‘Delays reported in 144 central infra projects’
Cost overrun is ₹14,960 crore: Minister
As many as 144 central infrastructure projects have reported delays in completion in the current financial year and the total cost overrun for these is ₹14,960.02 crore, Parliament was informed on Monday.
Statistics Minister Rao Inderjit Singh said in a written reply in the Rajya Sabha that the total anticipated cost of these 144 projects was ₹1,82,453.84 crore, an increase from ₹1,67,493.82 crore estimated originally.
The Minister told the Upper House that major steps undertaken to ensure the completion of central sector infrastructure projects without time and cost overruns included periodic review of projects under PRAGATI through video conferencing; rigorous project appraisal; and online computerised monitoring system.
The steps also included setting up of revised cost committees in the Ministries for fixing responsibility for time and cost overruns; regular review of infrastructure projects by the concerned administrative ministries.
Fertilizer subsidy to cost 62% more on input costs: Crisil
‘Natural gas will contribute to inflating bill by ₹50,000 crore’
The Centre’s fertilizer subsidy bill is set to soar 62% over the budgeted amount to ₹1.3 lakh crore this fiscal due to the massive rise in raw material prices despite lower demand, says a report.
An unprecedented spike in natural gas prices and other raw materials is set to inflate the fertilizer subsidy bill by a whopping 62% or ₹50,000 crore to ₹1,30,000 crore this fiscal over the budgeted ₹79,530 crore.
This is despite sales volume declining 10% from the record level last fiscal, Crisil said in its report on Monday.
To encourage farmers to use fertilizers for better crop yield, government keeps the sale price significantly lower than market rates, and reimburses the difference to manufacturers directly.
But for long, budget provisioning for such subsidies has been inadequate, leading to regular build-up of arrears. However, last fiscal, the government cleared arrears through an additional disbursement of ₹62,638 crore helping firms nurse balance sheets to better health.
However, what followed was a massive spike in input costs, the biggest of which was of natural gas.
Crisil expects the price of natural gas, the feedstock that accounts for 75-80% of the total cost of production for urea plants, to rise more than 50% this fiscal. This is on top of the prices of key raw materials like phosphoric acid and ammonia, for non-urea fertilizer companies, that are already up 40-60% over the past fiscal. All this will now have to be absorbed by the government.
Campbell Soup Co. Q1 Profit Decreases, but beats estimates
Campbell Soup Co. (CPB) revealed a profit for first quarter that decreased from the same period last year but beat the Street estimates.
The company’s earnings totaled $261 million, or $0.86 per share. This compares with $309 million, or $1.02 per share, in last year’s first quarter.
Excluding items, Campbell Soup Co. reported adjusted earnings of $271 million or $0.89 per share for the period.
Analysts on average had expected the company to earn $0.81 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 4.3% to $2.24 billion from $2.34 billion last year.
Campbell Soup Co. earnings at a glance:
-Earnings (Q1): $261 Mln. vs. $309 Mln. last year.
-EPS (Q1): $0.86 vs. $1.02 last year.
-Analyst Estimates: $0.81
-Revenue (Q1): $2.24 Bln vs. $2.34 Bln last year.
Full year EPS guidance: $2.75 to $2.85
Attorney Jake Levy Talks The Art Of The Deal On Books Developed For Film And TV
One of the axioms of technology and show business is that content is king. That’s certainly true in Hollywood, where books adapted for film and television projects have never been hotter.
The development of Dune to Harry Potter through Game of Thrones, among many other projects, bears witness to that trend.
Entertainment attorney Jake Levy specializes in that realm. Over the years, Levy has facilitated many major film and TV deals for authors, such as John Grisham (The Firm, A Time to Kill, The Pelican Brief).
Levy talked with Deadline about the state of development from book sources.
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Kentucky ‘looks worse today’ than yesterday with 'people unaccounted for': Rep. Comer
Kentucky ‘looks worse today’ than yesterday: KY Congressman Comer
Rep. James Comer, R-Ky., joins Fox in Mayfield, KY where a tornado devastated the community.
Rep. James Comer, R-Ky., appeared on “Fox and Friends” Sunday from Kentucky where a tornado touched down this weekend, killing upwards of 80 people.
TORNADOES SLAM MIDWEST, SOUTH; DOZENS FEARED DEAD: LIVE UPDATES
JAMES COMER: I’ve told several people this morning I think it looks worse today than it did yesterday. Yesterday, you’re just hit with the shock today, the reality setting in. We’re still in a rescue mode here. There’s still a few people that are unaccounted for. I fear that number is going to rise a little more. But then we’re going to begin the process of rebuilding and there are enough people in these little communities that have so much community pride. We will rebuild here.
WATCH THE FULL INTERVIEW HERE: