The country's oil companies will lose Rs 225,000 crore in revenue this fiscal on account of spike in crude prices, a situation that calls for an immediate increase in retail fuel prices, Petroleum Minister Murli Deora has told the Prime Minister.
Sources said Deora, who called on Prime Minister Manmohan Singh here, also informed him that there was a limit to state-run oil marketing companies' capacity to absorb oil bonds and contribution by those having upstream operations.
"The upstream contribution during the year can be limited only to Rs 30,000 crore and they have a capacity to absorb oil bonds worth only Rs 35,000 crore. Another Rs 15,000 crore can be absorbed by oil marketing companies.
"This leaves a Rs 145,000 crore gap that has to be bridged with a combination of price increase and duty cuts," a source quoted Deora as informing Singh.
"I don't have anything to say," Deora told reporters when asked about his meeting with the Prime Minister.
Deora also met Chidambaram today but failed to convince him of the urgency to cut import and excise duties to avoid the Rs 2,00,000 crore revenue loss expected on petrol, diesel, domestic LPG and kerosene this fiscal. BPCL and HPCL have cash to buy crude oil only till July while Indian Oil can finance imports till September. The three firms face huge liquidity crisis as they are unable to realise full value of products sold.
Petroleum Ministry is proposing to raise petrol price by Rs 10 a litre, diesel by Rs 5 per litre and that of LPG by Rs 50 per cylinder cut the Rs 580 crore per day loss made by the three oil firms by one-third.
Tuesday, May 27, 2008
IPL bats its way into business school syllabi
MUMBAI: From stadiums to classrooms, IPL fever is raging. After the success of the Indian Premier League— known as much for its marketing glitz as for its cricketing antics—popular B-schools in Mumbai and outside have sought to include the IPL phenomenon in their syllabi.
Narsee Monjee Institute of Management Studies (NMIMS), Vile Parle, plans to rope in financial and marketing experts associated with IPL to train its faculty at a workshop on 'teaching sports management', slated to be held after the IPL tamasha ends. "We plan to offer an elective in sports management. We want the IPL team to help us design the course," said Ramesh Bhat, dean, school of business management at NMIMS. According to him, there's a lot to learn from the IPL's contract arrangements, with remuneration being based on performance.
"IPL has huge implications for the country," said Bhat. The authorities at Mudra Institute of Communications-Ahmedabad (MICA), and S P Jain Institute of Management and Research (SPJIMR) in Andheri also echo his views.
Students enrolled in the executive post-graduate programme in communication management (PGPCMX) course at MICA were recently given an assignment on the economic implications of IPL in the context of the Indian market. "Besides the business aspect, there's also a lot to be learnt in terms of organisational behaviour and leadership skills. While there are a number of team captains who are relatively new, some of the established players have not been able to find their place in the sun," said Hemant Trivedi, chairperson of the PGPCMX course. He plans to introduce a component on IPL in an elective on media and entertainment as well.
For B-schoolers, the IPL's success has underlined just how big a career in sports management could turn out to be. Raghu Chaitanya, a student at MICA, sees immense opportunity in the league. "After all, it's a mix of the two most popular things in the country—cricket and Bollywood," he said.
At the S P Jain Institute, students recently asked their marketing professor to discuss the IPL phenomenon with them. The issue was taken up at a faculty meeting where the dean, M L Shrikant, suggested that IPL could be an integral case study for a business model. Students have been asked to read 'What is Management?' by Joan Margretta and co-relate parts of the book with the IPL success story.
"IPL will help students understand the concept of a business model where there are a number of stakeholders whose interests have to be met," said Shrikant.
According to Bhat, IPL also presents a great career opportunity for management students in the years to come. After all, the GMR group, the infrastructure giant which owns the Delhi team, hired Colonel Vinod Bisht, who was a student of IIM-Ahmedabad's postgraduate programme in public policy and management, as its assistant vice president (operations).
Narsee Monjee Institute of Management Studies (NMIMS), Vile Parle, plans to rope in financial and marketing experts associated with IPL to train its faculty at a workshop on 'teaching sports management', slated to be held after the IPL tamasha ends. "We plan to offer an elective in sports management. We want the IPL team to help us design the course," said Ramesh Bhat, dean, school of business management at NMIMS. According to him, there's a lot to learn from the IPL's contract arrangements, with remuneration being based on performance.
"IPL has huge implications for the country," said Bhat. The authorities at Mudra Institute of Communications-Ahmedabad (MICA), and S P Jain Institute of Management and Research (SPJIMR) in Andheri also echo his views.
Students enrolled in the executive post-graduate programme in communication management (PGPCMX) course at MICA were recently given an assignment on the economic implications of IPL in the context of the Indian market. "Besides the business aspect, there's also a lot to be learnt in terms of organisational behaviour and leadership skills. While there are a number of team captains who are relatively new, some of the established players have not been able to find their place in the sun," said Hemant Trivedi, chairperson of the PGPCMX course. He plans to introduce a component on IPL in an elective on media and entertainment as well.
For B-schoolers, the IPL's success has underlined just how big a career in sports management could turn out to be. Raghu Chaitanya, a student at MICA, sees immense opportunity in the league. "After all, it's a mix of the two most popular things in the country—cricket and Bollywood," he said.
At the S P Jain Institute, students recently asked their marketing professor to discuss the IPL phenomenon with them. The issue was taken up at a faculty meeting where the dean, M L Shrikant, suggested that IPL could be an integral case study for a business model. Students have been asked to read 'What is Management?' by Joan Margretta and co-relate parts of the book with the IPL success story.
"IPL will help students understand the concept of a business model where there are a number of stakeholders whose interests have to be met," said Shrikant.
According to Bhat, IPL also presents a great career opportunity for management students in the years to come. After all, the GMR group, the infrastructure giant which owns the Delhi team, hired Colonel Vinod Bisht, who was a student of IIM-Ahmedabad's postgraduate programme in public policy and management, as its assistant vice president (operations).
Myanmar junta extends Suu Kyi's house arrest
YANGON: Myanmar's junta extended the house arrest of opposition leader Aung San Suu Kyi on Tuesday, a home ministry source said, a move likely to dismay Western nations who promised millions of dollars in aid after Cyclone Nargis.
The source, who asked not to be named, said a government official drove to Suu Kyi's lakeside Yangon villa to read out the six-month extension order in person. Her latest year-long detention order had been due to expire on Tuesday.
The 62-year-old Nobel laureate, whose National League for Democracy (NLD) party won a 1990 election landslide only to be denied power by the army, has now spent nearly 13 of the last 18 years under some form of arrest.
Her latest period of detention started on May 30, 2003 "for her own protection" after clashes between her supporters and pro-junta activists in the northern town of Depayin.
Earlier, the junta arrested 20 people trying to march to Suu Kyi's home.
Although few expected Suu Kyi to be released, the extension is a timely reminder of the ruling military's refusal to make any concessions on the domestic political front despite its grudging acceptance of foreign help after the May 2 cyclone.
The source, who asked not to be named, said a government official drove to Suu Kyi's lakeside Yangon villa to read out the six-month extension order in person. Her latest year-long detention order had been due to expire on Tuesday.
The 62-year-old Nobel laureate, whose National League for Democracy (NLD) party won a 1990 election landslide only to be denied power by the army, has now spent nearly 13 of the last 18 years under some form of arrest.
Her latest period of detention started on May 30, 2003 "for her own protection" after clashes between her supporters and pro-junta activists in the northern town of Depayin.
Earlier, the junta arrested 20 people trying to march to Suu Kyi's home.
Although few expected Suu Kyi to be released, the extension is a timely reminder of the ruling military's refusal to make any concessions on the domestic political front despite its grudging acceptance of foreign help after the May 2 cyclone.
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