ONGC picks BP as tech partner for Western Offshore fields
BP already has a similar arrangement for ONGC’s flagship Mumbai High fields, but the latest move significantly expands its role, making it responsible for helping enhance output from fields that account for about 72% of ONGC’s gas production and 60% of its oil output.
India’s fertilizer subsidy may cross ₹3 lakh crore if West Asia crisis prolongs
India’s fertiliser subsidy bill could surge past a record ₹3 lakh crore this fiscal if the West Asia crisis continues, sharply exceeding the budget estimate of ₹1.71 lakh crore, a government official said.
OMCs hike fuel prices, this time by ₹2.7 a litre
State-run oil marketing companies have increased petrol and diesel prices by about ₹2.7 per litre, marking the fourth hike in 11 days and pushing the total rise to around ₹7.5–8 per litre.
Sebi moves to standardise options strike price norms
The Securities and Exchange Board of India (Sebi) has proposed a standardized framework for options strike prices across exchanges to address intraday volatility. This move aims to ensure the availability of contracts around prevailing market prices, enhancing trading continuity and ease for market participants.
CD rates on the rise could soon bring more on retail deposits
Bank deposit rates are set to rise. Costs for certificates of deposit have increased, signaling banks will soon offer better returns to savers. This is driven by tighter liquidity and higher demand for funds. Experts anticipate deposit rates will move upwards, even without an immediate policy rate hike from the Reserve Bank of India.
Rupee rises for a 3rd day as peace gains currency
The Indian Rupee strengthened against the US Dollar on Monday. This rise followed a global plunge in crude oil prices. The Reserve Bank of India Governor indicated the central bank is prepared to support the local currency. This intervention aims to manage any speculative pressures. Market participants anticipate further measures to bolster the Rupee.