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Monday, December 8, 2014

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ONGC plans to invest Rs 16,000 crore
ONGC Ltd is planning to develop 45 drilling wells at a block in Krishna-Godavari basin at an estimated cost of Rs over Rs 16,000 crore, according to reports. Report stated that the company has approached the Ministry of Environment and Forests seeking clearance for preparing terms of References. ONGC will begin production in 2019, with a peak output of 4.5 million tonnes a year.

Oil Ministry plans to cut subsidy burden of ONGC
Oil Ministry is planning to cut subsidy burden of ONGC and reworking the fuel subsidy sharing formula to cut its payout by quarter through adjustment of statutory oil cess against its share, according to reports.Report stated that the payout of upstream oil producers like ONGC is to be reduced to the extent of Rs 4,500 per tonne oil development cess they pay to the government.

ICICI Bank to increase ATM charges from January 1
ICICI Bank has announced a hike in ATM charges for saving account holders from January 1 next year, says report. Report stated that the number of free transactions in a month is fixed at five using own ATMs, while it has been capped at three for other banks' machines. The number of free financial and non-financial transactions have been reduced to three per month at six metros of Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad for transactions at non-ICICI Bank ATMs.

Shalimar Productions plans to set up a state of the art film studio
Shalimar Productions announced plans to set up a state of the art film studio 'Shalimar Studio' in Gujarat with complete production facilities. For this purpose, the Company has submitted the investment intention with the Government of Gujarat under Vibrant Gujarat 2015. Proposed to be spread over 100 acres, the project cost is Rs23 crore in the first phase.
Maruti Suzuki bags deal from Indian Army for Gypsy
Maruti Suzuki has received an order for about 4,000 units of its sports utility vehicle Gypsy from the Indian Army.  This is the single largest order the company has received for the Gypsy from the Indian Army.

GAIL India signs agreement with WGL for buying gas
GAIL India Ltd has signed an agreement with US-based WGL for buying about 2.5 million tonnes of gas for 20 years and the supplies are  expected to commence from late 2017; Sentimentally Positive for Gail.

Reliance Industries plans to buy Seven Hills Healthcare
Oil The Nita-led Reliance Foundation, which is the philanthropic arm of energy-to-retail Reliance Industries (RIL),  has signed a non-disclosure agreement with Dr Jitendra Das Maganti and private equity investor JP Morgan, who together own SevenHills Healthcare, which is valued at Rs2,000 crore.

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