasab is facing charges ranging from waging war against the country to murder, attempt to murder and other provisions of the Indian Penal Code and under the stringent MCOCA.

He is also being charged under the Unlawful Activities Prevention Act and for entering the railway platform without ticket, PTI reported.

Besides Kasab, nine other Lashkar terrorists killed in the encounter, over a dozen accused have been named in the chargesheet.

source:http://timesofindia.indiatimes.com/Chargesheet-filed-in-Mumbai-terror-attacks/articleshow/4189975.cms

Sensex gains 134 pts in early trade

MUMBAI: The Bombay Stock Exchange benchmark Sensex gained over 134 points in the opening trade on Wednesday due to buying of funds on firm global markets amid covering up of short positions by speculators ahead of Thursday's expiry in the derivatives segment.

The 30-share barometer gained 134.02 points to 8,956.08 with the banking, realty and metal sector stocks leading the recovery. The index had lost nearly 220 points in the previous two sessions.

The broad-based National Stock Exchange Nifty also moved up by 35.80 points to 2,769.70.

Stock brokers said apart from short-covering by speculators in view of Thursday's monthly expiry in the derivatives segment, fresh buying by funds driven by overnight rally on the US markets and firming trend in other regional bourses, helped sentiments improve to some extent.

They said the market also got a boost after the government announced that the 4 per cent across-the-board excise duty cut would continue beyond March 31, 2009, and also reduced excise duty rates by two per cent to bring it down to 8 per cent.

Soruce:http://timesofindia.indiatimes.com/Business/Sensex-gains-134-pts-in-early-trade/articleshow/4187110.cms

Reliance opposes gas supply to NTPC

NEW DELHI, Feb 23: Reliance Industries Ltd has opposed supplying its Krishna-Godavari basin gas to NTPC as its legal dispute with the nation’s largest power generator, previously cited by the state-owned firm to block the sale of KG-D6 gas, is still pending at the Bombay High Court.
The Power Ministry has identified NTPC plants to take nearly half of the 18 million standard cubic metres per day of KG-D6 gas earmarked for the power sector.
This prompted RIL to question the logic of supplying gas to the state-owned firm that cited the court case not only to refuse participation in the process of discovering the price of KG-D6 gas but also blocked moves to sell the fuel to the Dabhol power plant.
"In the backdrop of continuing litigation it is completely inappropriate for the Government to require Reliance to enter into commitments for sale of gas with NTPC," Reliance wrote to the Petroleum Ministry earlier this month.
Reliance had in 2007 offered gas from its KG-D6 fields to Ratnagiri Gas & Power Pvt Ltd (earlier Dabhol) but NTPC, which is half owner of the country's largest gas-fired unit, blocked the move even though this gas is cheaper than imported-LNG being used to fire the plant.
The Government has now decided that KG-D6 gas, priced at a cap of USD 4.20 per million British thermal unit, will meet the entire fuel requirement of Dabhol. (PTI)