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Business briefs

Wednesday, December 22, 2010

IOC losing Rs 118 Cr. per day
The Indian Oil Corp (IOC) is losing Rs 118 crore a day in revenue on selling diesel, domestic LPG and kerosene below their imported cost, a company official said yesterday. “We are losing very heavily on diesel after international oil prices firmed up to USD 90 a barrel,” he said.

Oil prices have risen as freezing weather in the northern hemisphere has increased energy demand for heating. The spurt has resulted in the difference between domestic retail and international benchmark prices widening. While the government deregulated petrol prices in June this year, state-owned firms continue to sell diesel, domestic LPG and kerosene below cost to keep inflation in check.

The nation’s largest fuel retailer is losing Rs 57 crore per day on diesel alone, while the loss on kerosene and domestic LPG is Rs 31 crore and Rs 30 crore, respectively, he said.

Lanco Infra bags Rs 4100 crore Contract
Lanco Infratech  an integrated infrastructure enterprise has been awarded a Rs 4100 Crore, Engineering, Procurement and Construction(EPC) Contract by a subsidiary of Moser Baer Projects Pvt Ltd for execution of its coal based 2x600 MW Power Project through International Competitive Bidding (ICB). The scope of work includes Complete Main Plant and BOP Package including Civil and structural works on Engineering, Procurement and Construction (EPC) basis.

India is favorite destination for outsourcing
India is still the world’s favorite destination for offshore outsourcing, but attractive cost structures in the Philippines, Vietnam and Indonesia and the rapid growth of the business in China are posing tough competition, according to a new study by Gartner Inc.

In the study, the IT research and advisory firm identified the Top 30 countries around the world for globally sourced activities in 2010-11, rating them on the basis of 10 criteria.

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