ONGC is facing a tough challenge to produce more oil and gas from its onshore fields, as the government-owned explorer is unlikely to meet its target from on-land fields in 2015-16.

Sources told FE that crude oil output from onshore fields of ONGC are likely to hover at 5.8 million tonne (MT) in FY16, 5% lower than the target for the year. Similarly, gas output from on-land fields are likely to touch 4.7 billion cubic metres (bcm), nearly 12% below the target of 5.36 bcm in the current fiscal year.

Mahindra & Mahindra (M&M) on Thursday announced its foray into the global combine harvester business by entering into a strategic partnership with Sampo Rosenlew, a combine harvester company based in Pori, Finland.

The Anand Mahindra led group acquired 35% equity in Sampo Rosenlew for 18 million euros. The deal is expected to close by April 2016.

National carrier Air India has suspended one of its senior commanders after he refused to operate the inaugural flight on Bhopal-Mumbai route at the last minute.

Following the incident, CMD of Air India, Ashwani Lohani said that they do not tolerate such indiscipline.

MUMBAI: State Bank of India and Bank of Baroda have taken the lead in setting lower lending rates based on the Marginal Cost Lending Rate system that will benefit millions of borrowers. However, those who have home loans may not get the benefits every quarter as rates may be reset once a year. But the flip side of it is that they wouldn't be hurt immediately whenever the rates go up either.

HDFC Bank is set to raise up to Rs 5,000 crore by way of infrastructure bonds. Rating agency CRISIL has assigned AAA/Stable rating to the bond issuance.

“The ratings on HDFC Bank’s debt instruments continue to reflect the bank’s established market position, healthy capitalisation supported by strong asset quality, comfortable resource profile, and robust earnings performance,” said a note from CRISIL.

The likely 17 percent cut in domestic natural gas prices to be announced by the government today would impact earnings of upstream players including the largest petroleum explorer Oil and Natural Gas Corporation (ONGC) and Oil India (OIL). But the cut in prices will shower significant savings on consumers in the user industries of power and fertilizer and the city gas consumers using Compressed Natural Gas (CNG) and Piped Natural Gas (PNG).

Infrastructure giant Larsen & Toubro (L&T) on Thursday said it has sold its entire 89% stake in L&T Infocity Ltd (LTIL) to Hyderabad-based Ace Urban Developers Ltd for Rs 191 crore.

L&T Infocity Ltd is an special purpose vehicle (SPV) formed by the infrastructure major in partnership with Andhra Pradesh Infrastructure Investment Corporation (APIIC) to develop IT infrastructure in the state.

Mumbai: The Indian rupee on Thursday strengthened for the fifth consecutive sessions against the dollar helped by continued interest from foreign institutional investors in the local equity market. The rupee has recouped most of its losses it saw earlier this year and was trading just 0.04% lower so far in calendar year 2016.

At 2.05pm, the home currency was trading at 66.17, up 0.32% from its previous close of 66.39. The rupee opened at 66.36 and touched a high of 66.17—a level last seen on 1 January.

Mumbai: State Bank of India (SBI), the country’s largest lender, on Thursday announced its marginal cost of funds-based lending rate (MCLR). The new rate setting structure, which asks banks to price loans based on the marginal cost of deposits rather than average cost, comes into effect from 1 April.

At SBI, the MCLR for loans upto one year maturity will be lower than its current base rate of 9.30% while those on two year and above maturity will be marginally above its base rate.

Defence and security company Saab and Hinduja group flagship Ashok Leyland (ALL) have joined hands to manufacture truck simulators in India under the ‘Make in India’ concept.

The two companies signed a teaming agreement at the end of 2015. The simulator is based in the original Ashok Leyland cabin with Saab simulation technology integrated with it, said a press statement in Chennai on Wednesday.

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