The benchmark BSE Sensex opened in the red, down from the over two-week high it hit on Thursday.

The 30-share Sensex was trading at 28,759.51, down 13.62 or 0.05% lower from Thusday's close of 28,773.13.

State-run Bharat Petroleum Corporation Ltd (BPCL) plans an initial public offering (IPO) for its Bina refinery joint venture (JV) company in the next financial year, top company official said.

The company also plans to start full operations of its expanded Kochi refinery project in the fourth quarter of the current financial year.

Rerouting of production, decline in some foreign markets and change of strategy have led to a fall in the share of the top passenger vehicle (PV) exporters of the country.

The share of Hyundai, Maruti Suzuki and Nissan, the top three carmakers who control 86 per cent of PV exports, have collectively seen their share fall by a third to 53 per cent during the last three years.

As it looks to take on private mobile operators, including Reliance Jio, in the 4G services market, state-run Bharat Sanchar Nigam (BSNL) plans to secure 5 MHz spectrum in the premium 700-MHz band across the country.

The operator has already written to the government, expressing its interest in the 700-MHz band and may require financial support for the same. “We have to buy 700-MHz because we don’t have other options,” said Anupam Shrivastava, chairman and managing director, BSNL.

MUMBAI: Market benchmark Sensex rebounded by 266 points on Thursday to close at over two-week high of 28,773.13 and the NSE Nifty went past the 8,800-mark, tracking upbeat global cues after the US Federal Reserve left rates unchanged.

Moreover, trading sentiment got a boost after the current account deficit (CAD) narrowed sharply to just USD 300 million, or 0.1 per cent of GDP in the June quarter, driven by lower trade deficit on deeper import contraction.

Mumbai: The first gas output from Mozambique’s Rovuma basin will take longer to be produced than anticipated. Bharat PetroResources Ltd (BPRL), the upstream arm of state-owned Bharat Petroleum Corp. Ltd (BPCL), said the gas will now be produced in 2020-21 instead of year 2019.

Capital expenditure for the basin is undergoing revision, thanks to the drop in crude oil prices and a subsequent drop in exploration service costs. The previously projected capital expenditure for the project was at $21 billion.

New Delhi: Air India Ltd has objected to an advertising campaign by rival IndiGo airline at the Mumbai airport and has asked the airport authorities to take it down.

Air India had recently placed billboards at Mumbai airport including where IndiGo passengers check in that said: Wish you a comfortable flight. Next time fly Air India and feel the difference. The billboard talked about more leg space, hot meals and extra baggage space that the airline provides.

The integration of IT backbone, a key component in the merger of State Bank of India (SBI) with six other smaller banks, will be completed by the end of this December — well before the March 31, 2017, target for full-fledged amalgamation, a top official has said.

“We have already started the IT integration with our five associate banks and Bharatiya Mahila Bank. We are in readiness. This will get over by the end of the current year,” said SBI Chief Information Officer and Deputy Managing Director D. Mrutyunjay Mahapatra.

Google has extended its support to the Maharashtra government to make Mumbai a ‘Wifi city’.

“A team of Google led by Vinay Goel met Chief Minister Devendra Fadnavis in San Francisco and extended their support to make Mumbai a Wifi city,” a statement from Chief Minister’s office said.

Going ahead with its plan of setting up of around Rs 10,000 crore power plant in Odisha, CIL arm Mahanadi Coalfields has approached the environment ministry to seek green clearance for the 1,600 mw coal-based thermal plant.

“Towards gainful utilisation of coal deposits in Basundhara area, Sundergarh district of Odisha…company (Mahanadi Coalfields Ltd) has envisaged coal-based thermal power plant of 1600 (2×800) mw with super-critical technology,” CIL (Coal India) arm said in its annual report.

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