Newsmakers: ONGC seals $5-bn investment, Rs 5,050 cr infusion in PSBs soon and more

Key business news events for the day

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Govt to infuse Rs 5,050 cr in PSU banks soon The government is likely to infuse additional capital of about Rs 5,050 crore in some public sector banks this week. Parliament has already approved Rs 5,050 crore for meeting additional expenditure on recapitalisation of public sector banks earlier this month. The capital infusion by the Finance Ministry in the identified banks would be done soon, which could be as early as this week itself, sources said.

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ONGC seals $5 bn investment in east coast oil and gas asset Oil and Natural Gas Corporation has approved an investment of Rs 340 billion (about $5 billion) over the next few years in its east coast oil and gas asset, in a bid to boost production and benefit from a change in government policy. Earlier this month, a top company official said ONGC would unveil an investment of around $5 billion by the end of March to develop the asset, with a view to tapping higher gas prices.

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Inflation seen at 5% in March: BofA Retail inflation for March is expected to be around 5 per cent and the Reserve Bank is likely to cut its key rate by 25 basis points each at its policy reviews on April 5 as well as in August, says a report. According to Bank of America Merrill Lynch (BofA-ML), its inflation indicator is tracking March CPI inflation at 5 per cent, slightly lower than February's 5.2 per cent. "We continue to expect the RBI to cut rates 25 bps on April 5 and in August," BofA-ML said in a research note.

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RBI chief for guidelines by nations on monetary policy behaviour There should be guidelines for responsible monetary policy behaviour globally as aggressive actions by one nation can lead to significant adverse cross-border spillovers on others, RBI Governor Raghuram Rajan has suggested.

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GVK Power to sell 33% in BIAL to Fairfax for Rs 2,149 crore GVK Power and Infrastructure on Monday said it will divest 33 per cent stake in Bangalore International Airport Ltd (BIAL) to Fairfax India Holdings Corporation for Rs 2,149 crore. In a BSE filing, the company said it "will divest 33 per cent stake in Bangalore International Airport to Fairfax India Holdings Corporation through their wholly-owned subsidiaries in Mauritius for an aggregate investment of Rs 2,149 crore".