Mining conglomerate Vedanta Ltd will invest $4 billion over the next three years to double oil production, its chairman Anil Agarwal said on Tuesday as he pushed ahead with an aggressive oil and gas expansion programme. Vedanta, which more than a decade back acquired Scottish explorer Cairn Energy's (now Capricorn Energy) India assets, is targeting 300,000 barrels per day.

India's Paytm is facing challenges as regulatory crackdowns have led to merchants refusing to use the app for digital payments. To address this, the company is mobilizing its sales team to reassure merchants and encouraging them to use partner banks. However, with bigger rivals like Walmart and Google entering the market, Paytm's dominance may be at risk.

Oil Marketing Companies (OMC) stocks closed between 5-7 percent higher on February 6 on the National Stock Exchange (NSE). Indian Oil Corporation of India (IOCL) shares closed 6.27 percent higher on the NSE. Hindustan Petroleum Corporation Limited (HPCL) shares closed 5.23 percent up on the NSE, while While Bharat Petroleum Corporation Limited (BPCL) closed 6.12 percent higher on the NSE.

SBI has received approval to acquire 100% stake in SBICAP Ventures from SBI Capital Markets for Rs 708 crore. The venture is engaged in asset and investment management with an AUM of Rs 33,055 crore. This acquisition aims to improve governance and has approvals from RBI and SEBI. It is expected to be completed by February 2024.

Tata Group companies have collectively crossed a market cap of Rs 30 lakh crore, making it the first Indian conglomerate to do so. This growth is driven by strong performances from companies like TCS, Tata Motors, and Tata Power, while Tejas Network, Tata Elxsi, and Tata Chemicals saw a dip. TCS's success can be attributed to its recent deal wins and expansion plans.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has floated model guidelines for such housing projects with an objective to ensure housing projects for retired and senior citizens are built keeping in mind their basic requirements. This is the first time any real estate regulatory authority in India has promulgated provisions for retirement housing projects.

The Indian market shrugged off weak  global cues to close high on February 6. The 30-pack Sensex ended 454.67 points, or 0.63 percent, higher at 72,186.09, and the Nifty was up 157.70 points, or 0.72 percent, at 21,929.40. About 2,026 shares advanced, 1,307 declined and 58 were unchanged. Tata Chemicals | CMP Rs 990 | Shares of Tata Chemicals rose 1.1 percent despite a disappointing third quarter

On Tuesday, Nifty 50 and S&P BSE Sensex closed with gains of 0.72% and 0.63%, respectively. However, Nifty Bank saw a loss of 0.29%. Oil & gas and IT stocks were the top losers, while midcap and smallcap indices showed positive movement. BPCL, HDFC Life Insurance, HCL Technologies, TCS, and Maruti Suzuki were among the top gainers.

LIC Mutual Fund Asset Management on Tuesday announced the appointment of Ravi Kumar Jha as its Managing Director and Chief Executive Officer. Jha has worked for over 30 years with LIC and has handled diverse positions. He was serving as executive of corporate strategy till December 2023 at the company. The 57-year-old Jha holds a bachelor's degree in commerce from Ranchi University.  

Prime Minister Narendra Modi on Tuesday said India will witness a USD 67 billion investment in the natural gas supply chain in 5-6 years as part of "unprecedented" investments flowing into the energy sector to meet the needs of the world's fastest growing major economy. Modi said India's world-beating economic growth rate is fuelling a surge in energy needs.

FSN E-Commerce Ventures, the parent company of Nykaa, a popular beauty and personal care brand, reported a net profit of Rs 17.5 crore in the December quarter, up 105 percent from last year, thanks to strong demand during the festive and wedding seasons. This marks a doubling of net profit, with a 23 percent increase in revenue. These results are in line with the company's previous forecast.

Experts say the Paytm Payments Bank fiasco will make other payments banks adhere to regulations strictly. Former SBI officials believe the industry won't be much affected, but others disagree and think customers may move to rival banks. The ED may probe PPBL for money laundering, while JFS denies rumors of acquiring Paytm's wallet business.

The IPO lane is getting busy with three entities — Rashi Peripherals, Jana Small Finance Bank and Capital Small Finance Bank– set to float their maiden public issues on Wednesday to collectively mobilise around Rs 1,700 crore. Additionally, Entero Healthcare Solutions will launch its Rs 1,600-crore initial share-sale on February 9.

Welspun Corp, an Indian steel pipes maker, saw a significant increase in profit due to high demand for its products and booming steel consumption in India. The company expects continued growth as government spendings remain strong. However, expenses also surged, impacting their overall profits. Despite positive results, shares only increased slightly.

Petronet LNG Limited on February 6 said that it has successfully concluded and executed long term contract for purchase of 7.5 MMTPA LNG with QatarEnergy. This is pursuant to extension of an existing LNG supply contract of around 7.5 MMTPA LNG sale & purchase agreement on FOB basis, signed on 31st July 1999 for supplies till 2028.