The Cabinet Committee on Economic Affairs on Wednesday gave its nod to the acquisition of 11 per cent stake in Russia's Vankor oil fields by ONGC Videsh Ltd (OVL) from Rosneft Oil Company for $930 million, which will take its overall stake in the project to 26 per cent.

The overseas arm of state-owned Oil and Natural Gas Corp (ONGC) had last year bought 15 per cent stake in the field for $1.268 billion. The acquisition of stake in Vankorneft will provide 3.2 million metric ton of oil equivalent (MMTOE) to OVL by 2017.

Alphabet’s Google on Tuesday announced a new “Pixel” smartphone and a virtual reality headset, the company’s latest effort to sell consumers on Google-branded devices and to challenge Apple’s iPhone at the high end of the more than $400 billion global market.

The new phone starts at a price of $649, and Google is working with exclusively with Verizon Communications in the US, Google executives said at a launch event in San Francisco.

Hinduja group flagship Ashok Leyland expects its defence business to log four-fold jump in revenues at over Rs 2,000 crore in next five years as it gears up to provide an entire range of mobility solutions, including missile carrying vehicles, to the armed forces.

"In defence, we have got tremendous growth. We have won 13 out of the last 15 tenders..We are today a Rs 500 crore company in defence and in five years we should be well above Rs 2,000 crore," Ashok Leyland MD Vinod Dasari told PTI.

The price of petrol was hiked by 14 paise per litre and that of diesel by 10 paise a litre on Tuesday , following increase in commission paid to dealers.

Petrol will now cost Rs 64.72 a litre in Delhi from midnight on Tuesday as against Rs 64.58 per litre currently. Diesel will cost Rs 52.61 per litre up from Rs 52.51 a litre.

India’s second-largest telco Vodafone has announced its partnership with infrastructure firm GMR to create the country’s largest Wi-Fi hotspot at the Delhi international airport.

In a recent announcement made on Tuesday, the Vodafone said that high-speed Wi-Fi services will be made available at both terminals of the Indira Gandhi International (IGI) Airport in Delhi.

MUMBAI: Sebi has suggested the government to appoint at least one woman director on the regulator's board, in line with its own directions for listed companies' gender diversity on high-table under corporate governance norms.

The Securities and Exchange Board of India (Sebi) had issued guidelines in February 2015 asking companies to appoint at least one woman director on their boards.

Adding gains for the fourth day on the trot, the Sensex jumped over 143 points and the Nifty retook the 8,800 level in early trade amid foreign capital inflows driven by a higher growth projection for India by IMF. However, the 30-share Sensex and its 50-share counterpart soon gave up the gains and were trading slightly below the red line.

MUMBAI: The rupee edged higher by 7 paise to 66.52 against the dollar on Tuesday on increased selling of the American currency by exporters and banks ahead of RBI policy meet scheduled later in the day.

Forex dealers said a higher opening of the domestic equity market supported the rupee, but strength in the dollar against other currencies overseas backed by improving prospects of a US rate hike capped the gains.

Air India expects the 40-odd new airplanes it will induct over two years to help it regain the domestic market share it lost to private players.

The national carrier plans to order 10 Airbus 320s to increase capacity, in addition to the 30 it has ordered from the European plane maker. The airline plans to increase its fleet size by 30-40 in two to three years.

MUMBAI: The Sensex surged by over 159 points on Tuesday as interest-sensitive stocks took the centrestage ahead of RBI's announcement of its policy decision later in the day amid firm Asian cues.

The rupee gained more against the dollar, buoying the overall mood.

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