New Delhi, Aug. 12: Oil and Natural Gas Corp today reported a 34 per cent drop in June quarter net profit, the fourth straight quarterly decline, on the back of high fuel subsidy payout. Net profit in April-June fell 33.92 per cent to Rs 4,015.98 crore from Rs 6,077.70 crore a year ago. It paid Rs 12,622-crore subsidy in April-June by way of dicounts on crude oil and LPG it sells to fuel retailers.
New Delhi, Aug. 12: The Centre today issued a notification to give effect to new SEZ rules that will make the scheme more attractive for investors. The reforms include reducing the minimum land area requirement by half for different categories, allowing transfer of ownership of units, including sale, and doing away with minimum land requirement criteria for IT/ITeS zones.
Mumbai, Aug. 12: Sebi today declared illegal mobilisation of funds as a “fraudulent and unfair trade practice” to curb rising instances of the public getting defrauded by money pooling schemes.