Reliance Industries’ (RIL) most significant recent gas discovery, MJ-1, in KG-D6 block may hold 1.4 trillion cubic feet (tcf) of gas resources, roughly half of these in the block’s main gas fields.

Located about 2,000 metres below the producing D1-D3 field in the eastern offshore KG-D6 block, MJ-1 might hold contingent resource of between 0.988 tcf (low estimate) and 2 tcf (high estimate) of gas and condensate, according to the firm’s minority partner, Niko Resources of Canada. Niko cited an “independent resources evaluation report for the MJ discovery in the D6 block from Deloitte LLP” to state that the find could hold a best case estimate of 1.4 Tcf of gas and condensate.

KOLKATA: Coal India Ltd is betting big on coal auctions, while it looks to sell about 55 million tonnes (mt) of the dry fuel through this route in the current fiscal year.

For the state-run miner, auctions fetch the highest price among all sales channels and account for a sizeable chunk of profit. With coal stocks at power plants reaching 26 mt, the highest in several years, CIL can now offer coal to anyone through e-auction until last month, the company was to first offer coal to electricity utilities. The coal ministry has now allowed it to offer it to everyone, including power producers.

PM Narendra Modi launched the Rs 20,000 cr Micro Units Development Refinance Agency (MUDRA) Bank today and said , “the aim of the bank is to fund the unfunded small entrepreneurs and to strengthen savings habit in the country”.

Big industrial houses provide jobs to only 1.25 cr people, while small entrepreneurs employ 12 cr people. Prime Minister Narendra Modi.

Three leading banks of the country cut their lending rates on Tuesday, hours after Reserve Bank Governor Raghuram Rajan dismissed the argument of banks that their marginal cost of funds had not fallen despite two rate cuts by the central bank in the last four months as “nonsense”.

On a day when the RBI left its key policy rates unchanged and banks appeared reluctant to lower rates saying that their cost of funds had not fallen, it was some tough talking by Rajan which seemed to goad banks into action.

E-retailer Snapdeal said on Wednesday it bought online mobile recharge firm Freecharge for an undisclosed amount in a bid to boost its reach in the fast-growing mobile transactions business – deal is touted as the largest in online Internet space.

Snapdeal, backed by SoftBank Corp, competes with Flipkart and Amazon.com Inc’s India unit in the country’s online shopping market, which is expected to be worth $102 billion by 2020, according to Morgan Stanley.

Mumbai: Capital markets regulator Securities and Exchange Board of India (Sebi) on Wednesday said it is worried over state sponsored cyber attacks and has suggested creating a framework for protecting the securities market.

“We are worried over state sponsored cyber attacks. There are worries that the vulnerability in markets are increasing. We need to create a framework for future plan of action on securities market resilience,” Sebi chairman U. K. Sinha said here at Cyber Security and Resilience conference, organised by Sebi and the BSE.

MUMBAI: Country's third-largest private sector lender Axis Bank today cut its base rate or the minimum rate of lending by 0.20 per cent to 9.95 per cent, following its larger peers who also cut their offerings yesterday after Reserve Bank governor Raghuram Rajan's hard talk.

"Axis Bank has revised its base rate from 10.15 per cent per annum to 9.95 per cent per annum," a bank statement said, adding that the cut is effective from April 13.

Marginal recovery in rate sensitive shares in late trades helped markets recoup intra-day losses to finally end flat even as the Reserve Bank of India at its policy meet early today maintained status quo on key rates.

The 30-share Sensex ended up 12 points at 28,517 while the 50-share Nifty ended nearly unchanged at 8,660.

To safeguard capital markets from cyber attacks, regulator Sebi plans to put in place detailed guidelines to be followed by stock exchanges and other market infrastructure institutions to secure their IT systems.

"The move is aimed at securing the data, applications, database, operating systems and network layers of Financial Market Infrastructures (FMIs) from various forms of cyber attacks such as Denial of Service (DoS) attacks, phishing, hacking, man-in-the-middle attack, sniffing, spoofing, key-logging and malware attacks," a senior official said.

Benchmark indices are trading lower in the noon trades owing to selling pressure in rate sensitive stocks after the Reserve Bank of India kept the repo and reverse repo rates unchanged at 7.5 and 8.5 per cent each respectively at its policy meet today.

Real estate stocks are the worst hit as a cut in interest rates would have helped banks lower EMIs which would have in turn helped real estate companies in increasing their sales.

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