ONGC plans to invest $7.7 bn in India gas block: Report

Indian state explorer Oil and Natural Gas Corp plans to invest USD 7.7 billion to develop a gas field in an east coast block and produce up to 30 million cubic meters a day in five years, the Economic Times reported on Tuesday.

The company plans to drill eight additional wells in the block to maximize output from the deep-sea field and has sought approval for the plan from the Directorate General of Hydrocarbons and the petroleum ministry, the newspaper said citing an emailed response from ONGC.

ONGC could not immediately be reached for comment.

Last week, the Business Standard newspaper had reported that ONGC was in talks with the Indian unit of BG Group and Italian oil major ENI to sell up to a 30% stake in an east coast block.

In February, BP agreed to buy a 30% stake in 23 oil and gas blocks owned by Reliance Industries, India's most valuable listed conglomerate, for USD 7.2 billion..

Nifty moves higher; oil & gas, banks, auto gain

MUMBAI: Indian markets bounced back after a sharp fall in the last session on concerns of renewal of tax treaty between India and Mauritius. Oil&gas and rate sensitives like banks and auto stocks led the pull-back while realty, power and capital goods stocks were down on profit booking. 

"After Monday's Mauritius blues, a recovery appears in sight. A review of the tax treaty with Mauritius appears to be on the cards though no timeline has been fixed for negotiations. 

Even if talks were to start, their duration and outcome is uncertain. What is also heartening to note is that there was no major sell-off from FIIs (net sales Rs 5 billion). The domestic funds pumped in over Rs 8.6 billion. 

So, the start will be positive and a bounce back is a given. Global cues are also supportive. Stock indices in the US and Europe closed higher amid hope of a resolution to the Greek's debt woes. Most Asian markets are up this morning. 

The euro has recovered while the dollar index is down slightly. Nymex crude is hovering around $93 a barrel while the Brent is around US$112. 

The Nifty could find resistance around 5300. It is likely to find support around 5200. Overall, the market could remain jittery in the short term. One must stick to a 'wait-and-see' approach and be vigilant given the high degree of volatility," said IIFL report. 

At 10:20 am; National Stock Exchange's Nifty was at 5283.65, up 25.75 points or 0.49 per cent. The broader index touched a high of 5297.25 and low of 5257 in trade so far. 

Bombay Stock Exchange's Sensex was at 17595.65, up 89.02 points or 0.51 per cent. The 30-share index hit a high of 17642.77 and low of 17504.27 intraday. 

BSE Midcap Index was up 0.22 per cent and BSE Smallcap Index moved 0.23 per cent higher. 

Amongst sectoral indices, BSE Oil&gas Index was up 0.69 per cent, BSE Bankex gained 0.56 per cent and BSE Auto Index moved 0.53 per cent higher. 

BSE Realty Index was down 0.94 per cent, BSE Power Index slipped 0.22 per cent and BSE Capital Goods Index declined 0.13 per cent. 

Sun Pharma (1.84%), Bharti Airtel (1.67%), Reliance Industries (1.59%), Tata Motors (1.57%) and TCS (1.52%) were the major Nifty gainers. 

HCL Tech (-2.39%), Jaiprakash Associates (-1.52%), ONGC (-1.37%), BHEL (-1.32%) and DLF (-1.12%) were the major Nifty losers. 

Market breadth was positive on the NSE with 1068 gainers against 976 losers. 

Meanwhile, the Asian markets were moved higher. Nikkei 225 was up 0.43 per cent, Strait Times moved 0.63 per cent higher and Hang Seng edged 0.32 per cent higher..

Wall St flat as Greece loan delay rekindles fears

NEW YORK: US stocks were little changed on Monday as investors were hesitant to buy riskier assets after a decision was delayed on emergency loans to Greece and Moody's said it may downgrade Italy's credit rating. 

The market seesawed between modest gains and losses. Wall Street started lower, but erased losses as the S&P dipped toward 1,259, its 200-day moving average, encouraging buyers. A drop below that level would be the first since September 2010. 

"From a technical point of view, the 200-day moving average is where the market gains support," said Jason Ware, senior equity analyst at Albion Financial Group in Salt Lake City, Utah. 

The Dow Jones industrial average was up 20.02 points, or 0.17 per cent, at 12,024.38. The Standard & Poor's 500 Index was down 0.27 points, or 0.02 per cent, at 1,271.23. The Nasdaq Composite Index was down 0.85 points, or 0.03 per cent, at 2,615.63. 

Euro zone finance ministers delayed a decision on extending 12 billion euros ($17 billion) in emergency loans to Greece, saying Athens would first have to introduce austerity measures. 

The ministers expect the money, the next tranche in a 110 billion euro bailout by the European Union and the International Monetary Fund , to be paid by mid-July. Greece needs the loans by then to avoid a debt default.

"It blows the confidence out of the market, especially when the expectation was that there will be some kind of support or help to solve the situation. 

Adding to concerns, Moody's threatened to cut Italy's credit ratings in the next 90 days on worries that the Greece crisis may drive interest rates higher and derail Italy's fragile economic recovery. 

In company news, the US Food and Drug Administration approved a tamper-resistant pain drug from Pfizer Inc and Acura Pharmaceuticals Inc. Acura shares jumped 34 per cent to $5.18, while Pfizer shares fell 0.7 per cent to $20.12...

LIC Card, Axis Bank introduces value added Credit Card

LIC Cards and Axis Bank today entered into a partnership and introduced a value 

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added Credit Card service for the customers and employees of LIC, its subsidiaries and group companies.

The card comes with host of benefits, including access to airport lounges and fuel surcharge waiver, LIC and Axis Bank said in a joint statement.

"We are confident that our relationship with Axis Bank will accelerate the process of increasing customer comfort which has been our constant endeavour and further add value to our services," LIC acting Chairman D K Mehrotra said.

Through the program, the bank will address the payment solution needs of LIC customers thereby giving them yet another reason to stay with LIC of India, said Axis Bank Managing Director Shikha Sharma.

The LIC Credit Card program is designed to offer payment solution to customers of LIC, it said, adding, there will be four product variants, namely Visa Gold, MasterCard Titanium, Visa Platinum, and Visa Signature Credit Card.

In addition to regular credit card benefits like global acceptance, interest free credit period, cash withdrawal etc, it said...