OilMin forms ‘super-board’ to monitor ONGC, OIL performance
The oil ministry has formed all- powerful review committees to monitor performance of ONGC and Oil India, and will have power to relinquish any oil and gas field for auctioning to private firms. Being dubbed as 'super-boards', the committees will be headed by the ministry's upstream nodal authority DGH, and will review and monitor performance of areas given to Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) on nomination basis.
Offshore India funds, ETFs pump in 500mn in May
India-focused offshore funds and exchange-traded funds (ETFs) have pumped in over USD 500 million in May, taking the total to USD 3.6 billion so far this year. An offshore India fund is one that is not domiciled in the country but invests primarily in its markets. According to a report by mutual fund tracker Morningstar, India-focused offshore funds have infused a net amount of USD 360 million last month, while that of ETFs poured in USD 140 million, during the same period. This comes following a total net inflow of USD 1.10 billion in April.
BHEL proposes 79% dividend for FY'17, highest in 3 years
State-run power equipment maker BHEL has proposed an equity dividend of 79%, including 40% interim dividend paid earlier, for 2016-17. "Significantly, not only is this four times the dividend paid (20%) in the previous year but also the highest to be paid by the company in the last three years," BHEL said in a statement yesterday. With this, the company said, it has maintained its impeccable track record of rewarding investors by paying dividends uninterruptedly for four decades without a break.
Gionee India ropes in Bahubali's Prabhas as brand ambassador
Handset maker Gionee India has roped in Bahubali actor, Prabhas as its brand ambassador. Gionee's current associations include those with cricketer Virat Kohli and actors Alia Bhatt, Shruti Hasan, Dulquer Salmaan and Diljit Dosanjh. "We are extremely proud to announce our association with the mighty Prabhas. We are positive that our association with Prabhas will further our proposition of stronger batteries and better selfies," Gionee India Country CEO and MD Arvind R Vohra said in a statement.
Ayush Minister presented Sandu Ayurved Gaurav
Shripad Naik, Minister of State of Ayush Ministry presented the prestigious “Sandu Ayurved Gaurav” and “Sandu Ayurved Bhushan” to selected Ayurvedacharyas for their contribution in promotion and spreading awareness of Ayurveda on the auspicious foundation day of Sandu Pharmaceutical at Welingkar Institute of Management, Matunga Mumbai on 4th June 2017 organized by “Sandu Pharmaceutical, a company dedicated to the promotion of Ayurveda since last 118 years.
Focus on new tech to cut emission, enhance mileage: Maruti
The country's largest carmaker Maruti Suzuki India(MSI) is focusing on new technologies to cut emission per vehicle while enhancing fuel efficiency for its future models. The company said it has been able to bring down weighted average of CO2 emission for its entire fleet by nearly 19% over a decade since 2007-08. "Going forward, we will continue our focus on investing in new technologies and strengthen our capability to bring down emissions per vehicle by enhancing fuel efficiency of our cars," Maruti Suzuki India Executive Director (Engineering)C V Raman said in a statement.
Ola partners with Mumbai Traffic Police to promote ridesharing
Ola partners with Mumbai Traffic Police to create awareness around reducing traffic and pollution by opting for shared rides. With the total number of registered vehicles in Mumbai city now at nearly 28 lakh, the road infrastructure is battling over growing vehicular adoption along with rising pollution and congestion in the city. Smart and shared mobility solutions can go a long way at decongesting traffic and curbing pollution levels. According to Ola, it has seen a 500% growth in Ola Share rides in the last one year.
Tata Power to distribute efficient ceiling fans in Mumbai
Tata Power as part of its Demand Side Management initiatives, launched super-efficient ceiling fan programme for residential consumers in Mumbai. The program has been rolled out by Tata Power in partnership with "Atomberg Technologies", a start-up launched by the alumni of IIT-Mumbai, Tata Power said in statement. The ceiling fans named 'Gorilla' are based on the Brushless DC technology and are energy efficient and consuming just 28 watts at the highest speed.
SBI launches share sale to raise Rs 11,000 cr
Country's largest lender State Bank of India yesterday opened share sale through private placement at Rs 287.58 a piece to raise Rs 11,000. This is part of plans to garner 15,000 crore capital from markets in the current fiscal. In a regulatory filing, the bank said it has opened 'qualified institutional placement' (QIP) of equity shares of face value of Rs 1 to qualified institutional buyers.
Jewellery stocks shine bright; Titan zooms 17%
Jewellery stocks zoomed by up to 17% yesterday following the GST Council's decision to tax gold and gold jewellery at 3%. Shares of Titan Company shot up by 16.97%, PC Jeweller surged 9.38% and Tribhovandas Bhimji Zaveri gained 5.43% on BSE.