The government has approved the merger of fuel retailer IBP Co Ltd with IOC in an amalgamation that would provide the state-run refiner improve profits and allow the new entity to compete against private firms and multinationals.
When a former police constable was appointed Gujarat unit chief, everyone was surprised. Now workers are laying bets on when he will be elevated to the Union Cabinet, notes Aditi Phadnis.
A major fire broke out in Britannia Industries' Pantnagar manufacturing plant on Sunday destroying thousands of tons of biscuits. However, no one was killed or injured in the fire which broke out around 1230 hours in the biscuit division of the factory, Senior Superintendent of Police (SSP) Udhamsingh Nagar (district) Manjunath T C told Business Standard after the firefighters put the fire out. "With the help of 15-20 fire tenders, we were able to control the fire which was very major," Manjunath said.
As per the clinical trial protocol approved, 150 subjects with mild to moderate COVID-19 will be randomised in the study in a 1:1 ratio to Favipiravir with standard supportive care or standalone standard supportive care. Treatment duration is a maximum of 14 days and the total study duration will be a maximum for 28 days from randomisation.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Embattled billionaire Gautam Adani on Thursday spoke publicly for the first time since his ports-to-energy conglomerate publicly battled a short seller's accusation of stock manipulation and accounting fraud, saying the abrupt move to withdraw a fully-subscribed share sale at his flagship firm was due to market volatility. His group continued to lose on the stock market, with the cumulative rout now nearing $108 billion in a week -- one of the biggest wipeouts in India's history. "After a fully subscribed follow-on public offering (of Adani Enterprises Ltd), yesterday's decision of its withdrawal would have surprised many.
Chairman of Indian Oil Corporation, M S Ramachandran, said on Wednesday that the possibility of merging its subsidiary IBP & Co Ltd with the parent company cannot be ruled out.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ras Laffan Liquefied Natural Gas Co Ltd (RasGas) of Qatar has pulled out of state-run National Thermal Power Corporation's tender for supply of 3 million tonnes of LNG for its power plants.
Two days on, distressing videos have emerged showing the Boeing 737-800 on a domestic flight nose-dived into the mountains on Monday crashing with an explosion leaving its debris in a vast forested area making rescue efforts difficult.
Petro retailer IBP Co Ltd will set up 500 petrol stations during the current fiscal to take its retail strength past 2600, the company's general manager (marketing) K D Makhija said on Wednesday.
After the takeover of Daewoo's truck division in South Korea, Tata group has changed its name to Tata Daewoo Commercial Vehicle Co Ltd and nominated Ravi Kant as chairman even as it introduced a heavy-duty truck model for the Korean market.
Prime Minister Modi gave President Biden the unique sandalwood box sourced from Mysore with intricately carved flora and fauna patterns and handcrafted by a master craftsman from Jaipur during an intimate dinner at the White House on Wednesday.
Petro retailer IBP Co Ltd said on Thursday that it will invest Rs 528 crore (Rs 5.28 billion) in expanding its retail petrol pump network in 2004-05 and launch a pilot project for use of LNG in automobiles directly.
The Delhi high court on Thursday granted bail to Chitra Ramkrishna in the money laundering case related to alleged illegal phone tapping and snooping of the National Stock Exchange (NSE) employees, saying prima facie there are reasonable grounds to believe she is not guilty. Justice Jasmeet Singh granted bail to the former NSE managing director on a personal bond of Rs one lakh and two sureties of the like amount. "Prima facie there are reasonable grounds to believe that the applicant is not guilty of the offence and she is not likely to commit any offence while on bail...the application is allowed and the applicant is granted bail," the court said.
The government has shortlisted Cyril Amarchand Mangaldas for giving legal advice on upcoming mega IPO of India's largest insurance company LIC, an official said. Four law firms - Crawford Bayley, Cyril Amarchand Mangaldas, Link Legal and Shardul Amarchand Mangaldas & Co - had made presentations before the Department of Investment and Public Asset Management (DIPAM) on September 24. Following presentations, Cyril Amarchand Mangaldas has been selected as legal advisor for the initial public offering (IPO) of Life Insurance Corporation (LIC), the official told PTI.
The government has garnered Rs 2 lakh crore by auctioning 33 blocks.
Markets regulator Sebi has empanelled as many as 16 entities -- including BDO India, Ernst & Young and Deloitte Touche Tohmatsu India -- for conducting forensic audits of financial statements of listed companies as part of efforts to curb frauds. The other empanelled entities are -- Chaturvedi & Co, Chokshi & Chokshi LLP, Grant Thornton Bharat LLP, Haribhakti & Co. LLP, KPMG Assurance And Consulting Services LLP, Mukund M Chitale & Co and Protiviti India Member Pvt Ltd, according to a public notice. In addition, Rajvanshi & Associates, Ravi Rajan & Co LLP, SKVM & Company, Suresh K Jha & Co, T R Chadha & Co LLP and V Singhi & Associates have been selected to conduct the forensic audits, it added.
IBP & Co Ltd, a subsidiary of Indian Oil Corporation, will invest Rs 350 crore (Rs 3.5 billion) in the current financial year to augment retailing strength of the oil marketing PSU.
Automaker Tata Engineering & Locomotive Co Ltd said on Monday its total vehicle sales in May vaulted 67.9 per cent from a year ago to 21,929 units, boosted by higher car sales.
India's largest truck maker, Tata Engineering & Locomotive Co Ltd, said on Wednesday its total vehicle sales in April jumped 55 per cent from a year ago to 14,979 units, despite a truckers strike.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
ETFs function like a mutual fund scheme and have underlying assets of government-owned companies.
India's largest truck-maker, Tata Engineering and Locomotive Co Ltd, said on Monday its vehicle sales in January in the domestic market jumped 29 per cent from a year earlier to 23,316 units.\n\n\n\n
Max New York Life Insurance Co Ltd, 26 per cent owned by New York Life, expects the premium income of private life insurers in India to grow at a compounded annual rate of 75 per cent over the next five years.\n\n\n\n\n\n
Burren Energy of UK has acquired US energy major Unocal Corp's entire 26.01 per cent stake in Hindustan Oil Exploration Co Ltd for $26.01 million and has made an open offer to acquire further 20 per cent stake.
The Bombay high court on Tuesday directed the Central Bureau of Investigation to file by Friday its affidavit in response to a petition of Videocon Group founder Venugopal Dhoot, seeking to quash an FIR registered in a bank loan fraud case, to declare his arrest as "arbitrary and illegal" and to be released on bail. When the plea came up for hearing, advocate Kuldeep Patil asked for one-week time to seek instructions on the same. A division bench of Justices Revati Mohite Dere and P K Chavan said the agency shall file its affidavit by Friday and posted the petition for hearing the same day (January 13).
Property giant Dalian Wanda Group Co said on Wednesday it would buy a stake in Spanish soccer champions Atletico Madrid for 45 million euros ($52 million), becoming the first Chinese company to invest in a premier European football club.
S&P Global Ratings on Thursday upgraded ratings of five companies of the Tata group including Tata Steel, Tata Motors and Jaguar Land Rover (JLR) reflecting its reassessment of the ongoing influence and the potential for 'extraordinary financial support' from the parent, Tata Sons. Under the revised exercise, S&P Global said ratings on Tata Steel Ltd and its 100 per cent-owned financing subsidiary ABJA Investment Co Pte Ltd have been upgraded to 'BBB-' from 'BB' with stable outlook. Similarly, Tata Motors Ltd and its wholly-owned arm TML Holdings Pte Ltd have been upgraded to 'BB-' from 'B' ratings with stable outlook.
When Bastian Obermayer and Frederik Obermaier shone a light on the Pandora's Box that became famous as the Panama Papers, even they didn't know how it would shake up the murky world of finance, indeed the world itself.
The Reserve Bank of India (RBI) on Friday extended the card-on-file (CoF) tokenisation deadline by three months to September 30, 2022, in view of various representations received from industry bodies. Card-on-file, or CoF, refers to card information stored by payment gateway and merchants to process future transactions. Tokenisation is the process of replacing actual card details with a unique alternate code called 'Token' - thereby enabling more secure transactions.
Rare snow leopard sighted in Himachal's Chicham village.
Invest in quality companies that make profits, advises stock market expert and rediffGURU Samraat Jadhav.
Videsh Sanchar Nigam Ltd has completed the acquisition of the entire stake of Tata Power Company Ltd in Tata Power Broadband Company Ltd.
Blackstone on Monday said funds managed by the private equity firm will acquire a majority stake in IT firm Mphasis Ltd, triggering an open offer for acquisition of up to 26 per cent stake for about Rs 8,262 crore. A wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), UC Investments (Office of the Chief Investment Officer of The Regents, University of California) and others will co-invest along with Blackstone, a statement said. Based on the open offer subscription, the blended purchase price will vary between Rs 1,452 to Rs 1,497 per share (12-16 per cent premium to 12-month average price and 3-6 per cent discount to 6-month average price) and the purchase consideration will vary between Rs 15,200 crore to Rs 21,000 crore (approximately$2-2.8 billion), the statement said.
Petrol and diesel prices on Thursday climbed to fresh highs in the country as rates were hiked by the most in recent times, even as fuel retailers said the government can cut taxes to ease consumer burden. Petrol and diesel price was hiked by 35 paise per litre each after a gap of a week, according to price notification of state-owned fuel retailers. The increase took petrol prices to a fresh high of Rs 86.65 a litre in Delhi and to Rs 93.20 in Mumbai.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
The sessions court instead included the offence of causing death by negligence against the IAS officer and a similar order was passed with regard to co-accused Wafa Feroze in the case, the public prosecutor dealing with the matter said.
As many as 15 companies, including Adani Copper Tubes, LG Electronics and Wipro Enterprises, with committed investment of Rs 1,368 crore, have been selected as beneficiaries under the PLI scheme for the white goods sector, the government said on Tuesday. In March, the commerce and industry ministry had reopened the application window for its Rs 6,238-crore PLI scheme for white goods -- air-conditioners (ACs) and LED lights-- with an aim to accommodate more players as several firms had expressed interest in the initiative. Last year, as many as 46 firms, including Daikin, Panasonic, Syska and Havells, with committed investment of Rs 5,264 crore were selected in the first round the scheme.
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