Biz Updates: Soybean-cotton farmers will get ₹5000 per hectare, second quarter results released in ONGC

New Delhi| Union Agriculture Minister Shivraj Singh Chouhan said on Sunday that an additional Rs 5,000 per hectare was being sent to the bank accounts of farmers cultivating soybean and cotton. He said the import duty on edible oils from Malaysia and Indonesia had been increased to 27.5 per cent, so that oil mills in domestic markets could buy soybeans from domestic farmers. The Union Minister also told about Bhavantar Payment Scheme. Bhavantar Bhugtan Yojana is a program in which the government compensates farmers for the difference between MSP and the rate at which they sell their crops. In the second scheme, ICAR will set the ideal rate for crops like potatoes, onions and tomatoes and give a 50 per cent benefit to farmers on production costs, he said.

ONGC has approved the results for the second quarter of FY 2024-25. In this, the results of the second quarter of the financial year 2025 have been declared. The company has generated a profit of Rs 11,984 crore, a growth of 17.1 per cent. Also has declared an interim dividend of Rs 6 per share. ONGC has been able to reverse the declining trend in crude oil production with continued emphasis on increasing domestic production. Standalone crude oil production (excluding condensate) during Q2FY25 was 4.576 MMT, registering a growth of 0.7 per cent over the same quarter of FY24.

As part of an effort to spread awareness among investors, SEBI along with NISM, BSE, NSE, MCX, NCDEX, CDSL, NSDL and AMFI have set up India’s Stock Market Pavilion at the 43rd India International Trade Fair (IITF). The pavilion was inaugurated by SEBI whole-time member Kamlesh C. Varshney did it. SEBI is actively engaged in spreading awareness through physical programmes. SEBI Investor website provides tools like video learning module, financial calculator and financial health checkup.

Netra, the R&D arm of NTPC, in collaboration with Indian Institute of Petroleum (IIP), Dehradun has developed indigenous catalyst for hydrogenation of carbon dioxide (CO2) into methanol. Catalyst is an essential component for any chemical synthesis. After characterization of the catalyst, the long-term quantitative and qualitative performance of the catalyst is being evaluated in a specially designed 10 kg/day methanol pilot plant.

GAIL (India) Limited signed a 10-year sales and purchase agreement (SPA) for delivery of liquefied natural gas (LNG) up to 0.52 million metric tonnes per annum (MMTPA) starting from 2026 with ADNOC Gas. This is ADNOC Gas’ first SPA with an Indian buyer. Sanjay Kumar, Director (Marketing), GAIL, said the demand for LNG is increasing to meet the growing demand for natural gas in diverse regional patterns in the country.

Housing and Urban Development Corporation Limited (HUDCO) performed excellently in the first half of FY2025, indicating that this growth has set new records in the area of key financial parameters. The highlights of Hudco’s results in the first half of fiscal year 2025 are as follows. In this, approvals were obtained in respect of the largest loan till date. Recorded a progressive increase of almost 6 times in loan disbursements from Rs 3,723 crore compared to the same period last year, the highest ever first half loan disbursement amounting to Rs 21,699 crore.

Bharat Heavy Electricals Limited (BHEL), has emerged as the successful bidder in the contract for setting up the main plant package of Telangana Stage-2 Supercritical Thermal Power Plant (3×800 MW) of NTPC Limited. Under this contract, BHEL’s scope of work includes design, engineering, manufacturing, supply, construction, commissioning and civil construction. Presently BHEL has received Limited Notice (LNTP) to proceed from NTPC Limited to commence basic engineering work of the main plant package for this supercritical thermal power plant. The project further strengthens BHEL’s partnership with NTPC, where BHEL has contributed over 57 per cent of NTPC’s thermal power projects across the country.

Rakesh Kumar Jain, Director (Finance), GAIL (India) Limited, was honored as the Top 50 Visionary CFO in India at the National Economic Development Summit 2024 organized by a private channel. This honor has been received for his extraordinary leadership and contribution over the years to Gayle’s success. He is a cost and management accountant by profession. He joined GAIL as a management trainee in 1992.