A new report has valued assets of Hindustan Petroleum (HPCL) at Rs 114,000 crore — nearly 70 per cent premium to its current market capitalisation of around Rs 66,000 crore. The higher valuation of HPCL’s assets by JM Financial, if accepted by the government, would mean a higher outgo for ONGC.

The JM Financial report has been submitted to the government, which had mandated the Mumbai firm to advise it on the transaction.

Capital market regulator Securities and Exchange Board of India (Sebi) has charged 22 entities, including Gujarat Chief Minister Vijay Rupani’s Hindu Undivided Family (HUF), for “manipulative trades” in little-known company Sarang Chemicals.

The regulator has imposed separate penalties amounting to Rs 6.9 crore on the 22 entities, which Sebi investigation found were “connected or related”. Rupani’s HUF has been asked to pay Rs 15 lakh, while three other individuals would have to shell out Rs 70 lakh or more each.

Ford India is all prepped to launch the upgraded version of its much celebrated compact SUV, the EcoSport, in India on 9 November. 2017 Ford Ecosport facelift will be manufactured at the company's plant in Chennai and the new 1.5L three-cylinder petrol engine that will debut in India in the new Ecosport will be manufactured at Ford's factory in Sanand. First unveiled at the 2017 LA Motor Show, the EcoSport was the first to introduce the compact SUV culture in India. It proved to be a success story for the American brand in the country with some variants having nine months of waiting period.

State-run power equipment maker BHEL today said it has bagged an order worth Rs 350 crore for setting up two 765 kV substations in West Bengal. This is the largest value 765 kV substation project order for BHEL so far, it said in a statement. The order has been placed on BHEL by Powergrid Medinipur-Jeerat Transmission Ltd (PMJTL), a wholly-owned subsidiary of Power Grid Corp. The project has to be completed on Engineering, Procurement & Construction (EPC) basis. BHEL’s scope of work in the contract envisages constructing two large sized greenfield 3,000 MVA, 765/400 kV substations, at Medinipur and Jeerat (near Kolkata).

Ashok Leyland Ltd posted a net profit of Rs 334.25 crore during the quarter ended September 30, 2017, up by 14 per cent from Rs 294.4 crore registered during the same quarter of the previous financial year.

Total income grew 23.45 per cent to Rs 6,102.55 crore during the quarter compared to Rs 4,943.23 crore during the corresponding period of the previous financial year.

India clinched a six-run win in the third game to notch up its first-ever Twenty20 series victory over New Zealand in front of a sell-out crowd at the Sports Hub on Tuesday.

The final encounter of the three-match series for the Paytm Trophy — limited to eight overs a side following a three-hour delay owing to rain — was a nerve-wracking affair.

MUMBAI: Reliance Communications is renegotiating its deal with Canadian investment fund Brookfield along with other potential buyers for a stake in its tower unit, the telecom company said on Tuesday.

The Anil Ambani-controlled company disclosed this in a regulatory filing, after stock exchanges sought clarification from RCom on an ET report that said the Brookfield deal in its earlier form had been called off. RCom shares closed 1.89% lower at Rs 15.55 Tuesday on the BSE, where the benchmark Sensex fell 1.07%.

NEW DELHI: India's tax authorities have begun cracking down on benami assets and those who deposited large amounts of cash in the aftermath of demonetisation but haven't yet filed returns as it intensifies the war against black money.

The income tax department has already seized 541 properties and frozen bank accounts holding funds of about Rs 1,800 crore, said a top department official, adding that more action is expected soon.

Mumbai: The Indian rupee on Wednesday weakened for the third consecutive session to hit a two-week low against the US dollar in the opening trade.

The rupee opened at 64.15 a dollar and touched a low of 65.16—a level last seen on 24 October. At 9.15am, the home currency was trading at 65.14 against the dollar, down 0.19% from its Tuesday’s close of 65.03.

App-based cab aggregator Ola has partnered with Microsoft to build a new connected-vehicle platform for car manufacturers worldwide. While Microsoft’s Azure (its cloud platform) will power the company’s existing connected car platform, Ola Play, Ola will also leverage Microsoft’s Artificial Intelligence (AI) and other productivity tools like office 365 to transform passenger experience. Both firms will collaborate to take this platform to car makers globally, to integrate with vehicle systems, Ola said in a statement. Ola Play will also leverage Microsoft AI and IoT to enhance driver experiences with telematics and navigation guidance; passenger experiences with cloud-based infotainment and productivity; and provide auto manufacturers with custom digital experiences for their customers.

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