Indian Oil Corporation (IOC) is reportedly planning to set up an ethylene derivative plant at its Paradip refinery complex in Orissa with an investment of Rs 4000 crore. “Indian Oil is also evaluating the feasibility of setting up of ethylene derivative plant at an estimated cost of nearly Rs 4000 crore,” said Dharmendra Pradhan, Union Minister of State for Petroleum and Natural Gas, during the foundation laying ceremony for IOC’s Rs 3150 crore polypropylene (PP) plant at Paradip on November 16, 2014.

This will indeed act as a catalyst in the socio economic development of the country and the state in particular. The ethylene plant will provide products that will facilitate manufacturing of polyester chips, fibres, PET bottles, PET chips, polyester yarn, etc.

Benchmark share indices remained rangebound after the first hour of trade as gains in Bharti Airtel and index heavweight Reliance Industries helped offset losses in IT majors and HDFC.

At 10:45AM, the 30-share Sensex was up 64 points at 28,242 and the 50-share Nifty was up 12 points at 8,443.

It is going to be a wedding made in heaven for Arpita Khan, younger sister of actor Salman Khan and her beau Aayush Sharma, son of politician Anil Sharma. The wedding is scheduled to be held at the Falaknuma palace of Hyderabad, for two days -- Nov18 &19th.

Top Bollywood stars will be attending and Salman has left no stone unturned to please his younger sister. The superstar has booked the entire hotel for two days so that no one else can gatecrash the celebrations. The five star heritage, scorpion shaped Falaknuma on the top of a hillock in old city, which belonged to the last Nizam, is managed by the Taj Group. Located five kilometers from Charminar, Falaknuma was once the residence of sixth Nizam Mir Mahboob Ali Khan.

In March, the United Progressive Alliance (UPA) government did a smart thing. Or, so it appears in hindsight. After its multiple attempts to evince interest among investors for the shares of Indian Oil Corporation (IOC) failed amid internal protests against selling those cheap, it revived an old ghost called cross-holding.

Accordingly, the 10 per cent stake in the refiner, which the Cabinet had cleared for divestment, was placed with its cash-rich sister concerns Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL). The 242 million shares, split equally between the two buyers, fetched the government Rs 5,340 crore at Rs 220 a share.

The Securities and Exchange Board of India (Sebi) is working on rules to govern how and when promoters will be allowed to reclassify themselves as public shareholders.

The move follows instances of promoters reclassifying themselves to meet the minimum public shareholding (MPS) norms. A discussion paper for public comment is likely to be issued soon, multiple sources have said.

Tata Motor’s Zest is not able to match up to its competition sales figures mainly because of production constraints, which the company has failed to iron out even three months after launch of the sedan. The waiting period on all-new car from the struggling Mumbai-based company is several weeks, even as competing models in the segment are available off-the-shelf and even at a discount.

Zest buyers are forced to wait up to six weeks for the automated manual transmission (AMT) version, available only on this car in the compact sedan segment.

Adani Enterprises on Monday won support from a state-run bank and an Australian state to help it build a $7-billion coal mine, defying a slump in coal prices to five-and-a-half-year lows that has stalled rival projects.

The infrastructure conglomerate, whose founder, Gautam Adani, has close ties to Prime Minister Narendra Modi, has signed a memorandum of understanding (MoU) for a loan of up to $1 billion from State Bank of India (SBI) for the mine, rail and port project, which it aims to build by the end of 2017.

Mumbai: India’s benchmark 30-share Sensex index was trading 35 points lower on Monday morning, led by losses in IT and banking shares.

At 9.40am, the BSE Sensex was down 0.13%, or 37.81 points, at 28,008.85 points, while the National Stock Exchange’s broader barometer 50-share Nifty was trading down 0.22%, or 18.15 points, at 8,371.75 points.

NEW DELHI: Bombay Stock Exchange and the National Stock Exchange are looking to set up small banks in the country once the Reserve Bank of India opens the window for applications.

The move will help the two exchanges, which have cash transactions running into thousands of crores, manage some of the funds, but will come as bad news for the existing players, such as HDFC Bank, which manage this amount and benefit by way of low cost of funds.

Washington: A recall of Ford Motor Co. Ranger pickup trucks in the US was expanded to include more vehicles and more flawed Takata Corp. air bags after a fatal accident in Malaysia exposed a defect in the safety device that wasn’t previously known.

Ford will replace driver’s-side and passenger air bags in certain 2004 and 2005 model year Rangers, according to a National Highway Traffic Safety Administration (NHTSA) statement on Friday.

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