Oil producer ONGC has said it may miss the June 2019 target for starting production from its Krishna Godavari basin block due to new policies like GST and local purchase preference rules, including the one that mandates state-owned firms to source domestic iron and steel for an infrastructure project.

Clarifying on its last week's filing to stock exchanges, Oil and Natural Gas Corp (ONGC) said the new policies it had cited for a possible delay pertained to local purchase preference policy, steel policy and GST policy.

In a big fillip to Andhra Pradesh, Reliance Industries (RIL) and its associate companies have made a committed investment of Rs 55,000 crore in the state to facilitate the business of marketing gas and LNG. India gas Solutions Private, a 50:50 joint venture company of RIL, BP International (BP) and Andhra Pradesh Economic Development Board (APEDB) signed a memorandum of understanding (MoU) during the three-day CII Partnership Summit with a committed investment of Rs 40,000 crore.

BENGALURU: In what is likely to become India’s biggest science programme in the next few years, Isro has started work on building igloos on the moon. These ‘lunar habitats’, as scientists call them, will be built by sending robots and 3D printers to the moon, and by using lunar soil and other material.

The project has seen progress with a working model — created using a 3D printer — sitting in the space agency’s lunar terrain test facility.

The benchmark BSE Sensex and Nifty opened in green on Monday tracking global cues. Sensex was up 137 points to trade at 34,266.85 while Nifty was trading above 10,500 mark.

Monday's early trade gains were mostly by some buying witnessed in the metals, auto, realty and energy sectors - up between 0.8 per cent and 1.5 per cent.

Legendary actor Sridevi's mortal remains will arrive in India from Dubai on Monday morning and the cremation is likely to take place later in the day in Mumbai. According to reports, her body is being flown to India in an aircraft sent by business magnate Anil Ambani.

Sridevi, who acted in over 300 films in her impressive career spanning five decades, passed away due to cardiac arrest on Saturday in Dubai. She was 54.

The government’s decision against formulating an electric vehicle policy may not be good news for Mahindra and Mahindra (M&M), the country’s biggest electric car maker. But a bigger setback could be around the corner for the sport utility vehicle (SUV) major.

The government is considering levying a goods and services tax (GST) cess on passenger vehicles (PV) based on length and carbon dioxide (CO2) emission from FY19 against the current criteria of length and engine capacity.

COAI's director general Rajan Mathews on Sunday ruled out tendering an apology to Reliance Jio over the industry body's recent allegations that the orders of sector regulator Trai have been favouring the newcomer.

"There is no question of apologising to Jio as there is no worthy reason to do so, as the COAI's differences are with Trai's order not anything with any specific operator," Mathews told PTI.

Private sector lender Axis Bank is looking at transferring some lumpy bad loans to stronger sponsors through NCLT resolution next year, as it follows a strategy of serving only the better-rated borrowers, a top official has said.

The bank is one of the worst-affected in the private sector after the Reserve Banks asset quality review, which led to a huge increase in bad loans over the past two years.

In a strategic shift, the State Bank of India (SBI) will undertake a major restructuring of its business in the UK from April and ensure greater protection for depositors, India's largest state-owned bank has said.

SBI's UK operations will transform into a subsidiary named State Bank of India UK Limited from April 1, in compliance with wider ring-fencing of capital requirements by the Bank of England.

Procter & Gamble, the world’s largest consumer goods company, announced a new India managing director-cum-chief executive officer last week. Madhusudhan Gopalan, 42, will take charge on April 1 from Al Rajwani. But this is not going to be an easy assignment for him.

The pace of the India business of P&G has been slowing for some time. Gopalan, alumnus of the Indian Institute of Management at Kolkata, has been with P&G all his working life. He will have to improve sales growth, while watching profitability.

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