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British telecom major <keyword id="15492" type="General" weightage="100" keywordseo="vodafone" source="Orion">Vodafone</keyword> has raised its stake in debt-ridden <keyword id="6584552" type="General" weightage="50" keywordseo="vodafone-idea-limited" source="Orion">Vodafone Idea Limited</keyword> to 47.61 per cent through its subsidiary Prime Metals, a regulatory filing said on Monday. The company earlier held 44.39 per cent stake in <keyword id="1553175" type="General" weightage="80" keywordseo="vodafone-idea" source="Orion">Vodafone Idea</keyword> Limited (VIL). "Prime Metals held 2,18,55,26,081 equity shares, representing 7.61 per cent of the equity share capital, of Vodafone Idea Limited (the "company"). <keyword id="42733" type="General" weightage="50" keywordseo="pml" source="Orion">PML</keyword> has acquired 570,958,646 equity shares of the company through allotment of equity shares pursuant to a preferential issue of the company," the filing said. On Thursday, Vodafone Idea had said that its board has approved the allotment of 338.3 crore equity shares at Rs 13.30 per scrip to three promoter group entities - <keyword id="777130" type="General" weightage="50" keywordseo="euro-pacific-securities" source="Orion">Euro Pacific Securities</keyword>, Prime Metals and <keyword id="13300460" type="General" weightage="50" keywordseo="oriana-investments" source="Orion">Oriana Investments</keyword> - for about Rs 4,500 crore. This includes allotment of 1,96,66,35,338 equity shares to Euro Pacific Securities (promoter), 57,09,58,646 equity shares to Prime Metals (promoter), and 84,58,64,661 equity shares to Oriana Investments (promoter group). The telecom operator in March had announced a Rs 14,500-crore fundraising plan, where promoters would inject Rs 4,500 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/tatas-super-app-neu-is-all-set-to-launch-this-week/articleshow/90638405.cms">Tata’s super app ‘Neu’ is all set to launch this week</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/oneplus-nord-buds-expected-to-launch-soon-fcc-listing-reveals-design-and-battery-capacity/articleshow/90638554.cms">OnePlus Nord Buds expected to launch soon — FCC listing reveals design and battery capacity</a>

Vodafone raises stake to 47.61% in Vodafone Idea through subsidiary Prime Metals

<keyword id="6355199" type="CITY" weightage="20" keywordseo="Reliance-Industries">Reliance Industries</keyword>' partners are considering joining the arbitration that the Mukesh Ambani-run firm is planning to initiate against the government for slapping a USD 1.55 billion demand for "unfairly enriching" by producing natural gas belonging to <keyword id="6354737" type="CITY" weightage="20" keywordseo="ONGC">ONGC</keyword>. 
 According to a news agency, <keyword id="3818195" type="UNKNOWN" weightage="20" keywordseo="calgary-based-niko-resources-ltd">Calgary-based Niko Resources Ltd</keyword>, which holds 10 per cent interest in RIL-operated KG-DWN-98/3 or KG-D6 block, said the partners believe they are "not liable for the amount claimed by the <keyword id="6377129" type="ORGANIZATION" weightage="20" keywordseo="Government-Of-India">Government of India</keyword>." 
 In an emailed statement, it said it "is considering joining RIL in invoking the dispute resolution mechanism in the Production Sharing Contract (<keyword id="6367605" type="ORGANIZATION" weightage="20" keywordseo="PSC">PSC</keyword>)." 
 The oil ministry had on November 3 issued a notice to RIL, <keyword id="570359" type="COMPANY" weightage="20" keywordseo="Niko">Niko</keyword> and UK's <keyword id="32848" type="ORGANIZATION" weightage="20" keywordseo="BP">BP</keyword> plc seeking USD 1.47 billion for producing in the seven years ended March 31, 2016 about 338.332 million British thermal unit of gas that had seeped or migrated from state-owned Oil and <keyword id="123483" type="CITY" weightage="20" keywordseo="Natural-Gas-Corp">Natural Gas Corp</keyword>'s (ONGC) blocks into adjoining KG-D6 in <keyword id="55869" type="UNKNOWN" weightage="20" keywordseo="Bay-of-Bengal">Bay of Bengal</keyword>. 
 
After deducting USD 71.71 million royalty paid on the gas produced and adding an interest at the rate of Libor plus 2 per cent, totalling USD 149.86 million, a total demand of USD 1.55 billion was made on RIL, BP and Niko. 
 
RIL had on Friday stated that it "proposes to invoke the dispute resolution mechanism in the PSC and issue a Notice of Arbitration to the Government." 
 
"RIL remains convinced of being able to fully justify and vindicate its position that the government's claim is not sustainable," the company had said, adding it has worked within the boundaries of the KG-D6 block awarded to it and has complied with all applicable regulations and provisions of the PSC. 
 
"The claim of the government is based on misreading and misinterpretation of key elements of the PSC and is without precedent in the oil and gas industry, anywhere in the world," it had said. 
 
BP, which holds the remaining 30 per cent interest, said it is evaluating its options. 
 "BP believes that the action taken is neither in line with well-established global practices nor is it in line with the PSC. We are aligned and working with our partners to evaluate our options to achieve an effective resolution," a <keyword id="367087" type="COMPANY" weightage="20" keywordseo="BP-India">BP India</keyword> spokesperson said. 
 Originally, ONGC had sued RIL for producing gas that had migrated from its blocks KG-DWN-98/2 (KG-D5) and <keyword id="2141893" type="UNKNOWN" weightage="20" keywordseo="Godavari-PML">Godavari PML</keyword> in the KG basin to adjoining KG-D6 block of RIL. 
 Under direction of the <keyword id="6355014" type="ORGANIZATION" weightage="20" keywordseo="Delhi-High-Court">Delhi High Court</keyword>, the government had appointed a one-man committee under retired Justice A P <keyword id="1858" type="PERSON" weightage="20" keywordseo="Shah">Shah</keyword> to go into the issue. The panel in its report on August 29 felt that the government and not ONGC is entitled to compensation. 
 
Subsequently, the ministry asked its upstream technical arm DGH to calculate the amount of compensation and a demand notice was slapped on RIL-BP-Niko. 
 
"The committee has concluded that the contractor's (RIL- BP-Niko) production of migrated gas and retention of ensuing benefits amounts to unjust enrichment, since the production sharing contract (PSC)... does not permit a contractor to produce and sell migrated gas," the November 3 demand note said. 
 
The ministry said it had accepted the Shah committee report and consequently "it has been decided by the government to claim restitution from the contractor of the block KG-DWN- 98/3 for the unjust benefit received and unfairly retained by them".

Partners
 of Reliance might be joining arbitration in $1.55 bn gas
row

As the <keyword id="88504" type="General" weightage="50" keywordseo="pakistan-national-assembly" source="Orion">Pakistan National Assembly</keyword> (NA) convenes on Monday to elect a new Prime Minister after PML-N President <keyword id="11977746" type="General" weightage="80" keywordseo="shehbaz-sharif" source="Orion">Shehbaz Sharif</keyword> and PTI Vice Chairman Shah Mahmood <keyword id="10124" type="General" weightage="50" keywordseo="qureshi" source="Orion">Qureshi</keyword> their nomination papers, the PTI seems divided over its erstwhile decision of masse resignations by its lawmakers. While the cabinet division de-notified 52 members of the federal cabinet, 25 federal ministers, four ministers of state, four advisers to the Prime Minister and 19 special assistants, after Sunday's historic vote of no-confidence by the joint opposition against former premier <keyword id="14676" type="General" weightage="50" keywordseo="imran-khan" source="Orion">Imran Khan</keyword>, <keyword id="17435" type="General" weightage="100" keywordseo="sharif" source="Orion">Sharif</keyword> having bright chances to make it to the top slot said the new cabinet would be formed only after consultation with all allies, reports Dawn news. As the PTI core committee remained indecisive in a meeting chaired by <keyword id="6355601" type="General" weightage="80" keywordseo="khan" source="Orion">Khan</keyword> on Sunday whether to go for en masse resignations of MNAs or not, the party chairman called the parliamentary party meeting at the Parliament House on Monday to make a final decision. Whether Qureshi will contest the election for the premiership or will resign along with other MNAs of the PTI and its allies depends on the outcome of the PTI parliamentary meeting. However, the PTI decided to give a tough time to the upcoming government through street protests if the PML-N won the contest in the parliament. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/elon-musk-decides-not-to-join-twitters-board-a-week-after-becoming-the-largest-shareholder-of-the-company/articleshow/90770619.cms">Elon Musk decides not to join Twitter’s board a week after becoming the largest shareholder of the company</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/nasa-collaborates-with-spinlaunch-to-test-an-innovative-mass-accelerator-launch-system/articleshow/90772382.cms">NASA collaborates with SpinLAunch to test an innovative mass accelerator launch system — a slingshot to send payloads to space</a>

Shehbaz Sharif to be elected as Pakistan's new PM today amidst protests against Imran Khan's ouster

New Delhi, Dec 26 () State-run ONGC has received environment clearance (EC) for carrying out onshore exploration, development and production of oil and gas in 100 locations in non-forest area of Assam, that would entail an investment of Rs 3,500 crore, according to official documents.
 The Union Environment Ministry has given green clearance to ONGC, the country's largest oil and gas exploration and production company, after taking into account the recommendations of a green panel.
 "The EC is however subject to obtaining prior permission from the wildlife angle, including clearance from the Standing Committee of the National Board of Wildlife," the ministry said in a letter to ONGC.
 The company proposes to carry out drilling in 100 locations to evaluate the hydrocarbon potential of 21 different onshore Petroleum Mining Lease (PML) blocks in a non-forest area covering 944.39 km in Assam and Assam Arakan Basin covering whole of the Upper Assam North in Sivasagar district.
 After establishing the potential, the company will put the field under development and production. The project cost is estimated to be Rs 3,500 crore, the company added.
 According to ONGC, there is still a lot of scope in exploring new sub-surface structures in Assam for hydrocarbons. 
 The total area of Sivasagar district PML is 957.73 square kilometre, in which Lakwa, Rudrasagar, Geleki and its adjoining areas are important oil producing fields in North Assam Shelf of Sivasagar district.
 So far, more than 500 wells (including exploratory wells and development wells) have been drilled in this field with depths ranging from 2,400 metre to 4,200 metre.
 The current EC has been granted for exploratory drilling of 100 wells which is a part of ongoing exploration efforts in various PML areas falling within the three main blocks of North Assam Shelf in Sivasagar district.
 India is dependent on imports for crude oil, and the government is encouraging exploration and production of oil and gas. 
 ONGC produces 70 per cent of the country's crude oil and 60 per cent of its natural gas. LUX RVK

ONGC gets green nod for Rs 3,500 cr project in Assam

In the 2008 Batman movie “The Dark Knight”, Harvey Dent – played by Aaron Eckhart – says, “You either die a hero, or you live long enough to see yourself become the villain.” <keyword id="3001" type="General" weightage="20" keywordseo="pakistan" source="Orion">Pakistan</keyword>’s yesteryear cricketing hero <keyword id="14676" type="General" weightage="50" keywordseo="imran-khan" source="Orion">Imran Khan</keyword> was ousted as Pakistan's prime minister (PM) after a vote of no-confidence last week. While he led his cricket team to victory during the 1992 Cricket World Cup, he failed to bring the same charisma to politics, where he was run out by hell-bent opponents, the Pakistan People’s Party (PPP) and Pakistan Muslim League – Nawaz (PML-N), in his first <keyword id="585867" type="General" weightage="20" keywordseo="Innings" source="Orion">innings</keyword>. <keyword id="6355601" type="General" weightage="100" keywordseo="khan" source="Orion">Khan</keyword> may not be a villain here, but a victim of history, perhaps. Khan was not the first prime minister to leave before completing his 5-year parliamentary tenure. Not a single one of them could not complete the full <a href="https://www.aljazeera.com/news/2022/4/9/factbox-no-pakistani-prime-minister-has-completed-a-full-tenure">tenure</a>. However, he was the first premier to be forced out of the parliament through a trust vote. Ironically, Pakistan’s powerful army and public support that brought Khan into power in 2018, were also among the main reasons behind his downfall now. He was elected in July on a platform of tackling corruption, fixing the economy for the poor with ample employment opportunities and building a ‘Naya Pakistan’ (new). Some <a href="https://www.aljazeera.com/news/2022/4/9/analysis-end-of-imran-khans-term">observers </a>believe that he was ousted on the account of skyrocketing <a href="https://economictimes.indiatimes.com/news/international/world-news/imran-khan-admits-pakistan-facing-massive-inflation-attempts-to-link-it-as-global-phenomenon/articleshow/89078297.cms?from=mdr">inflation </a>and ballooning foreign <a href="https://www.business-standard.com/article/international/pakistan-govt-s-external-debt-rises-by-20-in-h1-fy22-hits-rs-21-trn-122022600225_1.html#:~:text=Pakistan%20government's%20external%20debt%20rose,21%20trillion%20in%20December%202021.">debt</a>. Let’s go back to the beginning of this end, shall we? A rocketing cost of living in Pakistan, the Pakistani Rupee falling against the US Dollar and a deepening economic crisis contributed to public disgruntlement against Khan. The <a href="https://www.business-standard.com/topic/pakistan">Pakistan</a> government's <a href="https://www.business-standard.com/topic/external-debt">external debt</a> rose by a massive 20% in the first half of the last fiscal (2021-22) reaching a high of PKR21 trillion in December 2021. <div type="image" title="Pakistan&amp;#39;s debt trap" msid="90854314" hostid="261" caption="&amp;lt;p&amp;gt;Pakistan&amp;#39;s debt trap&amp;lt;/p&amp;gt;"></div> By borrowing from foreign countries, Khan flouted yet another campaign promise made to his audience. In 2018, he criticised the previous ruling parties for relying on a “<a href="https://economictimes.indiatimes.com/news/international/world-news/no-country-with-begging-bowl-can-become-great-nation-pakistan-pm/articleshow/84522483.cms">begging</a> bowl’’ and pledging not to resort to external borrowing. Just a year later, Khan struck a deal with the International Monetary Fund. His government broke all previous records by borrowing $16 <a href="https://www.aljazeera.com/opinions/2019/7/26/imran-khans-first-year-in-office-u-turns-and-oppression">billion </a>in just one year, the biggest loan ever since the creation of Pakistan in 1947. These retractions of campaign promises gained him the embarrassing nickname “U-turn Khan.” <div type="image" title="Imran Khan has been making a u-turn on his campaign promises" msid="90854381" hostid="261" caption="&amp;lt;p&amp;gt;Imran Khan has been making a u-turn on his campaign promises&amp;lt;/p&amp;gt;"></div> The ruling party was also grappling with the country’s double-digit <a href="https://foreignpolicy.com/2022/03/25/pakistan-inflation-imran-khan-no-confidence-vote/#:~:text=Pakistan%20has%20grappled%20with%20extreme,at%2015.1%20percent%20last%20week.">inflation </a>for much of its term. The sensitive price index, which includes the prices of essential food items, also recorded a rise of <a href="https://www.ft.com/content/870369af-b673-4ce5-bd86-d89d28be4d40">15.1</a>% in March this year compared to the same time last year. The pressure on Khan reached new heights in the wake of Russia’s invasion of Ukraine, causing a surge in global oil prices. <div type="image" title="Pakistan&amp;#39;s inflation has been running high since 2019" msid="90854408" hostid="261" caption="&amp;lt;p&amp;gt;Pakistan&amp;#39;s inflation has been running high since 2019&amp;lt;/p&amp;gt;"></div> Sensing the eroding public support, Khan announced a <a href="https://www.atlanticcouncil.org/blogs/southasiasource/experts-react-pakistani-prime-minister-imran-khan-cuts-fuel-and-electricity-prices/">cut </a>in domestic fuel and electricity prices despite a global rise, which later turned out to be the final nail in his coffin. This move added to Pakistan’s chronic fiscal deficit and balance-of-payments troubles, which opened a clear window for Khan’s opposition to call for his resignation later. Khan’s democratic party seemingly wasn’t open to dissent either. Rana Sanaullah, a prominent parliamentarian and vocal critic of Khan’s government, was arrested in 2019 for allegedly trafficking drugs by the military-run anti-narcotics force. Sanaullah had <a href="https://twitter.com/hamidmirpak/status/1145686276886224896?lang=en">predicted </a>his arrest even before there was a warrant against him. Later on July 25, former Prime Minister <keyword id="6576" type="General" weightage="50" keywordseo="nawaz-sharif" source="Orion">Nawaz Sharif</keyword> took to the streets across Pakistan to <a href="https://www.aljazeera.com/news/2019/7/25/pakistan-opposition-holds-black-day-protests-against-pm-khan">protest </a>Khan’s assault on silencing dissenting voices. The account of what went wrong would be incomplete without mentioning the civil-military relationship, which took a turn for the worse after the reshuffle of army chiefs. Khan’s decision to <a href="https://www.bbc.com/news/world-asia-61047736">retain </a>Lieutenant-General Faiz Hameed as the Inter-Services Intelligence (ISI) chief, rejecting the nominee of army chief General Qamar Bajwa in October 2021, further weakened the former PM’s political position. He <a href="https://www.bbc.com/news/world-asia-61047736">held </a>off issuing approval to change of posting for nearly three weeks before eventually giving in. After Bajwa <a href="https://indianexpress.com/article/pakistan/pakistan-isi-chief-faiz-hameed-7556079/">replaced </a>Hameed as the Director-General of ISI in October, Khan reportedly lost his support from the army. Khan is the latest in a long line of Pakistani prime ministers who have fallen out of their position before completing their five-year tenure. The newly appointed PM Shehbaz Sharif inherits a country in a parlous state, with a dysfunctional economic model.

SIMPLY PUT: Why was Imran Khan run out in his first innings?

New Delhi, <keyword id="208415" type="ORGANIZATION" weightage="20" keywordseo="department-of-revenue">Department of Revenue</keyword> (DoR) has clarified that any purchase of <keyword id="18712" type="ENTERTAINMENT" weightage="20" keywordseo="Gold">gold</keyword>, <keyword id="35264" type="COMPANY" weightage="20" keywordseo="silver">silver</keyword>, <keyword id="6354387" type="UNKNOWN" weightage="20" keywordseo="jewellery">jewellery</keyword> or precious gems and <keyword id="23962" type="PERSON" weightage="20" keywordseo="stones">stones</keyword> below ₹2 lakh does not require PAN or Aadhaar of a customer as a mandatory KYC document. Sources said that the notification issued under (Prevention of Money Laundering) PML Act, 2002, on December 28, 2020 is a requirement of FATF Dealers in Precious Metals and <keyword id="23965" type="COMPANY" weightage="20" keywordseo="precious-stones">Precious Stones</keyword> (DPMS) to carry out KYC and Customer Due Diligence only when they conduct cash transactions above ₹10 lakh. This is a requirement of FATF (Financial Action Task Force) - the global money laundering and terrorist financing overseer which as the inter-governmental body sets international standards aimed to prevent illegal activities on terror funding and money laundering. One of the recommendations requires DPMS sector to fulfil obligations of Customer Due Diligence (CDD) when they conduct cash transactions above a certain limit (USD/EUR 15,000). India is a member of FATF since 2010. DoR sources said the contention that any purchase, even if below ₹2 lakh, of gold, silver, jewellery or precious gems and stones in cash require KYC are baseless. Sources said that since in India, cash transactions above ₹2 lakh is not allowed under section 269ST of Income-tax Act, 1961, dealers not receiving cash more than ₹2 lakh in compliance with the existing provisions of the Income-tax Act will not be covered under this notification. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/oyo-bags-a-7-4-million-cheque-as-pandemic-forces-ritesh-agarwal-to-reimagine-the-business/articleshow/80170847.cms">OYO bags a $7.4 million cheque as pandemic forces Ritesh Agarwal to reimagine the business</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s21-series-mobile-available-on-pre-orders-checkout-expected-price-of-this-smartphone/articleshow/80168058.cms">Samsung Galaxy S21 series now up for pre-orders ⁠— expected to be priced around ₹75,000</a> <a href="https://www.businessinsider.in/stock-market/news/tcs-ongc-tata-power-punjab-national-bank-nhpc-and-other-top-stocks-to-watch/articleshow/80164057.cms?upcache=2">TCS’ market share, ONGC’s borrowing, Tata Power gets new territories⁠— these and other top stocks to watch</a>

Only purchase of jewellery above ₹2 lakh needs mandatory KYC

New Delhi, Nov 14 () The government has eased KYC norms for migrants to open bank account by allowing them to give a self-declared local address as sufficient proof of residence in case it is different from one mentioned in Aadhaar document.
Migrants face difficulties in having proof of residence as address on Aadhaar is different from their current location.
The Department of Revenue on Thursday said its notification is with regard to easing of Aadhaar KYC use for opening of the bank account for the convenience of people who often migrate from place to place for jobs or any other reason.
The changes were made by amending the Prevention of Money-laundering (Maintenance of Records) Rules, as per a gazette notification issued on Wednesday.
This amendment has been issued to allow people who have used Aadhaar KYC to open bank account and want to give an address different from the address in Aadhaar as current address on a self-declaration basis. 
"The amended PMLR applies only to Aadhaar KYC purposes for opening of bank account and not for the change of Address in Aadhaar card. 
"If a person has moved residence for purposes of work and needs to use Aadhaar KYC for opening a new bank account or change his bank branch, etc., he can give a self declaration of new address while retaining the original address on his Aadhaar card," Revenue Secretary Ajay Bhushan Pandey said. 
The PML Rules amendment makes opening bank account easier for individuals who are living in an address different from their address in Aadhaar, he said, adding that people who submitted Aadhaar card with a different address as KYC at banks can now submit local address by providing a self-declaration.
He further said that with this amendment, giving a self-declaration about a local address or any address other than the one on Aadhaar card will be sufficient as address proof to open bank account with Aadhaar KYC. 
This amendment brings in convenience especially for the migrant people. For example, if a migrant worker comes from Jharkhand to Mumbai and his/her Aadhaar has Jharkhand's address, then to open a bank account a self-declaration about his/her local address in Mumbai will be sufficient for Aadhaar KYC.
The change has been made through an amendment in the PML Rules and not by way of amending Aadhaar Act/Regulations and it does not apply to change of address in Aadhaar card. DP NKD CS MKJ

Govt eases norms for opening bank account for migrants with Aadhaar KYC

<ul><li>At 7:40 am, the SGX Nifty was down 0.58%, indicating a slow start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to start on a tepid note on Wednesday, led by mixed cues from the global markets. At 7:40 am, the SGX Nifty was down 0.58%, indicating a slow start for Nifty50. However, on Tuesday, the <a href="https://www.businessinsider.in/stock-market/news/sp-500-and-nasdaq-close-at-record-highs-as-investors-bet-that-a-vaccine-will-drive-an-economic-rebound/articleshow/79520724.cms">US stocks closed at record highs</a> as investors bet that a vaccine will drive an economic rebound. The Dow Jones Industrial Average closed 185.28 points higher, and the S&amp;P 500 was up 1.13%. These are the stocks to watch out for during the trading session today: Dr Reddy’s Laboratories Dr Reddy’s Laboratories and Russian Direct Investment Fund (RDIF) on Tuesday said they had commenced adaptive phase 2/3 clinical trials for the Sputnik V COVID-19 vaccine in India. The trials have commenced after receiving the necessary clearance from the Kasauli-based Central Drugs Laboratory, the company said. Hero MotoCorp Hero MotoCorp reported a 13.82% year-on-year rise in its domestic wholesale for November, led by a robust recovery in sales of its entry-level motorcycles in rural and semi-urban markets. The exports rose by 40.37% during the month. Eicher Motors Eicher Motors has registered a growth of 3.2% YoY in its November sales led by domestic sales of Eicher trucks and buses. TVS Motor TVS Motor sales grew by 21% registering 322,709 units in November 2020 as against 266,582 units in November 2019. Phoenix Mills Phoenix Mills (PML) and its subsidiaries have signed a non-binding term-sheet with an affiliate of Singapore’s sovereign wealth fund GIC for formation and development of to set up a retail-led mixed-use platform. The proceeds from the proposed transaction are intended to be utilized as growth capital for further expansion and acquisition of greenfield, brownfield, operational and distressed mall opportunities, Phoenix said in a statement. Coal India State-owned Coal India on Tuesday reported a 3.4% rise in production at 51.7 million tonnes (MT) in November. Reliance Power Reliance Power defaults on interest payments due on term loans from Axis Bank, Yes Bank and IDBI Bank. The company has a total financial indebtedness of ₹1,360 crore. Praj Industries Tata Capital Financial Services sold 11.6 lakh shares in Praj Industries at an average price of ₹91.16/share. Burger King India Burger King India <a href="https://www.businessinsider.in/business/corporates/news/burger-king-grey-market-premium-and-heres-what-brokerages-say-about-the-ipo-opening-tomorrow/articleshow/79508730.cms">IPO opens for public subscription today</a>. The company has fixed the price band at ₹59-60 per share and is looking to raise ₹810 crore SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/heres-what-to-expect-from-maruti-mm-hero-bajaj-auto-in-november-car-bike-sales/articleshow/79489474.cms" data-type="tilCustomLink"> November auto sales estimates — Here’s what to expect from Maruti, M&amp;M, Hero, Bajaj Auto, and other automakers</a> <a href="https://www.businessinsider.in/india/news/centre-invites-agitating-farmer-unions-for-talks-on-december-1-two-days-ahead-of-a-scheduled-meeting/articleshow/79502391.cms" data-type="tilCustomLink">Centre invites agitating farmer unions for talks on December 1, two days ahead of a scheduled meeting</a>

Top stocks to watch — Dr Reddy’s Lab, Reliance Power, Hero Moto, Eicher Motors, TVS Motor, Phoenix Mills, Coal India, and others

<ul><li>The 30-share BSE index opened 60.37 points lower, and the NSE Nifty was down 0.12% at 13,093.75.</li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian equity benchmark indexes opened on a choppy note during the early trading hours on Wednesday due to selling in financial, IT and energy stocks as investors booked profit after sharp gains in the previous session. The 30-share BSE index opened 60.37 points lower, and the NSE Nifty was down 0.12% at 13,093.75. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IOC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paint </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RIL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td></tr></tbody></table>*as of December 2, 10:00 am These are the top stocks in news today. Tata Motors zooms 4% The shares of Tata Motors zoomed 4% on Tuesday after the company reported 21% year-on-year sales growth in November. The company said its domestic passenger vehicles sales jumped staggering 108% to 21,641 units in November. Hero MotoCorp up over 2% The shares of Hero MotoCorp gained over 2% after the company reported a 14% year-on-year rise in its domestic wholesale for November, led by a robust recovery in sales of its entry-level motorcycles in rural and semi-urban markets. The company said its exports rose by 40.37% during the month. Dr Reddy’s Laboratories gains nearly a percent The shares of Dr Reddy’s Laboratories gained nearly a percent after the company said it had commenced adaptive phase 2/3 clinical trials for the Sputnik V COVID-19 vaccine in India. Phoenix Mills trades 6% higher The shares of Phoenix Mills (PML) gained over 6% during the morning trade after the company and its subsidiaries have signed a non-binding term-sheet with an affiliate of Singapore’s sovereign wealth fund GIC for formation and development of to set up a retail-led mixed-use platform. The proceeds from the proposed transaction are intended to be utilized as growth capital for further expansion and acquisition of greenfield, brownfield, operational and distressed mall opportunities, Phoenix said in a statement. TVS Motor trades over a percent higher The shares of TVS Motor gained over a percent after the company said its sales grew by 21% registering 322,709 units in November 2020 as against 266,582 units in November 2019. Indian Oil Corporation soars 3% The shares of Indian Oil Corporation soared over 3% after the company launched the nation’s first 100 Octane petrol, helping India join a select league of nations globally that have such superior quality fuel. Worldwide, 100 Octane petrol has a niche market for luxury vehicles that demand high performance and is available only in six countries — the USA, Germany, Greece, Indonesia, Malaysia and Israel. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/burger-king-grey-market-premium-and-heres-what-brokerages-say-about-the-ipo-opening-tomorrow/articleshow/79508730.cms" data-type="tilCustomLink">Burger King India IPO opens today — brokerages recommend ‘subscribe’ on attractive valuations</a> <a href="https://www.businessinsider.in/india/news/delhi-chalo-no-breakthrough-in-talks-government-seeks-farmers-objections-suggestions-on-farm-laws/articleshow/79521894.cms" data-type="tilCustomLink">Delhi Chalo: No breakthrough in talks, government seeks farmers' objections, suggestions on farm laws</a> <a href="https://www.businessinsider.in/science/news/china-just-landed-its-change-5-spacecraft-on-the-moon-the-mission-could-bring-moon-rocks-to-earth-for-the-first-time-in-40-plus-years-/articleshow/79520221.cms" data-type="tilCustomLink">China just landed its Chang'e-5 spacecraft on the moon. The mission could bring moon rocks to Earth for the first time in 40-plus years.</a>

Top stock movers — RIL, HDFC Bank, Tata Motors, Hero MotoCorp, Phoenix Mills, IOC, and others

<ul><li>The government maintains that this is necessary in view of the ICJ's ruling in June last year, in which it had asked Pakistan to give <keyword id="4434811" type="PERSON" weightage="20" keywordseo="Jadhav-consular-access">Jadhav consular access</keyword> while hearing an appeal filed by India against the death sentence handed to him through a military court trial process. </li><li>However, the opposition parties describes the ordinance as an attempt to facilitate a reprieve for Jadhav, who they call an Indian spy working for Research and Analysis Wing (RAW), in a sneaky manner through a suspected secret deal. </li><li>Major opposition parties are geared up to strongly oppose the ordinance in the Senate, the upper house of parliament, calling it a matter of "national security". </li></ul>The <keyword id="6824371" type="UNKNOWN" weightage="20" keywordseo="imran-khan-government">Imran Khan government</keyword> is expected to table <keyword id="4533921" type="COMPANY" weightage="20" keywordseo="The-International-Court-of-Justice">the International Court of Justice</keyword> (ICJ) Review and Re-consideration Ordinance 2020 in the National Assembly on Monday, even as it faces intense heat from the opposition on the issue. The ordinance seeks to allow alleged <keyword id="4016237" type="PERSON" weightage="20" keywordseo="Indian-spy-Kulbhushan-Jadhav">Indian spy Kulbhushan Jadhav</keyword> the facility to file an appeal in a high court against his conviction. The government maintains that this is necessary in view of the ICJ's ruling in June last year, in which it had asked Pakistan to give Jadhav consular access while hearing an appeal filed by India against the death sentence handed to him through a military court trial process. However, the opposition parties describes the ordinance as an attempt to facilitate a reprieve for Jadhav, who they call an Indian spy working for Research and Analysis Wing (RAW), in a sneaky manner through a suspected secret deal. Major opposition parties are geared up to strongly oppose the ordinance in the Senate, the upper house of parliament, calling it a matter of "national security". Passing the ordinance in the lower house has become a major issue for the government as it has failed to present it at least twice in May, due to strong opposition. "We want to be on the right side of the history. The government faces compulsion; we don't have any compulsion," said opposition Pakistan Muslim League-Nawaz (PML-N) leader Khawaja Asif. Asif reminded that Prime Minister <keyword id="14676" type="PERSON" weightage="20" keywordseo="Imran-Khan">Imran Khan</keyword> was quick to accuse former Prime Minister Nawaz Sharif of making a secret deal with Indian businessman Sajjan Jindal on Jadhav during his meeting with him in <keyword id="1958456" type="LOCATION" weightage="20" keywordseo="Murree">Murree</keyword>. "Purely political announcements were made by Imran Khan before coming in power in 2018. He did not realise the consequences of his accusations back then," he said. "In May 2017, Imran had told a political gathering at Ayub Stadium in Quetta that the execution of the convicted Indian spy had been withheld after Jindal visited Pakistan and met Nawaz Sharif," he said adding that Imran Khan had even asked the Joint Investigation Team (JIT) constituted to probe the Sharif family's foreign assets to also trace their business interests in India. On the other hand, the government will be taking the matter up in a cabinet meeting before the ordinance is sent to the National Assembly for approval. Federal Law Minister Dr. Farogh Naseem called on the opposition parties to avoid politics on the matter, insisting that "India will gain if an ordinance in line with the ICJ verdict is not passed". "This issue is highly sensitive and a matter of national importance. Promulgation of the ordinance is neither a National Reconciliation Ordinance (NRO) nor an appeal," he said. While the government has a compulsion to abide by the ICJ ruling, opposition parties are adamant at not allowing the measure easy transit through the legislature. Opposition parties do not have majority in the lower house but they have a clear majority in the upper house, and warn that if the government succeeds in passing the ordinance in the lower house, they will ensure the upper house rejects it. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/coovid-vaccine-from-oxford-serum-institute-and-astrazeneca-shows-promising-immune-response/articleshow/77069321.cms">The COVID-19 vaccine from Oxford and AstraZeneca shows 'promising' results in early human trials</a> <a href="https://www.businessinsider.in/entertainment/news/dil-bechara-kissing-booth-2-and-other-movies-you-can-watch-on-netflix-amazon-prime-disneyhotstar-this-week/slidelist/77142498.cms">Dil Bechara, Kissing Booth 2 and other movies you can watch on Netflix, Amazon Prime, Disney+Hotstar this week</a> <a href="https://www.businessinsider.in/business/startups/news/work-from-home-effect-these-companies-are-shelling-out-for-employees-power-bills-internet-cost-and-more/articleshow/77139229.cms">WFH effect – These companies are paying for employees' power bills, internet cost and more</a>

Pakistan to reconsider Kulbhushan Jadhav Ordinance in the National Assembly on August 3

The final report on the gas dispute between the state-owned ONGC and Reliance Industries was submitted, stating that natural gas worth more than Rs 11,000 crore migrated from idling ONGC’s KG fields to adjacent KG-D6 block. 
 
US-based consultant DeGolyer and MacNaughton (D&amp;M) submitted its final report to the Directorate General of Hydrocarbons (DGH), a senior government official said here. 
 
"The report more-or-less reiterates what D&amp;M had stated in the draft report that some gas had indeed migrated from ONGC's Krishna Godavari basin blocks to RIL's KG-D6 fields", he said. 
 
Now, the report will be examined to conclude that on how and to what extend should ONGC be compensated for its gas being produced by RIL. 
 
"The Supreme Court had in its order (on ONGC petition on its gas being produced by RIL) stated that government will have to in six months from the date of receipt of D&amp;M report decide on addressing ONGC contention. That we will do,” the government official said. 
 
D&amp;M, in its report, established that reservoirs in ONGC's Krishna Godavari basin KG-DWN-98/2 (KG-D5) and the Godavari Producing Mining Lease (PML) are connected with Dhirubhai-1 and 3 (D1 &amp; D3) field located in the KG-DWN-98/3 (KG-D6) Block of RIL. 
 
It states that as much as 11.122 billion cubic meters of ONGC gas has migrated from Godavari-PML and KG-DWN-98/2 to KG-D6. 
 
Of the 58.68 bcm of gas produced from KG-D6 block since April 1, 2009, 49.69 bcm belongs to RIL and 8.981 bcm could have come from ONGC's side, D&amp;M said. 
 
At gas price of $4.2 per million British thermal unit, the volume of gas belonging to ONGC which RIL has produced comes to $1.7 billion (Rs 11,055 crore). 
 
ONGC had in 2013 claimed that RIL had deliberately drilled wells close to the common boundary of the blocks and that some gas it pumped out was from its adjoining block. 
 
RIL, on the other hand, has maintained that it has "scrupulously followed every aspect of the production sharing contract and has confined its petroleum operations within the (boundaries of its) KG-D6 block" in Krishna Godavari basin. 
 
D&amp;M estimated that ONGC's Godavari-PML had 14.209 bcm of gross in-place reserves and KG-D5 another 11.856 bcm. RIL's D&amp;D3 fields held 80.697 bcm gross in-place reserves. 
 
Of these, 12.80 bcm of Godavari-PML, 8.01 bcm of KG-D5 and 75.33 bcm of KG-D6 are connected, it said. 
 
It estimated that 11.89 bcm of gas from ONGC blocks would have migrated to KG-D6 by January 1, 2017. This volume would rise to 12.713 bcm by May 1, 2019. 
 
The volume of gas remaining after this would not be economically viable for ONGC to develop. 
 
D&amp;M was jointly appointed by ONGC and RIL to find if the neighbouring fields are connected.

Mukesh Ambani might soon find himself paying a hefty compensation to ONGC

The government has slapped a $ 1.55 million fine on <keyword id="6355199" type="CITY" weightage="100" keywordseo="Reliance-Industries">Reliance Industries</keyword> and its partners for extracting natural gas that came under the state-owned <keyword id="6354737" type="CITY" weightage="20" keywordseo="ONGC">ONGC</keyword> in the KG basin over the past seven years. 
 According to sources, a notice regarding the same has been sent to <keyword id="6484187" type="CITY" weightage="20" keywordseo="RIL">RIL</keyword> by the <keyword id="46040" type="ORGANIZATION" weightage="20" keywordseo="Oil-ministry">Oil Ministry</keyword>. 
 In a report by the <keyword id="2967413" type="UNKNOWN" weightage="20" keywordseo="Justice-A-P-Shah-Committee">Justice A P Shah Committee</keyword> presented to the Oil Ministry, it said that the Mukesh Ambani-led firm should pay the government for the gas that had seeped from ONGC blocks into its fields. 
 
"RIL's action of producing and selling gas migrated from ONGC block is unjust enrichment. Over 11 billion cubic metres of gas had flowed from the ONGC block to RIL's fields between April 1, 2009 and March 31, 2015. Of this, RIL has already produced about 9 bcm," the report said. 
 
The panel, however, said the compensation should go to the government and not ONGC. 
 
"The Government of India, and not ONGC, is entitled to claim restitution from RIL for the unjust benefit it received and unfairly retained. ONGC has no locus standi to bring a tortuous claim against RIL for trespass/conversion since it does not have any ownership rights or possessory interest in the natural gas," the committee said. 
 
As much as 11.122 billion cubic meters of gas worth Rs 11,000 crore at present, had migrated from its Godavari-PML and KG-DWN-98/2 blocks to adjoining KG-D6 of RIL between April 1, 2009 and March 31, 2015. This has emptied the ONGC’s reservoirs. 
(image: Indiatimes)

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