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By:

Quaid Najmi

4 January 2025 at 3:26:24 pm

Gas crunch reaches Mumbai’s high-rise

Mahanagar Gas cuts PNG supply by 50 pc; biz hit Mumbai : Delivering another shock, the Mahanagar Gas Ltd. on Saturday mandated all commercial users to draw only 50 pc of their piped natural gas (PNG) supply with a warning of steep fines and abrupt cut in connection for violators, sending shockwaves in the industry.   This comes barely 48 hours after its first missive (March 12) imposing a 20 per cent  cut in PNG offtake by commercial users, which hit the bakery industry hard, amid...

Gas crunch reaches Mumbai’s high-rise

Mahanagar Gas cuts PNG supply by 50 pc; biz hit Mumbai : Delivering another shock, the Mahanagar Gas Ltd. on Saturday mandated all commercial users to draw only 50 pc of their piped natural gas (PNG) supply with a warning of steep fines and abrupt cut in connection for violators, sending shockwaves in the industry.   This comes barely 48 hours after its first missive (March 12) imposing a 20 per cent  cut in PNG offtake by commercial users, which hit the bakery industry hard, amid  speculation that lakhs of domestic PNG users may be affected next.   The MGL’s directives follow a central order (March 9), calling upon all commercial users to restrict their PNG consumption to only 50 pc of their average usage over the past six months.   The revised rules within 48 hours sent fresh shockwaves among the already panicked commercial PNG users, triggering apprehensions that even domestic consumers may feel the heat with likely ‘rationing’ of their convenient piped fuel connections.   “The gas curtailment is around 50 pc for industrial customers and 20 pc for commercial customers to maintain continuous gas supply to our CNG stations and domestic PNG customers,” a company spokesperson told  The Perfect Voice , justifying its ‘force majeure’ intimations.   Price Revision In its first order, the MGL had indicated a revision in PNG prices due to “gas pooling” arrangements, with the final rates to be announced after consultations with suppliers and the government.   Today, it willy-nilly unveiled the potential harsh hike in the rates of PNG: “We have been informed that any gas drawal by MGL exceeding permissible levels will attract a gas price of Rs 138/Standard Cubic Metre plus VAT.”   Accordingly, all commercial users have been warned that from Friday (March 13), if they cross the threshold limits (50 pc), they will be charged Rs 138/SCM  (Rs. 4091.21/MMBTU), and further usage above the permissible limits would lead to abrupt disconnection of supplies.   Piped Gas Presently, the MGL has over 30-lakh households using PNG in Mumbai and Mumbai Metropolitan Region (MMR), besides 5,200-plus commercial-industrial clients spread in multiple sectors, wholly dependent on piped gas connections.   Additionally, it runs 471-plus CNG stations and supplies it to more than 12-lakh vehicles including public and private transport, with plans to cover large urbanized pockets of Raigad district by 2029   Some of its bulk users include: Godrej Industries Ltd., Larsen & Toubro, Hindalco, several five-star hotels, IT companies, medicare like Asian Heart Institute or Lilavati Hospital, pharmaceutical industry, food and beverages, etc.   Home-makers howl An online achievement school ‘Multiversity of Success’ Founder Dr. Rekhaa Kale (Sion) said if the PNG cuts reach homes, it will disrupt the lives of millions of Mumbaikars. “Now, I regret giving up my LPG cylinders 10 years ago for the PM-Urja scheme, it could have been a life-saver today,” grumbled Dr. Kale.   A private nurse Kirron V. (Dahisar) rued that the real impact of gas shortage will be visible in Mumbai if domestic PNG supplies are also hit. “The so-called elite living in airconditioned high-rises sniggered and ‘looked down’ upon those sweating it out in snaky queues for a LPG cylinder,” she said sarcastically.   As the Gulf War entered the 15 th  day today, the FHRAWI-AHAR Vice-President Pradeep Shetty and other major organisations have repeatedly slammed the government for the acute short supply of LPG leading to chaos all over.

The Wall of Mutual Fund Industry

Updated: Oct 22, 2024

Mutual Fund

Rajeev Thakkar, CIO and Director, PPFAS Asset Management


The Mutual Fund industry in India has seen remarkable growth in recent years, with numerous funds delivering stellar returns. However, achieving consistent outperformance is a rare feat in the investment world. Rajeev Thakkar, known for his courage, wisdom and calm nature, has succeeded in delivering substantial returns for PPFAS's investors.

Rajeev Thakkar began his career with Parag Parikh in 2001. Until 2013, PPFAS (Parag Parikh Financial Advisory Services) provided PMS (Portfolio Management Service) to its clients. Right from the start, Rajeev led the Research department at PPFAS. He is a Chartered Accountant, Cost Accountant, CFA Charterholder and a CFP Certificant.

PPFAS AMC is recognized for its flexicap fund. The Parag Parikh Flexi Cap Fund invests in top-tier stocks from large, mid, and small-cap companies, focusing on those with fair and appealing valuations. Launched in May 2013, the Parag Parikh Flexi Cap Fund boasts a history of over 11 years, achieving a CAGR of 20.16% since inception.

Furthermore, it has consistently outperformed the benchmark and its competitors over various time frames, establishing itself as a leading contender in the sector. With a solid track record of strong returns, the Parag Parikh Flexi Cap Fund has gained popularity among investors. As of August 31, 2024, it holds the largest AUM in the Flexi Cap Fund category, with much of the credit attributed to Rajeev Thakkar, the Chief Investment Officer and Director of PPFAS AMC.

Rajeev is a staunch advocate of the "value-investing" strategy, inspired by the investing style of Warren Buffett and Charlie Munger. His sharp eye for identifying undervalued companies through a disciplined approach has played a crucial role in the fund's outstanding performance.

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