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Indian Express
02-07-2025
- Politics
- Indian Express
Over 40 held after violent protests break out at LPG bottling plant in Bengal
Tension gripped the Indian Oil Corporation Ltd's LPG bottling plant in West Bengal's Budge Budge on Tuesday night after a violent protest by drivers and porters broke out. The agitators are demanding payment of 'pending dues of three years'. Over 40 protestors have been arrested for the agitation which saw bikes vandalized, gas cylinders opened and fuel poured onto the streets. The unrest began on Tuesday night following a meeting called to discuss the 'long-pending dues'. The meeting was reportedly scheduled to be led by Jahangir Khan, a Trinamool Congress (TMC) leader and party observer for Budge Budge, known for his proximity to Diamond Harbour MP and TMC All India General Secretary Abhishek Banerjee. According to the protesters, the drivers were called at Khan's office in the area for the meeting when 'several miscreants suddenly came and attacked the drivers' and assaulted them. The assault triggered an immediate protest. On being informed, a large contingent of police from the Budge Budge police station rushed to the spot. The team was led by Additional Superintendent of Police Headquarters Amlan Kusum Ghosh. The Rapid Action Force (RAF) was also deployed. A protesting driver, speaking on condition of anonymity, said, 'We had to protest for our food. Our backs are against the wall. We were forced to take to the streets. Three meetings were held in a week but no solution was found. The leaders did not come forward to help.' Another protestor said, 'We are 300 drivers and 300 helpers working here. Each driver (is supposed to) get more than Rs 1 lakh. They want to pay 40 percent of our dues. We will not accept it.' Diamond Harbour Superintendent of Police Rahul Goswami said that Budge Budge police have launched an investigation into the incident. 'Police have set up a picket in the area due to tension. I am also keeping an eye on the situation. The police are collecting CCTV footage to identify the culprits,' he said. The protest drew sharp criticism from Leader of Opposition in the Assembly Suvendu Adhikari, who posted on X on Wednesday, calling it 'a glaring example of the TMC's syndicate culture spiralling out of control'. Adhikari said that 'a single spark could have ignited a massive fire, potentially engulfing the entire bottling plant near Budge Budge Institute of Technology (BBIT) College, Jagannath Gupta Institute of Medical Sciences and Hospital, and surrounding areas in a deadly inferno.' Sweety Kumari reports from West Bengal for The Indian Express. She is a journalist with over a decade of experience in the media industry. Covers Crime, Defence, Health , Politics etc and writes on trending topics. With a keen eye for investigative and human-interest stories. She has honed her craft across diverse beats including aviation, health, incidents etc. Sweety delivers impactful journalism that informs and engages audiences. Sweety Kumari is a graduate of Calcutta University with an Honors degree in Journalism from Jaipuria College and a PG in Mass Communication from Jadavpur University. Originally from Bihar, she is brought up in Kolkata and completed her education from Kendriya Vidyalaya SaltLake. Multilingual, Sweety is fluent in English, Hindi, Bengali, and Maithili. She started her career as an Entertainment and lifestyle journalist with a newsportal in Kolkata. She is working with The Indian Express for 8 years now. ... Read More
Business Standard
25-06-2025
- Business
- Business Standard
Indian Oil Corporation Ltd Spikes 0.88%
Indian Oil Corporation Ltd has added 0.28% over last one month compared to 0.43% fall in BSE Oil & Gas index and 0.33% rise in the SENSEX Indian Oil Corporation Ltd rose 0.88% today to trade at Rs 143.95. The BSE Oil & Gas index is up 0.73% to quote at 27285.19. The index is down 0.43 % over last one month. Among the other constituents of the index, Indraprastha Gas Ltd increased 0.78% and Reliance Industries Ltd added 0.77% on the day. The BSE Oil & Gas index went down 4.32 % over last one year compared to the 5.63% surge in benchmark SENSEX. Indian Oil Corporation Ltd has added 0.28% over last one month compared to 0.43% fall in BSE Oil & Gas index and 0.33% rise in the SENSEX. On the BSE, 19091 shares were traded in the counter so far compared with average daily volumes of 7.01 lakh shares in the past one month. The stock hit a record high of Rs 185.95 on 30 Jul 2024. The stock hit a 52-week low of Rs 110.75 on 03 Mar 2025.
Business Standard
24-06-2025
- Business
- Business Standard
Hindustan Petroleum Corporation Ltd Spikes 3.9%, BSE Oil & Gas index Rises 1.33%
Hindustan Petroleum Corporation Ltd has added 0.15% over last one month compared to 1.01% gain in BSE Oil & Gas index and 1% rise in the SENSEX Hindustan Petroleum Corporation Ltd rose 3.9% today to trade at Rs 408.65. The BSE Oil & Gas index is up 1.33% to quote at 27495.47. The index is up 1.01 % over last one month. Among the other constituents of the index, Indian Oil Corporation Ltd increased 3.61% and Bharat Petroleum Corporation Ltd added 2.98% on the day. The BSE Oil & Gas index went down 4.3 % over last one year compared to the 6.72% surge in benchmark SENSEX. Hindustan Petroleum Corporation Ltd has added 0.15% over last one month compared to 1.01% gain in BSE Oil & Gas index and 1% rise in the SENSEX. On the BSE, 73139 shares were traded in the counter so far compared with average daily volumes of 1.34 lakh shares in the past one month. The stock hit a record high of Rs 457.2 on 05 Sep 2024. The stock hit a 52-week low of Rs 287.55 on 03 Mar 2025.
Fibre2Fashion
03-06-2025
- Business
- Fibre2Fashion
India's LAB prices dip amid rising imports & softening feedstock costs
India's surfactant sector still relies heavily on linear alkyl benzoene (LAB), with local demand expected to reach over 720 KTA in fiscal 2024 (FY24) and 767 KTA in fiscal 2025 (FY25) with a growth rate of CAGR 6.53 per cent. Due in large part to India's expanding presence in the global soap and detergent industry, the market has demonstrated resilience in the face of global challenges. India's LAB demand is rising, but prices fell from ₹132/kg (~$1.55/kg) in Jan to ₹129/kg (~$1.51/kg) in May 2025 due to weak upstream costs, rising regional supply, and cautious buyer sentiment. Imports are expected to ease with IOCL's capacity ramp-up. Prices may drop ₹3â€'7/kg (~$0.04â€'$0.08/kg) from Junâ€'Aug 2025 amid stable but soft LABSA demand and higher feedstock availability. In fiscal 2023 (FY23), Indian Oil Corporation Ltd (IOCL) increased its LAB production capacity from 120 KTA to 162 KTA in order to meet the growing demand. However, India's LAB production fell to 400 KTA in FY23 from 457 KTA the year before as a result of planned shutdowns and de-bottlenecking efforts. With the exception of Reliance Industries Ltd's 60 KTA halted plant, the domestic operating rate was 93 per cent. This shortfall in production was offset by a rise in imports, which peaked at 337 KTA in FY23. With IOCL's capacity enhancement now complete, imports are expected to moderate, reflected in a projected 281 KTA and 310 KTA import level for FY25 and fiscal 2026 (FY26). Current Market Drivers (as of April–May 2025): From January to April 2025, Indian Linear Alkyl Benzene (LAB) prices showed a moderating trend. Starting the year at around ₹132 per kg in Jan 2025. However, by April 2025, a notable downward correction occurred. The decline continued into May 2025 around ₹129 per kg. This sustained reduction aligns with broader market dynamics, including weaker upstream costs, increased regional supply post-turnarounds, and softening buyer sentiment. Despite earlier resistance from suppliers, the growing supply and downward pressure on feedstock prices have begun to weigh on LAB prices in the Indian market. Downward Pressure on Prices: Falling Naphtha Prices: A major feedstock for LAB production, naphtha prices have declined significantly due to weak crude markets and improved refining margins. Negative Market Sentiment: Buyers are cautious, driven by sluggish demand recovery and global economic uncertainties. Plant Restarts in Asia: Key LAB production facilities in Asia have resumed operations post-maintenance, boosting regional supply. Expected LAB Price Trend in India (June–August 2025) Forecast: Indian Linear Alkyl Benzene (LAB) prices are expected to remain under pressure or decline modestly in the next quarter (June to August 2025), Overall, a gradual decline of ₹3–7/kg is expected over the next quarter. Reasons for the Expected Trend: 1. Weak Upstream Cost Support: Benzene and naphtha prices are on a declining trajectory Lower feedstock prices reduce cost push on LAB, encouraging sellers to lower offers. 2. Rising Regional Supply: Post-turnaround plant restarts in China and South Korea have increased LAB availability in the Asian market. Greater availability of feedstock normal paraffins may ease production constraints, further softening prices. 3. Buyer Sentiment & Inventory: Indian buyers remain cautious and price-sensitive, with ample inventory coverage. Expectation of lower offers is delaying procurement, reinforcing downward price pressure. 4. Stable but Soft Downstream LAS Demand: While the LABSA market is steady. Buyers are continuing to seek price reductions, aligning with upstream softness. Fibre2Fashion News Desk (VK)
Hans India
02-06-2025
- Business
- Hans India
Odisha CM launches Rs 275 crore projects in Bhadrak
Odisha Chief Minister Mohan Charan Majhi on Monday inaugurated and laid the foundation stone for 13 developmental projects worth around Rs 275 crore at Balia Pada in Bhadrak district. Among the 13 initiatives, nine were inaugurated while foundation stones were laid for four new projects. During the event, the Chief Minister made several major announcements for Bhadrak, including the establishment of a government university and the much-anticipated medical college, for which the foundation stone will be laid soon. Highlighting industrial development in the district, Majhi announced that Indian Oil Corporation Ltd (IOCL) will invest Rs 4,377 crore to set up a Technical Textile Complex in Bhadrak. Additionally, MCPI Private Limited will establish an HMLS polyester manufacturing unit with an investment of around Rs 2,224 crore. He also announced the beautification of all martyr memorial sites in Bhadrak, adding cultural and heritage significance to the region. "Since our government came to power, we have fast-tracked Bhadrak's development, a land known for revolutionaries. We are committed to fulfilling every promise made to the people without wasting a single moment," he said during his address. He also highlighted major decisions taken by the state government in the last 12 months, which include the launching of Subhadra Yojana, providing farmers Rs 800 more per quintal of paddy, opening all four gates of the Jagannath Temple, and allocation of Rs 500 crore corpus fund for rituals and services at the Jagannath Temple. The Chief Minister announced that a detailed report on the government's one-year achievements will be presented to the public on June 12. Speaking on the state's development vision, Majhi said, 'Livelihood and employment are vital for growth. We are continuously working to improve citizens' financial well-being through agriculture, allied activities, and industrial development.' He criticised the previous government for spending 24 years "only painting pictures of development" under the guise of providing world-class education and healthcare, without delivering concrete outcomes. 'True development has just begun,' he asserted. 'In the next few years, Odisha's primary education landscape will be completely transformed—not with flashy slogans, but with real outcomes,' he said, targeting the earlier regime's 5T (Technology, Teamwork, Transparency, Time, and Transformation) campaign. Highlighting the government's industrial momentum, he said, 'In just 120 days, under the 'Utkarsa Odisha' initiative, projects worth over Rs 80,000 crore have been launched. On May 22 alone, 10 projects worth Rs 1.65 lakh crore received approvals. This marks the beginning of an industrial revolution in Odisha, with every district, including Bhadrak, being part of this transformative journey.'
