Chief Correspondent, Commodities, India
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Sep 24, 2013

India shies from diesel hike, seeks $5 bln fuel savings

NEW DELHI (Reuters) – Oil minister M. Veerappa Moily shied away from introducing comprehensive energy subsidy cuts on Tuesday, instead calling on his countrymen to embrace car pooling, buses and cycling as well as staggered working hours in a bid to curb fuel consumption.

The struggling Asian economy – the world’s fourth-largest user of energy – is battling a weak rupee that has increased the price of oil products as economic growth has halved to 4.4 percent from the 8-9 percent seen in the boom years.

Sep 6, 2013

India eyes diesel price rise, fuel consumption curbs

NEW DELHI, Sept 6 (Reuters) – India may announce more
measures to curb fuel consumption later this month and raise
diesel prices by close to 10 percent soon in a bid to cut the
biggest item in its import bill and support the rupee,
government officials said.

The world’s fourth-biggest energy user is considering a 3-5
rupee increase in the price of diesel, which accounts for over
40 percent of fuel use, as it looks to cut oil costs by nearly
$20 billion.

Aug 29, 2013

Lok Sabha passes land acquisition bill

NEW DELHI (Reuters) – The Lok Sabha approved land reforms on Thursday that boost farmers’ rights but are opposed by other businesses who say the new law will thwart efforts to revive the floundering economy.

The government says the bill, which will replace a muddled law dating back to the 19th century, will help speed up industrial investment by making the rules clearer.

Aug 29, 2013

India’s parliament passes land acquisition bill

NEW DELHI (Reuters) – India’s lower house of parliament approved land reforms on Thursday that boost farmers’ rights but are opposed by other businesses who say the new law will thwart efforts to revive the floundering economy.

The government says the bill, which will replace a muddled law dating back to the 19th century, will help speed up industrial investment by making the rules clearer.

Aug 28, 2013

Tax-cut plan set to revive India’s iron ore exports

SINGAPORE/NEW DELHI, Aug 28 (Reuters) – India’s potential
tax cut on iron ore exports could double its shipments of the
steelmaking ingredient in the current year compared with
industry estimates, though volumes will be far off peaks hit
four years ago as mining bans in key states remain.

An export tax cut would mark a shift in India’s policy
towards iron ore, a raw material it has so much of but has opted
to conserve for its domestic steel industry.

Aug 23, 2013

Iran boosts iron exports to China, India as oil sales slump

NEW DELHI/LONDON, Aug 23 (Reuters) – Iran is raising its
exports of iron ore and iron products to China and India in an
attempt to replace at least a small part of the massive revenue
that has been lost due to sanctions on its oil sales.

While Iran’s oil exports have halved in the last few years
due to western sanctions over the country’s disputed nuclear
program, iron ore exports have grown by more than 60 percent
over the same period to an annual rate of about 25 million
tonnes, worth about $3 billion a year at current prices.

Aug 22, 2013

India readies to trim iron ore export duty as rupee stings

NEW DELHI, Aug 22 (Reuters) – India is likely to cut the
iron ore export duty to 20 percent from 30 percent to boost
shipments and help narrow its current account deficit,
government officials said, even though the steel ministry wants
to conserve it for local mills.

Asia’s third-largest economy is desperately looking for ways
to raise foreign currency inflows and arrest a steep fall in the
rupee, which has been hitting new lows nearly every
day.

Aug 14, 2013

Rupee’s fall gives a boost to steel exports

NEW DELHI (Reuters) – Steel Authority of India Ltd (SAIL.NS: Quote, Profile, Research), the country’s largest domestic steel producer, expects its exports to double this fiscal year as a weak rupee makes its products more competitive.

Steelmakers such as SAIL and Jindal Steel and Power Ltd (JNSP.NS: Quote, Profile, Research) have been looking to raise foreign sales to offset soft local demand, and SAIL’s chairman C.S. Verma said the fall in the rupee over the past few months has helped.

Aug 14, 2013

Rupee’s fall gives a boost to Indian steel exports

NEW DELHI, Aug 14 (Reuters) – Steel Authority of India Ltd
, the country’s largest domestic steel producer,
expects its exports to double this fiscal year as a weak rupee
makes its products more competitive.

Indian steelmakers such as SAIL and Jindal Steel and Power
Ltd have been looking to raise foreign sales to offset
soft local demand, and SAIL’s chairman C.S. Verma said the fall
in the rupee over the past few months has helped.

Aug 12, 2013

Stemcor’s Indian partner has first option on iron ore mine stake

NEW DELHI, Aug 12 (Reuters) – India’s Saraf family, which
has 23 percent of an iron ore mine owned by metals trader
Stemcor, would be given the first option on buying out the UK
firm if it decides to sell its majority stake, two sources close
to both the sides told Reuters.

Debt-laden Stemcor is exploring options for the mine and JSW
Steel, Jindal Steel and Power and Tata Steel
are some Indian steelmakers to have shown an interest
in it, according to executives at the companies.

    • About Krishna

      "I lead the India commodities team for Reuters in New Delhi. I cover the coal, metals and mining industries with a focus on government policy. Before coming to the capital in April 2013, I headed two teams of reporters covering small-and-medium-sized U.S./Canada-listed energy and resources companies."
      Joined Reuters:
      August, 2009
      Languages:
      Assamese
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