NEW DELHI: The oil ministry has found as legally and contractually untenable Reliance Industries' notice for arbitration - fifth in a series - against an October 2013 order taking away 81% area of the Andhra offshore KG-D6 block, including several discoveries estimated to hold a trillion cubic feet of gas.

Snapping a seven-day losing streak, the benchmark BSE Sensex today rose over 128 points on value-based buying in auto, banking and metal shares on a day when the Bharatiya Janata Party (BJP) was trounced by Arvind Kejriwal-led Aam Aadmi Party (AAP) in Delhi assembly elections.

A positive macro-outlook also helped the market ended the day in green, brokers said.

Larsen & Toubro posted an 8.8 per cent rise in consolidated net profit for the third quarter, on the back of revenue growth. However, the results failed to meet the Street expectation. The company also disappointed by lowering its order growth forecast (‘guidance’) to 15-20 per cent from the 20 per cent at the start of the financial year, anticipating delays in order booking.

ICICI Bank, the largest private sector lender in the country, has initiated the process of repatriating capital from its Canadian arm for the second time in as many years. The bank is also planning to optimise the capital invested in its United Kingdom subsidiary.

“The bank and its UK and Canada subsidiaries also continue to work towards optimising the capital invested in these subsidiaries. ICICI Bank Canada has made an application to the Office of Superintendent of Financial Institutions, or OSFI, seeking approval for a second round of capital repatriation,” NS Kannan, executive director of ICICI Bank, told analysts during a recent interaction.

NTPC BHEL Power Projects Private Limited (NBPPL) today signed a memorandum of understanding (MoU) with APGenco for supply of spare parts for coal and ash handling plants and other equipment required by the Andhra Pradesh power utility’s thermal power plants.

It may be recalled that the joint venture company, NBPPL, was set up by the two public sector Maharatna companies to establish a power plant components manufacturing facility at Mannavaram in Chittoor district of Andhra Pradesh.

Continuing to build on its fund portfolio, Ahmedabad-based venture capital firm GVFL, a pioneer of Venture Capital, has launched its new MSME Fund titled 'Value Multiplier Fund'. At a size of Rs 600 crore, the fund, which aims to invest in MSMEs / startup companies across sectors in India, bagged SEBI approval recently.

The fund will be invested in young companies with scalable business model, large target market, high entry barrier / first mover advantage, and supported by sound management team. Mihir Joshi, President & CEO, informed that its Value Multiplier Fund has received approval from SEBI as Category I (SME Fund) under AIF Regulations.

Reliance Industries has claimed allegations of its chairman, Mukesh Ambani, having illegal Swiss Bank accounts are not true. In a communication to its employees, RIL referred to The Indian Express report and said the International Consortium of Investigative Journalists had released an "unsubstantiated stolen information," which is already available with Indian authorities.

"The story published in today (Monday)'s newspaper is based on this information does not reflect true facts.

Fair-trade regulator Competition Commission of India (CCI) has ordered a fresh probe against real estate player DLF over alleged abuse of its dominant position in the "provisioning of services for the development and the sale of residential units in Gurgaon".

The company has been under the CCI scanner and has been penalised for the same reasons in other cases.

Indian information technology services are expected to have a growth rate of 11-13 per cent for FY16, lower than the forecast (‘guidance’) for FY15 of Nasscom, the sector's apex business association, says a study.

Based on a survey by research and advisory firm Offshore Insights, it predicts the sector will grow at 11.5 per cent for FY15, lower than Nasscom’s 13-15 per cent. Nasscom earlier this month said the sector might only manage to be at the lower end of its guidance.

Mumbai: Uday Kotak, executive vice chairman and managing director of Kotak Mahindra Bank Ltd, expects the Reserve Bank of India (RBI) to reduce rates by an additional 50 basis points by the end of 2015. One basis point is one-hundredth of a percentage point.

Changing expectations about the timing of an increase in US interest rates could have an impact on the central bank’s ability to cut rates, Kotak said while speaking at the Kotak Institutional Equities investor conference, Millenium Makers of India, in Mumbai on Monday.

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