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Congress is hopeful that it will be able to convince the main opposition party, the Bharatiya Janata Party (BJP), on the issue of foreign direct investment in insurance and pension.

While the BJP has severely criticized the government's nod for opening of multi-retail sector and other reforms like cut in fuel subsidies, it supports FDI in insurance and pension "in principle."

Government-owned power producer NTPC has apparently decided to put an end to its long standoff with Coal India Ltd. (CIL) by agreeing to sign the new Fuel Supply Agreement (FSA).

At the request of the union power ministry, CIL has modified a number of clauses, including penalty clauses, in the new FSA.

NTPC agreed to sign the FSA for new units with an 80 per cent trigger point, while FSAs for units prior to January 2010 were penned down with a 90 per cent trigger point.

The National Stock exchange (NSE) index crashed on early Friday after Emkay Global Financial Services placed erroneous orders worth around Rs. 650 crore.

The erroneous orders led to a big 900-point flash crash in 50-share Nifty, which erased around Rs 10 lakh crore in market wealth. The figure represented a fall of 15.5 per cent over Thursday's close. The incident forced the stock market to halt trading for some time, and prompted regulator SEBI to launch an investigation into the incident.

Godrej Properties, the realty arm of the Godrej group, on Thursday announced the launch of a residential project called Godrej Gold Country in Bangalore in a joint venture with actor Fardeen Khan.

The Rs 100-crore residential project will come up on twelve-acre of a plot situated in Chikkabidarakallu village on the outskirts of Bangalore.

Pirojsha Godrej, managing director & chief executive of Godrej Properties, claimed that the company had already sold 10 per cent of the proposed villas.

India's public sector companies Oil India Ltd (OIL) and Indian Oil Corp. (IOC) have jointly acquired a 30 per cent stake in Houston-based Carrizo Oil & Gas Inc's Colorado-based liquid rich shale assets.

The assets, situated in Denver-Julesburd Basin, are comprised of 69 per cent of crude oil, 17 per cent of gas, and the remaining is rich liquid.

OIL will own 20 per cent stake in the US oil company, while IOC hold 10 per cent of the equity acquired by the duo.