Government-owned explorers ONGC and Oil India face an additional royalty burden of more than $1 billion after the Narendra Modi government decided that they would have to pay royalty to crude oil-producing states such as Assam, Gujarat, Andhra Pradesh, Rajasthan and Tamil Nadu at ‘pre-discount’ rates.

“It has been decided that ONGC and Oil India will pay royalty to all similarly placed crude oil-producing states at pre-discount prices effective February 1, 2014, pending the outcome of the special leave appeal filed by ONGC before the Supreme Court,” said a petroleum ministry order dated July 15.

NEW DELHI: State-owned BSE -0.86 % has achieved savings of approximately 30 paise per unit - approximately Rs 550 crore per month - on account of coal rationalisation and reduction in imports of fossil fuel, Parliament was informed today.

"NTPC has achieved saving of approximately 30 paise per unit (approximately Rs 550 crore/month) due to rationalisation of coal linkage and reduction of imports," Power and Coal Minister Piyush Goyal informed the Rajya Sabha.

Shares of Reliance Industries on Monday rose by nearly 3% after the company reported a bigger-than-expected 18% jump in June quarter profit.

After a positive opening, shares of the company went up further by 2.61% to Rs 1,039 on BSE.

Mumbai: In a rare instance, the Securities and Exchange Board of India (Sebi) is at the receiving end of a penalty from the Securities Appellate Tribunal (SAT).

In an order in the matter of Adventz Finance Pvt. Ltd, SAT imposed a cost of Rs.1 lakh on Sebi for delay in passing a final order. In an earlier order on 6 May, SAT had directed Sebi to pass a final order in the matter by 24 June.

The problems for erstwhile business tycoon and owner of now defunct Kingfisher Airlines Vijay Mallya just got aggravated when the Andheri Metropolitan Magistrate’s Court issued a non bailable warrant against him on Saturday in a case of cheque dishonor filed by Airport Authority of India (AAI).

This comes as a consequence of an earlier direction by the Metropolitan Magistrate’s Court in May when it had asked Mallya to be present in the next hearing which was today.

The combined profit of the top five public sector banks (PSBs) and top three private sector banks is expected to have fallen by 22.9% (Y-o-Y) to Rs 10,882 crore in the first quarter of the current fiscal, aggregate estimates by three leading brokerages indicate.

Estimates by HSBC Global Research, Kotak Institutional Equities and Motilal Oswal suggest that the primary reason behind this decline would be the combined profits of the five PSBs – State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB), Union Bank of India (UBI) and Canara Bank – dropping by almost 50% from their corresponding figures in the same quarter last year.

Petrol price was cut by Rs 2.25 a litre and diesel by Rs 42 paise a litre on Friday, the second reduction in rates this month on global cues.

Petrol will cost Rs 62.51 a litre in Delhi from Friday midnight as compared to Rs 64.76 per litre currently, said Indian Oil Corp, the nation's largest fuel retailer. Similarly, diesel will cost Rs 54.28 per litre as against Rs 54.70 currently.

Former Reserve Bank Governor Duvvuri Subbarao has credited his successor Raghuram Rajan's "formidable reputation" for bringing sanity to the forex market when the rupee had lost nearly 25% amid 'taper tantrums' in the summer of 2013.

Indian stocks declined for the first time this week as the quarterly results of the nation’s second-biggest software exporter disappointed investors.

Infosys Ltd tumbled the most since April 2013 after paring its annual sales outlook. Tata Consultancy Services Ltd (TCS), Asia’s largest technology exporter, decreased the most in five months.

NEW DELHI: Idea Cellular, the country's third largest telecom operator by subscribers, has slashed mobile internet rates for its prepaid customers by up to 45 per cent in what is seen as a bid to attract and retain users ahead of Reliance Jio Infocomm's impending launch.

Idea Cellular, which serves over 175 million subscribers, on Friday said its 4G, 3G and 2G users will now get up to 45 per cent more data benefits on sachet packs below 1 GB.

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