RIL, ONGC, Oil India in focus after Cabinet OKs gas price hike - Business Standard

Reliance Industries (RIL), ONGC and Oil India will be in focus after the government on Thursday, 27 June 2013, almost doubled the price at which natural gas will be sold to producers of power, fertilizer, minerals and steel. The price of gas could go up to $8.4 per million metric British thermal units (mmBtu), effective 1 April 2014, from the current domestic prices that range between $3.5 and $5. 73 per mmBtu. Crompton Greaves' board will meet today, 28 June 2013, to consider a proposal to buyback equity shares. Shares of National Fertilisers (NFL) will be watched on reports the government on Thursday, 27 June 2013, cleared the proposal for 7.64% stake sale in NFL. The government plans to disinvest 7.64% stake, or over 3.74 crore shares of NFL in the domestic market. Bajaj Finserv said that it has applied to the Reserve Bank of India (RBI) on 26 June 2013 for a obtaining licence to commence banking business. It is proposing to do so by converting its subsidiary Bajaj Finance into a bank. The board of IFCI has approved a proposal to submit an application to RBI for obtaining the banking license. The board of India Infoline has approved a proposal to submit an application to RBI for obtaining the banking license. The board of Yes Bank has approved to make applications to RBI for appointing Rajat Monga- Senior Group President, as Executive Director & CFO; Sanjay Palve - Senior Group President as Executive Director - WholesaIe Banking; and Pralay Mondal - Senior Group President, as Executive Director - Branch & Retail Banking. The bank said that the new appointment is to further build and strengthen the institutional and professional character of Yes Bank as the "Professionals Bank of India. Their appointment will take effect upon approval of RBI, and will be subject to approval of the shareholders, the bank said. Amtek Auto, forging and integrated auto component manufacturer, will acquire a majority stake in JMT Auto. Amtek Auto will buy 38.30 lakh equity shares, or 26.61% stake, from the promoters of JMT Auto. Additionally, Amtek have annnounced an open offer to acquire up to 37.42 lakh equity shares, representing 26% of the total paid-up equity share capital of JMT Auto, from the public shareholders at Rs 149 per share. D.B.Corp said that as a part of corporate restructuring, a decision has been taken to sell the 51% shares held by D. B. Corp in Divya Prabhat Publications (DPPPL). Steps are being taken to implement the decision. On completion of documentation, DPPPL will no longer remain a subsidiary of D. B. Corp. FDC has bought back 46.95 lakh shares of the company as on 26 June 2013 for an aggregate consideration of Rs 42.98 crore, being 85.95% of the maximum buyback offer size of Rs 50 crore. Powered by Capital Market - Live News via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFAwHzmjKGZ1TXcLQi5dcLZwSHA6w&url=http://www.business-standard.com/article/news-cm/ril-ongc-oil-india-in-focus-after-cabinet-oks-gas-price-hike-113062800140_1.html

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