In a step that is beneficial to India, the Organization of Petroleum Exporting Countries (Opec) decided to raise its output at a meeting held in Vienna on Friday.

Though the producer group did not specify the increase, it may be in the range of 1 million barrels per day (bpd), or 1 per cent of the global supply.

Lenders to bankrupt textile company Alok Industries have approved a joint resolution plan submitted by Reliance Industries (RIL) and JM Financial Asset Reconstruction Company (JMF ARC). According to the plan, the combine will acquire Alok Industries for Rs 50.50 billion, of which the lenders will receive Rs 40 billion.

The corporate debtor owes banks Rs 295 billion, which means they are taking a haircut of more than 86 per cent.

For 2017-18, Larsen & Toubro’s (L&T) hydrocarbon business recorded a profit margin of 7.7 per cent. This, for the segment that earlier struggled with sticky orders, is a complete turnaround from losses reported between fiscal year 2013 and 2015.

Top officials heading the segment attribute the turnaround story to major internal restructuring and cost rationalisation, while external factors continued to remain challenging.

The government is considering a proposal to sell a significant portion of its stake in IDBI Bank to Life Insurance Corporation of India (LIC) and has approached the Insurance Regulatory and Development Authority of India (IRDAI) for clearance, according to sources.

The insurance regulator may take up the matter during its June 29 board meeting. Further, to make this proposal effective, IRDAI is likely to give LIC an exemption from breaching the maximum company-specific investment limit.

India’s largest private sector lender ICICI Bank said another whistle-blower had accused it of having lax controls over operations. This is the third instance of such complaint. In the first two complaints, the bank’s Managing Director and Chief Executive Officer Chanda Kochhar is facing an inquiry by the board and is on leave till investigations are over. The latest complaint relates to the incorrect asset classification of 31 loan accounts, and alleges that interest income and recoveries from non-performing assets (NPA) have been accounted as fees.

As the Maharashtra government is set to enforce the ban on a variety of plastic items, announced in March, from tomorrow, Environment Minister Ramdas Kadam said errant manufacturers will face a strong action, but common people and small traders will not be harassed.

He was speaking to reporters after a review meeting with the Maharashtra Pollution Control Board officials.

Cash-strapped hospitality chain Hotel Leelaventure has defaulted in payment of quarterly interest of Rs 2.12 crore to Life Insurance Corporation of India (LIC). Hotel Leelaventure, which currently has a debt of over Rs 3,600 crore, had issued secured redeemable non-convertible debentures on private placement basis aggregating to Rs 90 crores to LIC in December, 2008.

Known for dispatching the best software talent across the world for years, India has now embarked upon a Cloud-driven journey to prepare the Next-Gen of skilled workers — data scientists, Artificial Intelligence (AI) Mavericks and mobile developers. The task is humongous and online retail giant Amazon’s Cloud business arm Amazon Web Services (AWS) has now fast-tracked skilling the young — providing them early access to its core Cloud platform that has already transformed millions of enterprises and start-ups globally.

NEW DELHI: The benchmark BSE Sensex got off to a lower start today, tracking a sell-off in global markets amid escalating trade war worries.

The 30-share index, which had lost 114.94 points in the previous session, was down 53 points at 35,379.65 at 10.07 am. Capital goods, realty, infrastructure, power, healthcare and metal stocks showed weakness, falling by up to 0.35 per cent.

New Delhi, Jun 22 () Telecom industry body COAI has said auction of spectrum for 5G services should happen only around the second half of 2019 as it would offer telcos better visibility into market dynamics and potential revenue streams of the next-generation mobile services.

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