Given the government’s inability to take tough decisions on privatising PSUs, it is not clear how it plans to take away various performing oil/gas fields from ONGC and give these away on a profit-share to various private oilcos—the one that promises the most output will likely win the bid and get a 60% share in these fields. These fields produce around a fourth of ONGC’s oil and gas output, so logically the PSU’s board has to oppose the move—unless the government can demonstrate to it that the increase in oil/gas will be so much after the fields are given to the private sector that ONGC stands to gain with even a lower equity share in the fields.

The benchmark BSE Sensex fell over 108 points in opening trade following a cautious stance adopted by participants ahead of the RBI policy review amid weak Asian cues.

The 30-share index fell by 108.10 points, or 0.32 per cent, to 32,761.62 as power, metal, infrastructure, capital goods, IT, teck, banking and auto stocks declined.

The Maharashtra government has declared a holiday for schools and colleges in Mumbai and adjoining districts on Tuesday due to "serious weather predictions" in view of Cyclone Ockhi.

An official at the Mumbai office of India Meteorological Department said on account of the cyclone, the megapolis has started receiving rainfall due to spread of clouds.

To push sales during the year-end period, automobile major Tata Motors on Monday said that it has launched a 'Mega Offer Max Celebration' sales offer.

According to the company, the offer provides an opportunity to customers "to drive home a Tata car at a down payment of Rs 1 and enjoy savings of up to 1 lakh, depending on the model and variant".

The department of telecommunications (DoT) would soon hear the pleas filed by leading telecom service providers Bharti Airtel, Idea Cellular and Vodafone India against the Telecom Regulatory Authority of India’s (Trai's) recommendation of October last year that a Rs 3,050-crore cumulative penalty be imposed on them for allegedly denying sufficient points of interconnection (PoIs) to Reliance Jio Infocomm, according to a news report in Livemint.

The telecom department had asked the operators to make their presentation by December 6. However, Bharti Airtel and Idea Cellular have raised a request to defer the meeting and Vodafone has not yet responded, according ot a senior DoT official quoted in the Livemint report.

The Reserve Bank of India's six-member Monetary Policy Committee is set to meet on December 5-6 for the fifth bi-monthly policy review. The central bank is unlikely to change repo rate. Some bankers and economists are also expecting status quo on repo rate. This author discusses why the RBI should not cut rates right now.

RBI had maintained status quo on policy rates in its last review. It cited risks due to higher inflation, largely emanating from rising crude oil prices, uneven distribution of monsoon and amplified global geopolitical uncertainty. Other factors included increased volatility in financial markets as the US Fed unwound its balance sheet and domestic fiscal challenges.

NEW DELHI: Leading bourse National Stock Exchange (NSE) may have to file fresh draft papers with markets regulator Sebi to float an initial public offering after getting clarity on the co-location matter. However, the current preliminary IPO papers, which were filed with Sebi in December last year, will remain open, the exchange said.

The IPO is expected to be one of the biggest in recent times, with an estimated size of over Rs 10,000 crore, merchant banking sources said.

NEW DELHI: Maruti Suzuki India (MSI) has launched a crossover version of its Celerio hatchback, christened the CelerioX. Prices of the new model start at Rs 4.57 lakh for the Vxi MT variant while the top Zxi (O) AMT trim comes at Rs 5.42 lakh (both ex-showroom, Delhi).

The crossover model is based on the 2017 Celerio facelift version and gets some cosmetic updates to look rugged and aggressive. Big changes have been made in the front with a new grille, bumper and a lower-body protective cladding that runs throughout the cir Maruti CelerioX cumference of the car.

Mumbai: The 10-year bond yield on Monday closed at a fresh fifteen-month high ahead of the Reserve Bank of India’s (RBI) bi-monthly policy decision this week.

Most of the analysts polled by Mint expect the central bank to keep interest rates on hold for a prolonged period starting with its policy meeting on concerns of rising inflation.

Prime Minister Narendra Modi led government might present the common budget for the next fiscal year on February 1, 2018. This would be the first budget after the rolling out of the Goods and Services Tax bill (GST).

The Budget session of Parliament may begin on January 30 with President Ram Nath Kovind addressing the Joint Session of both the Houses of Parliament, a senior government official told PTI.

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