With ONGC paying only a modest premium for a 51.1% stake in HPCL, limiting the dilution in the fair value to just 6%, the counter gained 3.3% on Monday to close at Rs 199.95. ONGC will pay close to Rs 37,000 crore to buy the stake. Meanwhile, the HPCL stock lost 3.6% on Monday to close at Rs 401.75 apiece. The price — Rs 474 per share — at which the deal has been transacted is a 9% premium to HPCL’s 26-week average price of Rs 435 and a near 14% premium over the Friday’s close of Rs 416.55.

Petroleum prices on Monday breached the Rs 80 mark in Mumbai. According to Indian Oil website, a litre of petrol cost Rs 80.10 in Mumbai. In Kolkata it cost Rs 74.94 and marginally less Rs 74.91 in Chennai. In capital New Delhi, a litre of petroleum is available for Rs 72.23.

On Sunday, responding to a query,Union Oil Minister Dharmendra Pradhan said the spike in petrol rates in the international market has impacted the cost of the fuel in India.

India is projected to grow at 7.4% in 2018 as against China's 6.8%, the IMF said today, making it the fastest growing country among emerging economies following last year's slowdown due to demonetisation and the implementation of the GST.

In its latest World Economic Outlook (WEO) update released today in Davos, Switzerland on the sidelines of the World Economic Forum, the International Monetary Fund has projected a 7.8% growth rate for India in 2019.

HPCL may acquire Mangalore Refinery and Petrochemicals Ltd (MRPL) in a cash and share- swap deal to become India's third-largest oil refiner, a top official said.

Oil and Natural Gas Corp (ONGC), India's biggest oil and gas producer, last week announced acquisition of HPCL for Rs 369.15 billion. After this takeover, ONGC has two refining subsidiaries - HPCL and MRPL.

Private sector lender Axis Bank’s net profit for the quarter ended December 2017 rose by 25 per cent to Rs 7.26 billion (Rs 726 crore) on robust growth in net interest income. This was against a net profit of Rs 5.79 billion (Rs 579 crore) in previous year’s corresponding quarter.

Net interest income rose by nine per cent to Rs 47.3 billion (Rs 4,730 crore) during the September–December quarter from Rs 43.34 billion (Rs 4,334 crore) in the same quarter a year ago.

Global brokerage firms Nomura and Macquarie cheered for the shares of HDFC Bank, after India’s leading private lender reported a record quarterly profit, an annual 20.11 per cent growth in net profit at Rs 4,642.60 crore, for the October- December quarter. At the same time, Macquarie has maintained a neutral rating on the shares of Kotak Mahindra Bank, after the bank reported a 28.23% rise on year in consolidated net profit at Rs 1,624.24 crore for the quarter ended December.

2018 Ford Figo Cross is now only a few days apart from an official unveil on 31 January, and this will be the first of kind car in Ford's lineup in India. The kind in question is a crossover between an SUV and a hatchback, so expect the Ford Fogo Cross to get SUV-like styling and dimensions of a hatchback. Unlike the Toyota Etios Cross, the Ford Figo Cross is an all-new product with some major changes to its exterior, interior and mechanics, in comparison to its hatchback version.

Shares of information technology (IT) companies were continue at their upward movement with the sector giant Tata Consultancy Services (TCS) hit a new high crossing Rs 3,000 mark on BSE.

Besides TCS, Persistent Systems, Mindtree, Take Solutions, Tata Elxsi, Zensar Technologies, NIIT Technologies, Tech Mahindra and MphasiS were up in the range of 1% to 6% on BSE on Monday.

LAS VEGAS: It's the era of connected cars and autonomous driving, and Mercedes-Benz — the German luxury carmaker — intends to roll out a 'robot car' by the year 2021. Interestingly, the company is carrying out a large amount of R&D for autonomous and connected cars at its research lab in India — its biggest development centre outside Germany.

Mumbai: The Securities and Exchange Board of India or Sebi’s online filing and registration system for intermediaries to usher in ease of business has had a mixed effect. The registration process on an average according to market participants has doubled or become three times as against the earlier timeline of a month.

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