Yet another large defaulter, ABG Shipyard Ltd., on Tuesday saw insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) 2016 being initiated by the Ahmedabad bench of National Company Law Tribunal (NCLT).

The bench, chaired by Justice Bikki Raveendra Babu, admitted the petition for insolvency proceedings initiated by lender ICICI Bank against ABG Shipyard Ltd for its debt default of over Rs 4,500 crore. Justice Babu appointed Sundaresh Bhat of BDO India, one of the world's largest tax and accounting firm as the interim resolution professional (IRP). A copy of the pronouncement would be put up by the NCLT later.

The Securities and Exchange Board of India (Sebi) has constituted a committee on ‘fair market conduct’, which will be headed by former Lok Sabha secretary and law secretary T K Viswanathan. The panel will have representations from Sebi, mutual funds, brokers, audit firms, stock exchanges, data analytics firms and legal firms.

The committee has been tasked with suggesting improvements to the existing Sebi norms, including on insider trading and fraudulent and unfair trade practices (FUTP). It has been specifically asked to look at trading plans, handling of price-sensitive information during takeovers and aligning of insider-trading rules with provisions of the Companies Act.

State-owned ONGC has, for the last 12 years, not been able to proceed with its gas exploration work in a vital reserve in Tripura due to lack of environmental clearance, causing a huge revenue loss.

"Since 2005, we had to stop gas exploration works in Tichna as the area falls under the Tichna (Trishna) Bison National Park and Wildlife Sanctuary. We are yet to get the necessary clearances from the Forest, Environment and Climate Change Ministry and National Board for Wildlife," ONGC Executive Director S.C. Soni told IANS.

Swedish luxury carmaker Volvo is looking to expandits footprint in Uttar Pradesh.

The company launched its dealership in Lucknow, the first one in UP. The company has cities like Kanpur and Varanasi on its radar for prospective expansion plans.

Commercial Vehicle major Ashok Leyland has posted a growth of 14.2 per cent in total sales by selling 11,981 units during the month of July 2017, as compared to 10,492 units during July 2016.

The Medium and Heavy Commercial Vehicle (M&HCV) sales grew 10.3 per cent in July 2017 with 9026 units sold as against 8182 units during July 2016.

Automobile major Hyundai Motor India on Tuesday reported a 4.4 per cent rise in domestic sales for July.

According to the company, its domestic sales in the month increased to 43,007 units from 41,201 units in July 2016.

TVS Motor reported 9.7 per cent growth in total two-wheeler sales in July 2017 to 263,336 units from 240,042 units in the same month a year earlier. Domestic two-wheeler sales grew by 6.2 per cent, increasing from 206,605 units in July 2016 to 219,396 units in July 2017.

Scooter sales of grew by 35.8 per cent from 68,033 units in July 2016 to 92,378 units in July 2017. Motorcycles sales grew by 15.1 per cent from 95,062 units in July 2016 to 109,427 units in July 2017.

Mumbai: Setting new records for the second day, the benchmark Sensex on Tuesday closed at 32,575 and the Nifty at 10,115 as investors wait for the outcome of the RBI policy meet on Wednesday amid corporate earnings momentum. Improving monthly sales numbers from automakers and a firming trend in global markets fuelled the rally.

The Sensex settled at yet another new high of 32,575.17 by surging 60.23 points, or 0.19%. It surpassed its previous record of 32,514.94 reached on Monday. The gauge had risen 205.06 points in the previous session.

The continuous use of fossil fuels is set to face multiple challenges. From global warming and other environmental concerns, to geopolitical and military conflicts, and of late, continued and significant fuel price rise; renewable energy is the solution to the growing energy challenges as they are abundant, inexhaustible and environmentally friendly. July 30 and 31st 2012, saw India’s largest power blackout across the globe (The Great India Outage), which stretched from Kolkata to New Delhi. This blackout was attributed to the northern power grid failure, resulting in about 700 million people going without power.

In a bid to transform rural India into digital one, the BSNL has decided to set up 1070 4G Plus Wifi hotspots in Kerala. The move will be the part of its expansion plans to reach out to rural customers. Kerala Circle CGM of BSNL, P T Mathew told reporters here that it would be set up in the next six months. “We are planning to set up 1070 4G Plus Wifi Hot spots in rural exchanges in the state with the support of Universal Service Obligation Fund (USOF) within the next six months,” he said.

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