Eight core sectors growth slows to 2.1% in July; Manufacturing growth falls to 15-month low in August 2019

Growth of eight core industries dropped to 2.1 per cent in July mainly due to a contraction in coal, crude oil, natural gas and refinery products, according to official data. The eight crore sector industries – coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity – had expanded by 7.3 per cent […]

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City gas distribution, fertiliser sector to drive gas demand: CRISIL report

Gas demand is expected to grow at 3.5% CAGR between fiscals 2018 and 2023 to 191-193 MMSCMD. The main push for incremental demand is expected to come from the fertiliser and city gas distribution (CGD) sectors, ratings agency CRISIL Research said in its latest report. The conversion of naphtha-based urea plants, commissioning of new capacities […]

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Currency depreciation and rising gas costs to increase India’s urea subsidy shortfall to Rs. 9,000 crores: ICRA

Urea players have been witnessing rising gas costs, which coupled with the depreciation of rupee against the US dollar will result in higher cost of production, ratings firm ICRA said in a report. As per ICRA estimates, for one US dollar rise in gas costs, the cost of production for urea rises by Rs. 1,800-2,000/MT […]

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Recently-introduced direct benefit transfer to negatively impact fertiliser industry’s working capital cycle: ICRA

The country-wide implementation of Direct Benefit Transfer (DBT) is likely to have a negative impact on the working capital cycle of the fertiliser industry in the near term thanks to the large subsidy backlog, inadequate subsidy provisioning in the national budget as well as shifting of subsidy realisation from point of dispatch to point of […]

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India gives nod to Rs 10,000-crore bank aid towards fertiliser subsidy

The Indian government has given ex-post facto clearance to the implementation of a Special Banking Arrangement (SBA) of Rs 10,000 crore for payment of outstanding claims towards fertiliser subsidy in 2016-17. The decision was taken at the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi, said an official release. “The CCEA has also approved that, in future, […]

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Canadian Gensource Potash to build new mine in Saskatchewan with India’s Essel Group

Developing and building a potash mine in Canada’s Saskatchewan province and compete with the big companies is no small feat, as nine mines have already been operating there for the last 40 years. Success, however, could come via some out-of-the-box thinking from Gensource Potash Corp. which has inked a joint venture with Essel Group Middle East […]

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