State-owned Oil and Natural Gas Corp (ONGC) has become the first company in India to hold a meeting of its board of directors at high sea. Chairman Shashi Shanker convened the company’s 299th board meeting at a platform on Mumbai High field, in the Arabian Sea, on Saturday to approve the second-quarter earnings among other things.

“The idea was to familiarise the independent directors, most of whom are new to the oil and gas exploration and production business, with offshore operations,” an official said. ONGC produces over 80 per cent of its oil and gas from offshore fields with Mumbai High being the biggest.

Mukesh Ambani-led Reliance Industries and its partners, BP and Niko Resources, have so far paid only $82 million to the gas pool account — maintained to park the differential between the notified gas price given to others and the $4.2 per unit that the three contractors charge their customers.

The firms are yet to pay the penalty imposed on them for disallowing recovery of cost incurred for missing the target during six years from 2010. After a fresh penalty of Rs 264 million in August, the total now stands at $3.02 billion.

Larsen & Toubro, Godrej and Hindustan Aeronautics Ltd will join a consortium, being put together by Indian Space Research Organisation (Isro), to build Polar Satellite Launch Vehicles (PSLVs).

The vehicles will launch small satellites, and the first launch is being planned by 2020. A pact is to be signed by January for this initiative, said a source.

Indian eves got off to a roaring start at the Women’s Asia Cup 2017 with a dominating 10-0 victory over Singapore in Kakamigahara on Saturday.

Navneet Kaur (3rd & 41st minutes), Rani (15th & 18th) and Navjot Kaur (30th & 50th) netted the ball twice, while Lalremsiami (18th), Deep Grace Ekka (25th), Gurjit Kaur (41st) and Sonika (45th) scored once each to ensure India notched up winning points in their opening match of Pool A.

Four blue-chip companies are due with their second-quarter earnings today. As each being in the top slots in their respective market, it is expected that their Q2 results will guide Sensex and Nifty. Indian stock markets have rallied to record highs despite lower-than-expected first quarter results reported by major companies. Though, the markets have been surging on the hopes of better-than-expected Q2 and Q3 earnings. Recently domestic markets surged to record highs after the Modi government announced a mega plan of Rs 2.11 lakh crore to recapitalise the stressed PSU banks.

Mobile Aadhaar can be used as an identity proof to enter airports, while identification documents will not be required for minors accompanied by parents, according to a circular issued by aviation security agency BCAS.

Passengers entering airport premises need to produce any one of the ten identity proofs listed by the Bureau of Civil Aviation Security (BCAS) in its latest communication, which include passport, voter ID card, Aadhaar or m-Aadhaar, PAN card and driving licence.

Shares of YES Bank slumped 7.4 per cent after investors took fright at revised bad loan figures which were four times higher than those previously reported by the Mumbai-based lender.

Earlier this week, the Reserve Bank of India (RBI) had fined YES Bank, controlled by billionaire Rana Kapoor, for under-reporting its bad loans in audited results for the year to March 31. The bank also underestimated its soured loans in the preceding two fiscal years, according to previous filings.

BENGALURU: Google CEO Sundar Pichai on Friday said that the company will launch more regional products in Asia and was committed to making big investments in the region. He cited the success of Google's recently launched mobile wallet Tez in India. Pichai was speaking to investors and analysts at the quarterly earnings call. This is the first time India is figuring in a big way at the search giant's earnings call.

"To help millions of people, we are building products specifically designed for local markets in Asia. In India last month, we launched Tez, a mobile payments and commerce app that already has more than 7.5 million users who have made more than 30 million transactions. I'm really excited about the potential this brings for India's mostly cash-based economy," said Pichai, the India-born and educated CEO.

Mumbai: TVS Motor Co. on Friday said it has got into an exclusive distribution partnership for its two-wheelers with Motoplex S.A.S. of Grupo Bonanza, an automobile business house in the Dominican Republic. Hosur-based TVS is looking to strengthen its presence in the Caribbean region, it said in a statement.

As per the partnership, Motoplex will build and operate 40 TVS dealerships to sell the latter’s two-wheelers in the Dominican Republic. The first dealership under the alliance was inaugurated in capital Santo Domingo on Friday. The company currently sells its WEGO scooter, the TVS Sport bike and a dozen high-performance bikes under the Apache RTR series, in the Dominican Republic.

New Delhi: Fuel retailers Indian Oil Corp. Ltd., Hindustan Petroleum Corp. Ltd. and Bharat Petroleum Corp. Ltd. are expanding their network of liquified petroleum gas (LPG) dealerships by appointing more than 6000 new distributors, the oil ministry said on Friday.

This will mainly be in rural areas and in addition to the locations for which selection has already been made and the process of commissioning distributorship is underway, the ministry said in a statement.

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