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ONGC profit rises 23% to Rs 3,053 cr in Q3
Oil & Natural Gas Corporation (ONGC) posted an increase of 23.38 per cent in net profit at Rs 3,053.58 crore for the quarter ended December 31, 2009, as compared to Rs 2,474.81 crore in the corresponding quarter last year. The state-owned company reported the highest net profit growth in the last six quarters. http://smallpersonalloans.org.uk

New power equations
The hot gossip that’s warming up New Delhi’s cocktail circuit in a cold winter is about changing power equations on Raisina Hill with the exit of National Security Advisor MK Narayanan. Not only is Home Minister P Chidambaram seen as a “rising star”, there’s talk of a new “power trio” — Sonia Gandhi’s political advisor Ahmed Patel, Pranab Mukherjee’s assistant Omita Paul and prime minister’s principal secretary TKA Nair — in that order of importance!

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New Act for development and regulation of mines, minerals
A new draft bill to replace the Mines and Minerals Development Regulation Act, 1957, would be placed before the Cabinet soon, a senior government official said here today.
Corporate

CAG flays heavy expenditure by Mulayam govt on Safai airstrip

The Comptroller and Auditor General has termed as "unwise" the crores of rupees spent on the upgradation and extension of the airstrip in Safai, the native village of Mulayam Singh Yadav, during his tenure as Chief Minister of Uttar Pradesh. - Lok Sabha adjourned thrice over Ambani brothers" row - NSG cover: Lalu, Mulayam cry foul - Women"s bill a conspiracy to "finish" regional parties: Lalu - We backed you only to face losses: Mulayam tells Congress - Mulayam opposes Women"s Bill, terms it conspiracy - SP against present format of Women Reservation Bill: Mulayam In its report submitted to the Uttar Pradesh Vidhan Sabha, the CAG has flayed the expenditure of Rs 48.04 crores between 2004 and 2007 for upgrading the airstrip for use of Boeing 737 and its commercial use later. While RITES limited, which was made the consultants of the project in September 2004 in its detailed project report could not justify its commercial practicality, it was suggested that possibility of non aviation activities be explored and works centered on air strip be developed. Though the works were completed in February 2007, the airstrip was neither used for flying Boeing 737 nor any development of flying club or shopping complex was undertaken. The report mentions that in its reply in July 2008, the state government said the airstrip was fully functional though there was no air traffic control system. But the government said that the second phase of works like setting up of air terminal building and other facilities connected with it were not required. It was also noted that the use of the air strip runway for government flights was very low. Though in 2005-06 the number of flights was 156, it came down to a mere 35 in 2007-08.


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