News Digest: ONGC, Budget 2018, Mahindra, Wi-Fi in the sky and more

From Mahindra's aim to reduce losses to wi-fi on flight, BS brings you up to date with the latest news

ONGC to acquire govt's entire 51.1% stake in HPCL for Rs 369.15 bn

State-run Oil and Natural Gas Corporation (ONGC) will acquire the 51.1 per cent government stake in Hindustan Petroleum Corporation (HPCL) at a cost of Rs 369.15 billion. The deal is expected to be completed by the end of this month.

ONGC will pay the government Rs 473.97 per share, at a premium of over 10 per cent of the 60-days’ weighted average price of HPCL's scrip. Read more

Budget 2018: Centre ready to take a hit over crop minimum support price

The Union Budget 2018-19 is likely to give freedom to states to intervene in agriculture markets so that  prices don’t crash sharply, but the Centre may have to bear up to 40 per cent of the losses suffered by states due to the Minimum Support Price (MSP) of a crop.

The proposal is being seen as a move to address the continuing rural distress. Read more

Wi-Fi in the sky: Domestic airlines cold to on-board call, cite high cost

Domestic airlines are evaluating the Telecom Regulatory Authority of India’s (Trai) recommendations to allow on board Wi-Fi, but high cost and price sensitivity may deter them from rolling out the service. Read more

Mahindra Two Wheelers aims to reduce losses to below Rs 1 billion in FY18

Mahindra Two Wheelers Ltd (MTWL), the ailing subsidiary of Mahindra and Mahindra, is trying to re-invent itself and come back on the growth path - for starters, it aims to reduce its losses in this financial year to sub Rs 1 billion levels (from a Rs 4.71 billion in FY17). Besides planning to launch new variants of its premium bike Mojo in the coming quarters, it has got a brand new BSA bike in the works apart from a Jawa motorcyle (expected in FY19). Read more

Relief for used car players as GST rate slashed for second-hand vehicles

Organised dealers, which received a breather from the GST Council that lowered the goods and services tax rate on used cars, said margins would now improve and the market would see more discounts. Read more