VTB-backed Numetal on Thursday disclosed in the National Company Law Appellate Tribunal (NCLAT) that its bid value in the second round of bidding for Essar Steel is Rs 370 billion, short of double its first offer of Rs 190 billion, and about Rs 65 billion higher than ArcelorMittal’s bid in the first round.

Defying a global trend, India’s flagship national oil company ONGC did not cut its capital spending on exploration and development after oil prices collapsed between 2014-16, Moody’s Investors Service said today. In a report, Moody’s said while ONGC did not reduce capital spending on oil and gas exploration and production, it halted the pace of its international expansion as a response to the oil price slumping from USD 140 per barrel to under USD 40.

The government on Tuesday allowed injured, ill and infirm old aged persons to use alternative means of authentication in place of national biometric ID Aadhaar to confirm their identity for bank accounts.

In a gazette notification, the government said Prevention of Money-laundering rules have been amended to provide for alternative means of identification, for such select category of people who face difficulties in their biometric authentication.

State-run carrier Air India may have to pay a penalty of $8.8 million to 323 passengers of its May 9 Delhi-Chicago flight, which was delayed as a fallout of withdrawal of relaxations given on flight duty time limitation (FDTL) of the crew.

MUMBAI: In the second chargesheet submitted in the Punjab National Bank (PNB) fraud case, the CBI has alleged that the bank’s retired deputy manager Gokulnath Shetty had received Rs 1 crore as illegal gratification for being part of the conspiracy.

The chargesheet alleged that the bribe amount was routed through one Debajyoti Dutta, proprietor of M/s Rishika Financials, now a witness in the case.

Mumbai, May 17 () Snapping a two-day falling streak, benchmark stock indices opened on a positive note today after BJP's B S Yeddyurappa was sworn in as the chief minister of Karnataka.

Unabated buying by domestic institutional investors set the tone, brokers said.

Mumbai: Smaller cities are driving growth for SBI Card which has been increasing its card numbers at a compounded annual growth rate (CAGR) of 40%. Cardholders in centres outside the top 10 cities account for 45% of spending.

This is largely due to mobile-phone internet as 20% of spending from smaller towns is online with mobile phones and fashion being the most common purchases.

New Delhi: Shares of Reliance Communications (R-Com) plunged nearly 16 per cent a day after the NCLT admitted an insolvency petition filed by Ericsson against the company and two of its subsidiaries.

The stock fell sharply by 15.26 per cent to end at Rs 10.55 on the BSE. Intra-day, it dropped 20 per cent to Rs 9.95.

Mumbai: ArcelorMittal Netherlands BV’s transfer of Rs7,000 crore to settle the dues of Uttam Galva Steels Ltd and KSS Petron Pvt. Ltd is conditional on Essar Steel Ltd lenders accepting its bid for the company in the ongoing insolvency resolution process, two people aware of the matter said.

Bharatiya Janata Party’s (BJP’s) B.S. Yeddyurappa sworn in as Karnataka chief minister on Thursday, after a four-hour, post-midnight Supreme Court on a Congress-JD(S) petition that sought to quash his candidature.

The Supreme Court made it clear that the swearing-in and the government formation would be subject to its final order on the Congress-JD(S) petition before it. Yeddyurappa still has to prove the BJP’s majority in the assembly.

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.