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In a filing submitted to the Rajya Sabha on Tuesday, it was revealed that a consortium of three Indian oil companies, has acquired a Russian oil company. The filing further revealed that the consortium has also bought stake in an oil field in Venezuela.

The consortium was formed when three companies- Oil India Ltd, Indian Oil Corporation and ONGC Videsh Ltd- came together. The main of it was to go for overseas acquisitions so that the fuel demand of India can be sufficed.

After Volkswagen exercised a couple of road-blocking techniques for establishing the German brand in the Indian market, it has recently launched a `Made in India' campaign for the much awaited Polo, a car with a price starting at Rs 4.5 lakh, that is expected to heat up competition in the small car segment.

Mukesh Ambani’s Reliance Industries has got an upgradation in ratings by Fitch Ratings, on Tuesday.

As per Fitch, which is one of the three major rating agencies in the world, the Long-term local currency Issuer Default Rating (LC IDR) of RIL was given ‘BBB’ against 'BBB-'.

In the Long-term foreign currency IDR (FC IDR) it was awarded 'BBB-' and the National Long-term Rating were at 'AAA(ind)'.

The IDRs and National Long-term Rating continued to stand at the same ratings as they were last time and was Stable.

While the latest report by RBS expects the cars to still see high volume growth, but lower profitability in the coming times, it believes that the two-wheelers sector will see the most profitable growth and expects CVs to be threatened by new entrants in the industry.

After making its presence felt in the premium segments in the Indian passenger car market, Ford’s Figo has established the brand of the company in the past two months in the domestic small car segment.

It is believed that it is a very encouraging sign for the Asia strategy of the automaker as the company has been able to bank high numbers following the launch of Figo. It may be noted here that Ford sold 7,509 cars in the month of April 2010.

Notably, the unit sales achieved in the last month are more than three times as compared to what it sold in the same month last year.

United India Insurance has announced its fourth quarter financial results for the fiscal year 2009-10 and has managed to post a significant net profit and revenue. The firm has posted a net profit of Rs 707.09 crore for the quarter that ended in 31st March, 2010. This net profit figure was at Rs 476.05 crore for the same quarter in the preceding year.