Pursuant to government's vision of creating energy conglomerates to compete with global oil majors, BPCL and IOC have individually opted for a merger with GAIL (India). While GAIL is keen on merging with ONGC for better synergies.
Jindal Steel and Power (JSPL) among the other international bidders is competing for rail orders to supply 487,000 tonnes of steel to Indian railways to replace ageing tracks and to improve efficiency.
The Reserve Bank of India has imposed a penalty of Rs. 3 crore on IndusInd Bank, while it has put restrictions on Corporation Bank due to high NPAs.
The stocks of GAIL India spurt in action on Thursday. The stock was the top gainer on the Nifty50 index trading higher by more than 4 per cent.
Bank of Maharashtra with the approval from its board of directors has decided to go for Qualified Institutional Placement (QIP). Through QIP, the bank is planning to raise Rs 300 crore.
The Life Insurance Corporation of India (LIC) has relinquished about 2 per cent stake in Bank of Baroda (BoB) in the open market during the past two months.
The PV segment is witnessing oil use vehicles being adapted to electric vehicles (EVs). This is in conformity with the government’s vision of 60 lakh electric and hybrid vehicles by 2020.
The sector is reaping benefits of GST regime now, as we can observe from the earnings. GST implementation has changed the industry aspects and tax structure which aided the overall growth of the companies.
Speaking of the domestic market with rise in global oil prices, OMC sector stocks are seen nosediving as these companies have limited scope to pass on the price rise to their consumers.