A consortium led by state-run Indian Oil Corp (IOC) oil companies IOC, BPCL and OIL signed an agreement on Friday to buy 23.9 per cent stake in Russia’s Vankor oil field from Rosneft for $2.1 billion, IOC said in a statement.

The agreement between IOC, Oil India and Bharat PetroResources, a subsidiary of Bharat Petroleum Corp Aand state-run Rosneft was signed on Friday in St.Petersburg, being visited by India’s Petroleum Minister Dharmendra Pradhan at the head of a delegation to the St.

Domestic equity indices BSE Sensex and NSE Nifty ended the week flat amid significant global events such as US Fed meet and Bank of Japan monetary policy review. Investors also remained cautious ahead of June 23 referendum over Britain exit from the European union next week.

The 30-share index fell marginally 9.84 points to 26,625.91 on June 17 from 26,635.75 on June 10. However, the 50-share index closed unchanged at 8,170.

The Securities and Exchange Board of India (Sebi) has proposed further relaxations to the real estate investment trusts (Reits) regulations, to attract real estate developers towards launching these instruments. Sebi also proposed a framework to help offshore fund managers relocate to India.

The decisions were taken at its board meeting on Friday. The board approved removing restriction on the Special Purpose Vehicle (SPV) to invest in other SPVs holding assets. It also allowed a Reit to invest up to 20 per cent in under-construction projects.

Amid demands from shareholders for bonus shares from Tata Group’s crown jewel, Tata Consultancy Services (TCS), Chairman Cyrus Mistry on Friday saw one investor asking for ‘sikkas’ — a play on rival Infosys’ chief Vishal Sikka.

Mistry, who brushed aside concerns that a “lot of volatility” prevailing in world markets could impact TCS, replied with a smile to each suggestion from shareholders at the company’s annual general meeting, but gave only the customary answer — the board will consider.

Reliance Industries (RIL) has sought a probe on reports that the company was a target of illegal phone-tapping along with some government officials a decade ago.

The Indian Express on Friday reported the Essar group had allegedly tapped phones of top RIL officials, various government officials and ministers between 2001 and 2006.

Axis Bank, India’s largest private sector bank, plans to open 400 new branches in financial year 2016-17.

“Of the branches targeted for the year (financial), efforts are on to open 100 in the current quarter of the fiscal,” Sanjay Silas, Axis Bank’s branch banking head, said. The bank would be eyeing the upcoming smart cities as its potential area.

Public sector power generator NTPC has made a saving of Rs 446 crore in energy bill in April this year despite recent increase in Clean Energy Cess on coal.

"In spite of recent increase in Clean Energy Cess on coal, a saving of Rs 446 crore has been made in monthly billing of equivalent quantity of energy supplied in the month of April 2016 as compared to that of last year," NTPC said in a statement.

MUMBAI: BSE Sensex staged a sharp recovery of 189 points to 26,714.26 in early trade on Friday as fresh buying by investors led to widespread gains, driven by lower current account deficit and trade gap for last fiscal.

Besides, a firming trend in other Asian markets, tracking a rebound on the US bourses, too buoyed sentiments, brokers said.

NEW DELHI: Mahindra has introduced its 1.99-litre motor with a 6-speed automatic transmission. The same engine was launched earlier this year to get around the diesel ban in the NCR (National Capital Region). The homegrown manufacturer introduced the motor with the manual transmission only in the XUV500 and the Scorpio. However, the automatic transmission is not introduced in the Scorpio, but it too is expected to feature the gearbox in the near future.

ITC Ltd, using its wide distribution network, is working on two sales strategies with an aim to expand its packaged food business.

In a bid to widen its product offerings in the mass-market segment, the tobacco-to-hotels conglomerate is launching products that are relevant to a particular town, state or community with a potential to grow it nationwide over time.

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