ONGC and other state-run explorers may have to pay about Rs 10,900 crore in fuel subsidy after Finance Ministry has agreed to provide only Rs 5,085 crore in cash subsidy for the December quarter.

Out of the Rs 15,981 crore of revenue losses fuel retailers incurred on selling LPG and kerosene at government-controlled rates in October-December, the Finance Ministry has agreed to make good only less than one-third or Rs 5,085 crore by way of cash subsidy, sources said.

L&T Infotech, the IT services and solutions arm of the EPC major, is looking at revenues of over $1 billion in FY16 before it comes with its IPO in mid-2016.

(We are) working on strategies for revenues to cross $1 billion and go for IPO in mid 2016, its chief operating officer Chandrashekar Kakal told PTI

Markets firmed up in late trades with the Sensex rising over 200 points led by pharma and capital goods majors.

At 15:10PM, the Sensex was up 236 points at 28,770 and the 50-share Nifty was up 78 points at 8,706.

Markets continued to trade flat in late noon trades on Thursday as losses in index heavyweights ITC and Reliance Industries capped upside gains.

ICICI Bank today said it has acquired 32 million shares or 15.31% of the total diluted capital of Deccan Chronical Holdings Limited (DCHL), taking its total stake in the company to 24.90%.

The bank, which is in a legal tussle with the media firm to recover its Rs 490-crore loan, said it has not taken into account the equity allotment by DCHL to Srei Infrastructure Finance as it was done in breach of a court order.

State Bank of India (SBI), the country's largest lender by assets, is likely to raise close to Rs 12,000 crore of capital by issuing fresh shares to investors.

The public sector bank appointed nine arrangers for the issue. Sectoral sources claimed Bank of America will be the "international marketing coordinator" for the share sale programme along with Citigroup, Goldman Sachs and Barclays. ICICI Securities, Axis Bank, JM Financial, Kotak Mahindra Bank and SBI Capital Markets will also manage the transaction.

Officials at Securities and Exchange Board of India (Sebi), seeking redress for millions of investors it says were burnt in conglomerate Sahara’s illegal bond scheme, say the group might not wholly own some of the properties in India it listed as proof of its ability to repay the savers.

An official and a separate source with direct knowledge of the situation said Sebi had been checking an affidavit filed by Sahara detailing property assets, as time runs out for the group to post $1.6 billion in bail to free its jailed founder.

The petroleum ministry is planning to ask Reliance Industries (RIL) to withdraw its latest notice of arbitration, served on January 14, challenging the ministry’s decision to take away 81 per cent of the area of the Andhra offshore KG-D6 block.

The ministry is likely to take the stand that its October 2013 order of relinquishment is in line with provisions of the Production Sharing Contract (PSC), and there is no merit in the notice of arbitration, according to sources.

It could well be one of the biggest selfies clicked, with more than 1,600 waving to the drone flying across the conference room of the annual 23rd Nasscom Leadership Forum (NLF) in Mumbai on Wednesday.

The 2015 NLF saw one of the highest numbers of delegates registering for the event in two years. The NLF has more than 1,600 delegates from 30 countries, up from 1,400 in 2014 and 1,300 in 2013.

At a time when fast-moving consumer goods companies are warming up to the concept of online commerce, ITC, the cigarettes to FMCG major, is keeping faith with modern trade to achieve a target of Rs 100,000 crore annual revenue from its non-cigarette business over the next 15 years.

Its total revenue was Rs 3,320 crore in 2013-14. Of this, Rs 800 crore came from the non-cigarette business.

Infosys Chief Executive Officer and Managing Director Vishal Sikka on Wednesday confirmed it made its first investment in the start-up space by putting $15 million (close to Rs 94 crore) in a spin-off of DreamWorks Animation.

This is Infosys’s first investment from $500 million innovation fund it had set up last year.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.