Oil ministry orders inquiry into GAIL pipeline fire
Oil minister Dharmendra Pradhan has ordered a highlevel inquiry into the GAIL pipeline fire in Andhra
Pradesh that killed at least 15 people. A fire was reported at 0530 hours in state gas utility GAIL India
Ltd’s pipeline that carries gas to Lanco’s Kondapalli power plant near Vijayawada in Andhra Pradesh. The
fire which followed a blast, has been brought under control. The 18inch pipeline carried gas from state
owned Oil and Natural Gas Corp’s (ONGC) gas field in the East Godavari district.
Bansal made Infosys Lodestone chairman
Infosys CFO Rajiv Bansal has been appointed as the chairman of Infosys Lodestone, a whollyowned
subsidiary of the $8.2 billion IT firm that was acquired for $350 million in 2012. Infosys Lodestone is a
business operating models, optimizing processes and implementing new technologies leveraging SAP.
Sebi wants PF funds in market via MFs
Market regulator Sebi is keen to see pension fund money to flow into the Indian market through the
mutual fund route where fund managers can manage money from pension funds. As of now, about Rs
5.5 lakh crore of pension funds is managed by portfolio managers. Sebi chairman U K Sinha also said
that the regulator has written to the government for clarity about tax issues relating to real estate
investment trusts (REITs) and infrastructure investment trusts. For these two types of investments
products to be attractive, there should be a structure of passthrough of taxes which could be allowed
only by the government.
Bank of Baroda exits MCX; exchange appoints new auditor
MultiCommodity Exchange of India (MCX) on Thursday said one of its investors, staterun Bank of
Baroda, has sold its entire stake in the troubled bourse. State Bank of India, Corporation Bank and Bank
of Baroda — all PSU lenders — had together bought 9.69 per cent in MCX in 2004 at a total investment
of Rs 3.94 crore, according to the offer share sale document of the exchange.
Govt to slap additional penalty of $ 578 million on Reliance Industries
The government plans to impose an additional penalty of USD 578 million on Reliance Industries for
producing lessthantargeted natural gas from its eastern offshore KGD6 block. The penalty in the form
of disallowing costs incurred on the field will be for missing the target in 201314, a government source
said. With this, the total costs disallowed will increase to USD 2.375 billion.
Air India revenues to rise 5% with Star: Aviation minister
In a boost to its sagging fortunes, cashstrapped Air India can expect its revenue to rise by at least 5%
once the airline joins Star Alliance on July 11. Aviation minister P Ashok Gajapathi Raju on Tuesday
confirmed that the airline’s sevenyear
that it will be in the fold next month.
Sebi fixes minimum AUM for debt schemes
Market regulator Sebi has said that fund houses should have a minimum subscription of 20 crore for
debtoriented and balanced schemes during new fund offers. They have to maintain an average AUM
( assets under management) of 20 crore on a halfyearly rolling basis. This is being done to ensure that
there is adequate corpus in such schemes.
Web: www.ways2capital.com | Mail: firstname.lastname@example.org | Call: 0731-6554125Ashok Varma appointed ONGC’s onshore director
In first oil PSU appointment by the new NDA government, Ashok Varma has been appointed director
(onshore) of Oil and Natural Gas Corp (ONGC). Prior to his joining as director (onshore) on June 19, he
was heading ONGC’s Eastern Offshore Asset at Kakinada, where he was instrumental in putting the
Eastern Offshore Asset on production.
RBI directs all banks, finance companies to provide data to antiblack money SIT
The Reserve Bank of India has directed all banks and finance companies to provide all information or
documents requested by the special investigation team (SIT) looking into unearthing black money. RBI’s
directive preempts any bank from using customer confidentiality for denying information.
Trial over in Satyam scam
The trial in the infamous Satyam case in the trial court is finally over and the judgment is likely to be
reserved on June 26. BVLN Chakravarthy, the 21st additional chief metropolitan magistrate of
Hyderabad, who heard the case filed by the CBI and the versions of the accused that include the
company’s disgraced chairman B Ramalinga Raju and others, gave enough indications to this effect on
Essar Oil board approves delisting from BSE and NSE
Refiner Essar Oil Ltd on Monday said its board had approved delisting of shares from the BSE Ltd and
National Stock Exchange of India Ltd. Essar Oil, a unit of the diversified Essar Group, said its board met
on Sunday to decide on the proposal.
L&T’s Q4 net profit way ahead of Street estimates
Engineering and construction company Larsen and Toubro (L&T) reported 69 per cent growth in net
profit for the quarter ended March on the back of improved operational performance, higher sales and an
exceptional income of Rs 484 crore from dilution of its stake in L&T Finance. Net profit on a standalone
basis stood at Rs 2,723 crore in the fourth quarter against Rs 1,609 crore in the same period last year.
Even after adjusting for onetime gains, the company has beaten analyst estimates by a long shot.
Ashok Leyland falls 5%, launches 18.52 cr shares QIP
Shares of Ashok Leyland , the second largest commercial vehicle maker in India, fell more than 5 percent
on Friday after the company launched its qualified institutional placement (QIP) on Thursday. It set floor
price for this QIP at Rs 34.30 apiece, which is 9.5 percent discount to Thursday’s closing price. It aims to
raise about Rs 600700 crore by allotting up to 18.52 crore equity shares through QIP.
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