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Vedanta Oil & Gas shares fall over 3% after firm discloses two legal matters involving ONGC, GoI

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Vedanta Oil & Gas shares fall over 3% after firm discloses two legal matters involving ONGC, GoI
Shares of Vedanta Oil & Gas fell as much as 3.4% to their day’s low of Rs 33.66 on the BSE on Wednesday after the company disclosed two separate legal matters involving the Oil and Natural Gas Corporation Limited (ONGC) and the Directorate General of Hydrocarbons (DGH), Government of India.

In the first matter, the company said it had received demand letters from the DGH regarding four blocks awarded under the Open Acreage Licensing Policy (OALP) bidding rounds. According to the company, DGH has not granted further extensions for the four blocks and has sought payment of liquidated damages along with applicable interest.

Vedanta said it believes it has valid grounds in the matter and is pursuing appropriate legal remedies available. The company has also requested DGH to refer the matter to the Committee for External Eminent Experts (CEEE) for resolution through conciliation or mediation.

Also read:
Vedanta Aluminium vs Power vs Oil & Gas vs Iron & Steel: Which stock should you buy?The company said the financial impact, if any, arising from the DGH matter will be assessed and accounted for, as required, based on the outcome of the proceedings and in accordance with applicable accounting standards. The aggregate amount claimed by DGH is approximately $35 million plus interest.

Vedanta Oil & Gas and ONGC

In a separate disclosure, the company said it had received a copy of an enforcement petition filed by ONGC before the Delhi High Court seeking enforcement of an arbitral award dated July 31, 2023, arising from arbitration proceedings between ONGC and Vedanta Limited.

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At a hearing on July 20, the Delhi High Court issued a notice to the company to file its reply. No interim adverse order has been passed against the company, and the next hearing is scheduled for September 11, 2026.
The arbitral award relates to an amount of approximately $37 million applicable to Vedanta Limited and its subsidiaries. The company said the amount has already been provided for in its books of account. Vedanta is evaluating the matter and said it will pursue appropriate legal remedies.

Crisil upgrades Vedanta Oil & Gas

Earlier this week, Vedanta Oil and Gas Ltd’s long-term rating was upgraded to CRISIL AA+/Stable from CRISIL A+/Watch Developing, while its short-term rating was withdrawn.
CRISIL said the upgrade factors in the company’s stronger business and financial risk profile following the transfer of Vedanta’s oil and gas undertaking into the company as part of the demerger. Vedanta Oil and Gas is one of India’s largest private-sector oil and gas producers, operating 44 blocks covering more than 47,000 square kilometres and producing approximately 87 kilo barrels of oil equivalent per day (kboepd) in fiscal 2026.

Read more: Vedanta shares drop 26% in two months, erase all post-demerger gains. Time to buy or better to avoid?

The rating agency said the company benefits from a healthy reserve base, established producing assets and a competitive operating cost structure. More than 80% of production comes from its Rajasthan assets, while operating efficiency remains strong, supported by first-quartile operating costs and the production-sharing contract framework.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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What about cuts for cafes and hotels?

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The new PM has announced at 20% business rate cut for pubs, clubs and live music venues in England,

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Business

Samsung Unveils Galaxy Z Fold8 Ultra, Fold8 and Flip8 in Its Most Complete Foldable Lineup Ever Made

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Nintendo has faced persistent speculation about its plans for a new version of its Switch console

Samsung Electronics officially introduced its newest generation of foldable smartphones Wednesday, unveiling the Galaxy Z Fold8 Ultra, Galaxy Z Fold8 and Galaxy Z Flip8 as part of what the company describes as its most complete foldable lineup to date, aimed at broadening the category’s appeal beyond its traditional user base.

The announcement, made in the United Kingdom, introduces three distinct devices built around different use cases: the Z Fold8 Ultra for maximum productivity, the standard Z Fold8 for immersive content discovery, and the Z Flip8 for quick, expressive everyday use. All three phones are available for preorder starting immediately in select markets.

A new tier for Samsung’s flagship foldable

The Galaxy Z Fold8 Ultra marks the first time Samsung has applied its “Ultra” branding, long reserved for the top tier of its Galaxy S smartphone line, to a foldable device. Samsung describes the Fold8 Ultra as its slimmest Z Fold design yet, measuring just 4.1 millimeters thick when unfolded and weighing 215 grams, while offering an 8-inch main display intended to function as a mobile workspace for multitasking.

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TM Roh, chief executive officer, president and head of Samsung’s Device eXperience Division, framed the release around the growing role of artificial intelligence in mobile devices. “As AI becomes more agentic, mobile devices will become the most personal entry point to experiences that understand and adapt to each user,” Roh said. “By setting a new standard for foldables, we are once again advancing the premium mobile experience and opening the next era of intelligence to more people.”

What’s new on the Fold8 Ultra

The Fold8 Ultra’s camera system centers on a 200-megapixel main sensor, now enhanced with high dynamic range capability in its full-resolution mode, alongside a new 50-megapixel ultra-wide camera and a 10-megapixel telephoto lens offering 3x optical zoom. The device supports 8K video recording through a new APV codec and includes Cine LUT tools for on-device color grading, features Samsung is positioning toward professional content creators.

Power comes from Qualcomm’s Snapdragon 8 Elite Gen 5 Mobile Platform paired with a 5,000mAh battery, supported by a new dual-path 45W charging architecture and an expanded graphite cooling structure designed to maintain performance during demanding tasks. The device also introduces Samsung’s new Flex Titanium display structure, which combines a titanium-alloy film with a reinforced titanium plate to make the display support thinner while reducing crease visibility and refining the feel of the phone’s hinge mechanism.

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A new form factor with the standard Fold8

Distinct from the Ultra model, the standard Galaxy Z Fold8 introduces a reworked form factor built around a 10:16 cover screen and a 4:3 main display, dimensions Samsung says are designed to match how people naturally consume content, whether checking messages on the cover screen or settling into games, films or long-form reading on the larger internal display. At 201 grams, Samsung says the Fold8 is the lightest Z Fold device the company has ever released, while still pairing the same Snapdragon 8 Elite Gen 5 chip with a 4,800mAh battery.

The Fold8’s camera setup includes dual 50-megapixel wide and ultra-wide sensors, along with features such as Dual Recording, which lets users capture both sides of a moment simultaneously using the cover screen as a live preview, and My FanCam, which automatically tracks a selected subject and reframes footage for social media formats.

The Flip8’s redesigned interface

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Rounding out the lineup, the Galaxy Z Flip8 becomes Samsung’s slimmest and lightest Flip device yet, weighing 180 grams with a thickness of 6.1 millimeters. The phone centers on a reimagined FlexWindow cover-screen interface built to surface relevant information and shortcuts without requiring users to open the phone, powered by a new “Now Brief” feature that delivers timely insights directly to the cover display.

The Flip8’s camera system includes a 50-megapixel main sensor paired with Samsung’s ProVisual Engine, along with Flex Mode for hands-free shooting and a Horizontal Lock option added to the device’s Super Steady video stabilization feature. The phone runs on Samsung’s own Exynos 2600 chip rather than the Snapdragon platform used in the two Fold models.

AI features across the lineup

All three devices ship with Samsung’s Galaxy AI software alongside Google’s Gemini Intelligence assistant, which Samsung says now supports app automation across more than 40 supported apps and services, covering tasks such as looking up tickets, finding nearby restaurants and making reservations. The company is also bundling a six-month free trial of Google AI Pro, which includes 5 terabytes of cloud storage, with new Galaxy Z series purchases.

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Samsung has paired the AI rollout with new privacy and security tools, including an AI Assistant Activity dashboard in its One UI 9 software that gives users a centralized view of automated actions taken on their behalf, along with enhanced privacy alerts designed to flag unnecessary background permission requests before they become a concern.

Pricing, colors and availability

All three phones come in Graphite and Cream color options, with additional exclusive shades available depending on the model: Violet Shadow for the Fold8 Ultra, Lavender for the standard Fold8, and Pink for the Flip8, alongside online-exclusive colorways sold only through Samsung’s website. Samsung is also offering new trade-in and device migration tools aimed at easing the switch from iOS, including an updated Smart Switch feature that lets iPhone users transfer data by scanning a QR code, and expanded compatibility between Samsung’s Quick Share and Apple’s AirDrop for file sharing between the two platforms.

Samsung Care+ protection plans are also available for the new devices, with customers who enroll in a monthly plan through Samsung.com receiving their first three months of coverage at no additional cost.

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With preorders open now in select markets, the release sets up a consequential stretch for Samsung’s mobile business as it looks to defend its position as the leading foldable smartphone maker ahead of rumored competition from Apple later this year. Whether the restructured three-tier foldable lineup, anchored by the new Ultra branding on the Fold8 Ultra, succeeds in broadening the foldable category’s appeal beyond its existing user base is likely to become clearer once the devices reach a wider range of markets and consumers in the weeks ahead.

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Shares trim gains as bets narrow on interest rate hike

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Shares trim gains as bets narrow on interest rate hike

Australian shares have reversed most of the session’s gains after hotter-than-expected jobs figures and energy supply worries heightened the odds of higher interest rates.

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Argentina vs Spain FIFA World Cup Final to be replayed? Petition for a rematch crosses 60,000 signatures

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Argentina vs Spain FIFA World Cup Final to be replayed? Petition for a rematch crosses 60,000 signatures
An online petition asking FIFA to replay the 2026 World Cup Final has crossed 61,500 signatures, with Argentine fans pointing fingers at Slovenian referee Slavko Vinčić for how the summit clash against Spain played out. The petition, live on Change.org, went up soon after the July 19 final in New York and calls on football’s governing body to take a second look at the officiating that shaped the result.

What Argentianian fans are demanding?

The petition was started by supporter Gisela Sánchez, and her demand is simple: FIFA should review the calls made during the Final. The text goes further, alleging “irregularities” during the match, though it does not back this up with any solid evidence. Still, that hasn’t stopped it from picking up steam fast.

Why FIFA Isn’t Bound To Listen

Here’s the catch nobody signing the petition can get around, Change.org has no say over football’s rulebook. A petition, however big, cannot force FIFA to change an official result. Match replays are reserved for very specific, exceptional circumstances laid out in the sport’s own regulations, and only the relevant governing bodies can rule on them.

French supporters also ran a similar campaign

Argentina’s fans aren’t breaking new ground here. Days before the Final, French supporters ran their own version of this campaign after Spain beat France in the semifinal, collecting more than 82,000 signatures over a disputed incident that led to the opening goal. That petition made noise online but changed nothing on the scoreboard — a fate this one looks set to share.

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Not everything about the aftermath was bitter, though. Away from the petition drama, thousands of Argentine fans gathered across the country to cheer on their team simply for reaching the Final and coming heartbreakingly close to defending the World Cup title.

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Emeco MD Testrow extends tenure

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Emeco MD Testrow extends tenure

Emeco Holdings has extended Ian Testrow’s contract as managing director and chief executive by a further four years.

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VAT to be cut from Isle of Man electricity bills in line with UK

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A reduction in VAT from 5% to 0% will be applied to domestic electricity bills on the Isle of Man from October, the government has confirmed.

The move mirrors the measure outlined in the UK, which is expected to be in place until the end of the 2026-27 financial year.

Manx Utilities said, while the amount saved will vary depending on electricity usage during the period, removing VAT would save a typical household about £50 per year.

The Treasury said the overall reduction in VAT revenue collected as a result of the change would be between £1 million and £1.4 million, depending on consumption during the winter.

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The reduction was announced in the UK on Tuesday as part of measures to ease cost-of-living pressures on households.

The Manx government said the change would be made in line the island’s reciprocal arrangements under the Customs and Excise Agreement, which sees the island maintain the same VAT rates as the United Kingdom.

As well as domestic customers, small businesses that already qualify for domestic energy VAT relief – where electricity consumption is below an average of 1,000 kWh per month – and are not VAT registered will also benefit.

Eligible charities and residential care homes will also qualify for the reduction.

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Allegion stock surges 8% on strong second quarter beat

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Allegion stock surges 8% on strong second quarter beat

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Babcock signs deal with Plymouth firm to arm drone boats to ‘protect UK ports’

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The partnership is amining to develop a low-cost way to protect British ships, ports and critical maritime infrastructure against mass drone attacks

Babcock International, Devonport Dockyard, Plymouth. November 09, 2021.

Babcock International, Devonport Dockyard, Plymouth(Image: Matt Gilley/PlymouthLive)

Babcock has signed a Memorandum of Understanding with a Plymouth-based tech company to explore the use of low-cost missiles on uncrewed boats.

The defence giant will work with ACUA Ocean Technologies to develop “capabilities” that will allow the UK to counter the threat of “mass drone attacks”, it said. Babcock will also partner with Estonia-based Frankenburg Technologies on the project.

It is understood the parties will bring together three elements: Babcock’s multi-domain launcher system; Frankenburg’s low-cost missile systems; and uncrewed boats built by ACUA.

Last month, ACUA’s vessel – the PIONEER USV – operated continuously for 16–20 nautical miles offshore, completing more than 100 hours at sea without any hands-on intervention.

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Meanwhile, Babcock’s launcher system, which can be built and scaled quickly, can be fitted onto both crewed and uncrewed surface vessels.

“As threats from low-cost UAS continue to evolve, the need for effective and adaptable counter-drone capabilities has become increasingly important across the defence and security landscape,” Babcock said in a statement

“This new agreement will create integrated solutions to combat that threat.”

The MoU was signed at Farnborough Air Show this week.

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Neil Tinmouth, chief executive of ACUA Ocean Technologies, said: “Partnering with Babcock and Frankenburg enables true persistent, multi-domain defence capabilities.

“To counter mass drone attacks, maritime air defence must be uninterrupted, yet rough weather often forces traditional systems out of limits.

“The unique stability of ACUA’s Pioneer-class, which we’ll be using for this collaboration, ensures these counter UAS and interchangeable payloads remain online and fully operational in high seas where other platforms fail.”

Babcock said the partnership builds on a MoU it signed with Frankenburg in January to explore new air defence systems that can withstand the rapid rise in one-way attack drones.

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Sir Nick Hine, chief growth officer for Babcock, said: “We’re excited to partner with innovative companies to develop an integrated approach that directly addresses some of the biggest challenges our customers face in today’s defence landscape.

“As a trusted systems integrator, collaborations like this will help protect critical national assets and infrastructure from attritable one-way attack drones.”

Daniel Hallett, managing director UK at Frankenburg Technologies, added: “Affordable missile defence is heading farther out to sea.

“By equipping ACUA’s uncrewed vessels with Frankenburg’s mass-manufacturable missiles and Babcock’s launcher technology, we aim to create a persistent and low-cost way to protect the UK’s ships, ports and critical maritime infrastructure against mass drone attacks.”

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Hasbro Stock Gets the ‘Magic’ Touch

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Hasbro shares rose 8.8% after the toy company posted strong results for its “Magic: The Gathering” card game and raised its outlook for the year.

Chief Executive Chris Cocks boasted that Magic is “off to a ripping start” this year, with sales up 34% in the first half.

Cocks said a new series of Magic cards based on Marvel superheroes set a record for first-day and first-month sales of the game.

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Millionaires ask Andy Burnham to tax them more

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Millionaires including former footballer Gary Lineker and music producer Brian Eno have written to new prime minister Andy Burnham asking to be taxed more.

In an open letter, 120 well-off Britons told Burnham: “We can afford it. We’re not talking about higher taxes on those who get up and go to work for their income every day, but on the very richest whose income is derived from the wealth they hold.”

Organised by Patriotic Millionaires, the letter said it would lead to a more equal society, and urged a “devolution of wealth and power from the very richest”.

People can already give money or stocks voluntarily to the Treasury using its donation facility.

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Conservative leader Kemi Badenoch said Lineker is “very welcome to pay more tax he can write a cheque to the treasury, no one is stopping him.”

The group supports a 2% tax on wealth over £10m.

“Millionaires are a patriotic bunch,” the letter states. “We love this country and we want it to succeed.

“But success requires investment and a primary source of untouched capital investment is sitting with us, in untaxed potential.”

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Other signatories include Richard Curtis, director of Notting Hill and Love Actually and Ian Gregg, the former managing director of Greggs and son of the bakery chain’s founder.

The renewed call for higher tax on the wealthy follows a similar campaigns in previous years.

Burnham did not rule out a wealth tax when asked about it by Lineker a few days before he became prime minister.

He suggested he may have “to ask for a little more” tax at some point.

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The latest call from Patriotic Millionaires said there is a “need to embrace a new kind of devolution of wealth and power, from the very richest in order to reinvest back into our greatest asset in every region”.

It added that in its own poll, the majority of millionaires wanted a higher tax on themselves.

“There are a few people left with outdated economic thinking and few others desperate to hold onto every penny they can… Those that can’t see past the end of their own self interest have no place in designing a Britain for the future,” the letter said.

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