HC issues directions on Cairn plea for extension of oil production contract
New Delhi: The Delhi High Court on Monday issued time-bound
directions to the Centre, ONGC and Cairn India, a subsidiary of UK-based Vedanta group, in order to help the Government to take a decision on extension of a contract the companies have with the government to produce oil from a Rajasthan block. Justice Rajiv Sahai Endlaw directed the Centre to give Cairn India a list of further particulars it needs to take a decision on the company's request for extending till 2030 the production sharing contract (PSC) that it and Oil and Natural Gas Corporation (ONGC) have with the Government.
Sensex gets 106-pt lift ahead of Fed meet
Mumbai: Recovering from its initial slide, domestic market on Monday bounced back from over three-month lows on the back of better-than-expected factory output data as the benchmark BSE Sensex jumped by 106 points to 25,150.35, but market mood remained muted ahead the US Fed meet. Volatility ruled the session with the index cracking below the 25,000-level in opening deals on prevailing worries over GST bill and the imminent interest rate hike by the US Federal Reserve meeting this week. However, industrial production growing by 9.8 per cent in October on an annual basis on the back of a robust growth in consumer products and capital goods during the festive season, provided some relief. Meanwhile, the wholesale price index-based inflation eased for the 13th straight and read (-)1.99 per cent in November as against (-)3.81 per cent in October. "While investors resorted to some value-buying, there seems to widespread caution ahead of the Fed's meeting on the 16th," said Shreyash Devalkar Fund Manager – Equities BNP Paribas Mutual Fund.