ONGC partners with ExxonMobil for deepwater exploration

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⭐ ONGC partners with ExxonMobil for deepwater exploration

Indian oil explorer and producer Oil and Natural Gas Corporation (ONGC) announced it has signed an agreement with global petroleum giant ExxonMobil Corp for deepwater exploration in the country’s East and West coasts. The partnerships will focus on the Krishna Godavari and Cauvery Basins in the eastern offshore and the Kutch-Mumbai region in the western offshore. 

⭐ Electronics, car cos look to up their game

With the festive season coming up, electronics and car makers are looking to increase their output by up to 50% as compared to the previous year. The companies expect strong sales and upbeat consumer sentiment in the coming 3-4 months. Electronics manufacturers will be looking to make up for the April-July period, which was impacted by slow production due to a fall in demand. Meanwhile, major car manufacturers are increasing their output by 15-20% on a year-on-year basis as supply-side issues are easing.

⭐ Travel and tourism sector gets a boost

The Union cabinet on Wednesday approved the expansion of the Emergency Credit Line Guarantee Scheme (ECLGS) by ₹50,000 crore to ₹5 lakh crore. The additional funds will be available for the travel, tourism and hospitality sectors. The ECLGS was launched to help small enterprises struggling due to the impact on economic activities during the pandemic. The cabinet has also approved interest subvention of 1.5% annually on short-term agriculture loans up to ₹3 lakh to ensure adequate credit flow to the agriculture sector.

Global markets (at 7:30 AM today)

Fact of the day

Nearly 60% of all the vaccines used in the world are produced in India.

Source: Economic Times