India Inc’s borrowings from foreign markets fell to USD 2.81 billion in February, down by 9 per cent as compared to the year-ago month, data from the Reserve Bank of India showed Friday.
State-run oil producer Oil India Ltd announced last week that it won two blocks in discovered small field (DSF) round-II bidding. Any excitement about this development is premature at this point.
The 1,600-km Indradhanush Gas Grid connecting the north-eastern states will get Rs 5,000-crore funding from the Centre. The Cabinet is likely to clear the proposal soon, according to sources.
India plans to auction 66 small oil and gas fields of Oil & Natural Gas Corporation Ltd. and Oil India Ltd. as it tries to step up production to reduce the import bill of the world’s third-biggest consumer of fossil fuel.
ET Intelligence Group: ONGC and Oil India might move beyond their sluggish trading ranges after a year because of the significant increase in oil subsidy provisions in the FY20 interim budget.
The government has deferred for the second time the deadline for submission of bids in the auction of 25 oil and gas fields that hold resources worth an estimated Rs 1 lakh crore, upstream regulator DGH said.
The government is planning to incentivise ONGC and Oil India to raise output from fields given without auction to state-run firms in previous years, Oil Minister Dharmendra Pradhan has said.
Oil India Ltd will buy back 5.04 crore of its shares for a little over Rs 1,085 crore as part of the government’s push to cash-rich PSUs to part with their surplus either by paying higher dividends or through share buybacks, to help meet revenue targets.
Oil India rose 0.82% to Rs 202.70 at 13:48 IST on BSE after the company said its board approved the proposal to buyback 5.04 crore shares at Rs 215 each.
The government is planning to sell shares worth over $2 billion in state-owned oil firms – Oil and Natural Gas Corp (ONGC), Indian Oil Corp (IOC) and Oil India Ltd (OIL) – the Economic Times reported citing sources familiar with the development.