The ministry of petroleum and natural gas is scrutinising the actions of its Oil and Natural Gas Corporation, the directorate general of hydrocarbons (DGH) and the then Congress-led government, regarding the gas migration row in the D6 block of the Krishna-Godavari basin, petroleum minister Dharme-ndra Pradhan said.

A $1.55-billion penalty notice has been put on the Mukesh Ambani-led Reliance Industries (RIL) for producing ONGC’s share of natural gas in the basin. “There is an amount of responsibility on the then government, DGH and ONGC on the gas migration case.

Even as ways and means of replacing Cyrus Mistry from the chairmanship of other Tata board companies have been a talking point for the past two weeks, parent company Tata Sons is learnt to have relied on the Memorandum of Association of Tata Consultancy Services (TCS) to get Ishaat Hussain as new chairman for the software firm. It is believed that Tata Power, too, will follow the same route to appoint a new chairman, replacing Mistry.

Country's second largest public sector bank, Punjab National Bank plans to calibrate all its ATMs by the month end to dispense new Rs 500 and Rs 2000 notes in the wake of demonetisation of these currency notes.

"We will be calibrating our 10,000 ATMs to meet the requirements to disburse Rs 500 and Rs 2000 notes. There will be no additional expense to calibrate the ATMs as it will be done by our staff members", Sanjiv Sharan, Executive Director, Punjab National Bank.

Government will re-introduce Rs 1,000 banknotes in a few months and also issue new series of lower denomination bills with enhanced security features. The government on Tuesday had demonetised the Rs 500 and Rs 1,000 notes as part of its efforts to clamp down against the black money, fake currency and terror financing. These are being replaced with new currency bills of Rs 500 and Rs 2,000.

Ashok Leyland's Pantnagar facility has been conferred with a global award for implementation of total quality management, thereby making it the first commercial vehicle (CV) manufacturer from outside Japan to have won the Deming Prize.

The global award is the oldest and most recognised quality award in the world and is conferred upon companies with established processes of management for business operations.

MUMBAI: Recuperating from a double whammy of Trump win and the Centre's black money crackdown, Sensex on Thursday soared over 390 points and Nifty topped the 8,500-level in early session, tracking a rally in global equities.

Besides, value-buying in bluechip stocks and covering-up by speculators who had created short-positions in yesterday's trade and strengthening rupee too supported the rebound.

Amazon and Flipkart, the two largest e-commerce players in the country, have temporarily stopped accepting cash on delivery for new orders after government demonetized Rs.500 and Rs.1,000 currency notes.

“Currently, we have temporarily stopped cash as a payment option for new orders,” said Amazon India spokesperson in a statement. Amazon said the customers that had already placed COD (cash-on-delivery) orders before midnight of November 8 can pay for their orders using debit or credit cards or currency of valid denominations.

Public sector units (PSUs) today are leveraging information technology (IT) to automate business processes across various functions such as engineering, manufacturing, materials management, production, site operations and project management.

Oil PSU Indian Oil Corporation (IOC) has been implementing information technology to bring efficiency and transparency in its system. To keep track of the 45,000 customer touchpoints across the country, including more than 25,000 petrol and diesel stations and 6,200 Kisan Seva Kendra outlets (KSKs) in the rural market, it has developed a software solution to digitise transaction processing on the dealer side.

KOLKATA: Armed with a product mix of high and low energy coal, Coal India (CIL) is all set to take advantage of a 60 per cent rise in international coal prices this year and has started targeting coastal power companies’ that heavily depend on imported coal.

“As international prices stand today, a mix of high and low grade coal is available at a substantial discount than imported prices. It would be economically viable for these coastal firms to buy go for coal supplied by CIL. In most cases the landed price of imported coal is higher than coal supplied by CIL at ports,” a senior CIL official said.

Banking shares extended gains for the second straight day on the bourses after the Government of India declared on Tuesday that the five hundred and one thousand rupee notes will no longer be legal tender from midnight, 8th November 2016.

The public sector undertaking (PSU) banks, the largest gainer with the Nifty PSU Bank index was up 4.4%, as compared to 1.8% rise in the Nifty Bank and 1.3% gain in the Nifty50 index at 09:41 am.

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