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ONGC commissions Rs 6,000 crore projects to boost oil, gas output

State-owned Oil and Natural Gas Corporation (ONGC) has commissioned two projects costing Rs 6,000 crore to add 7.5 million tonnes of oil production and 1 billion cubic meters of gas output over the life of the Mumbai High fields, as it doubles down efforts to raise productivity from mature and aging fields

A Rs 3,740-crore spend has been made on a state-of-the-art 8-legged water injection-cum-living quarter platform, as part of the Mumbai High South Redevelopment Phase-IV, while Rs 2,292.46 crore have been spent on Cluster-8 marginal field development project at Mumbai High, the company said in a statement.

Aurobindo, Sun Pharma, Jubilant recall products in US market: USFDA

Leading drug firms Aurobindo Pharma, Sun Pharma and Jubilant are recalling different products in the US market for various reasons, as per the latest enforcement report by the US Food and Drug Administration (USFDA).

While Aurobindo Pharma is recalling Cyanocobalamin Injection, which is used to treat and prevent lack of vitamin B12, Mumbai-based Sun Pharma is recalling a drug used to increase the production of natural tears in eyes.

Future group shareholders stare at possible wipeout of investments

Future group promoter Kishore Biyani's stake fell consistently across group companies since December 2019 after American retail major Amazon infused funds in a Future group promoter entity and the group companies started showing signs of financial distress due to closure of stores due to Covid-19 pandemic.

As lenders take Future group companies to the bankruptcy courts to recover their dues under the Insolvency and Bankruptcy Code, the shareholders of Future group companies are staring at complete wipeout of their investments as secured lenders get top priority in any potential recovery, say lawyers.

Religare Enterprises pays Rs 5.41 cr to Sebi to settle legacy issues

NBFC Religare Enterprises Ltd (REL) on Sunday said it has paid Rs 5.41 crore to market regulator Sebi to settle its past cases. In order to settle another legacy issue and keep REL growing as per its plans, it had submitted an application for settlement under the SEBI (Settlement Proceedings) Regulations, 2018 without admission or denial of SEBI's findings, the company said in a statement.

LIC board approves IPO issue size to be cut to 3.5% from 5%

Life Insurance Corporation of India’s board has approved reducing the issue size of the state-owned firm's initial public offering (IPO). The government will dilute 3.5 per cent of its shares in LIC for Rs 21,000 crore, subject to regulatory approval, said an official.

A proposal to reduce the size of LIC’s IPO to 3.5 per cent from 5 per cent proposed in its draft red herring prospectus (DRHP) was tabled and approved at a board meeting on Saturday,, the official said. The government will now sell its 3.5 per cent equity in LIC for Rs 21,000 crore valuing India’s largest insurer at Rs 6 trillion. The valuation has been finalised after feedback from investors that led to price discovery of insurer's shares. At Rs 6 trillion, the valuation of LIC has been fixed at 1.1 times its embedded value of Rs 5.39 trillion.

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