Oil and Natural Gas Corporation's (ONGC) buyout of 15% stake in Vankorneft Oil project in Russia has received a thumbs up from most analysts as there are clear benefits. For one, the deal will enable ONGC Videsh (OVL), ONGC's overseas subsidiary, to source 66,000 barrels of oil from Vankorneft daily or about 3 million tonnes of oil annually, from the word go. Vankorneft is a subsidiary of Russian oil giant Rosneft. Analysts believe output from this project could provide about one-third of OVL's production and say, the deal valuations at an estimated $1.27 billion and $1.35 billion are also inexpensive.

Over one crore broadband users of BSNL will be able to surf internet at a minimum speed of 2 mega bit per second as against existing speed of 512 kilo bit per second at the same cost.

Communications Minister Ravi Shankar Prasad launched the services in Gurgaon today. BSNL chairman Anupam Srivastava said, "we have increased the internet speed four times. We have ensured 2 mbps is available at the last mile, which is the customer premises."

MUMBAI: Market regulator Sebi has started inspecting the books of the troubled JPMorgan Mutual Fund and is also looking into its processes to see what went wrong with two of the fund house's schemes - JPMorgan India Treasury Fund and JPMorgan India Short Term Income Fund. Late on August 28, the fund house restricted redemption in these two schemes to just 1% of its total outstanding units, but had given selective exits to three large corporate investors.

Mumbai: One of state-run Air India Ltd’s pilot unions on Wednesday has extended the date to conduct a secret ballot on whether to declare a strike or not.

The Indian Commercial Pilots’ Association (ICPA) had told its members that “the central executive committee is of the strong judgement to declare strike”, adding that “a secret ballot is called for this purpose from 31 August to 6 September for a mandate as the Constitution of ICPA”.

Micromax owned YU Televentures has launched a portable compact pocket sized photo printer called the YUPIX.

According to the company, YUPIX uses Dye Sublimation technology which prints 2.1 x 3.4 inch sized digital photos at a resolution of 291 dpi in 60 seconds. The printer weighs 273 grams, has a 750mAh battery, is compatible with both Android and iOS devices and has an image transfer speed 10 times faster due to the inbuilt Wi-Fi and NFC connectivity. The user needs to install the YUPIX app, post which he/she can edit and print photographs without the help of a computer, as reported by Firstpost.

MUMBAI: India's largest car maker Maruti Suzuki is planning a major overhaul of its bestsellers - Swift and Swift Dzire, in an altogether new avatar. In its new generation both Swift and Dzire will get an all new body and a new engine at the heart.

Apart from Swift, Dzire, Ertiga too will get a mid-cycle facelift with new engine options.

KOLKATA: ITC plans to offer its distribution network, covering all parts of the country through some 4.3 million shops, to startups and smaller FMCG companies that want to go national for a fee to create a new revenue stream, two senior industry officials aware of the development said. The tobacco-FMCG-hospitality major is even open to the idea of acquiring stake in some of these smaller companies, they said.

"The way ITC has a packaging business where it does packaging for rival FMCG brands apart from its own, it also wants to monetise its distribution network," one of them said.

The benchmark BSE Sensex gained over 148 points and the NSE Nifty regained the 7,700-mark in early trade on Monday on value-buying by investors in select blue-chips.

Besides, covering-up of short positions by speculators supported the recovery, brokers said.

Just three years after India's power sector faced a fuel crisis, the domestic coal availability at thermal power plants has reached an all-time high. However, this is unlikely to translate into equivalent power availability, given that the country's power distribution companies are suffering heavy losses.

The average coal availability at power stations in September has been at a record stock of 23 days. Coal India Ltd's (CIL's) production achievement in August stood at 96 per cent, while India's coal imports in July declined 19 per cent from a year ago to 19.3 million tonnes.

In the era of increased online shopping, a study conducted by the Indian Instituteof Management-Ahmedabad (IIM-A) has stressed on a need for a separate law for e-commerce with a view to protect rights of web consumers in India.

"To effectively protect a consumer buying goods or services through e-commerce would need a separate law, as other countries have," said the study conducted by IIM Ahmedabad.

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