The government has waived customs duty on import of goods for producing oil and gas from 69 idle fields of state-owned ONGC and Oil India Ltd that will be auctioned this year. In a notification, the revenue department said ‘nil’ customs duty will apply to goods imported “in connection with petroleum operations undertaken under specified contracts under the Marginal Field Policy (MFP)”.

The Union Cabinet had on September 2 last year approved MFP to bring idle fields of ONGC and OIL to production at the earliest so as to augment domestic production of oil and gas.

United Breweries Holdings said on Friday that ICICI Bank had unilaterally bought 1.96 million shares amounting to Rs 186 crore of its holding in United Breweries (UB), which it had pledged with the bank.

The firm said it had given non-disposal undertaking in favour of ICICI Bank with respect to the shares it owned in United Breweries. The undertaking was given only as a top-up to secure the company’s obligation to repurchase the loan provided by ICICI to Kingfisher Airlines, the firm said. ICICI had bought the shares on Wednesday.

Wipro Ltd has named B.M. Bhanumurthy as its chief operating officer (COO), after elevating Abid Ali Neemuchwala as chief executive on 4 January, an executive familiar with the development said.

Also, as part of the latest restructuring, executive vice-chairman T.K. Kurien will oversee Wipro’s two most strategically-important business units—Wipro Digital and Business Outcome Services (BOS)—for a few months, after which Neemuchwala will take complete control of the Bengaluru-based company.

Buoyed by positive global cues and sustained buying by jewellers at domestic spot markets, gold continued its rising streak for a fifth straight day its longest winning run in over a year — and edged up by Rs 20 to Rs 26,350 per ten grams at the bullion market today.

Silver too maintained its upward journey and recorded a rise of Rs 100 to Rs 34,100 per kg on increased offtake by industrial units and coin-makers.

Oil prices rebounded from 12-year lows in Asia today but the China-triggered global stock market turmoil and crude oversupply kept investors on edge.

The plunge in Chinese stocks is raising further concerns about the country’s economic growth slowdown and its impact on oil demand. China is the world’s second biggest economy and top energy consuming nation.

Azim Premji, who donated Rs 27,514 crore for education is the "Most Generous Indian" for the third year running followed by Nandan Nilekani and Narayana Murthy in the second and third place, respectively.

As per the Hurun India Philanthropy List, which is a ranking of the most generous individuals from India, 70-year-old Azim Hashim Premji was named as the most generous Indian after he donated Rs 27,514 crore for education.

Air India will introduce daily flight services from Dubai to Kochi from January 11, adhering to the long-pending demand of Indians living in Dubai, the company said.

"Air India will be operating Dubai-Kochi-Dubai sector with brand new A320 aircraft with a cap of 180 seats," said Melwin D'Silva, Regional Manager Gulf, Middle East and Africa of Air India.

Shares of Reliance Industries (RIL) have moved higher by 2% at Rs 1,032, bouncing back 3% from intra-day low of Rs 1,000 on the BSE, after block deals aggregating over Rs 600 crore executed in the counter.

About 6.06 million equity shares representing 0.19% of total equity of RIL changed hands at 11:15 a.m., the BSE data shows.

The rupee recovered from its three-week low by surging 30 paise to 66.63 against the US dollar in early trade at the Interbank Foreign Exchange on fresh selling of the American currency by exporters and banks.

Forex dealers said a strong opening in domestic equity markets too supported the rupee, but dollar's strength against other currencies overseas capped the gains.

The BJP legislature party will meet today to decide on the issue of extending support to PDP president Mehbooba Mufti as Chief Minister of Jammu and Kashmir following the death of incumbent Mufti Mohammad Sayeed.

"We are meeting today. A decision on this issue will be conveyed to you later today," BJP state president Sat Sharma said.

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