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ABG Shipyard, its directors booked by CBI in Rs 22,842-cr bank fraud case

In its biggest bank fraud case, the CBI has booked ABG Shipyard Ltd and its former chairman and managing director Rishi Kamlesh Agarwal along with others for allegedly cheating a consortium of banks led by State Bank of India of over Rs 22,842 crore, officials said on Saturday

Besides Agarwal, the agency has also named the then executive director Santhanam Muthaswamy, directors Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia and another company ABG International Pvt Ltd for alleged offences of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the IPC and the Prevention of Corruption Act, they said.

SBI expects to recover Rs 8,000 cr from written-off accounts in FY22

Country's largest lender State Bank of India (SBI) is expecting to recover around Rs 8,000 crore from written-off accounts, including from NCLT resolved cases, in the current fiscal year to be ending on March 31, 2022.

During the third quarter ended December 2021, SBI recovered Rs 1,500 crore from written-off accounts and for the nine months during April-December FY22, the recovery amount stands at Rs 5,600 crore, SBI said in a post Q3 FY22 earnings call with analysts. Bank's net profit during the quarter surged by 62.27 per cent to Rs 8,432 crore.

Tata Motors expects CNG, EV sales contribution to go up in next 3-5 years

Tata Motors is expecting CNG cars contribution to grow up to 20 per cent gradually in its total sales over the next 3 to 5 years as it anticipates more entry-level petrol and diesel customers to opt for such models, a top company official has said.

The Mumbai-based auto major is also bullish on the electric vehicle segment with sales expected to account for about 20 per cent of its overall dispatches over the next few years.

ONGC Q3 results: Net profit surges seven-fold to Rs 8,764 cr

State-owned Oil and Natural Gas Corporation (ONGC) on Saturday reported nearly seven-fold jump in third quarter net profit after higher oil and gas prices offset a drop in production.

Net profit of Rs 8,764 crore in October-December 2021 rose 596.7 per cent over Rs 1,258 crore net profit in the same period a year back, the company said in a statement. The nation's top oil and gas producer got $75.73 for every barrel of crude oil it produced and sold in the third quarter of the current fiscal year as compared to $43.20 a barrel realisation in the same period of 2020-21.

Dr Reddy's Laboratories inks exclusive sales pact with Novartis India

Dr Reddy's Laboratories has entered into an exclusive sales and distribution agreement with Novartis India Ltd (NIL), a statement said on Friday. However, this will also lead to around 400 NIL employees being laid off due to role redundancies.

Under the arrangement, Dr Reddy's will have exclusive rights to promote and distribute the well-established Voveran range, the Calcium range and Methergine in India. The company will use its strengths in promotion and distribution to considerably expand its engagement with healthcare professionals with the aim of enabling access to patients in need.

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