Sudan is holding up extending ONGC Videsh's licence over an oil field as the government seeks higher royalties, tax and profit petroleum even as it delays paying nearly $300 million in oil dues.

The licence for Block 2B expired last week and an automatic 5-year extension is available, but Sudan, whose revenues have been hit with a drop in oil prices, wants higher taxes and royalties before it agrees to the same, officials said.

Tamil Nadu Chief Minister J Jayalalithaa is dead, according to news agency PTI. This was announced early Monday morning after her health deteriorated on Sunday night. She was 68. A statement from Apollo Hospitals had said yesterday that the CM suffered a cardiac arrest and medical specialists from UK and Delhi were being consulted to ensure the best possible care in the treatment was taken.

Mumbai: Bouncing back at the fag end of a volatile trade, the Sensex on Monday broke its two-day falling spell by closing over 118 points at 26,349 as bets went up in anticipation of a rate cut at RBI policy review due on Wednesday. Shares of auto and metal sectors did much of the rescue job for the market benchmark. Also, the NSE Nifty rescaled the key 8,100 mark. The 30-share Sensex after shuttling between 26,390.80 and 26,125.35 while it settled 118.44 points or 0.45% higher at 26,349.10.

State-owned Oil and Natural Gas Corp (ONGC) will in 2019 begin producing oil from the Ratna and R-Series oilfield in Mumbai offshore, which it won back after the government cancelled award to Essar Oil.

"We are working on a development plan and investment approvals will be sought in a month's time," ONGC Director (Offshore) Tapas Kumar Sengupta told PTI here.

Mumbai: Paytm, the digital wallet owned by One97 Communications Ltd, will be part of Paytm Payments Bank Ltd, in which Vijay Shekhar Sharma, founder of Paytm and recipient of a payments bank licence, holds a 51% stake.

“As per the directions of the Reserve Bank of India (RBI), the company would transfer its wallet business to the newly incorporated Paytm Payments Bank Ltd after receipt of necessary approvals,” the company said in a statement on Monday.

What began as an experiment is emerging as a mainstream logistic option for India’s second-largest car manufacturer Hyundai Motor India (HMIL), precipitated by the Centre’s demonetisation move. The Korean chaebol has said it will use the coastal shipping route to overcome the challenges of truck availability, delays in transit time and uncertainity of road operations.Hyundai has decided to utilise coastal shipping a third time in 2016 with a cargo of 2,500 units to be shipped to Gujarat, NCR and Mumbai on Monday from Kamarajar Port at Ennore near here through Sical Logistics — the only operator so far to test waters through the shipping route as mooted by the Union government.

Odisha attracted investment proposals worth R2,03,235 crore at the two-day Make in Odisha conclave, chief minister Naveen Patnaik said, as the state seeks to cash in on its huge mineral reserves while attempting to reach out to companies in other sectors as well.

The proposed investments have the potential to create 1,40,000 jobs in the state, Patnaik said at the concluding ceremony of the conclave, organised by the state and the department of industrial policy and promotion (DIPP). NTPC, SAIL, Tata Steel, Indian Oil, Adani Group, JSPL, Paradeep Phosphates and Mahanadi Coalfields are among the major investors.

NEW DELHI: Crediting demonetisation for the biggest push towards digital banking, SBI on Monday said it envisions the entire range of banking services going digital over the next few years.

"Demonetisation is the biggest push. The biggest beneficiary is digital banking," State Bank of India MD Rajnish Kumar said at the two-day Inclusive Finance India Summit here.

MUMBAI: In addition to asking industry unit heads to run their business with separate profit and loss statements, Infosys is working on making its horizontal delivery heads operate under a P&L structure as well, as it looks to boost growth.

In the next two quarters, the company is putting in place the strategy so the new P&L structure can begin to operate from the next financial year.

NEW DELHI: Tata Motors snatched a small lead over Mahindra & Mahindra as the third-largest passenger vehicle seller in India, in November, on the back of Tiago sales.

According to sales data received from industry sources, Tata Motors sold 12,736 units in November compared with 12,707 units sold by Mahindra & Mahindra in the same period.

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