ONGC’s standalone EBITDAX shot up ~2x y-o-y/40% q-o-q to Rs 259 bn (slightly ahead of consensus) on the back of higher oil realisation (up 66% y-o-y/14% q-o-q), coupled with modest volumes (up 2% y-o-y/q-o-q).Oil realisation is likely to taper down amid falling crude prices on recession fears. Besides, imposition of windfall tax ($31/bbl) on oil production will be a drag on earnings. Meanwhile, ...

Banking on the overall wealth creation prospects and optimism in the country, Swiss wealth management group Julius Baer is embarking on a five-year transformation strategy in India, starting this year. Under this strategy, the firm intends to triple its assets under management (AUM), more than double the number of clients and spread its wings to newer cities, to further consolidate its market sh...

India will ask Australia to amend its domestic law swiftly for the resolution of the tax issue being faced by Indian IT companies under the double-taxation avoidance agreement (DTAA), when trade ministers of both nations meet here next month, sources told FE.New Australian trade minister Don Farrell will visit India in September for the joint ministerial commission meeting with commerce and ind...

The claim-to-premium ratio under the Pradhan Mantri Fasal Bima Yojana (PMFBY), the crop insurance scheme jointly sponsored by the Centre and states, is set to drop sharply in the crop year through June 2022.The crash in claims by farmers will likely revive interests of both insurers and states, many of whom were getting disillusioned with the scheme for high payouts. In fact, the claim ratio has...

Non-alcoholic beers and cocktail mixers, which gained popularity during the days of Covid lockdown, have managed to carve out a niche space for themselves and are here to stay, show market trends.In the pre-pandemic times, such drinks were restricted to bars, pubs and restaurants, but have now made their way into people’s homes, thanks to easy availability through online channels and also mode...