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4. NSE WEEKLY NEWS UPDATE
Oil ministry orders inquiry into GAIL pipeline fire
Oil minister Dharmendra Pradhan has ordered a highlevel inquiry into the GAIL pipeline fire in Andhra
Pradesh that killed at least 15 people. A fire was reported at 0530 hours in state gas utility GAIL India
Ltd's pipeline that carries gas to Lanco's Kondapalli power plant near Vijayawada in Andhra Pradesh. The
fire which followed a blast, has been brought under control. The 18inch pipeline carried gas from state
owned Oil and Natural Gas Corp's (ONGC) gas field in the East Godavari district.
Bansal made Infosys Lodestone chairman
Infosys CFO Rajiv Bansal has been appointed as the chairman of Infosys Lodestone, a whollyowned
subsidiary of the $8.2 billion IT firm that was acquired for $350 million in 2012. Infosys Lodestone is a
Switzerlandbased global management consultancy firm advising companies on devising innovative
business operating models, optimizing processes and implementing new technologies leveraging SAP.
Sebi wants PF funds in market via MFs
Market regulator Sebi is keen to see pension fund money to flow into the Indian market through the
mutual fund route where fund managers can manage money from pension funds. As of now, about Rs
5.5 lakh crore of pension funds is managed by portfolio managers. Sebi chairman U K Sinha also said
that the regulator has written to the government for clarity about tax issues relating to real estate
investment trusts (REITs) and infrastructure investment trusts. For these two types of investments
products to be attractive, there should be a structure of passthrough of taxes which could be allowed
only by the government.
Bank of Baroda exits MCX; exchange appoints new auditor
MultiCommodity Exchange of India (MCX) on Thursday said one of its investors, staterun Bank of
Baroda, has sold its entire stake in the troubled bourse. State Bank of India, Corporation Bank and Bank
of Baroda — all PSU lenders — had together bought 9.69 per cent in MCX in 2004 at a total investment
of Rs 3.94 crore, according to the offer share sale document of the exchange.
Govt to slap additional penalty of $ 578 million on Reliance Industries
The government plans to impose an additional penalty of USD 578 million on Reliance Industries for
producing lessthantargeted natural gas from its eastern offshore KGD6 block. The penalty in the form
of disallowing costs incurred on the field will be for missing the target in 201314, a government source
said. With this, the total costs disallowed will increase to USD 2.375 billion.
Air India revenues to rise 5% with Star: Aviation minister
In a boost to its sagging fortunes, cashstrapped Air India can expect its revenue to rise by at least 5%
once the airline joins Star Alliance on July 11. Aviation minister P Ashok Gajapathi Raju on Tuesday
confirmed that the airline's sevenyearlong wait to join the world's largest alliance was finally over and
that it will be in the fold next month.
Sebi fixes minimum AUM for debt schemes
Market regulator Sebi has said that fund houses should have a minimum subscription of 20 crore for
debtoriented and balanced schemes during new fund offers. They have to maintain an average AUM
( assets under management) of 20 crore on a halfyearly rolling basis. This is being done to ensure that
there is adequate corpus in such schemes.
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