MANGALURU: As senior ministers in Prime Minister Narendra Modi's government are looking for solutions to revive economic growth, the ASSOCHAM has submitted an action plan for doubling the contribution of the mining sector to the national GDP and adding to the employment. The action plan includes compensation to the investors in case clearances are delayed.

State-run hydrocarbon explorer ONGC has found reserves to the west of its Mumbai High offshore fields, with initial estimates suggesting the new discovery’s size to be about 20 million tonnes of oil equivalent (mtoe). The firm’s output has been stagnating over the last many years with annual oil production in the range of 25-26 million tonnes (mt) and natural gas output around 23 billion cubic metres (bcm). Though the zones at the well WO 24-3 are still under assessment, the new find is believed to be big enough to pep up the firm’s production in coming years.

Kotak Mahindra Bank (KMB)’s market capitalisation is nudging Rs 2 lakh crore. On Wednesday, the private sector lender’s market cap stood at Rs 1.95 lakh crore while ICICI bank’s m-cap was Rs 1.86 lakh crore. KMB is the country’s second-most valued private lender after HDFC Bank, which commands a market cap of Rs 4.77 lakh crore. Shares of KMB closed Wednesday’s session 0.87 % lower at Rs 1,025.45 on BSE. The stock is up 42.6 % so far in 2017, while the return over one month is 5.58 %. the bank recently raised Rs 5,806 crore through a placement of shares at Rs 936 per share.

Sensex and Nifty opened flat on Thursday after the US Federal Reserve left rates unchanged and signaled one more hike by the year-end. BSE Sensex gained 6 points to open at 32406.42 points, NSE Nifty lost 1.5 points to open at 10,139.6 points. In line with expectations, the Fed said it would begin in October to cut its roughly $4.2 trillion in US Treasury bonds and mortgage-backed securities holdings by initially cutting up to $10 billion each month from the amount of maturing securities it reinvests.

MUMBAI: Tata Motors, India's largest automobile company by revenues on Thursday launched its much-awaited compact Sports Utility Vehicle Nexon, aggressively pricing it at Rs 5.85 lakh to Rs 9.45 lakh ex-showroom New Delhi, in a clear bid to challenge the market leader Maruti Suzuki's Vitara Brezza and Ford Motor's EcoSport.

Targeted at the personal car buyers, Nexon is the 4th product based on the ‘Impact Design’ philosophy which the company claims of it bringing together global and contemporary design with advance technology and features for the ones who would like to express themselves with a unique style of their own.

Yes Bank hit a new high of Rs 383, up 2% on BSE in early morning trade after the stock turned ex-stock split in the ratio of 1:5 with effect from today.

The board of Yes Bank on July 26, 2017 had approved stock split in the ratio of 5 for 1, i.e. sub-division of 1 equity share of face value of Rs 10 each fully paid up into 5 equity shares of Rs 2 each fully paid up.

The State Bank of India on Thursday notified its customers that cheque books and India Financial System (IFS) code of six of its subsidiary banks would be invalid from September 30 and asked them to submit new applications.

These banks are — Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Travancore, State Bank of Hyderabad and Bhartiya Mahila Bank.

The Reliance Industries, operator of the world's largest refining complex, is considering expanding its oil processing capacity by over 40 percent by 2030, according to two sources familiar with the matter.

Reliance may expand the capacity at its dual refinery complex in Jamnagar in Gujarat by 30 million tonnes a year to 100 million tonnes per year, according to the sources, who saw the expansion plans in a presentation by the company on potential energy scenarios to 2030.

Mahindra & Mahindra (M&M) on Wednesday said it has signed pacts with Turkey-based Erkunt group to acquire its tractor manufacturing and foundry businesses for about Rs 735 crore.

M&M said it will acquire Erkunt Traktor Sanayii for Rs 478 crore, a move which is aimed at entering the fourth largest tractor market in the world.

NEW DELHI: Bharat Sanchar Nigam Limited (BSNL) is the new entrant to join the data tariff war between the major telecom companies like Reliance Jio, Airtel, Vodafone etc. The state-owned telecom service provider has launched a new prepaid recharge plan of Rs 249 that offers 1GB data per day, unlimited free local and STD calls with a validity of 28 days.

However, the free voice calls in the pack are restricted to BSNL's own network only and data speed will be capped at 3G speeds. Launched for a limited period, the offer will be available only till October 25, 2017.

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