Reliance Industries and its partner Canada's Niko Resources may face an over $1 billion penalty over its dispute with ONGC for the usage of the latter's natural gas.

According to a report in The Financial Express, the Directorate General of Hydrocarbons calculated the penalty, which arrived at over $1 billion, after considering the account capital and operational expenditures undertaken by RIL to take out the gas that had migrated to its basin.

Country's largest car maker Maruti Suzuki today reported a low single digit domestic growth of 2.2 per cent in October, the last month of festive season. The company said production in October was impacted by fewer production days due to holidays.

Domestic sales stood at 123,764 units last month. Domestic volume in seven months ending October grew 10.5 percent to 750,026 units. Total October volume including exports declined 0.3 per cent to 133,793 units. Total volume in seven month period grew 8.7 per cent to 828,883 units.

New Delhi: From Prime Minister Narendra Modi to eminent sports personalities, the country was wholesome in its praise for the Indian hockey team after it clinched the Asian Champions Trophy by beating arch-rivals Pakistan in the finals at Kuantan, Malaysia on Sunday.

New Delhi: From Prime Minister Narendra Modi to eminent sports personalities, the country was wholesome in its praise for the Indian hockey team after it clinched the Asian Champions Trophy by beating arch-rivals Pakistan in the finals at Kuantan, Malaysia on Sunday.

Mumbai: Raghuram Rajan might be gone, but Big Daddy still reigns supreme in India’s currency market.

Big Daddy? That’s how traders in Mumbai refer to the central bank when it intervenes to curb rupee swings, a strategy used by former Governor Rajan that’s seen volatility dwindle to the lowest level among emerging-market currencies after the Chinese yuan and pegged Hong Kong dollar.

Facebook will bring its marketplace to India based on success of its pilot in the US and three other countries as it looks to disrupt the online classifieds market in the country.

"It is currently being tested in US (and other countries). A specific model will be formed that is focused on the way business and consumers in India work and (this) will be implemented. The marketplace model makes discovery of products and business much more efficient," said Esme Lean, lead SME India, Facebook in a telephonic interview. She did not specify a time frame for the India launch.

India’s Tata group of companies, which sells everything from salt to software, is known for being, well, old-fashioned. Genteel, even. It tries very hard to avoid any sort of controversy. That’s why the sudden removal of the group’s young chairman, Cyrus Mistry, and his replacement by his predecessor, Ratan Tata, is particularly startling. Apparently, not even Tata Sons Ltd, the oldest of Indian old-money concerns, is immune from a very Indian problem: mismanaging succession.

Mumbai: Country’s largest lender State Bank of India on Saturday said it will issue equity shares on preferential basis to the government for capital infusion of Rs5,681 crore.

Pursuant to the in-principle approval from government, the central board of directors of the bank on Saturday decided to offer and issue shares to the government, SBI said in a BSE filing.

New Delhi: State-owned Punjab National Bank on Saturday said it plans to raise Rs6,000 crore in tranches from bonds to fund business expansion.

The board will be considering issuance of Basel III compliant debt instruments — Perpetual Additional Tier I capital bonds worth Rs3,000 crore and Tier-II bonds of up to Rs3,000 crore, PNB said in a regulatory filing to stock exchanges.

YES Bank has tied up with ToneTag, a company that uses sound waves to allow data transfer, thereby letting users make payments even when they are offline.

YES Bank and the "proximity communication company" ToneTag, have tied hands to allow for "sound-based contactless payments on the YES Pay mobile wallet, a statement said.

Indian equity, forex, money and commodity markets will remain closed today on account of Diwali Balipratipada.

On Sunday, markets ended the customary 'Muhurat' trading session to usher in the new year Samvat 2073 on a negative bias with the broader markets outperforming the benchmark indices.

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