Incessant monsoon rains weredisrupting operations of the Oil and Natural Gas Commission (ONGC) in Tripura. Rain triggered floods submerged its drilling sites especially in northern part of the State.

Tripura Asset of the ONGC on Tuesday confirmed that its operational activities were severely affected due to rains.

The department of telecommunications (DoT) is considering a proposal made by BSNL to infuse equity into it so that the state-run telecom operator can be allocated spectrum in the 2100 MHz band for launching 4G services to shore up its revenues. “We are considering it,” telecom minister Manoj Sinha told reporters at the sidelines of an event on the ministry’s achievement in the last four years.

Hinduja group flagship Ashok Leyland has decided to merge its light commercial vehicle subsidiaries such as Ashok Leyland Vehicles, Ashley Powertrain and Ashok Leyland Technologies, with itself, subject to necessary regulatory and other approvals, including from the National Company Law Tribunal’s (NCLT) Chennai branch.

Continuing with its large deal winning streak, Tata Consultancy Services (TCS), India’s largest IT services company on Tuesday said that its contract with M&G Prudential, the UK and European savings and investments business of Prudential plc, has been expanded to make it a $1.2 billion deal.

The 10-year partnership, which was first announced in January this year, aimed at digitally transforming M&G Prudential’s business and delivering an enhanced service for its UK savings and retirement customers. The contract size at that time as pegged at $690 million.

The government is considering revising the terms of sale for Air India, including offering a 100 per cent stake, after its latest attempt to sell 76 per cent of the debt-ridden airline failed to draw even a single bid.

Transaction advisor EY has cited the clause of the government holding a minority stake in the state carrier as the biggest reason for the failed disinvestment bid.

Rana Kapoor is seeking shareholder approval for another term as chief executive officer of Yes Bank Ltd., the Indian lender which has set records for both loan growth and the highest proportion of disputed bad debt among its top private-sector peers. Shareholders are due to vote Tuesday on whether to grant another three-year term to Kapoor, who has helmed Yes Bank since 2004.

PSU bank stocks rose on Tuesday, with India’s largest bank SBI leading the Nifty PSU Bank index with gains of almost 1.59 per cent. Healthy credit growth target by the largest state-run lender for three years down the line is a positive aspect for the bank and has made SBI stock attractive, said Anita Gandhi, Whole Time Director at Arihant Capital Markets.

Century Metal Recycling has filed draft papers with markets regulator Securities and Exchange Board of India for an initial public offering (IPO). The offer comprises of a fresh issue of equity shares aggregating up to Rs 150 crore and an offer for sale of up to 6,402,650 equity shares of Century Metal Recycling by the promoters including Gauri Shankar Agarwala (up to 793,243 equity shares), Mohan Agarwal (up to 788,955 shares).

The National Highways Authority of India (NHAI), which is currently tendering road monetisation projects, has started of a unique data-sharing plan with prospective bidders. It is undertaking the task of conducting due diligence for the contracts prior to their bidding.

NHAI will ascertain the health of TOT or toll-operate-transfer projects, which would then be offered to international investors for their operation and maintenance.

The Central Bureau of Investigation (CBI) on Tuesday has moved the Madras High Court challenging a trial court order which discharged Kalanithi Maran, Dayanidhi Maran and seven others in the BSNL illegal telephone exchange case.

During the period between 2004 and 2007, Dayanidhi Maran had been accused of misusing his power and allegedly providing the wrong cell phone connections of Chennai BSNL to Sun Telecom, owned by his brother Kalanithi Maran.

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