New Delhi: Hindustan Petroleum Corp. Ltd (HPCL) is likely to acquire Mangalore Refinery and Petrochemicals Ltd (MRPL) in a share-swap deal to become India’s second-largest oil refiner. The merger is likely to take place after ONGC, country’s biggest oil and gas explorer, completes acquisition of HPCL in an all-cash deal by December or January, officials in know of the development said.

MRPL is a subsidiary of Oil and Natural Gas Corp. Ltd (ONGC). At present, ONGC owns 71.63% stake in MRPL while HPCL has 16.96%. Once ONGC acquires 51.11% stake in HPCL, India’s third-largest refiner, for about Rs35,000 crore, it will have two refinery subsidiaries - HPCL and MRPL.

Hindustan Petroleum Corp Ltd (HPCL) is likely to acquire Mangalore Refinery and Petrochemicals (MRPL) in a share-swap deal to become India’s second-largest oil refiner. The merger is likely to take place after ONGC, country’s biggest oil and gas explorer, completes acquisition of HPCL in an all-cash deal by December or January, officials in know of the development said. MRPL is a subsidiary of Oil and Natural Gas Corp (ONGC). At present, ONGC owns 71.63 per cent stake in MRPL while HPCL has 16.96 per cent.

Markets regulator Sebi has sought clarifications from merchant bankers of 10 firms, including Lemon Tree Hotels and CMS Info Systems, regarding their proposed initial public offers (IPOs). Together, these companies are estimated to raise more than Rs 6,000 crore, according to merchant banking sources. The other companies are ACME Solar Holding, H G Infra Engineering, Apollo Micro Systems, Prince Pipes and Fittings, Newgen Software Technologies, Seven Island Shipping, Karda Constructions and Amber Enterprises, according to the latest update by Sebi. Without disclosing details of clarifications sought, Sebi has said “clarifications (are) awaited from lead manager(s)” for the proposed public issues.

NEW DELHI: Hyundai Motor India Limited has ranked highest in after-sales customer satisfaction, according to J D Powers 2017 India Customer Service Index (mass market) Study.

Hyundai with a score of 923 overtook Maruti Suzuki India Limited (MSIL) which scored 893 points. Tata Motors too ranked second in a tie at 893 points.

Infosys fell 2.5% at Rs 921 on the BSE intra-day trade after the stock turned ex-date for the proposed buyback and for interim dividend of Rs 13 per share.

On October 9, 2017, the Buyback Committee had approved and fixed Wednesday, November 1, 2017 to be the record date for determining the entitlement and the names of the equity shareholders, to whom the Letter of Offer will be sent and will be eligible to participate in the buyback which was approved in the board meeting on August 19, 2017.

New Delhi: State-owned explorer ONGC Ltd could borrow about Rs 25,000 crore to acquire downstream refiner HPCL, which will create the country's first integrated oil and gas company.

The government had announced it would sell its 51.11 per cent stake in HPCL to ONGC, which will help it to achieve its disinvestment target for the current fiscal.

MUMBAI: Bain Capital is in advanced talks with Axis Bank to invest between $750 million and $1 billion (Rs 4,800-6,400 crore), in what could be one of the largest private equity investments in the Indian banking sector.

India’s third-biggest private lender is in talks to raise money amidst worsening asset quality and regulatory glare.

Country's largest telecom player Bharti Airtel has announced a partnership with Celkon to offer 4G smartphone at an effective price of just Rs 1,349.

The development comes weeks after it tied up with Karbonn to offer a 4G feature phone. The partnerships are part of Airtel’s ‘Mera Pehla Smartphone’ initiative, under which it plans to collaborate with device manufacturers to bring smartphones at the price of a feature phone.

Key indices on Tuesday opened on a dull note amidst negative global cues. Asian markes witnessed a sluggish trend after Wall Street broke got back from a record high spree.

The 30-share BSE Sensex was down 33.60 points at 33,232.56 and the 50-share NSE Nifty fell 11.50 points to 10,352.20.

The State Bank of India (SBI) on Monday announced sanction of Rs 2,317-crore credit facilities to JSW Energy, Hinduja Renewables, Tata Renewable Energy, Adani Group, Azure Power, Cleantech Solar, and Hero Solar Energy, for executing rooftop solar projects with aggregate capacity of 575 Mw.

The sanction is towards financing grid-connected rooftop solar projects under the SBI-World Bank (WB) Programme. SBI has availed a line of credit of $625 million from World Bank for lending to viable grid-connected rooftop solar projects undertaken by photovolatic (PV) developers and end-users, an official statement said.

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