ONGC in talks to buy stake in GSPC’s KG basin block
New Delhi: State-owned Oil and Natural Gas Corp (ONGC) on Friday said it is in talks to buy a stake in GSPC’s KG basin block and has hired US-based consultant Ryder Scott to assess natural gas reserves. “I have never spoken on GSPC earlier. But I think today I can speak to on GSPC. We have been talking to GSPC for acquiring certain percentage of their (Deendayal) field and the talks are on,” ONGC Chairman and Managing Director D K Sarraf told reporters.
Yes Bank defers plans to raise $1 bn via QIPs
New Delhi: Yes Bank has deferred its plans to raise $1 billion, citing extreme volatility in trading due to misinterpretation of new QIP guidelines. “Due to extreme volatility during today’s trading day because of misinterpretation of new QIP guidelines, Yes Bank has been advised by its appointed merchant bankers to defer its proposed QIP,” it said. Earlier in June, Yes Bank Managing Director and Chief Executive Officer Rana Kapoor had said the bank will raise $1 billion from overseas investors in the current fiscal. The Cabinet Committee on Economic Affairs had approved Yes Bank’s proposal in May this year to increase foreign investment limit to 74 per cent, entailing FDI inflows of $1 billion (about Rs 6,637 crore).
Steel sector shines in August
New Delhi: August turned out to be a bright month for the over $100 billion Indian steel industry, with imports of the metal declining, while exports and consumption registering an upward trend. After declining for 2 consecutive months, country’s steel consumption rose, though marginally, to 6.97 million tonnes (MT) last month compared to July 2016. Consumption in the world’s third largest steel producer rose 2.7 per cent in August this year, against July, while on year-on-year basis the growth was one per cent, latest data by Steel Ministry’s Joint Plant Committee (JPC) showed.