A special court set up in Hyderabad to try the Satyam Computer Services multi-crore accounting fraud case, today convicted former chairman B Ramalinga Raju and other nine accused following a seven-year trial.

The court will announce the quantum of punishment on Friday.

As regulators try to contain one of India's most spectacular investment scandals, dozens of smaller but similar schemes continue to mushroom, employing tactics similar to the ones that enriched the Sahara group and later brought it to its knees.

Sahara began as a scheme for small depositors, but it grew over decades with investment plans that critics say were designed to avoid regulatory scrutiny. At its height, it was one of India's biggest business empires, stretching from Formula One motor racing to New York's Plaza Hotel.

NEW DELHI: State-owned Oil and Natural Gas Corporation (ONGC) has reversed a seven-year decline in its crude oil production, showing a marginal increase in output in 2014-15, a top official said.

ONGC produced 22.263 million tons (MT) of crude oil during April 2014 to March 31, 2015, up from 22.247 MT in the previous fiscal, company Director (Offshore) Tapas Kumar Sengupta told PTI here.

NEW DELHI: Wipro 0.31 % Chairman Azim Premji was today conferred an award by industry body CII for his outstanding contribution to the Indian industry and society.

"Padma Vibhushan Azim Premji was conferred with the CII President's Award at the CII National Conference and Annual Session 2015," the industry body said.

Reliance Industries’ (RIL) most significant recent gas discovery, MJ-1, in KG-D6 block may hold 1.4 trillion cubic feet (tcf) of gas resources, roughly half of these in the block’s main gas fields.

Located about 2,000 metres below the producing D1-D3 field in the eastern offshore KG-D6 block, MJ-1 might hold contingent resource of between 0.988 tcf (low estimate) and 2 tcf (high estimate) of gas and condensate, according to the firm’s minority partner, Niko Resources of Canada. Niko cited an “independent resources evaluation report for the MJ discovery in the D6 block from Deloitte LLP” to state that the find could hold a best case estimate of 1.4 Tcf of gas and condensate.

KOLKATA: Coal India Ltd is betting big on coal auctions, while it looks to sell about 55 million tonnes (mt) of the dry fuel through this route in the current fiscal year.

For the state-run miner, auctions fetch the highest price among all sales channels and account for a sizeable chunk of profit. With coal stocks at power plants reaching 26 mt, the highest in several years, CIL can now offer coal to anyone through e-auction until last month, the company was to first offer coal to electricity utilities. The coal ministry has now allowed it to offer it to everyone, including power producers.

PM Narendra Modi launched the Rs 20,000 cr Micro Units Development Refinance Agency (MUDRA) Bank today and said , “the aim of the bank is to fund the unfunded small entrepreneurs and to strengthen savings habit in the country”.

Big industrial houses provide jobs to only 1.25 cr people, while small entrepreneurs employ 12 cr people. Prime Minister Narendra Modi.

Three leading banks of the country cut their lending rates on Tuesday, hours after Reserve Bank Governor Raghuram Rajan dismissed the argument of banks that their marginal cost of funds had not fallen despite two rate cuts by the central bank in the last four months as “nonsense”.

On a day when the RBI left its key policy rates unchanged and banks appeared reluctant to lower rates saying that their cost of funds had not fallen, it was some tough talking by Rajan which seemed to goad banks into action.

E-retailer Snapdeal said on Wednesday it bought online mobile recharge firm Freecharge for an undisclosed amount in a bid to boost its reach in the fast-growing mobile transactions business – deal is touted as the largest in online Internet space.

Snapdeal, backed by SoftBank Corp, competes with Flipkart and Amazon.com Inc’s India unit in the country’s online shopping market, which is expected to be worth $102 billion by 2020, according to Morgan Stanley.

Mumbai: Capital markets regulator Securities and Exchange Board of India (Sebi) on Wednesday said it is worried over state sponsored cyber attacks and has suggested creating a framework for protecting the securities market.

“We are worried over state sponsored cyber attacks. There are worries that the vulnerability in markets are increasing. We need to create a framework for future plan of action on securities market resilience,” Sebi chairman U. K. Sinha said here at Cyber Security and Resilience conference, organised by Sebi and the BSE.

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