Indian Oil Corp, the nation's largest oil firm, plans to invest Rs 1.75 lakh crore to nearly double refinery boost petrochemical production, expand gas business and lay new pipelines to become a vertically integrated company, its Chairman Sanjiv Singh said.

It plans to raise capacity to turn crude oil into fuels like petrol and diesel to 150 million tonnes per annum by 2030 from the current 80.7 million tonnes.

Prime Minister Narendra Modi on August 21 will launch long-awaited India Post Payments Bank (IPPB) that will have at least one branch in every district and focus on financial services in rural areas, a senior official said.

“The Prime Minister has given time on August 21 to launch IPPB. Two branches of the bank are already operational. Rest of the 648 branches will be launched across country in every district,” a senior official of the communications ministry said.

Amid a disquiet in the industry over new unsolicited commercial communication norms, TRAI has asserted that it operated within its mandate to tighten rules for curbing pesky calls and messages, a menace which goes beyond harassment into the realm of defrauding customers.

New Delhi: Suzuki Motor Corp. is likely to supply as many as 25,000 Maruti Suzuki Baleno premium hatchbacks each year to Toyota Motor Corp. as the car gets set to become the first cross-badged product of the auto makers, said two people with direct knowledge of the matter. Toyota will start hawking the Baleno through its own dealership network from the first quarter of next fiscal year, the people who didn’t want to be named said.

Extending Friday’s rally, the benchmark BSE Sensex jumped over 200 points to record a new high of 37,790.72 in early trade, and NSE Nifty breached the 11,400 mark today on widespread buying by consumer durables, PSU and banking counters amid firm Asian cues.

The Sensex spurted by 234.56 points, or 0.62 per cent, to hit a new high of 37,790.72, surpassing its previous record of 37,711.87 clocked on August 1.

President Donald Trump appears to have changed his story about a 2016 meeting at Trump Tower that is pivotal to the special counsel’s investigation, tweeting that his son met with a Kremlin-connected lawyer to collect information about his political opponent.

Extending its rising streak for the second day, the rupee appreciated by 6 paise against the US dollar to 68.54 in early trade on Monday on increased selling of the American currency by exporters and banks amid higher domestic equity market.

Forex dealers said besides sustained selling of the greenback, a higher opening of the domestic equity markets boosted the rupee at the interbank forex market.

BENGALURU: Wipro has effected a $75-million settlement with its decade-old customer National Grid for release of all claims under a lawsuit the latter filed in a New York district court against the firm in 2017.

National Grid is an electricity, natural gas, and clean energy delivery company that supplies energy for more than 20 million people through its networks in New York, Massachusetts, and Rhode Island.

NEW DELHI: State-run Life Insurance Corporation may need to pay a premium for IDBI Bank’s real estate and non-core assets, two officials aware of the matter said.

IDBI Bank has started valuing its assets before making a preferential issue of shares to LIC, which is set to acquire a majority stake in the lender. The valuation exercise is expected to be completed by August 15, one of the officials said, adding that the sum-of-the-parts value would be more than what the stock price currently suggests.

Wipro said it has effected a settlement of the lawsuit filed by National Grid US for $75 million (Rs. 499 crore), which would impact its July-September results.

The company, India's third largest software services exporter, said this settlement is for the release of all claims under the lawsuit with National Grid US.

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