Eight core sectors growth slows to 2.1% in July; Manufacturing growth falls to 15-month low in August 2019

Growth of eight core industries dropped to 2.1 per cent in July mainly due to a contraction in coal, crude oil, natural gas and refinery products, according to official data. The eight crore sector industries – coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity – had expanded by 7.3 per cent […]

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India’s National Company Law Tribunal approves merger of NMCE with ICEX

The National Company Law Tribunal has approved the merger of National Multi-Commodity Exchange, one of India’s first commodity exchanges, with the Indian Commodity Exchange. The merger approved by the Ahmedabad-based tribunal, will create the country’s third-largest commodity exchange. NMCE will cease to exist post filing of relevant documents with the Registrar of Companies, said ICEX, […]

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Competition Commission of India approves $66 billion Bayer-Monsanto merger, but with caveats

The Competition Commission of India (CCI) has approved the mega merger of Bayer AG with with Monsanto, but with a horde of riders. CCI’s approval of the $66 billion deal, proposed in September 2016, will make the merged entity the world’s largest seed and pesticide player. But for that to happen, Monsanto Holdings Pvt Ltd will have to sell […]

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ONGC’s acquisition of HPCL will increase Indian energy major’s leverage to upper limit of its rating – Moody’s

Oil and Natural Gas Corporation Ltd.’s (ONGC) planned acquisition of a majority stake in Hindustan Petroleum Corporation Ltd. (HPCL) will cause the Indian energy major’s leverage to approach the upper limit of its Baa1 rating, Moody’s Investors Service has said in a report. ONGC’s strategic importance to the Indian government will also increase, given that […]

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HPCL to become India’s third-largest refiner after it is acquired by ONGC

Hindustan Petroleum Corp Ltd (HPCL) is set to become India’s third-largest oil refiner after state-owned ONGC acquires government’s entire 51 per cent stake in the company, the oil minister said. Dharmendra Pradhan told parliament that HPCL, which will absorb all of ONGC’s downstream refining units after the merger will remain a separate state-owned firm with […]

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India’s NMCE and ICEX to merge to create the country’s third-largest commodity exchange

The National Multi Commodity Exchange (NMCE), India’s first demutualised online National multi commodities exchange, has decided to merge with Indian Commodity Exchange (ICEX), a press release issued by ICEX said. The proposed merger will create India’s third-largest commodities exchange, offering a wide range of contracts including bullion, oil, rubber and other agri-commodities. The exchange will […]

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India’s ONGC expresses interest in buying refiner HPCL

In tune with the government’s plan to create an oil and gas behemoth, state-owned Oil and Natural Gas Corp (ONGC) has evinced interest in acquiring India’s third-largest fuel retailer Hindustan Petroleum Corp Ltd (HPCL) in a Rs42,254 crore deal. Following up on finance minister Arun Jaitley’s budget announcement of creating an integrated oil company, ONGC […]

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