ONGC, Infosys and Mahindra Logistics to see some action today

Oil and Natural Gas Corporation (ONGC) has signed contracts for seven oil and gas blocks it had won in the latest bid round that saw scant participation from the private sector. A total of 12 bids, including seven bids by ONGC and four by OIL India, were received for the 11 blocks on offer at the close of bidding on June 30. Invenire Petrodyne was the only private bidder for one block. While ONGC was the sole bidder for six blocks, OIL was the lone bidder in all the four blocks it bid for.

Infosys has partnered with the Ellen MacArthur Foundation charity. The organizations will work together to accelerate the global transition to a circular economy. The Foundation works with its Network of Strategic Partners, Partners, and Members. Infosys has joined the Network as a Partner. The Network includes some of the world’s leading and most influential organisations, including businesses, governments, educators, innovators, and investors, to drive systemic change.

Mahindra Logistics has set up a 'Built-to Suit' warehousing capacity in neighbouring Kancheepuram district in Tamil Nadu. The 3.50 lakh square foot warehousing capacity would allow the company to provide 'flexible and scalable' fulfillment and integrated distribution solutions. This space will cater to two of company’s key clients in e-commerce and auto-engineering industries. The facility situated in Kancheepuram district is focused on integrated solutions to an e-commerce player and a German auto-component supplier.

Steel Strips Wheels (SSWL) has bagged export orders of nearly 57,000 wheels for US & EU trailer market, to be executed in the month of December from its Chennai plant. Orders of similar capacity are anticipated from the same customer base as businesses have picked up speed.

Bharat Petroleum Corporation (BPCL) is confident of meeting the new government target of blending 10 percent biofuel with petrol by 2022 with the latest addition of maze to the list of feedstock for the green fuel. State-run oil marketers are required to blend 10 percent ethanol in petrol under the national policy on biofuels 2018 by 2022 and 20 percent by 2030. But so far this has not been moving at scale as surplus sugarcane was not easily available and the blending is only 5 percent now.

Maruti Suzuki India’s next-gen Ertiga multi-purpose vehicle (MPV), has crossed 5.5 lakh cumulative sales milestone since its launch in November 2018. Powered by a 1.5L K-series petrol engine, the next gen Ertiga is equipped with Smart Hybrid and automatic transmission technology. It also has a factory-fitted S-CNG option. The remarkable milestone of 5.5 lakh sales is a testimony of its success. The company had introduced the Ertiga model for the first time in India in April 2012 and became the highest selling MPV with 20 per cent repeat customers.

IIFL Finance has raised Rs 100 crore through issuance of non-convertible debentures (NCDs) on a private placement basis. The debentures will be listed on the Wholesale Debt Market segment of NSE. Finance committee of the board of directors of the company has approved allotment of 1,000 non convertible debentures of face value of Rs 10 lakh each, for cash at par.