NEW DELHI: State-owned ONGC will cut down expense on travel, advertisements and sponsorships as well as 5-star meetings as it initiates cost controls in response to revenues getting hit by slump in global oil prices.

With oil prices slumping to 12-year lows, Oil and Natural Gas Corp (ONGC) has begun cost controls as well as deferment of capital expenditure without adverse impact on operations.

MUMBAI: The race for the chairmanship of market regulator Securities and Exchange Board of India (Sebi) is going down to the wire. On Satuday, February 13, the government held a special meeting to consider a proposal by the finance ministry to reappoint the current chairman, UK Sinha, for a period of one year, said people aware of the unexpected development. This comes after one contender for the post left the field and a second may also exit.

The market benchmark BSE Sensex zoomed over 400 points to rise above 23,000-mark in early trade on Monday following widespread gains as investors widened their bets amid a firming trend in other Asian markets. However, caution prevailed in view of muted macroeconomic data.

The 30-share index, which gained 34.29 points in the previous session, added 404.23 points or 1.75% to 23,390.358 with all the sectoral indices led by metal, realty and oil and gas leading the gains.

The National Stock Exchange (NSE) is okay with listing on rival BSE if the exchange is required to make all mandatory information disclosures directly to the Securities and Exchange Board of India (SEBI) or another body.

“We can be listed anywhere, but disclosure of information should happen to the regulator or any other neutral body,” people close to the NSE told Business Standard. NSE has been unequivocal in its insistence on self-listing despite the disallowance of such an arrangement under existing SEBI norms.

Bank of Baroda (BoB) has soared 17% to Rs 134 on the BSE, its biggest intra-day gain since May 2015, after the bank has recognised all assets arising out of the Reserve Bank of India’s (RBI) asset quality review (AQR) in the December 2015 quarter (Q3FY16) itself, unlike most public sector banks who have spread it over Q3 and Q4.

The management view that no further issuance of equity capital is required in the foreseeable future and has also advised the Government of India that no further support by way of infusion of equity capital is required.

Shares of state-owned oil marketing companies (OMCs) – Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) – have rallied by up to 10% on the BSE in early morning trade after these companies reported a strong set of numbers for the quarter ended December 31, 2015 (Q3FY16).

All these companies posted a combined net profit of Rs 5,588 crore in Q3FY16 against net loss of Rs 2,411 crore in the same quarter last fiscal. It had reported an aggregate net profit of Rs 368 crore in September 2015 quarter.

In a bid to regain its status as the king of domestic skies and challenge IndiGo’s monopoly, Air India is planning to raise its capacity on domestic routes by using wide-bodied Boeing 787 Dreamliner planes. The carrier plans to use them in its high-capacity routes.

Simultaneously, the airline will fly the A320s between the Tier-2 and Tier-3 cities, which experts believe has huge potential due to the government’s stress on regional route expansion.

NEW DELHI: Gold prices on Friday zoomed by up to Rs 1,230, the biggest rise in a day this year, to multi-month high in major bullion markets of the country on continued buying by jewellers and retailers for ongoing wedding season amid overnight gains in global market.

At Chennai, gold prices climbed the most by Rs 1,230 to Rs 29,605 per 10 grams. Bullion markets were closed on Thursday following strike by Gem and Jewellery Trade Federation against the government's decision to make PAN card mandatory for transactions of Rs 2 lakh and above.

NeW DELHI: For the first time in NHAI's history, all stakeholders tasked with building and maintaining national highways, including officials, staff, road developers and consultants on Friday publicly pledged not to give or take any "inducement or obligation" from each other.

Top NHAI officials and senior executives of infrastructure majors, including GMR, IRB, GVK, Sapoorji Pallonji and Oriental Structural Engineers took this pledge on the occasion of NHAI's 21st foundation day.

Kicking off the ‘Make In India Week’, Prime Minister Narendra Modi on Saturday inaugurated the Make In India Centre at the MMRDA Grounds here along with Swedish Prime Minister Kjell Stefan Lofven and the Prime Minister of Finland, Juha Petri Sipila.

Revolving around the theme of innovation, design and sustainability, the Make In India Centre showcases some of the country’s most innovative and trendsetting products and manufacturing processes before the world for the first time after the global launch of the ‘Make In India’ initiative in September 2014.

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