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India's ONGC Raises $2.38B From Banks To Buy Refinery Stake

4h rigzone
NEW DELHI, Jan 23 (Reuters) - India's top explorer Oil and Natural Gas Corp (ONGC) has secured a $2.83 billion loan from three banks to part fund its $5.8 billion acquisition of state-refiner Hindustan Petroleum Corp, ONGC said on Tuesday. (14-0)

ONGC to raise Rs 181 bn from three banks to finance HPCL acquisition

8h business-standard
Oil and Natural Gas Corporation will raise Rs 181 billion in debt to meet its funding requirement for its acquisition of Hindustan Petroleum Corporation. This amounts to half of its Rs 369.15 billion funding requirement for buying government's 51.2% stake in the country's second-largest petroleum retailer. The largest chunk of Rs 106 billion would come from Punjab National Bank. It would be in the form of a short-term rupee loan. (14-0)

ONGC raises $2.38 billion from banks to buy refinery stake

8h in.reuters
NEW DELHI (Reuters) - India’s top explorer Oil and Natural Gas Corp (ONGC) has secured a $2.83 billion loan from three banks to part fund its $5.8 billion acquisition of state-refiner Hindustan Petroleum Corp, ONGC said on Tuesday. (14-0)

More oil and gas mergers likely: Minister Pradhan

New Delhi : Merger of more petroleum refiners and producers, to form vertically integrated companies, is possible, Oil Minister Dharmendra Pradsaid on Monday. Pradhan said he believed the integration of more such oil and gas companies was possible as these companies were established for a certain objective and integrating them will help meet that objective. (3-0)

Closing Bell: Benchmark indices at record close; Sensex gains 286 pts, Nifty Bank above 27000

20h moneycontrol
The 30-share BSE Sensex was up 286.43 points or 0.81 percent at 35,798.01 and the 50-share NSE Nifty rallied 71.50 points to 10,966.20. (27-0)

India's oil ministry seeks cut in excise duty on petrol, diesel in budget

2018-01-22 in.reuters
NEW DELHI/MUMBAI (Reuters) - India’s oil ministry is pushing for a cut in excise duty on petrol and diesel in the upcoming 2018/19 budget to cushion the impact of rising oil prices on its vast consumer base, two oil ministry officials told Reuters on Monday. (1-0)

News Live: Karni Sena open to watching #39;Padmaavat#39; ahead of its release

2018-01-22 moneycontrol
The holding of simultaneous Lok Sabha and Assembly elections may not be possible before 2024, and a Constitutional amendment is required to conduct such a synchronised exercise, former poll panel chief TS Krishnamurthy said. Ideally, it is good to have simultaneous elections, once every five years, former Chief Election Commissioner Krishnamurthy said. (52-0)

Deals of the day-Mergers and acquisitions

2018-01-22 reuters
Jan 22 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1450 GMT on Monday: ** Celgene Corp announced a $9 billion cash buyout of Juno Therapeutics Inc as it moves to cement its position as a key player in a new range of cancer therapies (269-0)

News Live: US Embassy in Jerusalem to open next year, says Vice President

2018-01-22 moneycontrol
India's banking sector will be saddled with gross non-performing assets (GNPAs) worth a staggering Rs 9.5 lakh crore by March-end, up from Rs 8 lakh crore in the year-ago period. The high level of stressed assets in the banking system however provide enormous opportunity for asset reconstruction companies (ARCs) which are important stakeholders in the NPA resolution process, said the Assocham-Crisil study. (52-0)

HPCL may acquire MRPL in cash, share-swap deal

2018-01-22 livemint
New Delhi: Hindustan Petroleum Corp. Ltd (HPCL) may acquire Mangalore Refinery and Petrochemicals Ltd (MRPL) in a cash and share-swap deal to become India’s third-largest oil refiner, a top official said. (7-0)

Deals Buzz: Tata Group plans to merge 5 PE units into single $1 billion fund

2018-01-22 livemint
Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country. (14-0)

ONGC stocks soar 6.4% on 51.1% stake buy in HPCL

2018-01-22 thehindubusinessline
Shares of state-owned Oil and Natural Gas Corp (ONGC) today surged over 6 per cent on the bourses, as the company has got the consent for acquiring 51.11 per stake Hindustan Petroleum Corporation Ltd. The transaction, which will be concluded in the next few days, will be for ₹36,915 crore. (1-0)

News Live: Rajasthan, MP move SC seeking modification of Padmaavat order

2018-01-22 moneycontrol
BJP-ruled Rajasthan and Madhya Pradesh have moved the Supreme Court seeking modification of its order allowing pan-India exhibition of controversial movie Padmaavat, reports PTI. SC has agreed on Tuesday to hear the plea against the movie, which is set to be released on January 25. States say they are empowered under the Cinematograph Act to stop exhibition of a movie on grounds of law and order. (42-0)

Boards of ONGC, MRPL HPCL yet to mull possibility of HPCL-MRPL merger: HPCL

2018-01-22 moneycontrol
The Hindustan Petroleum Corporation (HPCL)-Oil and Natural Gas Corporation (ONGC) deal is through the final lap. In an interview to CNBC-TV18, MK Surana, CMD of HPCL spoke at length about the deal. (1-0)

Indore: Record 30,000 take green ride to make India healthier

Indore: Taking a break from their regular hectic life, as many as 30,000 citizens from all walks of lives participated in Saksham Cyclothon held in city on Sunday to raise social awareness and popularise measures to effectively implement cycling as an environment friendly alternative means of transport. (3-0)