Payment solutions provider AGS Transact Technologies has received the Securities and Exchange Board of India (Sebi)'s approval to raise up to Rs 1,350 crore through an initial public offering (IPO). This is the company's second attempt to hit the capital market.

The firm had filed a draft red herring prospectus with Sebi through its lead merchant banker Axis Capital in March this year. Sebi issued its final observations on the draft offer documents on May 28, which is necessary for companies to launch any public offer.

Brazil's state-run Petroleo Brasileiro SA found new deposits of light oil in deep waters off the coast of the northern state of Sergipe.

Petrobras is operator of the field with 75 per cent stake. India's state-run Oil and Natural Gas Corp is partner with 25 per cent stake.

The number of proposals received and approved for manufacturing of electronics has seen a big jump over the past year.

According to data from the department of electronics and information technology, the January-March period has seen a 900 per cent jump over the same period last year in the value of investment approvals under the Modified Special Incentive Proposal Scheme (M-SIPS).

Reliance Industries' return on equity from the sale of its Eagle Ford (EFS) Midstream joint venture with Pioneer Natural Resources in the US is five times of what it invested in the asset. RIL's realisation from the sale was $1 billion. It had spent $46 million in acquiring the 49.9 per cent stake in EFS and invested another $208 million over the years.

Reliance and Pioneer announced the sale of their joint venture to Enterprise Product Partners (EPD) for $2.15 billion. In June 2010, RIL had invested in the US shale gas business, where it bought a 45 per cent stake in the Eagle Ford shale gas fields, owned by Pioneer, for $1.315 billion. As part of the deal, RIL received a 49.9 per cent stake in the venture. Reliance has invested $8.2 billion in three shale assets so far and investments in the Eagle Ford shale acreage (including Midstream) stand at $4.3 billion.

Mobile subscribers of state-run telecom firm Bharat Sanchar Nigam Limited (BSNL) will be able to avail free roaming services across India from June 15, minister for communications and information technology Ravi Shankar Prasad said while talking about the one-year achievements of his ministry. BSNL had a mobile subscriber base of 77.2 million at the end of March.

At present, BSNL earns about Rs 150 crore from roaming rates, BSNL chairman and managing director Anupam Shrivastava said. He said, though the roaming revenues will come down, the company expects new subscriber additions going forward because of the free roaming facility. The company operates across India except Delhi and Mumbai where its sister concern Mahanagar Telephone Nigam (MTNL) operates.

Shares of Tata Motors have gained over 1% to Rs 477 on the NSE after the company’s total commercial and passenger vehicles sales (including exports) rose 5% to 39,496 units in May 2015 over May 2014.

Sales of Tata Motors passenger vehicles rose 21% to 11,138 units in May 2015 over May 2014. The growth trend was driven by the cars segment, specifically the new launches of Zest and Bolt and with positive early response to the new GenX Nano, Tata Motors said.

Markets continue their sharp downfall weighed down by rate-sensitive stocks after the Reserve Bank of India (RBI) at its monetary policy review indicated that the further rate cuts depend on the monsoon and inflation data.

At 1:05 PM, the 30 share Sensex shed 375 points or 1.31%, to 27,483 levels while the Nifty 50 slipped below 8,350 to 8,309 levels, down by 125 points or 1.5%.

Bajaj Auto today reported a 2% decline in total sales in May at 3,45,438 units against 3,51,436 units in the same month last year.

Motorcycle sales during the month dropped 4% at 3,01,862 units as against 3,13,020 units in May last year, the company said in a BSE filing.

Oil and Natural Gas Corporation (ONGC) will explore four of its coal bed methane blocks on its own. This will require an investment of Rs 5,000 crore.

D K Sarraf, chairman and managing director, said, “We have decided to expedite development in our CBM blocks. CBM does not require technology or expert knowledge. We were in this business and our team is familiar with exploration plans”.

The ministry of finance has not accepted a proposal by Air India to treat Rs 4,300 crore of the government’s equity infusion into the airline as a grant or income so as to prop up the bottom line of the carrier. “The finance ministry hasn’t favourably considered the request from Air India,” a senior Air India official told FE.

FE had earlier reported that the Rs 4,300 crore equity received by Air India, as part of the government’s infusion in accordance to the Turn Around Plan (TAP), will be used to fund the interest cost. Therefore, Air India executives want to treat this equity infusion as an income in the airline’s balancesheet.

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