Thank you for reading the news about Italian oilfield engineering firm Saipem gets Middle East contracts worth $1.25bn and now with the details
Jeddah - Yasmine El Tohamy - India In-Focus — Shares up; Local oil producers can sell to private companies; Ambani hands Reliance telco unit to son
MUMBAI: Indian shares posted modest gains on Thursday led by conglomerate Reliance Industries after billionaire Mukesh Ambani set the stage for a leadership transition at its key units.
The NSE Nifty 50 index was up 0.28 percent at 15,843.65, as of 0400 GMT, and the S&P BSE Sensex advanced 0.33 percent to 53,201.1.
The rupee stepped back from record lows hit the previous day and was trading at 78.93 per dollar, with the market headed into the final session of the first quarter,
Reliance Industries, India’s most valuable company, provided the biggest boost to the blue-chip indexes with a 1.4 percent jump.
India allows local oil producers to sell to private companies
India’s cabinet on Wednesday approved a plan that would allow local crude producers to sell oil to private companies, a move that would help raise the revenue of state-run producers such as ONGC and Oil India.
The decision would be effective from Oct. 1, and existing conditions to sell crude oil to the government-run companies would be waived, the government said in a statement, adding that exports will not be permitted.
“Companies will now be free to sell crude oil from their fields in the domestic market. Government revenues will continue to be calculated on a uniform basis across all contracts,” the government said.
Ambani hands Reliance telco unit to son
Indian billionaire Mukesh Ambani has stepped down from the telecoms arm of Reliance Industries, handing the reins to his son Akash and setting the stage for a leadership transition at his energy-to-retail conglomerate.
Mukesh’s 30-year-old son Akash has been appointed chairman of the board of Reliance Jio Infocomm Ltd, the company said in a regulatory filing on Tuesday. Akash was already a non-executive director at the telecoms arm.
Mukesh Ambani, who ranked tenth on the Forbes global billionaire’s list, signaled last year his children would have significant roles in the company, which has grown sixfold in the past decade into a $218 billion empire.
(With inputs from Reuters)
These were the details of the news Italian oilfield engineering firm Saipem gets Middle East contracts worth $1.25bn for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
