Price terror: Commercial cooking gas cylinder gets costlier by Rs 266

News Network

November 1, 2021

Commercial cooking gas price on November 1 was increased by Rs 266 with immediate effect. With the latest price hike, the price of a 19 kg commercial liquefied petroleum gas (LPG) cylinder will now cost Rs 2000.50 in Delhi. However, the price of domestic cylinders remains the same.

The cylinders were earlier priced at Rs 1,734 each in the national capital, news agency ANI reported. In Mumbai, the price of a commercial LPG cylinder is now Rs 1,950. In Kolkata, it is of Rs 2,073.50, while in Chennai now a 19 kg cylinder will be available for Rs 2,133.

LPG rates for domestic cylinders were last hiked by Rs 15 each on October 6, taking the total increase in rates since July to Rs 90 per 14.2-kg cylinder.

Currently, cooking gas costs Rs 899.50 per cylinder in Delhi and Mumbai, and Rs 926 in Kolkata. This is the rate that domestic households who are entitled to 12 cylinders of 14.2-kg each at subsidised rates, poor households that got free connections under the Ujjwala scheme and industrial users pay.

In a related development, the Centre on October 27 said it plans to allow retail sale of small LPG cylinders as well as offer financial services through fair price shops as part of its measures to enhance the financial viability of these outlets.

These issues were discussed in a virtual meeting with state governments chaired by Food Secretary Sudhanshu Pandey. Representatives from the ministries of electronics and IT; finance; and petroleum and natural gas also attended the meeting.

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Adani Group in Crisis: $30 Billion Wiped Out after US Bribery and Fraud Charges Emerge

News Network

November 21,2024

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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