Oil and Natural Gas Corporation (ONGC) will explore four of its coal bed methane blocks on its own. This will require an investment of Rs 5,000 crore.

D K Sarraf, chairman and managing director, said, “We have decided to expedite development in our CBM blocks. CBM does not require technology or expert knowledge. We were in this business and our team is familiar with exploration plans”.

The ministry of finance has not accepted a proposal by Air India to treat Rs 4,300 crore of the government’s equity infusion into the airline as a grant or income so as to prop up the bottom line of the carrier. “The finance ministry hasn’t favourably considered the request from Air India,” a senior Air India official told FE.

FE had earlier reported that the Rs 4,300 crore equity received by Air India, as part of the government’s infusion in accordance to the Turn Around Plan (TAP), will be used to fund the interest cost. Therefore, Air India executives want to treat this equity infusion as an income in the airline’s balancesheet.

Bengaluru: Indian IT companies are looking to build up their presence in the social, mobile, analytics and cloud (SMAC) space, but they have a long way to go to catch up with their global outsourcing peers when it comes to offering elements of these new technologies to clients.

Infosys Ltd gets 8% of its $8.7 billion revenue from offering solutions to clients in the SMAC or digital space, a relatively small percentage when compared to global outsourcing giant Accenture Plc, which gets a fifth of its $30 billion revenue from client spending in that area.

BENGALURU: Vishal Sikka did away with Monday's mandatory tie soon after he became Infosys CEO in August last year. Now, all Infoscions have been told that they are free to get rid of their formals and dress more comfortably to work through the week. Turtlenecks and denims, and anything that does not look too shabby or too casual, are officially in.

This marks a big change for a company that for years mandated that all employees should come in formals from Monday to Thursday. For a company whose vast majority of employees is in their twenties, formals was a source of much irritation.

NEW DELHI: Taking cue from global price trends, the government on Monday reduced the import tariff value of gold to $385 per 10 grams.

The import tariff on silver has also been cut to $544 per kg.

NEW DELHI: Mukesh Ambani's Reliance Industries Ltd has sold its entire 49.9% interest in a US shale oil and gas pipeline joint venture to New York-listed Enterprise Products Partners for more than $1 billion in an all-cash deal.

Reliance and Pioneer Natural Resources Co, its partner in the US shale gas business, sold Eagle Ford (EFS) Midstream venture to Enterprise Products Partners for $2.15 billion. Eagle Ford (EFS) Midstream owns a 460-mile pipeline network. Pioneer held 50.1% in the venture.

New Delhi: Hyundai Motor India Ltd (HMIL) on Monday reported a 1.5% increase in total sales at 52,515 units in May.

The company had sold 51,718 units in the same month last year, HMIL said in a statement.

Restructuring of Rs 119 bn faded an otherwise excellent quarter. Asset quality is much better than headline and much better than peers. Large corporate loans are still at risk. Cost curve is fully baked, to inflect sooner. High provision coverage and decent capital, it’s a story worth owning. We have cut earnings, and revise price target to Rs 360.

Better NIM and help from costs to boost core PPOP: Domestic NIM (net interest margin) improved by 6 basis points owing to interest income on income tax refunds (one-off), while foreign NIM improved 12bps sequentially. Better asset quality going forward should help NIM—low interest reversals.

NEW DELHI: GMR Infrastructure has reported a consolidated net loss of Rs 892 crore for the quarter ended March 31, 2015, impacted by various charges including higher finance costs.

The infrastructure giant with interests in airports, energy and highways had reported Rs 1,170 crore net profit for the January-March quarter of the 2013-14 fiscal.

Commercial vehicles major Ashok Leyland Ltd has posted a growth fo 40% in sales during the month of May, 2015, selling 9294 units compared to 6632 units sold during May, last year.

The sales of medium and heavy commercial vehicles (M&HCV) grew by 41%, to 6892 units during May, this year, compared to 4884 units during the same month of previous year.

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