The coal ministry is mulling reduction of Coal India’s production target for the next fiscal with the country likely to end FY16 with a stockpile of 90 million tonne — 55 MT at CIL’s pitheads and 35 MT inventory at power plants.

The ministry has set the target for CIL to produce 605 MT in FY 17. So with a pithead stock of 55 MT, the coal behemoth will have to make plans for selling 660 MT.

Russian government has approved ONGC Videsh Ltd's deal to buy 15% in the country's second biggest oil field of Vankor from Rosneft for $1.268 billion (nearly Rs 8648.57 crore) .

OVL, the overseas arm of the state explorer Oil and Natural Gas Corp (ONGC), had in September last year signed an agreement to buy 15% stake in Vankorneft, the developer of the Vankor oil and gas condensate field in Turukhansky district of Krasnoyak Territory in Russia.

GMR Infrastructure Limited and GMR Highways Limited have signed a share purchase agreement with joint venture partners to divest 51 per cent stake in GMR OSE Hungund Hospet Highways Private Limited (GOHHHPL).

GMR OSE operates the Hungund-Hospet section of National Highway No 13, which is a 99-kilometre (km) project in Karnataka, which was won by the GMR OSE consortium in 2010 on 'design, build, finance, operate, and transfer' basis.

With more leeway to fund projects and tax exemptions, L&T Infra Debt Fund (IDF), L&T Finance group's infrastructure refinancing arm, plans to raise up to Rs 2,750 crore through debentures.

The money raised via non-convertible debentures (NCDs) will be used to fund infra projects, including those in renewable energy sector (wind and solar). L&T Financial services group will also inject more equity in the subsidiary to support expanding asset base. L&T IDF's net worth was Rs 615 crore (including additional equity infusion in December 2015) and debt of Rs 775 crore.

Five regional rural banks (RRBs) in the Northeast under the sponsorship of State Bank of India (SBI) are to soon be merged.

The five RRBs are Arunachal Pradesh Rural Bank, Meghalaya Rural Bank, Mizoram Rural Bank, Nagaland Rural Bank and Langpi Dehangi Rural Bank (based in Assam), said a source close to the development.

The Indian economy is expected to grow at 7.2% in 2016-17, a tad lower than Central Statistics Office's advance estimates of 7.6% in the current fiscal due to weak investments and external headwinds, says BMI Research.

"We forecast India's real GDP growth to come in at 7.2% for FY17 from our estimate of 7.3% in FY16 and 7.2% in FY15," the research firm said in a statement.

New Delhi, March 23: Narendra Modi's project of appropriating political icons from the non-BJP political arena continues.

After extolling Bhagat Singh for two days, the Prime Minister paid homage to socialist stalwart Ram Manohar Lohia on his 106th birth anniversary today. "Remembering Dr Ram Manohar Lohia on his birth anniversary. A scholar & original thinker, he inspires people across party lines," Modi tweeted.

Mumbai: The Reserve Bank of India (RBI) gave bankers more flexibility in maintenance of liquidity coverage ratio (LCR) under Basel III by tweaking certain norms and allowing some corporate bonds to be included in the calculations.

In a circular on Wednesday, RBI said banks can include corporate bonds and commercial papers for reckoning level 2B high-quality liquidity assets (HQLA) provided these corporate papers have a long-term rating between “BBB–” and “A+” from a recognized credit rating agency, are traded frequently in the cash or repo markets and have a track record as a reliable source of liquidity even during stressed conditions.

New Delhi: The income tax department on Wednesday asked individual taxpayers to declare their income earned from interest on bank deposits in their tax returns in a bid to check tax evasion.

It has also asked taxpayers to file revised income-tax returns for the past two years to reflect this interest income.

New Delhi: The government plans to introduce five new labour bills in the second half of the budget session, resuming an effort to reform labour rules after a year’s hiatus, in a move likely to be resisted by opposition parties and unions.

These bills are the Industrial Relations Code Bill 2016, Wage Code Bill 2016, the Small Factories (Regulation of Employment and Conditions of Services) Bill, the Shops and Establishments (Amendment) Bill, and Employees Provident Fund and Miscellaneous Provisions (Amendment) Bill.

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