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Vedanta makes natural gas discovery in Gujarat block won in OALP round

Billionaire Anil Agarwal's Vedanta on Monday said it has made a natural gas discovery in a block in Gujarat that it had won in the open acreage licensing policy (OALP) round. In a regulatory filing, the firm said it has "notified the DGH and Ministry of Petroleum and Natural Gas on August 23, 2021, of a gas and condensate discovery (named 'Jaya') in its exploratory well Jaya1 (earlier Jambusar-Updip-1), drilled in OALP Block CB-ONHP/2017/2 in Bharuch District of Gujarat.“ The approval of the management committee has also been sought.

Indian Hotels to raise Rs 3,000 cr via rights issue for capex, pruning debt

Indian Hotels Co Ltd (IHCL) will raise up to Rs 3,000 crore through a rights issue, the company said in a notification to the exchanges on Monday. The issue is subject to receipt of relevant approvals from regulatory authorities. The proceeds of the issue will be utilised for capital expenditure, growth plans and debt repayment and will be finalised in consultation with the merchant bankers, it said. The hospitality arm of the Tata Group has been using rights issues as a fund raising instrument with a regular frequency. The company raised Rs 1,500 crore in April 2017, Rs 1,000 crore in January 2016 and Rs 844 crore in Feb 2008 through it.

Eicher Motors re-appoints Enfield's turnaround man Siddhartha Lal as MD

After a setback from shareholders, Eicher's board announced a relief for Siddhartha Lal as it decided to reappoint him as the managing director of the company, with a revised remuneration package. The decision will be subject to shareholder approval and the Board will go back to them for fresh approval through postal ballot, the company said in a stock exchange filing. The board has now approved a revised remuneration structure for the managing director, with a maximum cap of 1.5 per cent of profits. This comes after shareholders voted down the reappointment and pay hike of 10 per cent for Lal at the company's annual general meeting held on August 17. The company cited that the primary concern with the investors was not Lal's reappointment as managing director or the proposed compensation, it was the lack of clarity regarding the enabling provision that potentially allowed payment of remuneration upto 3 per cent of profits.

CCI imposes Rs 200 cr penalty on Maruti Suzuki over dealer discount policy

India's antitrust regulator has fined Maruti Suzuki India Limited (MSIL), the country's biggest carmaker, Rs 200 crore for anti-competitive practices related to how it forced dealers to discount cars, the watchdog said in an order on Monday. The Competition Commission of India (CCI) in 2019 started looking into allegations that Maruti forces its dealers to limit the discounts they offer, effectively stifling competition among them and harming consumers who could have benefited from lower prices if dealers operated freely.

Jio adds 5.5 mn users in June; Vodafone Idea sheds 4.3 mn customers

Reliance Jio added 5.5 million subscribers to its network in June, followed by Bharti Airtel with 3.8 million users, while Vodafone Idea continued with its losing streak by shedding another 4.3 million customers in the reporting period, as per latest data by the Telecom Regulatory Authority of India (TRAI). Overall telephone subscribers in India increased from 1,198.50 million at the end of May 2021 to 1,202.57 million at the end of June 2021, a monthly growth rate of 0.34 per cent.

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