Nearly a year after the Amtek Auto crisis hit two schemes of JPMorgan Asset Management Company, the Securities and Exchange Board of India (Sebi) has said fund houses can't restrict investors' redemption requests till Rs 2 lakh. The markets regulator has permitted fund houses a partial restriction on redemptions in only emergency situations, meaning those which could lead to a systemic crisis. In a circular issued on Tuesday, it said recent instances of restrictions on redemption had necessitated a relook at the issue.

Running out of funds with each passing day, state-owned Gujarat State Petroleum Corporation Ltd (GSPC) is eyeing the Krishna Godavari (KG) basin majority stake sale to Oil and Natural Gas Corporation (ONGC) for its revival and future expansion.

The two are in talks for a probable majority stake sale in the Deen Dayal West (DDW) gas block, which is currently under trial production and has been conducting clean up through the hydro fracturing technology at the ultra-deep high pressure/high temperature (HPHT) block.

MUMBAI: Extending their gains for the sixth consecutive session, the benchmark Sensex advanced nearly 112 points and the NSE nifty reclaimed the 8,200-mark in early trade on Tuesday on sustained buying by investors and funds amid a firming trend on Asian bourses.

The 30-share barometer rose 111.60 points, or 0.41 per cent, to 26,837.20. The gauge had gained 1,495.24 points in the previous five sessions.

Mumbai: GMR Infrastructure Ltd on Tuesday reported a wider-than-expected loss for the fourth quarter ended 31 March, sending its shares down as much as 5.3%.

Consolidated net loss in the fourth quarter widened to Rs.953.50 crore from Rs.891.90 crore a year earlier, hurt in part by total expenses, which rose 26.5% to Rs.3,350.36 crore. Net sales rose 29% to Rs.3,708.37 crore from Rs.2,872.01 crore in the year earlier quarter.

The National Highways Authority of India (NHAI) has picked builders for four-laning the Bhavnagar-Somnath national highway stretch in Gujarat at a cost of Rs.2,640 crore.

The road connects religious and tourist places such as the Island of Diu, Somnath Temple, Gir National Park, Porbandar and Dwarka, NHAI said in a statement on Monday.

Reliance Industries has sold its stake in African fuel retailer GAPCO to Total SA of France for an undisclosed sum.

Total, which is already a leading retailer of petroleum products in Africa, will acquire Gulf Africa Petroleum Corporation’s (GAPCO) assets in Kenya, Uganda and Tanzania, sources said.

NEW DELHI: ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC) has signed a pact with the trading arm of Azerbaijan's state energy company SOCAR to foray into oil trading.

To begin with, OVL's share of oil from the Azeri, Chirag and Guneshli (ACG) group of fields in Azerbaijan will be traded through the new venture.

L&T Hydrocarbon Engineering (LTHE), a wholly-owned subsidiary of Larsen & Toubro (L&T), has joined hands with the US-based engineering and construction company Parsons to provide engineering and design solutions for onshore and offshore projects across the hydrocarbon, fertiliser, chemicals, and modular plant sectors.

“LTHEs’ broad range of offerings across the hydrocarbon spectrum coupled with Parsons’ strong program management capabilities in the Americas will provide a compelling value proposition to our customers,” said Subramanian Sarma, CEO & MD of LTHE.

Realty major DLF on Tuesday said it has entered into an amended agreement to sell its 32 screens of DT cinemas to multiplex operator PVR at a revised consideration of Rs 433 crore.

DLF operates the multiplex arm DT cinemas and exhibition business under its subsidiary DLF Utilities.

Reliance Communications has slipped 2% to quote at Rs 48 on the BSE after the company posted a 22% drop in the March quarter net profit owing to lower revenue from voice and data services.

Meanwhile, the company reported a net profit of Rs 1.77 billion ($26.36 million) for its financial fourth quarter to March 31, as against Rs 2.28 billion in the previous year. The total income from operations declined 1.3% to Rs 56.17 billion.

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